NEWS 2 Thursday 14 November 2019
Apsys CEO Fabrice Bansay explains why his company loves the city and the urban vibe
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Chadatip Chutrakul outlines how Iconsiam became a world-class showcase for Thailand
Leviâ€™s and Benetton on the need for curated expansion for global fashion retailers
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Apsys urban development; Citycon targets densification; Ingka Centres; Levi’s and Benetton; Westfield Mall of the Netherlands; and more ...
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• 14 November 2019
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Urban specialist continues to focus on ‘vibe of the urban environment’ APSYS CEO Fabrice Bansay said that the urban development specialist “loves the city” as he laid out plans for the company to continue to focus on city-centre schemes under its new Making Cities Vibe initiative. The France-based developer has completed a number of flagship urban schemes in French cities and has achieved planning approval for its ambitious Bordeaux
project, Bordeaux Saint-Jean, which is expected to begin construction in mid-2021, with completion in late 2023. The 70,000 sq m project includes 45,000 sq m of retail and 25,000 sq m of residential, office and hotel space. Bansay said that he expects the mixed-use project, which integrates with the city streets, to become “a reference for French city-centre schemes” upon com-
pletion and said that it would “re-shape the way people live in the city, because you will be able to work, live, shop and be entertained in the same area”. Such is the quality of the architecture, public realm and entertainment being targeted, Bansay said that the company dubbed the approach “urban haute couture” and he said that the aim is for the public spaces to be an attraction when Bordeaux hosts festivals, concerts and major sporting events. Bansay stressed that while mixed use is now a common approach to new developments, it is something that Apsys has been actively promoting for over a decade, with a variety of completed projects around France that “put community first”. He added: “These schemes have a cultural role within their communities. They need to be places which add to the vibe of the urban environment.”
Apsys’ Fabrice Bansay: Projects with an urban vibe
Open Sky set to transform Valbonne COMPAGNIE de Phalsbourg is on site with two major regeneration projects which will see the regeneration of a significant swathe of land on the Cote D’Azur and suburban space to the south of Paris. The Paris-based developer has begun initial works to prepare a site in the Valbonne commune, close to Nice and Antibes, in southern France, for the planned mixed-use Open Sky project due for delivery in 2023. The Open Sky scheme will include retail, leisure, offices and residential buildings. Compagnie de Phalsbourg chief executive Philippe Journo said that the project would transform the area and bring about much-needed regeneration. “The philosophy of the Open Sky is great ecologies, great wellbeing for the consumer and
great digital,” he said. “It will completely change the area.” Compagnie de Phalsbourg is also actively involved in Paris, where it is working on extending the Central Parc Valvert project in the suburb of Sainte Genevieve des Bois by 85,000 sq m. Once completed the future 158, 000 sq m scheme is set to transform the area with further waves of commercial build-
ings and green spaces, as part of Compagnie de Phalsbourg’s commitment to urban regeneration projects. The company is also working on an extension of its outlet centre, The Village, in the town of Villefontaine, outside Lyon. Compagnie de Phalsbourg is in Cannes to showcase all of these projects to the international markets.
INTERNATIONAL real estate development firm Hines Europe is engaged in a number of major projects as part of a wider strategic commitment to regenerate urban spaces. Hines Europe, a finalist in this year’s MAPIC Awards, is preparing to get on site in a number of locations, including with significant redevelopment and revitalisation project Cherrywood Town Centre, in the south of Dublin. The project, which is in the leasing phase, is set to transform the surrounding urban area with new retail, food and beverage, entertainment, community and residential space when it opens in 2022. Hines chief executive for the European region, Lars Huber, said that the project was a sign of the company’s belief in the future of the high street, and European markets more generally. “A regeneration like Cherrywood Town Centre needs to be part of something bigger if it’s going to work. The city has been really behind the project and has been really involved in the infrastructure,” he said. Hines has a total retail portfolio of assets worth €4.6bn, €2.8bn of which is within Europe. The company is also involved in the redevelopment of the Gazi Outlet centre in Athens, set to open in 2021.
Hines Europe’s Lars Huber
Open Sky in Valbonne
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HINES CONFIRMS COMMITMENT TO URBAN REGENERATION
• 14 November 2019
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Ball identifies densification and transport links as key to growth FINLAND-based developer Citycon is looking to densify its centres and optimise its retail portfolio as it continues to establish a new platform for future growth, according to CEO Scott Ball. The American joined the company in January of this year to lead a largely new management team. He has spent much of 2019 realigning the business with a pan-Nordic outlook, rather than country-specific management, as well as optimising assets, renegotiating debt and divesting non-core properties to enhance Citycon’s loanto-value ratio. Having largely achieved his objectives, Ball said that Citycon is now seeking to densify its shopping centres, with the initial focus on residential. The developer is currently determining the most effective way to achieve this and is likely to trial different models, including selling residential rights, running its own developments and entering into joint ventures. “The first part of our transformation was to try and squeeze everything we could out of our current assets,” Ball said. “The malls have been very stable, with occupancy rates remaining very high over recent years. So the next stage is not to replace the retail with other uses, but to add to the retail.”
Citycon’s Scott Ball: focused on residential opportunities
al for residential,” Ball added. “Furthermore, our centres tend to be anchored by two or even three grocery stores. Fashion only stands at about 25% of GLA, with more focus on retail services. So these mixes are very complementary to residents.” The initiatives are part of a five-year plan that Ball hopes will see Citycon change its market positioning from a shopping-centre developer to a mixed-use operator.
Ball said that Citycon is focusing on the top two cities within each Nordic country and assets in the most densely populated areas of those cities. While the company is open to adding any sort of appropriate real estate use, interest from residential developers in the Citycon sites has led it to prioritise these opportunities. “We really favour centres with great transport links, such as a metro station, because that drives footfall and is also ide-
NEW VILLAGE PEOPLE FOR WEMBLEY PARK WEMBLEY Park in London, which includes more than 500,000 sq ft (46,450 sq m) of leisure and retail space, continues to take shape with the latest openings in The Village, one of the four districts that make up the scheme. “We are starting to get the feel of what The Village will be, now the tenants are opening,” said Matt Slade, retail director at Quintain, who is responsible for the Wembley Park scheme. The Village consists of a curated mix of 25 artisan, independent and local-hero operators in a 133,353 sq ft space. From next Monday, the line-up will also include a 9,000 sq ft Bread Ahead store, a London bakery that combines a commercial and retail bakery with a cooking school. “Bread Ahead is a real case study of where retail can go,” Slade said. “It consists of three types of retail use, all contributing to it being a sustainable retail concept.” Meanwhile, London Designer Outlet, which also makes up part of the development, continues to go from strength to strength, with recent openings including Champion, Dune and Moss Bros.
Opening Stateside? Carefully does it AMERICA remains the land of opportunity but it requires a “careful and thoughtful” approach, according to Thomas Phillips, partner at law firm Brown Rudnick, which represents retailers and restaurants looking to expand into the US.
Phillips said a common mistake is for retailers to think they must focus on the major US cities first. But launching in New York, for example, is not only expensive but high risk, on the basis that, “if you fail on the biggest stage in the world, MAPIC News 2 •
you have to wait a generation to try again”. “But the US is still a great place to locate,” Phillips added. “It’s the biggest consumer market in the world. If you do the right amount of research, you can do well.” 7
• 14 November 2019
Quintain’s Matt Slade
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Retail must ‘get out of its comfort zone’ and do better than digital RETAILERS and retail destinations need to make their locations “much more than the digital world” in order to attract consumers, according to The Retailtainment Company founder and president Delphine Beer-Gabel, who called for the industry to rethink its approach to consumers. France-based Beer-Gabel, who set up her international consultancy after a long career spearheading innovation at both Unibail-Rodamco and Klepierre, said that retail environments needed to engage with the digital-media world and look at the opportunities to use their centres as media platforms “The digital media agencies will go and talk to Facebook and Google so why not the shopping centre owners?” she said. “In my view the point-of-sale still has a lot to say and the real estate industry has to get out of its comfort zone and start looking at these new opportunities
and at how to become a platform for brands and media.” Beer-Gabel’s company collaborates with specialist businesses to offer a wide range of services, from marketing and communications for startups to innovation consultancy for retailers and developers. She described her role as being “an agent of change” and said that the industry faces a “challenge to move into the experience world”.
