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FORUM LVIV IN UKRAINE Opening draws huge crowds into Lviv

LEGOLAND® DISCOVERY CENTRE Global entertainment at Forum Istanbul

MAGNOLIA PARK IN POLAND Unveiled new version of itself

BACK IN MULTI’S PORTFOLIO:

MULTI MAGAZINE | ISSUE 16 | NOVEMBER 2015

Almada Forum, Forum Montijo and Espacio León

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Cover picture: Almada Forum , Portugal

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Discover the tablet edition of the Multi Magazine on

multi.eu/magazine

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OPENING EXTENSION MAGNOLIA PARK - POLAND

LEGOLAND® DISCOVERY CENTRE

CONTENTS

15

OPENING FORUM LVIV - UKRAINE

THE PRIMARK EFFECT

FLYING TIGER

25

21

07

THE ITALIAN JOB New highlights of Multi’s growing asset portfolio

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GROWING CONSUMER CONFIDENCE FUELS RETAIL SALES Q&A with Mark Siezen

35

STORES ARE THE NEW BLACK By Scott Galloway

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GROUNDBREAKING FORUM GDANSK One of the most important retail developments in Europe

51

FOOD SERVICE DRIVES EXPERIENCE VALUE Interview with Reoewein Niesten, Conceptional

61 RETAIL VIEWED FROM 2 SIDES Multi and MANGO's views on the retail market in Spain and Portugal 77 THE CHANGING ROLE AND IDENTITY OF SHOPPING CENTRES By Arno Ruigrok 101

FOR MEN ONLY Interview with Rick Moorman, House of Men

111

STORE OF THE FUTURE Interview with Frank Quix, Q&A Research & Consultancy

Multi is a leading owner, manager and (re)developer of high quality shopping centres across Europe and Turkey. As a well-capitalised, growth-oriented, pan-European retail platform Multi is focused on creating, managing and improving sustainable rental income. www.multi.eu


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Dear reader, It has been just two years since Multi’s shareholder structure changed and we started to operate as platform for Blackstone’s European retail real estate activities, building on the strengths and the network Multi had developed around Europe over more than 30 years. And although the company’s core business may have changed, the expertise, passion and entrepreneurship of the Multi organisation is exactly the same – and can still be clearly seen in Multi’s new business model. Over the past two years, Multi has been transformed into one of the leading retail real estate asset managers in Europe and Turkey, active in no less than 13 countries. Both (re)development and mall management are still integral parts of the business model. Multi’s expertise in these areas, together with the professionalism and drive of the Multi team, characterise our business approach and our unique position in a market that is displaying a new dynamism and throwing up new challenges. The Multi portfolio has more than doubled in size over the past two years. Multi has moved to new and modern offices in four countries, which will facilitate the continued growth of our business. In 2015, Multi also successfully opened four major shopping centres, in Turkey, Ukraine, Slovakia and Poland. This added more than 132,000 m2 of high-quality retail space, almost fully leased at opening, to our portfolio and made a major contribution to the quality and dynamics of the cities in which they are located. Multi continues to build on strong relationships with national and international retailers. They know that Multi creates successful shopping centres and that as an active and creative asset and mall manager we have the drive and the ability to further strengthen these shopping centres over time. We are proud to present the latest developments across the Multi organization. In this magazine, you will read a lot more about the expansion of our portfolio, our developments, our business relations and our specialist expertise. We appreciate our relationship and hope you enjoy reading about our ambitions and activities.

Best regards, On behalf of the Management Board Jaap Blokhuis CEO Multi Corporation

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NEWS

The ItalianJob New highlights of Multi’s growing asset portfolio

Since 2014, Multi Italy has seen its asset portfolio growing rapidly. This growth continued in 2015, with new acquisitions and the establishment of Multi Outlet Management Italy. With 12 centres owned across Italy, generating close to € 960 million of retail sales and almost 45 million annual visits, Multi’s presence in Italy now spans the full range of shopping centres, neighbourhood retail centres and factory outlets. MM ISSUE 16 6


MULTI'S ITALIAN ASSET PORTFOLIO: â‚Ź 960 MILLION OF RETAIL SALES, 45 MILLION VISITORS AND 350,000 M2 RETAIL SPACE

Forum Como Como

Collegno Centro Torino Il Gialdo Chieri

Franciacorta Rodengo Saiano

Palmanova Outlet Village Palmanova Valecenter Marcon Mestre - Retail Park Mestre

Mantova Outlet Mantova Airone Monselice Il Borgogioioso Carpi

Valdichiana Foiano della Chiana

La Scaglia Civitavecchia Primavera Shopping Rome

Puglio Outlet Village Molfetta Le Colonne Brindisi

Forum Palermo Palermo

SHOPPING CENTRES OUTLET CENTRES

Belvedere Siracusa

DEVELOPMENTS

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Valdichiana Outlet Village - Foiano della Chiana

Forum Palermo - Palermo

MULTI ITALY’S KEY FOCUS IS ON CONSTANTLY UPDATING, REVAMPING AND IMPROVING ITS CENTRES

The outlet villages form one of the largest outlet platforms in Italy, totalling some 150,000 m2 of GLA with approximately 650 shops, hosting 15 million visitors a year. Annual sales across the platform are close to € 400 million. To reinforce brand awareness and to bolster customer recognition, the outlet platform is identified via a clear positioning strategy. In all advertising, PR, social media or mobile communications and in campaigns or events, the outlet villages are presented under one brand identity: Land of Fashion.

Commercialisation process In the re-commercialisation process, Multi Italy’s key focus is on constantly updating, revamping and improving the centres it manages. The aim is to optimise the merchandising mix by working with the best Italian and international retailers. Since 2014, Multi Italy has managed to successfully complete over 170 negotiations – about 110 renewals and 60 new tenants.

Multi Outlet Management Italy In June 2015, Multi acquired AVM Srl, a well-established Italian company specialising in the management of outlet centres. Rebranded as Multi Outlet Management Italy, the company focusses on creating value for brands, customers and owners across Multi’s factory outlet portfolio in Italy, under the leadership of Dario Pistone. Multi Outlet Management complements Multi’s

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activities in Italy, alongside the existing asset and mall management business under the leadership of Luca Maganuco.

