Perspectives on Shopping Centers in Sofia How Visitors, Retailers and Landlords See the Performance of Modern Shopping Centers
Š Colliers & GfK November 30, 2015 | Perspectives on Shopping centers in Sofia
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Target groups profile Key takeaways The highlights
Methodology The aim of the survey is to provide analysis on the market differentiation of modern shopping centers in Sofia from the perspective of three different target groups – Visitors, Retailers and Landlords. All target groups are covered by a quantitative market survey, conducted online. The survey among Visitors is representative for population in Sofia aged 15-55 years old, in terms of age, gender and place of living. The survey among experts – Landlords and Retailers, is conducted via non-probability sample. Fieldwork period: 15.09 -30.09.2015
© Colliers & GfK November 30, 2015 | Perspectives on Shopping centers in Sofia
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Project specification
Projects in the scope
Respondent profile 17 Landlords
700 Visitors
Š Colliers & GfK November 30, 2015 | Perspectives on Shopping centers in Sofia
Sofia
85 Retailers
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Respondent’s profile Visitors
Retailers Average 35y.o
Gender
29% 21%
71%
Marital status Married/ living together
No income
Average income
Up to 1200 BGN 1201 - 1500 BGN. 1501 - 2000 BGN.
1958 BGN
2001 - 2500 BGN. 2500 + BGN. Refused
Yes
No
81% 19%
North-West
44%
31% Regular Frequent Rare
14%
6%
Base: n=17
8% 49%
6%
Landlords
Region
Type of visitors
9%
Fashion 18% Accessories and jewelry 13% Goods for home/… 11% Food / Supermarket 9% Entertainment 7% Shoes, bags and suitcase 7% Perfumes and cosmetics 6% Electronics 5% Services/ Banks 5% Optics 4% Specialty 4% Sportswear and… 4% Underwear 4% Bookstore/ Stationnery 2% Children fashion and toys 2% Pharmacy 1%
Car in HH
1% 15% 12% 14% 12% 24% 22%
5%
Above 3,001 euro
13%
2,001 3,000 euro
Monthly net income of the HH
15%
1,501 2,000 euro
1%
16%
1,001 1,500 euro
6%
2% under 1 y.o.
Widowed
60%
63%
60%
Divorced/ separated
Yearly sales per m2
Average size of HH: 2.9
Less than 1,000 euro
33%
79% 15% 6%
Children under 15y.o. in HH
No children
Single
Expansion manager
15-18 19-25 26-35 36-45 46-55
10 to 14 y.o.
50% 50%
5%
Categories
Manager/ CEO/ Owner/ GM Marketing / Brand/ Sales manager
High/ University
20%
5 to 9 y.o.
Female
24%
Position
Education
1 to 4 y.o.
Male
Base: n=85
Age
Refusal
Base: n=700
North-East
17% Center
South-West 8%
21%
South-East
Position
Yearly sales per m2
Manager/ Mall owner
65%
Less than… 1,001 - 1,500 euro
Leasing Manager Commercial Consultant/ Asset Manager
24%
1,501 - 2,000 euro 2,001 - 3,000 euro
12%
6%
Above 3,001 euro
29% 12% 6%
Refusal
47%
22%
© Colliers & GfK November 30, 2015 | Perspectives on Shopping centers in Sofia
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Key takeaways Which are the main requirements to modern shopping center performance ? •
Focus on location and good property management
•
Maintain variety of brands, pleasant atmosphere and attractive discounts and promotions, exclusively required by Visitors
What do shopping centers need to improve in their performance? •
Good tenant mix is an intersection point of crucial indicators in shopping center among Visitors, Retailers and Landlords
•
Moreover, unmet expectations among Retailers are observed in communication with Landlords, while Landlords evaluate as a crucial shopping center atmosphere
How could shopping centers differentiate from each other? •
Organized marketing activities such as events, concerts, performances are accepted by all target groups as an opportunity for differentiation
•
Additionally, both Retailers and Landlords want to enhance advertising -TV and outdoor, while Visitors outline services, supermarket, food options, proximity of metro station as area for differentiation
© Colliers & GfK November 30, 2015 | Perspectives on Shopping centers in Sofia
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Visitors evaluate positively location, variety of brands, atmosphere and orientation but consider as crucial convenience and free parking, variety in product categories and positive attitude of the personnel
High
Don’t neglect
Keep up the good work
Convenient location / proximity
Close to bus/tram station
I can find everything I need at one place
SATISFACTION
Pleasant atmosphere and well arrangement
Variety of brands
Offers variety of attractions for children Offers different brands than other shopping centers
It is convenient for moving/ easy orientation Offers very good fashion brands
Cinema
Free parking
Available bank, places to pay the bills Supermarket Has a variety of restaurants and cafes
Attractive discount, promotions
It is appropriate place for a walk / to spend your spare time
Kind and nice personnel in stores
Ϻ Close to metro station
Entertainments
Variety of stores for different product categories
Convenient parking
Nice food court (interior and food variety)
Low
Offers variety of services – dry clinging, car washing
Interesting events
Differentiate from others
Low © Colliers & GfK November 30, 2015 | Perspectives on Shopping centers in Sofia
It’s crucial to ensure
IMPORTANCE
High 6
Location is the main driver for choosing a shopping center to visit Your visitors say the reasons to visit a shopping center are‌. Convenient location/proximity
80%
Variety of brands
68%
Cinema
66%
Easy orientation
64%
Diversity in product categories within the mall
63%
Pleasant atmosphere
63%
I can find everything I need in one place
61%
Brands with different price levels
60%
Nice food court (interior & food variety) Supermarket
58% 53%
Base: All visitors, n=700 Š Colliers & GfK November 30, 2015 | Perspectives on Shopping centers in Sofia
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High
Retailers perceive positively location of shopping centers and their property management but outline communication with center management and good tenant mix as main area for improvement Keep up the good work
Don’t neglect To have cinema and other entertainment options (playground etc.)