Beer-Gabel added: “The industry really needs to think outside of its traditions. An example is health and wellness. In France the size of pharmacies is increasing within shopping centres, so there is an opportunity to create wellness facilities like dental practices or spas and health centres next to these. We need to bring new actors into destinations and work out how we entwine them within the offer.”
Delphine Beer-Gabel: Acting as an “agent of change”
Iconsiam shows ‘the best of Thailand’ ONE YEAR on from opening, the 525,000 sq m Iconsiam mall in Bangkok is finally fulfilling the vision that sustained it through seven years of planning and five years of construction. That vision, according to Chadatip Chutrakul, CEO of developer Siam Piwat, was to showcase the best of Thailand to the world. “We all know retail has been disrupted by online so competition is global,” she told MAPIC’s Asia Forum. “Our plan has been to cater for the whole world, not just Thais, with a new paradigm of excellence.” Drawing on the expertise of designers and consultants from 15 countries around the world, Iconsiam has been designed
in collaboration with the local community, Chutrakul said. It includes a new public park on the banks of the Chao Phraya river and a new link to Bangkok’s Skytrain has been created, alongside road and river transport, to make access seamless. At the same time Chutrakul said the scheme has set out to become a new hub for the arts in Thailand, with a 3,000-seat auditorium and a heritage museum. It also features an indoor floating market that gives businesses that had never been able to trade in Bangkok a new platform to sell, not just to locals, but to the world. “Iconsiam is all about building a global destination — you MAPIC News 2 •
have to amaze the world,” Chutrakul said.
Siam Piwat’s Chadatip Chutrakul
• 14 November 2019
SPAIN IS HUNGRY FOR MORE FROM FIVE GUYS BURGER chain Five Guys will continue its rollout in Spain next year having opened 18 stores there in the last three years, its head of Spain and Portugal said. “We’ll continue openings next year. We’ve got quite a pipeline,” Daniel Agromayor told the Snapshot Spain session, without giving a number. He added that some openings were still under wraps. “I read a lot of messages from Spaniards keen for a Five Guys in their town.” About half of the restaurants are in shopping centres while the rest are to be found on the high street. Spain is Five Guys’ fastest growing market in Europe after the UK, driven by a Spanish culture where people frequently eat out — on average 165 times a year. “Eating out of the home is growing,” Agromayor said. “That’s the opportunity that landlords are seeing.” Five Guys in Spain is operated by a joint venture between the British retailer Sir Charles Dunstone and Five Guys’ US-based founders, the Murrell family. Spaniards are demanding about food quality, Agromayor added. “People want more customised food, better food, an environmental focus and companies with true values.” Agromayor was speaking alongside Rafael Mateu, the head of asset services in Spain for Cushman & Wakefield, and Pablo Parraga, the managing director for retail of Kronos Investment Group, on a panel moderated by Eduardo Ceballos, president of Spanish shopping centre association AECC.
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New €7.3bn programme will keep Ingka ‘people and planet positive’ INGKA Centres, the property arm of IKEA, has launched a €7.3bn investment programme to ensure that its global development business remains firmly on track. In parallel with the development of new malls, it will upgrade its existing portfolio for the next generation, turning malls
into ‘meeting places’ while driving sustainability and innovation. Commercial and digital manager Stefan Sjostrand said the new approach was already bearing fruit in Russia, where Ingka trades as Mega Centres. Malls at Khimki and Teply Stan in Moscow are being refurbished and extended,
Ingka Centres’ Stefan Sjostrand: “listening to our communities”
while a new park has been created at Mega Ekaterinburg. “We’re listening to our communities to learn what their wishes and needs are and then adapting our offer,” Sjostrand said. “That’s already bringing in more visitors, which in turn is helping us to attract new tenants, so it’s a win-win.” In China, where Ingka operates as Livat Centres, three more malls are in the pipeline, in addition to the three that are already open. In Shanghai, a new IKEA store will sit alongside a four-level mall and two floors of offices. The rooftop will house an open-air food offer themed as a Scandinavian village. Sjostrand said sustainability is at the heart of Ingka’s new approach, which he called “people and planet positive”. On-site urban farms are already growing vegetables and herbs for in-store restaurants, and Sjostrand hopes to be supplying F&B tenants soon. The aim is for all sites to become net positive, generating more energy than they consume.
Fresh ambition from Sushi Shop SUSHI Shop has used its MAPIC debut to reveal that, following its purchase by Poland’s AmRest Group in October 2018, it is back on the expansion trail. The company plans to open 50 new stores in 2020 and 100 in 2021, adding to its existing portfolio of 175 stores in 12 countries. The stores, which will be located in a mix of city centres and malls, will be around 120 sq m to 160 sq m in size. The company is also looking at corners of around 20 to 50 sq m in travel retail and supermarkets. Sushi Shop, which launched in France in 1998, offers instore product, takeaway and deliveries. “What is unique is the
quality of our product, which is artisan-produced and all made inside the shop,” said Francois Chateau, director of development for Sushi Shop and AmRest Group. The expansion strategy will mainly focus on those territories in which Sushi Shop already has stores, such as Switzerland, Spain, Germany and the UK, as well as its French homeland. However, Eastern Europe will also now be a target for growth, thanks to the company’s new Polish owner. Sushi Shop is also looking at the outlet market. “We believe there’s a lot of potential inside these locations and we are talking to the bigger players in the market,” Chateau said.
Sushi Shop’s Francois Chateau
MAPIC News 2 • 11 • 14 November 2019
TARGET F&B AT LOCAL MARKET, EXPERTS ADVISE WHEN considering food and beverage concepts within shopping centres, there is no one-size-fits-all strategy: offers must be targeted at the local market, according to the panelists at yesterday’s Food In The New Mix! conference. “There’s not a route that’s a fix-it for all centres,” said Rachel Belam, head of food and beverage leasing for Unibail-Rodamco-Westfield. “Food is local. If you think where you choose to go to dine and shop, that’s very local to you. You need to make sure that the offering you are providing is unique and exciting and has that little twist.” For UnibailRodamco-Westfield, that translates into pop-ups, short-term leases and “surprises as well as bigger names”, Belam added. Fellow panelist Chaker Hanna, CEO of Comptoir Group, will have 24 Comptoir Libanais restaurants by the end of 2019. There are currently 12 Comptoir Libanais sites in Greater London and seven outside of London. “Our mission is to make Lebanese cuisine as popular as Italian food,” Hanna said. Also speaking at the event were Francois Blouin, founder and CEO of Food Service Vision; Gamze Cizreli, founder and CEO of Bigchefs Cafe & Brasserie; Jonathan Doughty, global head of foodservice, leisure and placement at ECE Projektmanagement; Julian Powell, director of hospitality at Galeries Lafayette; and Vicas Quentin, development director of Ducasse Paris. The session was moderated by Mario Bauer, co-founder of White Space Partners.