Development On 23 July 2015 green light was received from the municipality to proceed with the development by Multi and Investire Immobiliare of the legacy project in Como in the Ticosa area, which includes 18,000 m2 of retail and 15,000 m2 of social housing. The project will now be brought into the next stage of development. 


DANK U VOOR UW AANWEZIGHEID NAMENS MULTI RETAIL TEAM

Valecenter - Marcon

Q&A

DARIO PISTONE MANAGING DIRECTOR MULTI OUTLET MANAGEMENT ITALY

"BEING PART OF AN INTERNATIONAL COMPANY LIKE MULTI GIVES A REAL BOOST" WHAT ARE YOUR MAIN FOCUS AREAS REGARDING THE MANAGEMENT OF THE OUTLET PORTFOLIO?

Airone - Monselice

We focus strongly on the retail mix, attention to detail at retail level, strong positioning and marketing strategy, and we pay attention to cleaning and a green environment to create an exceptional experience. There is also a strong link with the region thanks to our appealing campaigns, special events and actions. We pushed the ‘Land of Fashion’ concept, which identifies all outlet centres in our portfolio, to reinforce brand awareness and improve customer recognition.

DO YOU SEE A RECOVERY IN THE LOCAL MARKET OR WILL THE OUTLETS BE BOOSTED MAINLY BY TOURISTS? Italian visitors remain pivotal to us, although they do not have the same spending power as foreign tourists. We have to foster the loyalty of Italian visitors by offering them an unforgettable experience. Of course we do not forget about the tourists, which include Italians on vacation. We offer specific activities targeted to them. Valdichiana Outlet Village - Foiano della Chiana

WHAT ARE YOUR MAIN OBJECTIVES FOR MULTI OUTLET MANAGEMENT ITALY IN THE YEAR AHEAD?

RETAIL DEALS: Forum Palermo: 53 renewals and 17 new tenants, including MAC Cosmetics, Harmont & Blane, Roadhouse Grill, all at the higher end of the brand-mix. Valecenter, Airone, La Scaglia, Le Colonne and Il Borgogioioso: 29 renewals and 26 new tenants. Brands include LEVI’s, Napapijri, Rinascimento, Pithagora, Champion, Stoili Oro and many others. Collegno Centro in Turin and Il Gialdo in Chieri: Piazza Paradiso opening with about 40 new brands.

It gives an enormous boost to be part of an international company like Multi. One of Multi Outlet Management Italy’s primary objectives is to continue building a well structured team and recruiting the best talents of the Italian real estate industry from all levels. Our aim is to create an excellent platform of outlets across Italy and why not, tomorrow, across Europe?

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1 4 0 N E G O Z I • S C O N T I F I N O A L 7 0 % T U T T O L’ A N N O


#Quellidelvale:

WE ARE VALECENTER MARKETING CAMPAIGN - SOCIAL MEDIA VALECENTER - MARCON - ITALY At the end of January 2015, Valecenter launched a photo campaign to find the new faces of #Quellidelvale among the public. The people chosen from the more than 1,000 photos posted were surprised with a professional photoshoot and they became new ‘real’ faces representing #Quellidelvale: “We are Valecenter” for 2015. The popular campaign scored by increasing customer involvement and loyalty and raised footfall by no less than +12.7% in some weekends.

VALDICHIANA LIVE ANNIVERSARY CONCERT ATTRACTS 60,000 PEOPLE EVENT VALDICHIANA OUTLET VILLAGE FOIANO DELLA CHIANA - ITALY To celebrate its 10th anniversary, on Saturday 25 July 2015, the Valdichiana Outlet Village organised ‘Valdichiana Live’, a concert in partnership with Radio Cuore, in Piazza Grande, the centre’s main square. The concert brought together some of the best artists in the Italian music industry, such as Patty Pravo, Nek, Max Pezzali and Paola Turci (‘Women for Expo’ Ambassador). These stars were the ambassadors of the event, driving thousands of fans crazy from early in the morning, and late into the night. Francesco Facchinetti, singer and presenter of the successful TV show ‘The Voice of Italy’, and Veronica Maffei – presenter and the official representative of Radio Cuore – hosted this outstanding cast of artists. Over 60,000 people gathered to sing, have fun with their favourite artists and to celebrate an extraordinary and not-to-bemissed birthday, ultimately proudly saying “I was there”.

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DANK U VOOR UW AANWEZIGHEID NAMENS MULTI RETAIL TEAM

VALECENTER’S INDOOR WINTERPARK EXCEEDS HOSPITAL CHARITY TARGET CHARITY AND COMMUNITY ENGAGEMENT PROGRAM VALECENTER - MARCON - ITALY Valecenter shopping centre hosted a spectacular Christmas charity event last winter, to raise funds for the regional Hospital Dell’Angelo in Mestre, Italy. The centre opened a one-of-a-kind indoor winter park called ‘The House of Alfredo’ in one of its units. This quickly became the gathering spot for the whole Venice area for visitors of all ages, who enjoyed the ice-skating rink, a snow tubing ramp, a customised soft area for kids and a kart drifting Razor track (exclusive to Valecenter). Alfredo, a funny penguin mascot, played host and served as a photo opportunity for all visitors. In the gift-giving spirit of Christmas, Valecenter decided to donate all the entrance fees for The House of Alfredo to the Paediatric Ward of the Hospital Dell’Angelo. And we managed to raise a lot more than the ambitious goal of € 30,000 in less than three months: the number of visitors was so overwhelming (+3.89% footfall) that we were able to hand over a cheque for more than € 50,000 to representatives of the Hospital Dell’Angelo di Mestre and Doctor Giovanni Battista Pozzan head of the Paediatric ward – who expressed their gratitude to Valecenter for its commitment to such a worthy cause. Andrea Follini, Mayor of Marcon, applauded this initiative that demonstrated the attention Valecenter has always given to the local community and territory.