To have good property management (hygiene, security, ventilation, air conditioning) Convenient location/ Accessibility with all type of transport
SATISFACTION
To be easy for orientation, convenient entrances/ exits, escalators, places for relax To provide pleasant atmosphere (music, light, decoration) To have variety of restaurants and cafes
To offer good mix of tenants in the shopping center
To have good communication between shopping center’s management and tenant
Low
To be advertised – TV or outdoor advertising of the shopping center in order to generate traffic
Differentiate from others
To organize marketing activities – events, concerts, performances, games, workshops in order to generate traffic in the shopping center
Low © Colliers & GfK November 30, 2015 | Perspectives on Shopping centers in Sofia
It’s crucial to ensure
IMPORTANCE
High 8
Landlords evaluate positively communication with tenants, property management and variety of F&B. Pleasant atmosphere and tenant mix are the main areas to be upgraded Keep up the good work
High
Don’t neglect
To have variety of restaurants and cafes To have good property management (hygiene, security, ventilation, air conditioning)
SATISFACTION
To have good communication between shopping center’s management and tenant To have cinema and other entertainment options (playground etc.)
To be advertised – TV or outdoor advertising of the shopping center in order to generate traffic To organize marketing activities – To be easy for orientation, convenient entrances/ exits, escalators, places for relax
To provide pleasant atmosphere (music, light, decoration)
events, concerts, performances, games, workshops in order to generate traffic in the shopping center To offer good mix of tenants in the shopping center
Low
Convenient location/ Accessibility with all type of transport
Differentiate from others
Low © Colliers & GfK November 30, 2015 | Perspectives on Shopping centers in Sofia
It’s crucial to ensure
IMPORTANCE
High 9
Enhancing tenant mix is the intersection point among Visitors, Retailers and Landlords Visitors
It’s crucial to ensure
Good tenant mix
Retailers
Retailers
Visitors
Kind personnel in the stores Convenient parking
Free parking
Landlords
Good communication between center management and tenants
Landlords Pleasant atmosphere Š Colliers & GfK November 30, 2015 | Perspectives on Shopping centers in Sofia
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What does good tenant mix mean for Visitors? Your visitors say they usually buy Gifts, Food and Fashion‌ 86%
Gifts Food
83%
Fashion
82%
Books
77%
Sportswear and accessories
76%
Shoes, bags and suitcases
75%
Services/ Banks
74%
Perfumes and cosmetics
73%
Underwear
72%
Electronics
71%
Children fashion and toys
65%
Accessories and jewelry
64%
Base: All visitors, n=700 Š Colliers & GfK November 30, 2015 | Perspectives on Shopping centers in Sofia
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Sports and Casual wear meet best the expectations towards the offer in the category Your visitors say they are very satisfied with the variety of ‌ Sportswear
43%
Casual wear
43%
Shoes
41%
Formal wear
40%
Business clothes
40%
Underwear
39%
Sport accessories
39%
Fashion accessories and jewelry
38%
Children clothes and shoes
36%
Children toys and accessories
34%
Hobby products and accessories
34%
Base: All visitors, n=700 Š Colliers & GfK November 30, 2015 | Perspectives on Shopping centers in Sofia
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Fashion has its followers among Visitors but the dominant attitude towards the style is practical Your visitors say‌ Rather follow convenience and practicality than fashion trends in clothing
73%
Strive to shape my own style without being interested in actual tendencies or people
62%
Strive to follow actual tendencies in clothing and beauty products Monitor and get ideas for clothing by celebrities - actors, singers, people from TV
31%
17%
Base: All visitors, n=700 Š Colliers & GfK November 30, 2015 | Perspectives on Shopping centers in Sofia
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H&M, Adidas and Zara are the top favorite brands for Visitors Your visitors say they like the following brands ‌ 57%
H&M
39%
Adidas
35%
Zara
26%
LC Waikiki Terranova
24%
Kenvelo
23%
New Yorker
20%
Tom Tailor
19%
Reserved
17%
Esprit
17%
Bershka
17%
United Colors of Benetton
16%
Peek & Cloppenburg
15%
Base: All visitors, n=700 Š Colliers & GfK November 30, 2015 | Perspectives on Shopping centers in Sofia
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From Retailers' and Landlords' perspective, H&M and Zara increase the attractiveness of a shopping center Retailers say they would open a store if the following brands are presented … 38%
H&M
32%
Zara
Landlords consider as a must the presence of … H&M
100%
Zara
94%
Peek & Cloppenburg
19%
LC Waikiki
59%
Bershka
18%
New Yorker
59%
LC Waikiki
17%
Peek & Cloppenburg
Terranova
15%
Terranova
New Yorker
15%
Reserved
Reserved
13%
Bershka
18%
Pull & Bear
18%
Pull & Bear
11%
Base: Retailers, n=85 © Colliers & GfK November 30, 2015 | Perspectives on Shopping centers in Sofia
47% 41% 35%
Base: Landlords, n=17 15