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Fashion: number of retailers will shrink but the market will grow
Levi Strauss’ Stefan Otte: “curated expansion”
E-COMMERCE may have changed the face of retail but stores still have a place, even in fashion, according to panelists on a conference session dedicated to the topic yesterday. “We look at retail as an opportunity,” vice-president, global partner retail and real estate for Levi Strauss, Stefan Otte, said. “Our overall belief is that retail will grow. The number of retailers will probably shrink but the retail market will grow. If we just look at Europe, Levi’s opened one store every week for the last five
Benetton’s Dario Morin: “experience is the quality of service”
years,” he said. The company calls it “curated expansion”, he added, ensuring such stores still meet customer needs in a specific area. But Levi’s is targeting scale too. “Do we open smaller stores? No, we don’t. On the contrary we are targeting 150 to 200 sq m stores. It’s what is required to represent the brand in its entirety and experience. With e-commerce people need more of a reason to go to stores than they did yesterday,” he said. Dario Morin, retail development manager at Benetton, said re-
tailers today have to adapt their marketing focus to address the change in purchasing behaviour. “We have to change from the marketing mix based on the four p’s to the new one based on four e’s – emotion, experience, ecological and e-commerce. Now it’s about how does this garment make me feel. The experience is the quality of service and store. I want to feel the energy of the store. Ecological and environmental is one of the drivers for millennials. And e-commerce is obvious.”
Asset managers should focus on data REAL estate asset managers are “not using the potential of data” to maximise value in their assets and are too easily distracted by retail property “buzzwords”, the founder of a data analytics company has said. Russell Edwards, chief executive of UK company Reveal Assets, said that for investors with shopping centre assets to fulfil their potential, they need to do more to understand consumer patterns within their schemes, as well as work to attract shoppers to their centres. “The modus operandi at the moment is to spend the money on marketing to attract the opportunity and rely on retailers to convert that opportunity into value,” he said. “But what we do
is provide the performance and management analytics to improve their understanding of the customers when they are within
Reveal Assets’ Russell Edwards
the window of opportunity between when a visitor approaches an asset to when they leave. “Understanding the performance measurements of each asset brings so many benefits to a company,” he added. Reveal Assets uses data from a variety of sources, including number-plate recognition, smartphone tracking and transport insights to build up a profile of the visitors to a shopping centre, accessible by an owner through a web and app-based interface. The company was founded in 2001, since when it has signed partnerships with a number of real estate asset owners and managers, including Austrian investment firm Immofinanz.
MAPIC News 2 • 13 • 14 November 2019
CALIFORNIA BLISS SEEKS FRANCHISE PARTNERS FOOD retailer California Bliss is on the hunt at MAPIC for master franchise partners to expand its high-end frozen yoghurt concept. First launched in 2014 in France and expanding to a second location in 2018, the company sells more than 55 flavours through its stores and range of pop-ups and also has a ready-to-go line that customers can buy and take home and which is also found in restaurants and hotels. “Our positioning is high-end but accessible to everyone,” said co-founder and director of operations for California Bliss Danielle Ahajot. “We are looking to expand our brand in France and internationally, and looking for a big group of master franchisers and distributors for the ready-to-go line.” The company is looking for franchise partners in Europe, Asia and the US. Customers are aged 18 to 35 with price points at an average of €7.50.
California Bliss’ Danielle Ahajot
The opening day of MAPIC showcased lifestyle destinations, digital innovation and leisure opportunities
MAPIC News 2 â€˘ 14 â€˘ 14 November 2019
MAPIC News 2 • 15 • 14 November 2019
‘Innovative, on-trend’ brands wanted for Dutch mall’s incubator concept
Unibail-Rodamco-Westfield’s Bart van Twillert: Mall of the Netherlands set to “revolutionise retail”
WESTFIELD Mall of the Netherlands, whose grand opening will be at the end of 2020, has unveiled brand-incubator concept The Gallery at its new scheme in the heart of the Randstad area, close to The Hague. The 3,000 sq m area within the mall will be home to 17 boutiques
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and lifestyle stores, as well as three pop-up stores. These tenants will be “unique, innovative and on-trend”, according to Bart van Twillert, country manager for Unibail-Rodamco-Westfield and project director for Westfield Mall of the Netherlands. Tenants already confirmed for
The Gallery include Dutch brands Distrikt, Hutspot, Ace & Tate and 10Days. “These are retailers you normally only see on the high street,” van Twillert said. The company has also announced Inditex and Hugo Boss as major new tenants for Westfield Mall of the Netherlands, which is the first mall of its size to have been permitted in the Netherlands. Dutch retail policy has previously prohibited such a large-scale development. Westfield Mall of the Netherlands’ 117,00 sq m site will be home to more than 280 stores, restaurants and entertainment outlets once completed, including a 10-screen Kinepolis cinema and US VR experience concept The Void. More than
MAPIC News 2 • 16 • 14 November 2019
90 retailers are already open in the first phase of the redevelopment and expansion, which saw nearly half of the original centre demolished. The centre also includes Fresh!, a 2,500 sq m food market that is already attracting more than 400,000 visitors a month. The market’s 34 operators, include local high-street and gastronomy concepts, a Jumbo Foodmarkt and an Albert Heijn XL. The cinema and dining plaza will be situated on the second level of the mall. It will consist of more than 20 restaurants, including a Wagamama and the first O’Learys to open in the Netherlands. Van Twillert said the completed scheme would “revolutionise retail” in the Netherlands, bringing new names into the market, as well as new excitement. “In the Netherlands, the offering in shopping centres has been so static and so boring,” he added.
Cinemas ‘more than just Chainels expands into new areas with improved tools boxes that show films’ THE DIGITAL era has ushered in a significant evolution of the cinema format, opening the door to more innovative, experiential designs that add to the draw of a shopping centre, Mike Thomson, director of cinema and leisure consultancy The Big Picture, said. Speaking at the Developing Cinema & Leisure In Emerging & Mature Markets session, in the Leisure Zone, he said: “We’ve gone from building boxes that just show films to a place where we are building venues. ” Thomson said that modern digital cinemas fell under three broad categories, with certain formats specialising in entertaining 18- to 24-year-olds with tech features such as Imax, another category providing premium service-led attractions, andSHOP_N1_PIC the burgeoning 062_SUSHI
The Big Picture’s Mike Thompson
model of experiential cinemas such as Secret Cinema in London which provides “immersive” movie evenings for audiences. He was on stage with Simon Jeffries, director of Consult Project Management, John Sullivan, founder director of The Light Cinemas, and Chapman Taylor director David Wallace.
DUTCH proptech firm Chainels is pressing ahead with expansion plans with the rolling out of its tenant data integration platform into new markets and the introduction of new tools for measuring the performance of retail real estate assets. The company, based in Rotterdam, has augmented its platform to include more in-depth turnover and KPI reporting features and expanded its operations with the signing of partnership deals in Germany and Poland. Chainels founder and chief operating officer Sander Verseput said: “We’ve been working on making it easier to plug-and-play the platform and we’re making the software more suitable for mixed-use developments.” Chainels is active in seven countries, including Germany and
MAPIC News 2 • 17 • 14 November 2019
Christian Kimmel (left) and Sander Verseput of Chainels
Poland, through a deal with Atrium European Real Estate. The company has also made a major move in its plans to expand into the UK, with the signing of a partnership deal with Shaftesbury, which owns and manages the shopping and dining area known as Seven Dials in Covent Garden, London.