Q&A

LUCA MAGANUCO MANAGING DIRECTOR MULTI ITALY

"MOVING TO OUR NEW OFFICE IN MILAN’S CENTRAL BUSINESS DISTRICT SENDS A CLEAR MESSAGE" WHAT WAS THE MOST IMPORTANT MILESTONE FOR MULTI IN YOUR COUNTRY IN THE PAST 12 MONTHS? This has been a turnaround year for Multi Italy, with numerous changes in management, staff and the organisation. A significant milestone was the move to a modern building located in the new central business district of Milan. In operational terms, we achieved a key milestone in August-September 2015, when we closed three strategic deals for Valecenter involving more than 7,000 m2 GLA and € 1.4 million in annual rental income.

WHAT ARE THE RECENT TRENDS AND FUTURE PROSPECTS OF ENHANCING THE VALUE OF YOUR ASSETS? Today’s retail market is very dynamic and the only way to ‘feed’ the growth of the schemes’ performance is to supply customers with an interesting product in line with their needs and market trends. Multi Italy’s asset management strategy is focused on keeping the schemes in our portfolio up to date, constantly working on three different layers: keeping the retail mix balanced and in line with local customers’ needs, helping existing tenants to keep stores updated both in terms of look and feel and (when feasible) in terms of size, and trying to attract the best performers in the market through proactive leasing.

HOW DO YOU SEE MULTI DEVELOPING IN THE YEAR AHEAD IN YOUR COUNTRY? Expanding the portfolio will once again be one of the key drivers for the business in 2016. Enhancing management quality and standards is a global challenge for Multi and another clear target for the Italian team. One future milestone in Italy will be the complete integration of the Outlet Management business in Multi Italy and the creation of synergies that will benefit both businesses.

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welcome 174,000 M2 OF RETAIL, HOSTING 26.5 MILLION VISITORS PER YEAR

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In the past, Multi was a merchant developer. It fits into our present strategy to re-acquire some of these prime retail property assets. We are delighted that we can conclude an award winning super trio again into the Multi project portfolio. We give a warm welcome back to: Almada Forum, Portugal Forum Montijo, Portugal  Espacio León, Spain  

Espacio León Espacio León, the first Multi shopping centre in Spain, opened its doors in 2004. With 37,000 m2 of retail, 141 shops and 1,400 parking spaces it attracts shoppers from the city of León and the broader region. To secure its leading position as a shopping destination for the years ahead, Multi started a commercial renewal process. Now, strong international and local brands create more customer flow and offer wider variety with the opening of 20 new catering formats and retail stores– including a 1,200 m2 MANGO. New jobs confirm León’s valuable contribution to the economic development of the city.

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Almada Forum Almada Forum (2002) is the leading shopping destination on the South Bank of the Tagus River in the Lisbon area. It boosts 80,000 m2 GLA, and is home to more than 250 shops, restaurants, cafes, a hypermarket and service providers on three floors. Multi is strengthening its anchors. A new 3,100-m2 Primark will open in the first quarter of 2016, and reconfigured units for H&M, Toys’R’Us and C&A will offer fully renovated and more attractive stores. The impressive brand and tenant mix and the high management standards have resulted in higher customer satisfaction scores and stronger sales growth.

Forum Montijo Ever since the opening in 2003, Forum Montijo has been a benchmark for shopping in the region south of the Vasco da Gama Bridge, including Montijo, Barreiro, Moita and the SetĂşbal area. The project has 57,000 m2 GLA and an extensive range of retail and leisure on two levels. Multi has recently transformed the food court to meet the changing needs of the new foodie generation. The reconfigured, sophisticated area has dedicated Lounge and Garden zones with Wifi, Baby Care facilities. Innovative and vibrant dining concepts and cuisines encourage people to spend quality time. MM ISSUE 16 13


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OPENING

BRINGS NEW LIFE TO THE CITY Interview with Gawein Minks, Managing Director at Multi Ukraine

The grand opening of Forum Lviv was an enormously gratifying moment for the developers of this 35,000 m2 shopping and dining centre in the heart of Lviv in Western Ukraine. Just seeing first-time visitors walking across the beautiful mosaic floors, smiling and looking around curiously, made all the efforts of the past years worthwhile. “Seeing the project open is even better than I could ever have imagined,� said Gawein Minks, Managing Director at Multi Ukraine. By noon, thousands of people had streamed into the new centre.

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LONG AWAITED GRAND OPENING DRAWS HUGE CROWDS INTO LVIV Exceptional circumstances Although Gawein Minks is modest about the project, the completion is an enormous achievement. Not at least because of the exceptional circumstances under which Multi Ukraine and local developing partners Galereja Centre and Budhouse Group realised the project. As Minks explains, the freezing winter, with temperatures plummeting to minus 35oC shortly after the start of construction was just one of the challenges they had to deal with. “Since we started the project, the country became embroiled in an international conflict. We have seen protest demonstrations in Kiev, shooting incidents and the national currency went into freefall. When you put all this together, you get a kaleidoscope of experiences. This made the total development, construction and leasing process a lot more complicated than in other countries where Multi operates.� MM ISSUE 16 16

Gawein Minks (Multi Ukraine), Mayor Andriy Sadovyi and Volodymyr Zhenchak (Galereja-Centre).

The Grand Opening was attended by all partners and public officials such as Governor Synyutka, Mayor Andriy Sadovyi, Dutch Ambassador Kees Klompenhouwer, development partners Galereja-Centre, Budhouse, financing banks EBRD and Unicredit, Blackstone and Multi Corporation and many others.


Jaap Blokhuis (Multi Corporation), Olga Mandziuk (Galereja-Centre), Olga Syvak (Lviv City Counsil), Gawein Minks (Multi Ukraine)

New gathering place This made the grand opening of Forum Lviv on 25 September an even more festive occasion, greeted with wild applause from shoppers, business owners and public officials, as Multi delivered on its promise to provide the city’s new gathering place. Forum Lviv is centrally located on Pid Dubom Street, just a short walk from the city’s main square and famous Opera House. The two-storey shopping centre is topped by a level complete with cinema, leisure facilities and restaurants overlooking the city. The total GLA is 35,000 m2 and it has an underground parking garage with 600 spaces.