Fashion is top priority to be enhanced in a shopping center tenant mix Landlords say they would like to further develop ‌
47%
Fashion
Food & beverages
29%
Services
29%
Entertainment
6%
Base: Landlords, n=17 Š Colliers & GfK November 30, 2015 | Perspectives on Shopping centers in Sofia
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What does it take to differentiate a shopping center …… ..... Organizing marketing activities such as events, concerts, performances Visitors
Differentiate from other shopping centers by Marketing activities
Visitors
Retailers
Advertising Pleasant to hang around
Retailers
Variety of services Banks/ places to pay bills
Ϻ
Nice food court Variety of restaurants/ cafes Supermarket
Landlords
Entertainment
Ϻ
Proximity to metro station Easy orientation inside
Landlords
Convenient location © Colliers & GfK November 30, 2015 | Perspectives on Shopping centers in Sofia
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‌.and which events are considered as more attractive by Visitors? Food and drink degustation generates highest attractiveness 41%
Food and drink degustations Entertaining games and lottery
39%
Presenting and testing of products
39% 37%
Special bazaars and festivals
35%
Musical events (concerts , parties) Sport events and contests
19%
Puppet theater
17%
Educational presentations / conferences
16%
Painting and photo exhibitions
16%
Fashion events
11%
Base: All visitors, n=700 Š Colliers & GfK November 30, 2015 | Perspectives on Shopping centers in Sofia
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So, how do visitors spend their free time? Your visitors‌
Go to a restaurant 4,2 times a month
Practice their hobby 5,4 times a month
Visit shopping malls 4,1 times a month
Browse the internet 9,3 times a month
Base: All visitors, n=700 Š Colliers & GfK November 30, 2015 | Perspectives on Shopping centers in Sofia
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Both Landlord and Retailers consider media communication as a way to differentiate Your visitors ‌ Watch bTV
78%
NOVA TV
77%
BNT 1
48%
Visit internet sites 75%
abv.bg sinoptik.bg vbox7.com
42% 40%
Base: All visitors, n=700 Š Colliers & GfK November 30, 2015 | Perspectives on Shopping centers in Sofia
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What else? Our full version report will give you unique insights into:
Performance of shopping centers as seen by visitors, retailers and landlords
Purchasing power
Visitors’ experience in shopping centers
Socio-demographic profile of shopping center visitors
Attitudes toward brands as seen by visitors, retailers and landlords
Free time activities and media behaviour of shopping center visitors
Š Colliers & GfK November 30, 2015 | Perspectives on Shopping centers in Sofia
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Full version content
Performance of shopping centers as seen by visitors, retailers and landlords Ranking by importance of criteria when choosing which shopping center to visit Level of satisfaction with the above criteria
Visitors’ experience in shopping centers Prompted and unprompted awareness of shopping centers Experience ranking – ever visited, visited in the last 3m, visited in the last month, most often visited shopping center Visitors’ intention for future visits Satisfaction with offered variety and brands in each category Top 5 reasons to visit a particular shopping center Mode of transportation Preferred categories for purchase Top 3 type of events attracting visitor Visitors’ profile of each shopping center © Colliers & GfK November 30, 2015 | Perspectives on Shopping centers in Sofia
Attitudes toward brands as seen by visitors, retailers and landlords Visitors’ perspective Favourite brands in selected categories: Fashion Shoes Accessories Furniture and home decor Health & beauty Attitudes toward fashion trends Retailers’ perspective Top 5 “must have brands” to decide to open a store in a shopping center Landlords’ perspective Top 5 “must have brands” to ensure attractiveness of a shopping center
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Full version content Purchasing power Annual spending on selected categories: Fashion Lingerie Sportswear and accessories Shoes Health & beauty Accessories and jewelry Optics Books Children fashion and toys Electronics Home décor / Furniture/ DIY
Socio-demographic profile of shopping center visitors Education Employment status Marital status Members of household Number of children under 14y.o Net monthly income of respondent Net monthly household income Car possession Type of the living place Region and districts
Free time activities and media behaviour of shopping center visitors Frequency of activities Most often visited cinema Watched TV channels (weekly) Listened radio stations (weekly) Read printed editions (weekly) Read magazines (monthly) Visited internet sites (weekly) © Colliers & GfK November 30, 2015 | Perspectives on Shopping centers in Sofia
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Š Colliers & GfK November 30, 2015 | Perspectives on Shopping centers in Sofia
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