Nancy prioritises green zones to attract the ecologically-minded
A RUN-DOWN neighbourhood in north east France once dominated by a prison, is now attracting ecologically-aware consumers who are fans of young brands, according to the retail development agency in charge of the project. “Greater Nancy Grand Coeur (Big Heart) is a new ecological neighbourhood near to the station and the town centre, lined with trees. There are 30,000 sq m of parks,” retail development manager at Scalen, Cyrille Thiery, said, adding that parks are a priority for the area. “Most people in Nancy live about five minutes from a park,” he said. Scalen is employed by the Greater Nancy Region (Metropole Grand Nancy) to help find and
Scalen’s Cyrille Thiery: “Most people in Nancy live five minutes from a park”
advise retailers looking to move into the area. Greater Nancy Grand Coeur
is next to the Saint-Sebastien shopping centre where a new gallery is being added offering
2,600 sq m of retail space. The town of Nancy has 250,000 residents and a retail catchment area of 650,000. And there are 200 students per 1,000 residents, the highest concentration in France. The young vibe has led retailers, including sneakers and sportswear brand Snipes and burger brand Five Guys, to open in Nancy recently. Retailers are also attracted by the region’s more senior population, who still like to shop in the town centre rather than online. Nancy is also a tourist attraction and a million people a year visit its famous fresh-food market. In 2023, Nancy will open a new thermal centre using a water source first discovered in the early 20th century, which is expected to attract 800,000 visitors. “We want to help retailers here who want to be innovative because we have a fantastic ecosystem here,” Thiery said.
MAPIC News 2 • 18 • 14 November 2019
Cherrywood Town Centre
Wishibam tech maximises ‘perfect synergy’ between online and offline CHARLOTTE Journo-Baur is in Cannes to showcase her company’s disruptive white-label technology system, which enables mall owners to build e-commerce functions into their centre-specific sites. The founder of Paris-based Wishibam is looking to meet potential mall-owner clients to demonstrate the potential of her company’s system. Aimed specifically at the retail property sector, the software-as-a-service (SaaS) application provides a means for mall owners to sell goods from the retail tenants present in their centres from one centralised e-commerce platform built into their existing websites. Journo-Baur said that the system brings together the best of the “local authority” and trust that a shopping centre has with
its customers with a new way for mall owners to maximise the potential of e-commerce. “There’s a perfect synergy between online and offline,” she added. “At the moment, if you go to a mall website, you’ll just
Wishibam’s Charlotte Journo-Baur: “a more efficient way of doing business”
find a list of the brands in the centre and maybe some more information, but you won’t be able to buy anything. The idea of Wishibam is to create an online shop that sells a shopping centre’s brands’ stock. It’s a more efficient way of doing business.” Wishibam’s system is already working under the bonnet of the website of major French designer outlet player The Village. The company is also in talks with a number of potential clients including Altarea Cogedim, which is considering rolling out the system at its Cap3000 centre in Saint-Laurent-du-Var. Wishibam’s revenue is based on an initial set-up fee to build its system into a mall’s website and a commission on sales once the site is up-and-running.
AEW ACQUIRES THREE RETAIL UNITS IN SPAIN AEW HAS acquired three retail units in the Bonaire retail park in Valencia on behalf of Actipierre Europe. Covering 4,584 sq m, the ground-floor units are fully let to Maison du Monde and the restaurant El Reino Asador. Carsten Czarnetzki, AEW’s head of Spain, said: “This acquisition demonstrates our ability to deploy different capital sources and strategies in the Spanish market and further complements AEW’s existing footprint in this dominant scheme in Valencia.” Bonaire is the biggest retail complex in the Valencia area. The centre’s facilities include 169 shops, three hotels, a retail park, 6,000-plus parking spaces, restaurants, a cinema and an outlet park.
Dreamed in Italy, Made in Italy… Delighting the world
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MAPIC News 2 • 19 • 14 November 2019
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ALLIANZ PROVIDES POSNANIA WITH DEBT FINANCE APSYS has refinanced the Centrum Posnania shopping centre in Poznan, Poland with a 10-year, €300m senior loan from Allianz. Under the deal, which was completed by Allianz Real Estate on behalf of several Allianz companies, Apsys now owns 100% of the 100,000 sq m scheme. Roland Fuchs, head of European real estate finance at Allianz Real Estate, said: “We’re convinced this retail asset will remain the leader in its region and generate solid future cash flows for Allianz. With this transaction, the senior debt fund managed by Allianz Real Estate and driven by our focus on prime assets in solid locations is approaching an investment volume of €2bn.”
ICSC’s rebranded EMEA arm aims to be ‘more inclusive and relevant’ THE EMEA arm of industry body ICSC is to rebrand and “spin off ” from the US-headquartered main organisation, as it seeks to broaden its scope to attract more retail, F&B and leisure tenants, and increase its lobbying influence in Europe, according to executive vice-president and managing director Bill Kistler. International members of the ICSC will remain affiliates of the US organisation, but Kistler hopes that relocating from London to Brussels and rebranding the EMEA arm will create a “more inclusive and relevant” organisation. “We are still finalising the rebrand, which we hope to announce in January, but it’s fair to say that it will no longer include ‘shopping centres’ in the
name,” Kistler said. “We recognise that the future is about creating places and, while I still firmly believe that, retail remains at the heart and soul of cities. We need to look to how we create great communities.” Kistler said that, in a digitally influenced world, the new body would look to help the industry in placemaking and curating destinations that are attractive to visitors. He added that EMEA’s new-look ICSC would turn its attention away from holding events towards thought leadership, policy advocacy and partnering with other event organisers, including MAPIC. “We have had some fantastic meetings within our working groups, which include all the stakeholders, and I would real-
Bill Kistler: “we are all in this together”
ly like to find ways to disseminate that work more widely to our members,” Kistler added. “We need to include the whole industry, because we are all in this together.”
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MAPIC News 2 • 20 • 14 November 2019
Turkey’s changing retail culture reflected in latest mall formats TURKEY remains an attractive destination for retail real estate investments, according to Huseyin Aktas, president of AYD, the Turkish Council of Shopping Centers. With a current density of just 161 sq m of shopping-centre floorspace per 1,000 inhabitants, Turkey is not facing the oversupply that is threatening some European markets. And Aktas points out that the market’s young and dynamic population is hungry for new formats. “Malls are moving beyond just being shopping areas,” he said. “They provide many social offerings such as cultural and art events, food and beverage, and entertainment. We can say that customer demand is
also changing in this direction: while food and beverage areas in shopping centres used to be 15%-20% of the total leasable area, this ratio can reach up to 30%-40% today.” Aktas noted that changing expectations and needs are also being reflected in the architectural design of shopping centres. “The first generation of fully enclosed shopping malls is now being replaced by shopping malls with much more open space, maximising daylight and enabling many entertainment activities,” he added. Geographically, Aktas said shopping-centre development and investment activity is moving away from the major cities into less developed regions of
Turkey. “There are 81 cities in our country and 65 of these cities have one or more shopping centres,” he added. “The 16 cities that do not have shop-
ping centres are predominantly in the eastern Black Sea and south-eastern Anatolia regions. Shopping-centre investments have also shifted mainly to Anatolian cities in recent years.” Aktas is hosting AYD’s annual MAPIC dinner, where investors, developers and retail brands can come together. “We are offering a warm invitation to investors to come to Turkey,” he concluded.
AYD’s Huseyin Aktas: “moving beyond shopping”
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CONFERENCE & EVENT PROGRAMME
THURSDAY 14 NOVEMBER CONFERENCE ROOM - PALAIS, LEVEL -1
VERRIERE GRAND AUDITORIUM - PALAIS, LEVEL 1
MASTER OF CEREMONY:
MASTER OF CEREMONY:
Chris Igwe, CEO, CHRIS IGWE INTERNATIONAL
Sam Sethi, Principal & Director, INSITE FOOD
RETHINKING CITY CENTRES: THE NEW TENANT MIX
11.00-13.00 FRANCE FORUM
Part 1 - CEOS panel - Fashion & Retail: What models to stay ahead of the race? Part 2 - Retailtainment or the new art of retailing Co-organised with:
11.15-12.00 SNAPSHOT UK
Part 3 - Retail sites & new uses Co-organised with:
HOW TO ENHANCE CUSTOMERS’ HOSPITALITY EXPERIENCE WHILE MAINTAINING STANDARDS
13.00-14.30 MEETALY LUNCH* Co-organised with:
Co-organised with: Sponsored by:
14.45-15.30 SNAPSHOT MIDDLE EAST Co-organised with:
I CONIC PLACES & “LOVE BRAND” STRATEGIES: HOW TO CREATE EMOTIONS & PASSION BETWEEN CUSTOMERS, BRANDS & PLACES
THE NEW MIX IN MODERN DEVELOPMENTS & REGENERATION PROJECTS
RETAIL FLASH TALKS
Investment opportunities with great potential: shopping center refurbishment Co-organised with:
15.30-16.15 SNAPSHOT GERMANY
WHAT ARE THE NEW OPPORTUNITIES FOR (RETAIL) REAL ESTATE INVESTMENT?