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Revival of historical part of the city

Stores and restaurants

Lviv has a rich history as a major cultural and economic centre in the region, which is reflected in the beautiful architecture and the city centre’s authentic central European charm. Part of the Lviv centre is even on the UNESCO World Heritage List. Multi and its partners actively cooperated with the city’s municipal authorities to make a real contribution to the revival of this historical part of the city. “They were actively involved in the choice of materials, such as the use of cobblestones to upgrade the surrounding streets, linking them to the protected UNESCO area, and we used the same traditional brick and stone found in many of the historical buildings,” Minks says.

The centre is opening with occupancy at an amazing 94%. “Plus we have the right balance, with 75% international and around 25% national brands, both well-established players and newcomers. Forum Lviv has clearly become the preferred location for retailers looking to expand into Western Ukraine.”

The developers also invested around € 2 million in the public area, refurbishing the roundabout on Dzherelna and all the area’s utilities and improving the green zone in front of the shopping centre. “The project will bring a lot of jobs and revenue to the city and can be seen as a showcase for foreign investors”, says Minks. “Everybody is very proud of Forum Lviv. The location is amazing, the architecture is beautiful and we have an enviable mix of restaurants and retail brands. Plus it’s the first BREEAM certified shopping centre in Ukraine, so it’s sustainable.”

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THE CITY’S FIRST SHOPPING MECCA These include Inditex brands (Zara, Bershka, Pull&Bear, Stradivarius, Massimo Dutti, Oysho), LPP brands (Reserved, Sinsay, Cropp Town, House), MANGO, Terranova, Calliope, Amstor, Comfy, L’Etual, Planeta Kino with Imax, Igroland, Sportmaster, InCity, A. Tan, Intimissimi, Calzedonia, Gover, Women’secret, Springfield, Timberland and Lacoste and a first class supermarket Silpo. Turkish LC Waikiki has signed up for 1,100 m2 on the ground floor and first floor. “This is what Lviv needs, because there is a shortage of quality retail supply. And it will remain competitive even if the retail offering increases in the future. The location is perfect, we have the only parking garage in town, and we will always have the best mix of retail and restaurants.” 


FACTS     

 

GLA: 35,000 m² Number of shops: 120 Parking spaces: 600 Lead developer: Multi Ukraine Local developers: Galereja Centre, Budhouse Group Catchment area: 650.000 Design: Architects: TTDesign (concept) and Tebodin Ukraine Opened: 25 September 2015

Brian Jenkins (Multi CEE), Claudia Pendred (ERDB), Jaap Blokhuis (Multi Corporation), Marina Nesterenko (Multi Ukraine) and Heino Vink (Multi Corporation)

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QA INTERVIEW

&

with Mark Siezen, Multi’s European Leasing Director

Growing consumer confidence fuels retail sales How do you see the development of the European retail property market with regard to rental growth?

Mark Siezen (European Leasing Director Multi)

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The appeal of markets to retailers across Europe is driven by a number of factors such as consumer affluence and market size, growth and maturity. Economic conditions across Europe have generally been more favourable over the past year, leading to higher consumer confidence. Consumers indeed begin spending as confidence grows, which drives up retail sales. Over time this offers a good perspective for rental growth, especially for those locations taking up a relatively larger share of the sales rebound. The timing of this recovery and growth obviously differs across European markets, with southern European markets bouncing back with higher growth due to having lost the most sales in the downturn. Our objective is to capture more than our ‘fair share’ of sales by offering excellent sales growth opportunities for our retailers. We are very optimistic about the future of physical retail in general and the ability of Multi to capture retailer sales in particular.


“THE SHOPPING CENTRE IS LIKE A DEPARTMENT STORE; A VARYING COLLECTION OF BRANDS THAT MOTIVATES THE CONSUMER TO COME BACK”

What is the feeling among the leading international retailers with regard to expansion plans across Europe? The feeling is positive. The larger international retailers are looking for expansion opportunities and their market share is growing. This is sometimes at the expense of local retailers and nationally oriented players in the market. We obviously try to balance local/national offers against the presence of the international retail chains. We talk to international retailers about facilitating their expansion, cross-border deals and large portfolio deals in multiple countries. This includes plans for new locations as well as the expansion of existing stores. What we see in our centres is essentially an exchange of square metres between retail segments. We also see that the strong are getting bigger and stronger. This is possibly interesting for the consumer in terms of price but we must guard against the erosion of variety in choice.

How can Multi help retailers achieve their expansion strategies? Entrepreneurship is one of the core values of Multi. We are very creative and active within all our shopping centres through maintaining a permanent improvement process. We are always focussed to make our shopping centres more attractive for our shoppers and tenants by improving the retail mix, introducing new concepts, enhancing the shopping environment and ensuring that consumers find what they want at the right price. It applies not only to big urban locations and the prime shopping centres: we also believe that creative solutions are increasingly crucial for the success of convenience centres and those locations that need that little bit of extra inspiration.

Which retailer sector do you think is gaining momentum and could be considered to be a rising sector in the Multi shopping centres? An interesting development is the rising appeal for new and different food and beverage formats in shopping centres. The importance of food is growing; it adds to the experience of being in our centres, lengthens consumer stay time and ultimately contributes to sales. Another trend is the growth of discounters like Action, Primark and Lidl. The common factor here is the very good value they offer, proving that ‘discount’ must not necessarily mean ‘lower end’. Consumers, and therefore their shopping habits, no longer follow predictable patterns. This means we need to adapt and be flexible, which of course also makes our job extra interesting.

Which current trend inspires Multi to better serve consumers in shopping centres? One inspiring trend is the tenancy mix moving more and more towards temporary occupation, which could be a pop-up store or a short-term concept. This provides the opportunity for us to bring something new to our visitors by offering variety and changing choices. Naturally retailers also do this by constantly refreshing their own offerings, such as Zara where a new collection hits the stores every two weeks. A shopping centre is essentially like a collection of retailers; you have to vary them to stay up to date and keep the offerings fresh and inspiring. Previously a 10-year contract was the standard but now this differs from situation to situation. These days we often strive for flexible contracts, as this gives us the scope to diversify. The shopping centre is thus like a department store, a varying collection of brands that motivates the consumer to come back.