17.45-19.15 ITALY: NEW DEVELOPMENT PROJECTS Co-organised with:
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INNOVATION FORUM - PALAIS, LEVEL -1
OTHER LOCATIONS & EVENTS
LEISURE ZONE - PALAIS, LEVEL -1
[Cannes beach, next to the Palais]
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08.30-11.30 Private event
PRIVATE TOURS [All-day long]** By registration only
Organised by: [Majestic Hotel Cannes]
UNLOCKING RETAIL VALUE WITH RFID SOLUTIONS
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RUSSIAN BREAKFAST: COPY PASTE WORLD EXPERIENCE
INNOVATION FLASH TALKS
Discover the latest innovations to increase the performance of your shopping destinations!
LEISURE FLASH TALKS
Find the best technologies & solutions to entertain your customers!
CHOOSE YOUR RETAIL SPACE IN THE FULLY RENOVATED CITY CENTER OF BRUSSELS
Private session Organised by: [Salon Croisette, Palais, Level 3]
SUSTAINABILITY: A SHIFTING PRIORITY!
How a creative use of technology can enhance and elevate the experience of retail and play? The speakers will present the combination of play and technology as one of the key factors that play an essential part in the design of engaging retail leisure spaces.
How sustainability can mean a new deal for shopping destinations? 2025: imagining a world where fashion and sustainability go hand in hand 15.00-16.15
TECHNOLOGY @ PLAY
INNOVATION FLASH TALKS
Discover the latest innovations to increase the performance of your shopping destinations! Supporting Partner:
VR EXPERIENCES IN THE CULTURAL SECTOR
MAPIC AWARDS GALA DINNER
Co-organised with: By registration only [Martinez Hotel Cannes]
2019 THEMES RETAIL REMIXED: RETHINKING SPACES AND PLACES
SHOPPING THE WORLD
* By invitation only. ** Book your guided visit of the MAPIC Innovation Forum: firstname.lastname@example.org
Open to all delegates
[Martinez Hotel Cannes] As of 7 November 2019, subject to change.
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Eastern Europe shows strong potential for outlet sector CENTRAL and Eastern Europe (CEE) is rich with “new frontiers” for premium designer outlets, a senior figure at a specialist outlet advisory firm said in Cannes. Barbara Horatz, marketing director of The Outlet Resource Group (TORG) European, has said that the relatively under-supplied markets in Eastern Europe pose a major opportunity for development on a large scale, in contrast to the “over-saturated” Western European countries where developers have to be more specialist and bespoke. “Eastern Europe represents 30% of the European population but only 15% of the outlet supply. The region has had a lot of mid-market schemes in places like Poland and Russia, but there is potential for premium outlets in those markets if you can find the perfect positioning.” TORG advises developers and managers on a wide range of outlet design, development and management. The company is currently working with Latvian developer OutletiCo on a scheme outside Riga, Via Jurmala, which is due to open next spring, and the Viaduc Village near Montpel-
All fAshion retAil in one plAce
Barbara Horatz of The Outlet Resource Group
lier in the south of France. Construction work started last month on the Viaduc Village project, led by Groupe IDEC Invest, with an opening date set for next summer. Horatz said that the scheme will highlight the local industry and traditional crafts of Montpellier and the surrounding region, with a focus on fashion, leather, gloves and cutlery. “We are convinced that Viaduc Village has significant potential as it is the symbol of a new generation of outlets positioning itself as a tourist destination,” she said.
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SOME 80 people visiting MAPIC for the first time signed up for a breakfast specially dedicated to them. MAPIC runs the event to offer practical information and tips on how to meet the show’s exhibitors and visitors, using the floor plan, the online database and events like the retailers’ talks. “We want to make your life easier,” MAPIC director Nathalie Depetro told them before the first-timers were taken on a tour of the Palais des Festivals.
profashion.ru MAPIC News 2 • 25 • 14 November 2019
BUILD THE ULTIMATE RETAIL AND LEISURE MIX FOR YOUR RETAIL DESTINATIONS! PALAIS-1, Aisles D-E
DISCOVER ENTERTAINING CONCEPTS AERODIUM TECHNOLOGIES ARENA SPACE BLACHERE ILLUMINATION BLOSSOM IMMOBILIER & LOISIRS CITYWAVE CRYSTAL GROUP DEDEM AUTOMATICA DOF ROBOTICS
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Joe & The Juice squeezes best out of MAPIC’s networking potential JOE & The Juice is on the hunt for new partners at MAPIC as it looks to further expand its brand. “For us, MAPIC is a good way to seek new partnerships and meet new landlords,” said retail director Rasmus Andersen. “It’s also good way to catch up with existing partners and build on current relationships.” The premium-concept juice bar and coffee-shop currently has more than 300 stores in 16 countries, including around 70 in the US. Further expansion will focus on existing markets, which include the UK, the US, Switzerland and the Netherlands. However, Andersen said expansion would depend on the right deal. “The time has passed for companies to have a fixed target of the number of stores they want to reach,” he added. “These days, it’s more about the quality than the quantity of stores.” Joe & The Juice sells everything fresh to order. From this winter,
it will add a range of counter products, such as cakes, to its line-up. It is also set to launch a pre-order functionality. This weekend, the company is also opening its first store in Paris, at
a site within Galeries Lafayette. Joe & The Juice stores are typically around 50 sq m to 120 sq m in size, but the company also operates a smaller kiosk-type format.
Joe & The Juice’s Rasmus Andersen: “more about quality than quantity of stores”
Wolfsburg: urban, modern and young
Wolfsburg’s Michael Ernst: “You have to continually reinvent yourself”
GERMANY’s first inner-city outlet centre, Designer Outlets Wolfsburg, is hoping to increase visitor numbers this year after adding space for 20 more designers and beginning a revamp of the stores in its original buildings. The 5,000 sq m extension, completed in October 2018, brought its centre to 22,000 sq m. Wolfsburg welcomed 2.8 million visitors last year and is on course to match or beat that in 2019. The centre is now refurbishing several stores in some of the original buildings, which opened around a decade ago. “You have to continually reinvent yourself,” said centre manager Michael Ernst.
Owned by UK company Outlet Centres International, the inner-city centre is now coming into its own, Ernst said, as sustainably-aware shoppers favour travelling to stores on public transport. “Our centre has the flavour of Wolfsburg — modern and young,” Ernst added. “We’re an urban-outlet centre, made of glass and steel, and quite unique in Europe.” Wolfsburg has 90 brands, including Abercrombie & Fitch, Michael Kors, Ralph Lauren and Tommy Hilfiger, and aims to attract retailers, such as Switzerland’s Mammut, that have yet to step into an outlet.