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Sarper Suner, General Manager LEGOLAND®

GLOBAL LEISURE BRANDS ON OFFER IN FORUM ISTANBUL: SEA LIFE Aquarium, Jurassic Land, a Cinemaximum multi-screen cinema, Funlab Entertainment World, Atlantis Bowling, a Tiox Entertainment Centre, the Flyride Helicopter Tour Simulation, Sihirli Eller kids’ club and Kum Kalesi. MM ISSUE 15 22


OPENING

GLOBAL ENTERTAINMENT AS VITAL PART OF FORUM ISTANBUL Grand opening of 3,000 m2 LEGOLAND® Discovery Centre

With the opening of LEGOLAND® Discovery Centre, Forum Istanbul confirms its leadership as destination for superb shopping and the best of leisure and entertainment. Attraction epicentre “LEGOLAND® is a top-notch concept in children’s entertainment and it is proving to be a major attraction for visitors from right across Turkey, as well as from nearby countries and the Middle East. Forum Istanbul is the largest shopping centre in Turkey and has more leisure concepts operating in a single shopping centre than any other centre in Europe,” said Joao Xavier, Senior Director and Head of Mall Management at Multi Turkey. LEGOLAND® General Manager Sarper Suner added: “Istanbul has become a gateway to many international communities and we are extremely thrilled to be a part of the attraction epicentre in Forum Istanbul. We hope that this LEGOLAND® Discovery Centre will be a place for families and children to create wonderful memories together.”

LEGOLAND® Discovery Centre The Discovery Centre got a big two thumbs-up from all children testing out the centre. It is a children’s fantasy world - which is why the Discovery Centre has banned adults not accompanied by a child. And for those grown-ups who also love timeless toys, the centre will host special adult nights. But the LEGO Group itself is hardly kids’ stuff. The Denmarkbased company is one of the world’s top toy makers, with € 3.8 billion in annual sales in 2014. LEGOLAND® Discovery Centres, which were acquired by British-based Merlin

Entertainments in 2005, are such major draws they are considered key anchor tenants.

"LEGOLAND® DISCOVERY CENTRES ARE SUCH MAJOR DRAWS THEY ARE CONSIDERED KEY ANCHOR TENANTS" Fourteen attractions Once inside, the experience at LEGOLAND® Discovery Centre Istanbul starts with the LEGO® Factory Tour. On the Kingdom Quest Laser Ride, children can ride in chariots and shoot laser guns at ‘trolls’ on digital screens to save a captured princess. In another area, visitors can build and race their own toy cars. A cinema at the centre will show LEGO films in 4D that means they will be augmented with sensory effects such as wind, rain, snow, or ‘lightning strikes’. For example, when it snows in the film, artificial flakes may fall on the audience. During blustery scenes, wind machines blast the crowd with air. The complex also includes Lego models of historic Istanbul landmarks, such as the Hagia Sophia, the Blue Mosque, the Galata Tower and lots of other places. Parents must be forewarned - they are likely to exit LEGOLAND® after spending money. The way out leads visitors through a retail store stocked with LEGO products. 

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INTERVIEW

FLYING TIGER, FOR HAPPIER PEOPLE INTERVIEW WITH ENTREPRENEUR CARL MAES: “THINKING OUTSIDE THE BOX IS IN OUR DNA”

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Oven gloves with a maw full of teeth (€ 3,-), a purple hole-punch (€ 1,-), a funny iPhone sleeve (€ 3,-), designer reading glasses (€ 4,-), a heart-shaped puzzle (€ 3,-). Colourful and inventive quality products, tastefully presented as luxury items but sold at budget prices. “No one leaves a Flying Tiger store without making a purchase,” says Carl Maes, joint venture partner and managing director of Flying Tiger in Belgium.

Carl Maes (Joint Venture Partner and Managing Director Flying Tiger)

Danish high street success Flying Tiger is a Danish formula that first saw the light in Copenhagen in 1995. The brand has grown rapidly and today has over 500 stores in 26 countries. With new stores being opened every week, its growth shows no signs of abating across Europe, Japan and now even the US. All stores under the Flying Tiger concept are independently operated. The chain’s growth in Belgium is as impressive as everywhere else. The opening of a store in Antwerp’s heritage-listed Stadsfeestzaal in April 2015 took the number of Belgian stores to six and more are planned. Maes is a 50% partner in Flying Tiger Belgium, with the other half owned by the Danish parent company. As managing director, he takes care of all operational matters, from production, marketing, visual merchandising and human resources to scouting for new locations – because the company wants to grow as rapidly as possible. Multi Magazine interviewed this amiable entrepreneur who takes obvious pleasure in his business. Maes and Multi saw the re-branding of the Stadsfeestzaal in the heart of Antwerp as an excellent opportunity to establish a unique branch.

MM: Where did the initiative for this store’s concept come from? Maes: “This shop is the result of a year’s worth of close contact with Multi’s Harald Telkamp. Originally, Flying Tiger intended to rent a standard

shoe-box unit. Then Multi came up with the plan to restyle the courtyard, with less catering and a greater focus on shopping. Gradually, we came up with the idea of a glass unit in the middle of the courtyard. That wasn’t quite as simple as it sounds, of course – we ran into all kinds of problems. The lighting, for instance, proved a challenge.” The solution is an immense chandelier hanging from the opulent ceiling that casts its light over the products seven metres below. Maes: “It’s a great example of partnership: thinking, searching and compromising together to achieve a unique result that both parties are really pleased with. The location is a perfect fit with Flying Tiger’s DNA: we feel most comfortable in lively, historic inner cities, in attractive buildings in busy locations.”

“THIS STORE IS A GREAT EXAMPLE OF PARTNERSHIP: THINKING, SEARCHING AND COMPROMISING TOGETHER TO ACHIEVE A UNIQUE RESULT” MM: How are consumers reacting? “There is certainly no shortage of consumer attention. The store is very atypical, so we had to jump through a few hoops to really bring out our identity. In that sense, it was a challenge to get this store into the same rhythm as a regular store, but we managed to pull it off in just five months.”

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MM: What does Flying Tiger bring to high street shopping that is new?

MM: How do you view the future of formula stores in an era of e-commerce?

“Our first sales are impulse-based, but once consumers know us we become a destination. We offer 300 new products every month, giving consumers a reason to keep coming back. The base stock consists of 1,000 products, with 1,700-1,800 products in the store at any given time.”

“For the time being, we have no response to e-commerce, because average consumer spending at our stores is too low. We rely on the fact that people will always want to go out to find fun and inspiration. That is where we score highly, and how we have achieved our strong position.”

Maes loves the concept. “Flying Tiger stands for fun and creative shopping. We’re a fun company. This is entirely in keeping with the spirit of its charismatic founder, Lennart Lajboschitz. He once said that all of his products are designed to stimulate social interaction and thus increase the sum of human happiness. We’re a little bit crazy, or ‘zot’ as the Belgians say. People come to us for surprise and inspiration. We add emotion to everyday products.”

MM: How can landlords and retailers support each other?

“IN A DISCOUNT SHOP I FEEL POOR, IN FLYING TIGER I FEEL LIKE A MILLIONAIRE” Flying Tiger is a price-conscious store, but not a discounter. “We consider good quality the best guarantee for long-term success. Our prices are discount, but we look like a fun, chic boutique.” The interior of Flying Tiger stores is an attractive, bright white, with a set-up that seems inspired by Ikea. The path from entrance to exit leads through successive themes, such as office, kitchen, home, party items, phone accessories and kids.

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“To begin with, a shopping centre needs good basic amenities: a clean centre, excellent sanitary facilities and the likes of Wi-Fi. It needs to look neat and cared for, which is certainly the case here in the Stadsfeestzaal. Secondly, you need the right retail mix. And finally, you need innovation - pop-up shops and events that encourage consumers to keep coming back.”

MM: How did you get involved with Flying Tiger? “After a 20-year career with a variety of great companies, I felt like I had reached the end of what I could achieve as a commercial director, and went looking for a new challenge. I come from a family of entrepreneurs, and blood will out. As a child, I used to play shop in my grandfather’s supermarket, and I absolutely adored it. Today, I’m back at that same place, but with my own idea of entrepreneurship. I came into contact with Flying Tiger in Utrecht, and felt an instant click. They had no Belgian partner yet, and one month later, on 1 May 2013, I was sitting at a table with the founder, Lennart Lajboschitz. I knew there and then that this was right, and 18 months later I’m working on stores seven and eight.” 


"WE WERE IMMEDIATELY EXCITED ABOUT FLYING TIGER" Harald Telkamp (Leasing Director Multi Netherlands and Multi Belgium)

MM: Where did the initiative for this store’s concept come from? “For the Stadsfeestzaal re-branding, we wanted to downsize catering and stimulate the shopping experience. We were immediately excited about Flying Tiger as a new kid on the block on the Belgian market, because they are proving immensely popular around the globe. We were already toying with the idea of kiosks in the courtyard, and a brainstorming session with Carl Maes threw up the idea of building a Flying Tiger glass box shop. Carl showed he is a true entrepreneur, completely open to new things. We were both eager to embark on this adventure and develop this idea with the help of TTDesign.

MM: How are consumers reacting? “Flying Tiger is new and appeals to the public. To prevent the shop from eclipsing other retailers, the shop and the logo need to be low and transparent. It’s still a real eye-catcher, instantly recognisable as a Flying Tiger store. It has pulled in a lot of shoppers, especially from the Meir shopping street, which gets 500,000 visitors per week.”

MM: What does Flying Tiger bring to high street shopping that is new? “Flying Tiger gives visitors a reason to come back, as its range changes constantly. Flying Tiger brings in lots of shoppers and its products are extremely affordable. They design and produce their products themselves, which makes

them just that bit more fun and you’ll always find something you like.”

MM: How do you view the future of formula stores in an era of e-commerce? “We firmly believe in the future of formula stores. Flying Tiger has only just begun its life cycle. Of course, you have to avoid over-exposure; you shouldn’t want to be everywhere. E-commerce or not, people will always be looking for in-store experiences. The retail market is constantly evolving, but that doesn’t scare us.”

MM: How can landlords and retailers support each other? I agree with Carl Maes, who says that asset managers need to provide a pleasant environment, the right retail mix and constant innovation. Flying Tiger represents a very good step in that direction, together with the design specialist Habitat that opened in September. Habitat attracts lots of women, who stay much longer to have a look around. We can drive variation through our kiosks, plus we can use them to respond very quickly to trends. Of course, the major attraction of the Stadsfeestzaal will always be the iconic building itself, although that can also be a challenge since not everything is permitted in a heritage site. Still, as the Flying Tiger shop shows, that can lead to brilliant solutions too.” 

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REPORT

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Value creation and consolidation across Multi’s portfolio begin on the drawing tables of TTDesign, Multi’s in-house design group. TTDesign consists of a team of urbanists, architects and designers who support Multi in all its project developments and refurbishments. Functionality, process and design are the priorities in the development of new projects and refurbishment projects. TTDesign delivers concepts in close collaboration with Multi’s Research, Leasing and Mall Management departments, thus ensuring that the economic and feasibility parameters are in harmony with the quality of the project. “The design of shopping centres offers many challenges. We must learn to look at shopping centres not only as objects, but also as advertisements and destinations. Consumers in the experience economy no longer consume objects, but sensations. Our aim is to create places that are authentic, meaningful and engaging,” says Harry Vroemen, Senior Architect and Head of TTDesign.

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Sketch Mantova Outlet Centre, Italy

For the refurbishment of existing retail schemes, TTDesign carries out optimisation studies focussing on functionality, visibility of tenants and the overall look and feel of the shopping centre. Permanent improvement programmes for Multi’s existing shopping centres, from small grocery-anchored centres to large shopping destinations, support better project performance. For example, TTDesign was responsible for the renovation concept of the main hall of the Stadsfeestzaal in Antwerp. The aims were to create space for an ever-changing range of pop-up kiosks and to integrate

the new Flying Tiger store in the main hall. “Our challenge was to prevent this store from eclipsing other retailers. We designed a transparent store that is still instantly recognisable as Flying Tiger. It is a real eyecatcher,” explains Harry Vroemen. The team of TTDesign has its hands full with Multi’s growing portfolio. “Among other things, we are currently working on a new concept for various Dutch retail assets, such as Alblasserdam and Valkenswaard, and on a new concept for food courts for two Turkish shopping centres."