MAPIC News 2 • 27 • 14 November 2019
THE STRAIN AND PAIN OF LOGISTICS IN THE ONLINE AGE THE DEMANDS of online shoppers wanting deliveries the same day or within two days will make logistics one of the biggest challenges for retailers, concluded a panel at yesterday’s session, Logistics: The Big Issue For E-commerce And Brick And Mortar Players. “Their pain is our pain,” said Dan Wood, DHL Supply Chain’s vice-president of real estate solutions, major projects and innovations. “Our customers’ customers are completely in command of when and how they receive the product and that seems to be non-negotiable.” Courier and parcel-delivery services like DHL are helping retailers to meet those increasingly demanding expectations from shoppers who want fast deliveries for as close to free as possible. The 40% rate of return for online purchases compared to 10% for in-store purchases puts a stress on supply chains, since opening products reduces their economic value, Wood added. Both Wood and Ronan Bole, Amazon’s logistics director for France, identified stringent sustainability targets for carbon-dioxide emissions as another major challenge for the logistics sector.
DHL Supply Chain’s Dan Wood
Change of use for car park as drivers avoid London
CAVENDISH Square in the heart of London’s West End is set to house one of the most radical repurposing projects seen so far as a three-level underground car park is transformed into retail, leisure, office and medical space. Reef Group has applied to Westminster City Council for planning consent and hopes to start work before the end of 2020. Reef ’s investment and development specialist Adam Poole told MAPIC News: “Policy is going against car use and the opening of Crossrail will make Oxford Street more accessible, so the incentive to drive into Central London is diminishing.” Poole said the mix of uses takes its cue from the surrounding districts — retail and leisure on Oxford Street, medical uses on Harley Street and creatives
around the BBC and Fitzrovia. The project will improve the floor-to-ceiling heights and bring natural light down into the lower levels, while the gardens on the ground level will be re-laid to make them more open to pedestrians. Talks are already under way with potential occupiers, Poole said. “People seem excited by it. We expect to have pre-lets in place before work begins.”
Reef Group’s Adam Poole
Brands head for Grantham as access opens up new outlet GRANTHAM Designer Outlet Village in the East of England is on target for a planned second-quarter 2021 opening after agreement was reached for a road scheme to unlock the site. Developed by outlet specialist Rioja Estates in partnership with investment business Buckminster, the premium outlet will house 130 luxury-brand stores across 25,000 sq m. Leasing is currently under way with confirmed interest from Armani, Moss Bros, Levi’s, Chapelle, Denby, Pavers, ProCook and Radley. The outlet mall is located on the southern edge of Grantham in South Lincolnshire on the A1, the UK’s third-busiest road. Lincolnshire County Council has started work to create a new junction accessing the site, which will allow the developers to target a construction start in the first half of 2020.
The outlet village has been designed with a quality environment incorporating cafes, restaurants, public spaces with play areas, 1,800 parking spaces, a VIP centre and a visitor and tourism centre. The news comes as the UK, once considered fully supplied with outlet space, sees a new wave of outlet development. Schemes are ongoing at Cannock in the Midlands and Scotch Corner in the North, with more planned for the North West, the Midlands and the South West of England. Rioja Estates managing director Giles Membrey said: “Grantham Designer Outlet Village is taking some exciting steps forward with infrastructure work already under way. We are really looking forward to filling our 130 units with some outstanding luxury brands.”
New location R7.C4 MAPIC News 2 • 28 • 14 November 2019
DLF dominates India with ‘different formats for different opportunities’ INDIA’s largest shopping-centre owner, DLF Shopping Malls, is flexing its formats to generate growth in a range of different locations, according to executive director Pushpa Bector. At the top of the size range,
DLF already owns the sub-continent’s largest centre in the form of the 180,000 sq m Mall of India, which is located near New Delhi. It is now proposing a similar-sized retail property as part of a 900,000 sq m mixed-
DLF Shopping Malls’ Pushpa Bector: “India is not suitable for a cookie-cutter approach”
use project in the Delhi suburb of Gurgaon. But Bector warned: “India is not suitable for a cookie-cutter approach.” As a result, smaller city-centre formats are being rolled out with footprints of around 45,000 sq m. Two have already been developed in Delhi, called Promenade and Avenue. At the same time, DLF is looking to add retail and amenities hubs of around 20,000 sq m each to its network of office campuses. “We need to have different formats for different opportunities,” Bector said. While global brands add a certain glamour to shopping malls, Bector believes the tenant mix at DLF’s schemes will always be led by domestic brands. “Made-inIndia brands do better business than international brands,” she said. “They’ve been quick to learn from global brands and they’re more in tune with local tastes.”
Beware ‘constant change’, Tan warns SINGAPORE-based developer CapitaLand believes flexibility and a strong emphasis on design are the keys to building a sustainable retail-property business. Speaking at MAPIC, CEO Wilson Tan warned retailers and developers not to lose sight of the fundamentals: “Retail has been around for 2,500 years since the first agora,” he said. “It continues to change, but it’s fundamentally the same — it’s about bringing people together to exchange.” He added: “The form changed with the Industrial Revolution and, again, with the digital revolution and it will continue to evolve. But my sense is that retailers and developers are too caught up in the digital movement. We’re in danger of becoming casualties of the desire for constant change.”
Tan’s advice is that longevity stems from design sensibility, building flexibility into schemes so that they remain relevant to
the needs of consumers and stakeholders. “We need to be sensitive to the changes in our ecosystem,” he concluded.
CapitaLand’s Wilson Tan: “too caught up in digital”
MAPIC News 2 • 29 • 14 November 2019
PUTTSHACK SET TO TEE OFF IN NEW MARKETS COMPETITIVE socialising brand Puttshack is looking to use MAPIC as a springboard to enter new territories after its successful launch in the UK and US. The patented format, described as “mini-golf reimagined”, uses RFID chips embedded in golf balls to allow instant scoring. Each site offers between three and six nine-hole courses that are regularly refreshed by Puttshack’s in-house design and manufacturing teams, with new challenges added to encourage repeat visits. Commercial director Hugh Knowles said: “It’s a game of luck and a game of skill. It’s a great leveller. The offer is as much about socialising and F&B as it is about mini-golf.” Puttshack made its debut at Westfield London in July 2018. Knowles said trade is up 20% year-on-year at that site. The company has now opened at intu Lakeside, east of London, as one of the anchors of a new leisure extension, and UK deals have also been agreed at intu Watford and intu Trafford Centre. The format is flexible and operates from sites of between 1,500 sq m and 3,000 sq m. The US, where there are six sites in the pipeline, is seen as the next focus for growth. “Our key demographic is core millennials,” company president Dave Diamond said. “And mini-golf is also popular with women. We serve both the corporate and family markets.”
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RETAILERS WANT MORE REAL-TIME DATA ON MARKETS RETAILERS are still frustrated by the lack of real-time data available on local markets and their competitors, said a French analysis spin-off. Follow the Data, a spin-off of Ntico Technology, advises 8,000 bricks-and-mortar outlets on their position in their respective markets. “They want to know how healthy they are: ‘How do I compare to my competitors and how do I better position myself?’,” said Nicolas Blicq, founder and CEO, who had the idea for the business when he worked in auditing and finance for retailers. “We often didn’t have the market data at the right time and that made it difficult to explain real performance to shareholders,” Blicq said. He brings his experience working with Deloitte and retail brands including Agapes and Happychic, while chief technical officer Emmanuel Santerne, a previous data analysis specialist for Auchan and Camaieu, takes care of the technical side of operations. “We have benchmark data and human-resource data for when people are hiring a supply director, for instance,” Santerne said. “Data privacy is very important for us to convince retailers to give us their data.”
Follow the Data’s Emmanuel Santerne (left) and Nicolas Blicq
Startup firm offers global data on some 500 million shoppers A FRENCH startup of just 10 people is offering detailed data to retailers on 500 million consumers worldwide, enabling them to take strategic decisions on store openings. Symaps is a map-based artificial intelligence location hunter launched by two 30-somethings in South Korea in 2016 to help retailers negotiate what they considered an opaque market. But the business has expanded to the rest of Asia, North Africa, Russia and mainland Europe after the company raised one million euros from investors last year.