Sketch Makado Alblasserdam, The Netherlands

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"OUR AIM IS TO CREATE PLACES THAT ARE AUTHENTIC, MEANINGFUL AND ENGAGING"

Team TTDesign: Sander Weeda, Roel de Ruiter, Harry Vroemen, Antonio Lopez and Rob Damste. Absent: Paul Geurts

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RESHAPING THE FUTURE OF RETAIL @ STADSFEESTZAAL

NEWS SHOPPING STADSFEESTZAAL ANTWERP - BELGIUM

Shopping Stadsfeestzaal spent two months ‘under construction’ in early 2015. The main hall of the city of Antwerp’s former ‘Festivity Hall’ was in need of some new ‘retail oxygen’ after seven years. The centre also added a new Habitat store. The famous home decoration and furniture brand now has a 2,700-m2 store on the first floor of one of Europe’s most beautiful retail locations. Stadsfeestzaal bid farewell to the swanshaped restaurant in the centre of the main hall, together with the elevated terrace, which once hosted the unique Laurent Perrier Champagne Bar. The renovations were aimed at re-shaping the main hall so the centre could welcome new retailers and create space for an ever-changing range of pop-up kiosks.

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The re-launch of Belgium’s most beautiful shopping centre revealed a completely different main hall. Visitors can now dine at new bar-restaurant Faits d’Anvers, visit the Danish Flying Tiger design kiosk, or the unique Belle d’Avalane fresh frozen flower kiosk. The new main hall also boasts relocated jewellery brand Twice as Nice, a healthy Zest Fresh Juice Bar and delicious treats from Amacarons. The changes to the main hall are part of Multi’s response to the current dynamic retail market, in which many retailers are looking to open temporary pop-up locations, and consumers are looking for more experience in their favourite retail locations. Multi is currently in negotiations with various national and international retail players for the range of kiosks in the main hall. Given the ever-changing retail mix, shoppers always have a reason to ‘pop’ into Stadsfeestzaal, which is determined to help shape the future of retail and continue to boost frequent repeat visits from new and existing customers.


Repositioning as the Lisbon Meeting Point

NEW TRENDY IMAGE FOR ARMAZÉNS DO CHIADO

NEWS ARMAZÉNS DO CHIADO - LISBON - PORTUGAL

Armazéns do Chiado will celebrate its 16th anniversary in 2015. Over the past 16 years, the shopping centre has been one of the trendiest and most fashionable hotspots of the historic heart of Lisbon, with 55 shops, 15 restaurants and a boutique hotel. To keep pace with the changes in the retail landscape and to reinforce its brand image as the Lisbon Meeting Point, where people can hang out, shop, and relax, the management team has rolled out a positioning and communication plan. Since Armazéns do Chiado’s logo has remained practically the same throughout the years, we added a new look to the brand by introducing a new contemporary logo. And to boost the visibility and impact of this new institutional campaign, Armazéns do Chiado launched a media campaign, involving the press, outdoor and digital media, alongside a brand activation campaign, with several animations and shows in the main entrance area. The events include music, comedy, theatre, art and culture, to embody the positioning of Armazéns do Chiado as the Lisbon Meeting Point: ‘Every meeting a new story’.

MARVELOUS ADVENTURES EVENT FORUM SINTRA - SINTRA - PORTUGAL Forum Sintra teamed up with the famous LEGO brand earlier this year to bring the world of LEGO Minecraft to Portugal for the very first time, by creating a unique and free playground to celebrate Children’s Day and Family Month. From 30 May to 21 June, children and adults were invited to use their imagination in four distinct areas: create their own universes with LEGO pieces, play Minecraft online on tablets, construct lifesize LEGO figures and build a ‘Steve’ mask. Simultaneously Forum Sintra conducted an Instagram competition where the fans posted pictures of the Minecraft constructions they built at Forum Sintra. The best pictures won LEGO Minecraft sets. The opening of this space in May also featured a lifestyle event with 15 national VIPs and their children, ensuring major media coverage. Overall, the LEGO Minecraft playground was a very successful event. The space was always crowded (over 7,000 visitors), often with lines of people waiting for a chance to build their LEGO Minecraft construction. During the three-week LEGO Minecraft event, Forum Sintra registered a 12% increase in sales at its toy stores and verified a 56% increase in value in this sector. The centre also saw traffic increase by 7% compared to the same period in 2014. MM ISSUE 16 33


REPORT

SCOTT GALLOWAY:

Photo: ICSC MM ISSUE 16 34


“Stores, which were seen as a liability just five years ago, have now become an asset.” This was the exciting message that Scott Galloway shared with the audience in his keynote address at the ICSC European Conference in London this spring. Galloway is a Clinical Professor of Marketing at the NYU Stern School of Business, where he teaches brand strategy and digital marketing. He is also the founder of L2, a Think Tank for prestige brands with a focus on digital innovation that advises brands ranging from LVMH and Chanel to Coach and Four Seasons on digital strategy. He looked at how digital will revolutionise the role of shops, with a focus on the impact it will have on major brands driving the retail industry. His most remarkable observation was that physical stores are the new black in e-commerce.

The recurring message was that pure e-commerce is dead, and no single pure play e-commerce company can survive in its current form. Galloway explained that Amazon has an Achilles heel: “And it is the last mile. Their transportation costs are now $ 6 billion a year and rising 40% a year. This is unsustainable even for Amazon. The last mile is super expensive to figure out and even Amazon hasn’t managed to do it.”

"THE CONSUMER ALWAYS GETS WHAT HE WANTS" Bricks-and-mortar solutions Galloway argued that e-commerce firms ranging from Warby Parker (eyewear) to Bonobos (menswear) are turning to clever bricks-and-mortar solutions in an attempt to hybridize the digital and physical shopping experience. Even Amazon is thinking about a huge acquisition in retail. According to Galloway, it is pretty simple: the consumer always gets what he wants. This can be a pure play e-commerce company, an inspiring in-store environment or a retailer that uses digital as a connection between online and offline.