“The data is detailed, straight to the point and the scoring system is 100% sure — far better than any traditional survey,” Mickael Mas, one of Symap’s two co-founders said. The application allows subscribers to enter detailed searches on countries and their cities to discover the suitability of neighbourhoods for specific stores and businesses. Without compromising data privacy, the system knows a lot about a representative sample of consumers in specific neighbourhoods — including wheth-
er they use an iPhone or an Android mobile, and income and education levels. In Russia, for example, the application has data on 10% of the population. “It benchmarks places on a global scale, going into detail, telling you exactly in which building you should open,” Mas said. Symaps has 10 large clients including Philip Morris and Decathlon as well as smaller clients. Its team, now based in Paris, is globally-minded, with staff speaking fluent Mandarin, Korean, Spanish and Hebrew.
Symap’s Mickael Mas
Platform could have ‘huge impact’ on deals
US PROPTECH firm VTS is attending its first MAPIC as part of a long-term strategy to increase its international presence and its client base within the retail property sector. Founded in New York in 2013, VTS made its first major international move with the opening of a London office in 2016. It is in Cannes to meet potential retail property investment and asset-management clients. The VTS platform enables as-
set managers and investors to track and consolidate a wide spectrum of data sets into one unified hub, saving potentially hundreds of hours of time spent during a real estate deal flow and increasing their ability to retain retail tenants. VTS senior director James King said the platform had the potential to have a “huge financial impact” for estate owners and to increase tenant retention by as much as 6%. VTS managing director Char-
MAPIC News 2 • 31 • 14 November 2019
lie Wade said that retail, like property sectors, was undergoing a “sea-change” as a result of new technologies and consumer trends and that retail property managers needed to improve their ability to communicate with shoppers and collaborate with stakeholders involved in a deal. VTS has already signed a number of major partnerships in the US and Europe, including with Land Securities and CBRE Global Investors.
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Nuveen takes fresh approach to leasing as ‘old rules have changed’ EDINBURGH St James, the largest redevelopment in the Scottish capital, is now less than a year from opening and leasing is making strong progress despite market headwinds. Martin Perry, director of development at developer Nuveen, said: “We’re 86% let, under offer or in legals.” But he conceded that the leasing approach has had to adapt to the new reality, with more lettings on a base-plus-turnover model. “All the old rules have changed,” he said. When it opens in October 2020, the 79,000 sq m Edinburgh St James will span five floors of prime shopping, dining, leisure and entertainment and is forecast to welcome in excess of 20 million visitors a year. The development will also be home to 30 new restaurants, cafes and
bars; Scotland’s first W Hotel; an Away Spa; luxury aparthotel brand Roomzzz and 152 apartments in addition to nine new
Construction is well advanced a year ahead of opening at Edinburgh St James
public squares and 1,600 car parking spaces. In the latest deal, cocktail bar and restaurant concept The Alchemist has signed to make its Scottish debut in a 510 sq m site at the entrance to the main dining terrace. Attention is now focused on the ongoing management of the scheme. “We’re moving closer to the outlet model, where operators are able to influence things like stock allocation,” Perry said. “At the same time there’s pressure to push service charges as low as possible. We’re exploring using sponsorship to generate revenue and on a site of 165,000 sq m we can share services across the different uses to create economies of scale and deliver the quality we want more efficiently.” 089_HEUER DIALOG_N_PIC
JOINT VENTURE WILL TARGET DOMINANT MALLS THE GENERALI Group is at MAPIC for the first time since the launch earlier this year of Axis Retail Partners, a real estate boutique focusing on shopping centre investment. The joint venture has been set up with Florencio Beccar and Toby Smith, both formerly of CBRE Global Investors. Generali is initially investing €500m into the fund, targeting high-quality, core and dominant shopping centres across continental Europe, with an annual target total return of 7%. Generali has a controlling stake of 51% through Generali Investments Holding and the first dedicated fund to be launched will be the Generali Shopping Centre Fund.
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The recent opening of American Dream reflects a dramatic change is the space allocated to leisure and F&B in US malls
Is retail really
a risky business? Investment volumes in retail real estate have stabilised in Europe, although risk aversion continues to dampen shopping-centre transactions. Yet with projects here and elsewhere in the world increasingly mixing uses, Mark Faithfull asks whether investors might be attracted back by less retail-reliant projects
HE INVESTMENT picture for retail real estate has never been more complex. The lack of new development and caution about the prospects for traditional retail, consumers shifting away from product to experience and a backdrop of political uncertainty across many markets has understandably dampened investment enthusiasm – and transaction levels reflect this. Other real estate sectors have been the beneficiaries, notably logistics, hotels, wellness and medical buildings and location-dependent residential. The result is the need for a different type of investment in
retail-led schemes, focusing on mixing uses and “densifying” existing and new assets to add a range of uses that can both add footfall and make use of the floorplate, especially levels and spaces not well-suited to retailing. As such, the future generation of shopping centres may be far less exposed to the economic headwinds of consumer confidence and spending, because these destinations will be less biased towards pure retail. Last year saw approximately 2.6 million sq m of new shopping centre space completed, some 28% below the figure achieved in 2017, bringing the total size of the European shopping centre market to 168.1 million sq m,
according to advisor Cushman & Wakefield. The amount of completions last year was the lowest in the previous 24 years and is comparable with the sort of volumes delivered in the early 1990s, when the first traditional shopping centres in Central and Eastern Europe were opening. Shopping centre development slowed in Western Europe, where annual completions declined by 23%, although France retains its top position for shopping centre development in this region, despite a 28% decrease, when compared with the amount of space opened in 2017. While a similar trend was also seen in a number of other Western European countries, slightly improved re-
MAPIC News 2 • 37 • 14 November 2019
sults were recorded in Germany, Finland and Sweden. Central and Eastern Europe also recorded a strong (31%) decline in shopping centre development in 2018. While development has decreased across the whole region, Turkey — which along with Russia has been Europe’s driver of additional space in recent years — experienced the largest drop in completions, from 1 million sq m in 2017 to 500,000 sq m in 2018. However, Turkey, Russia and Poland remained the most active countries and together they accounted for nearly 50% of new openings in Europe. Yet Cushman & Wakefield believes that development should remain stable over the shortterm, with 6.5 million sq m currently in the pipeline and due to be delivered by the end of 2020, reflecting the maturity of the shopping-centre market in most European countries and the fact that demand for shopping-centre space is in relative equilibrium with supply. As a result, developers are trying to retain their market positions and are focused on redevelop-
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Projects such as Cap3000 in Nice continue to bolster the French retail market, compared with neighbouring Western European countries
ment and refurbishment projects aimed at creating multi-purpose, modern and updated shopping and leisure destinations. Developers are also experimenting with other existing or new retail formats, from different store sizes and lease agreements, to repositioned tenant mixes. “The traditional shopping centre is evolving,” says Derek Coss, senior vice-president and chief development officer at Canada-based Ivanhoe Cambridge. “It’s now a dynamic cultural hub.” Many owners continue to turn to F&B to attract consumers seeking convenience and experience. Ivanhoe Cambridge, for example, will increase the space allocated to F&B in its centres from 9%-12% to as much as 20%. Another project that is dedicating significant space to food is the long-awaited American Dream in East Rutherford, New Jersey, which opened its first phase last month and which has 55% of its 418,063 sq m dedicated to entertainment and dining. Co-working spaces have become a tenant of choice, as they bring
possible shoppers into a project during typically slower weekdays. A number of shared office-space operators have partnered with US mall owners — Industrious, for example, has opened locations at Taubman’s The Mall At Short Hills in New Jersey and Macerich’s Broadway Plaza in Walnut Creek, California. In fact, such is the promise of office space that real estate companies are creating their own versions, for example CBRE’s flexible-space Hana, which is rolling out to class-A assets in the top 25 US cities as well as London, with future growth expected throughout Europe, the Middle East and Africa. In the UK The Crown Estate has also created a pilot co-working location on Regent Street, London, as part of its asset management strategy for the famous shopping street. Property investors’ concerns about retail headwinds across Europe are necessarily driving change, even in markets such as Italy where e-commerce penetration currently stands at only 4.1%, according to market research firm
Forrester. Italy’s major shopping-centre developers and operators are responding to the new challenges.
“Retail today is all about experience, which is what consumers are looking for” “Retail today is all about experience, which is what consumers are looking for,” CEO of Italian commercial REIT Aedes, Giuseppe Roveda says. “This means easily accessible locations, attractive architecture, ample and pleasant common spaces and an offer that extends way beyond retail into leisure, entertainment and personal services.” In Spain, AECC chairman Eduardo Ceballos — also country head of Spain and Italy for outlet specialist Neinver — adds: “The sector is immersed in a period of
MAPIC News 2 • 39 • 14 November 2019
transformation that is generating opportunities for everyone willing to accept that the formulas used years ago are no longer enough. Shopping centres are strengthening their position as meeting points, where retail co-exists with a varied offer of ever-more diverse, innovative and healthy restaurants, as well as sports and leisure activities and cultural events like concerts and even water parks.” Such changes should also influence investor sentiment towards risk. After all, if a scheme is no longer a shopping centre but in fact a lifestyle destination, incorporating leisure, F&B, medical and wellbeing, residential and flexible working, then investment exposure to retail — which is inevitably impacted by consumer behaviour — becomes diluted. That message is taking some time to be received by the investment community, yet as more new developments and renovations following this model come on line, the higher the likelihood that transaction volumes will start to trend upwards.
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‘Personalisation is everything’ The Les Ateliers Gaite in the Montparnasse district of Paris: “far more than just a shopping centre”
As new developments re-energise the centre of urban spaces and respond to new ways of living, fresh approaches to retail are key to many city regeneration projects. Ben Cooper reports
N THE Cascina Merlata district north west of Milan, a transformation is under way. New urban-park space, 5,000 new homes, five new schools and nurseries, new offices, commercial, leisure and infrastructure projects are all coming down the line in one of Europe’s most notable and ambitious urban regeneration projects, of which retail is only one relatively small element. So much so that Simona Portigliotti, head of marketing and communications at Ceetrus, which is leading the Cascina Merlata project, says that to call the scheme
a shopping centre would be a big understatement of its true role. “We’re no longer speaking about commercial centres or malls,” she says. “We’re speaking about places of life. Our vision is about linking people creating smart sustainable places. This is our vision. It’s shops, retail and leisure and art together. Creating a place of life.” It’s an ethos that modern retail property developers, and tenants, will understand well. No matter where you are in the world, for a retail-led scheme to succeed, it must offer a whole diverse range of uses, tenants and attractions
for visitors beyond simply shopping. Especially when, as with Cascina Merlata, a scheme is part of a major regeneration project, designed to lift an urban space and revitalise its surroundings. The Les Ateliers Gaite in the Montparnasse district of Paris is a project that developer Unibail Rodamco Westfield says is far more than just a shopping centre — and more a “new city district with offices, housing, a library and a nursery” alongside new retail space. According to Unibail Rodamco Westfield director of develop-
MAPIC News 2 • 41 • 14 November 2019
ment Alexis Dubois: “Our core belief is that retail can create virtuous cycles in terms of footfall and experience, but to do so, brands need to reinvent themselves to provide superior experiences, meet their customers through workshops, events, happenings, concerts.” The magnetic power of shopping is still unassailably one that almost all mixed-use urban schemes need to harness. As Massimo Moretti, president of the Italian Consiglio Nazionale dei Centri Commerciali (CNCC), says: “The retail is always the social heart of the re-
FEATURE: REGENERATION launching of a part of the city. It’s a responsibility. We’re seeing this all around Europe.” And for a very good reason, according to Peter Wilhelm, chief executive of Brussels-based Wilhelm and Co and current chairman of ICSC Europe. “If you compare retail to any other activity, retail attracts by far the most footfall,” he says. “Since the Romans, all cities were born as crossroads of commercial. There’s no activity that can generate so much pedestrian activity.”
“I believe that the ‘neighbourhood’ can really have a revival” In Moscow, urban spaces, known as “sleeping districts”, are still recovering from the days of the Soviet Union and the inertia of opportunity that so often stiﬂed urban development. Cue a series of regenerative projects by Moscow developer ADG group, to wake up the sleeping districts. Grigoriy Pecherskiy managing partner ADG group says: “The revival of urban areas which are struggling to maintain a lively and dynamic community is an issue for many cities. Looking at the best global examples of city development I see how contemporary retail places can become
CNCC president Massimo Moretti: “The retail is always the social heart of the relaunching of a part of the city”
magnets in the neighbourhood areas by covering daily needs and at the same time housing cultural, educational and leisure facilities. “We build on the heritage of old Soviet cinemas, which we have bought to revive into new spaces for convenience shopping, meeting, education and entertainment.” That’s certainly the aim of developer Citycon, which is engaged in the mixed-use Lippulaiva shopping centre development project in the Helsinki Metropolitan Area of Espoo. Citycon chief development officer Erik Lennhammar says Lippulaiva will be a “centre for local services” as much as it will be a place for shopping. “Our centres are anchored by gro-
Wilhelm and Co’s Peter Wilhelm: “If you compare retail to any other activity retail attracts by far the most footfall”
cery stores and sometimes even by healthcare clusters and libraries,” Lennhammar says. “Retail likes to be in company with other amenities, such as private and municipal services, healthcare, cafes and restaurants.” Throughout the world, whether it’s the revitalisation of dormant districts in Moscow, or the recharging of the Battersea Power Station in London, even the grandest, most prominent urban spaces are being brought back to life with retail-led developments. But while major grandstand projects like these will likely take centre stage at this year’s MAPIC, Eric Decouvelaere, head of retail EMEA at CBRE Global Investors, says that it would be wrong for retail property investors to be too blinkered and focus on the big regeneration plans. “The strategy on big high-density areas is the trend for big global investment,” he says. “But at the same time if the customer trends continue, I believe we will see natural regeneration in smaller cities. They will be smaller projects, not big Battersea regenerations. Small stores, developed by local people and, to that end, omnichannel will be a help. “These places need to be authentic,” he adds. “Good centres start from the DNA of the city.”
MAPIC News 2 • 42 • 14 November 2019
As much as a centre needs to be connected to the city it’s in, there’s another type of connectivity that will seldom escape the mind of a retailer. Malls and shops have changed because shopping has drastically changed. In plain terms, the overall retail property economy has shrunk as e-commerce, m-commerce and social media have ﬂourished It’s been a significant challenge for retailers, but as landlords have discovered, the digital era has shaken up the old shopping centre model in numerous ways. But while it’s undeniably a challenge, Camilla Bonanni, EMEA IoT and analytics solutions development consultant at US IT services company Tech Data, sees multi-platform shopping as an opportunity for change as well. Bonanni says: “Since consumers have the possibility of a de-localised shopping experience at their fingertips round the clock, I believe that the ‘neighbourhood’ can really have a revival and position as a new urban trend of hyper-localisation, that retailers can seize. Local means targeted; targeted means personalised. Personalisation is everything.” A point with which no retailer, or shopper, will argue. Because for urban regeneration to work, it must benefit everyone: shoppers, retailers, the local community and the surrounding city space. Retail property is diversifying; the urban spaces it revitalises are growing more diverse as well.
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