So you can see or try a product in the store or you can reserve a product online and pick it up in store. Galloway believes the future probably looks more like Macy’s, Nordstrom or Sephora than pure e-commerce players such as Net-aPorter or Amazon.

Non-traditional players disrupting the market Galloway pointed out that almost twothirds of French consumers have tried click and collect, over 50% in the UK, while certain US retailers are reporting 60%. Galloway gives some examples: “Walmart has a fantastic ad that says: Free delivery if you come pick it up at the store. Estée Lauder is now reporting that when customers interact with the Estée Lauder app on Macy’s iPads, they tend to buy at a higher rate than when they interact with sales associates.” The world is about multi-channel. Galloway: “The good news for shopping centre owners is that bricks and mortar has been validated – yet again – and is playing an increasingly important role. The bad news is you have nontraditional players coming into play. So there’s going to be a lot of disruption.”

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One stunning example of such a disruptive influence Galloway gives is the launch of the Apple watch: “If Apple gets the same penetration rate as the iPad and the iPhone, or 10% penetration, it means they are going to sell 30 million Apple watches in its first year. This would make Apple the largest watch company in the world in its first year. In what other industry could a new player enter a mature market and become the biggest player it its first year?” Apple sold over one million Apple watches in 24 hours. In the full year 2014, sales of android-powered wearables reached 700,000. Galloway firmly believes that Apple will continue to disrupt the luxury end of the retail market and stands by his statement: “No pure play e-commerce company will survive.” The new arbiter of success will be omnichannel and brands that can integrate content online and offline. Galloway

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says retail landlords have an interesting time ahead, as they negotiate leases with the multi-channel retailers who get it, as puts them back firmly in the driving seat.

"GOOD NEWS FOR SHOPPING CENTRE OWNERS" Mall and technology Technology will be another significant success factor for shopping centre owners, Galloway says. Are they ready to enable technology for tenants? Can they set up beacons and implement loyalty programmes across retailers, so that the centres start developing their own identity through technology? “Because that is the shopping centre that gets it: they track consumers, take their shopping lists, put together their path in-store, feed him promotions, perhaps rewards that give them opportunities to check out other great attractions in the centre.”

The headline in the news however, according to Galloways repeated message, is the transition of bricks from a liability into an asset. A very welcome message for the shopping centre industry, given that just a few years ago many market reports pointed in a different direction. The recurring message here seems to be that the players in the retail industry need to pull out all the stops to keep up with the speed of changing trends and consumer dynamics, underpinned by technology and convenience. They must prepare for omni-channel retail and make sure that shops are ready to offer consumers what they want. 


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FORUM GDAŃSK

GROUNDBREAKING

FORUM GDAŃSK, ONE OF THE MOST IMPORTANT RETAIL DEVELOPMENTS IN EUROPE MM ISSUE 16 38


GROUNDBREAKING CEREMONY AT FORUM GDAŃSK A groundbreaking ceremony in June marked the official start of the construction phase for multifunctional urban complex Forum Gdańsk, located in Northern Poland. The new complex will include quality commercial and public space and infrastructure, designed to revitalize the historic Hay and Crayfish markets. Forum Gdańsk will combine the market tradition of the area with modern retail, services, office and public functions on some 62,000 m2 of GLA. The opening of the complex is planned for 2017.

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Multi Poland, the Gdańsk Municipal authorities and PKP Polish Railways are all cooperating in the project. The cost of the investment, including road infrastructure development, is approximately € 190 million. Multi has already secured the financing for the scheme. Warbud S.A. is the general contractor for Forum Gdańsk, while Doraco is responsible for the road infrastructure.

A whole new world of shopping Forum Gdańsk is being built on a 5.5-hectare plot on one of the most strategically located sites in the very centre of the city, adjacent to the main railway station, de Old Town and key municipal buildings. The complex will benefit from easy access by public transport thanks to a direct link to the new transfer hub. Access by car is easy via the connection to the TriCity ring road.

Ceremony The groundbreaking ceremony was attended by over 150 city officials, project partners, future tenants and a large press representation. The Foundation Act, signed by all project partners, local daily newspapers dated 2 June 2015 and a memory stick with key project data were put into a brass tube, sealed and cemented into a symbolic cornerstone. The ceremony ended with a blessing from the Archbishop of Gdańsk.

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The 62,000 m2 GLA of Forum Gdańsk will offer space for some 220 stores, the city’s largest nine-screen cinema, a Pure Jatomi fitness club, a selection of restaurants and cafés to suit every taste, and a multi-level car park for 1,100 vehicles.


“In two years’ time, people can come and enjoy their free time at Forum Gdańsk – whether shopping, watching a movie, enjoying the restaurants, exercising at the gym, or visiting the Gdańsk Heritage Centre. We hope many people will also come here just to spend time at the public square over the Radunia canal. The prestigious location in the heart of the city makes Forum Gdańsk a very special project for Multi and we are fully committed to making it a success,” says Tomasz Matusiak, Director at Multi Poland.

The Foundation Act was signed by Andrzej Bojanowski (Deputy Mayor of Gdańsk), Agnieszka Owczararczak (Gdańsk City Council), Slawoj Leszek Giódź (Archbishop), Heino Vink (COO Multi Corporation), Brian Jenkins (Managing Director Multi CEE), Tomasz Matusiak (Director Multi Poland), Jaroslaw Bator (PKP Board member), Piotr Turowski (PKP Director), Polska R. Langowski (Partner Sud architect), W. Wlodarczyk (Warbud CEO) and A. Cieslowśka (CEO Doraco).

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Paweł Adamowicz, Mayor of Gdańsk: “We are bringing the Hay and Crayfish markets back to life and back to their original function. For many visitors, this will be the starting point of their visit to the Old Town, with its historic sites and attractions. And for us, the residents of Gdańsk, this will be a new place to meet, and of course, go shopping. What would a market be without shopping?”

TENANTS ALREADY ON BOARD INCLUDE: C&A, City Sport, Deichmann, Diverse, Douglas, Gino Rossi, H&M, Le Coq Sportif, MANGO, Pandora, Piotr i Paweł, Red Rubin, Rossmann, Simple, Solar, Super-Pharm, SWISS, TK Maxx, Triumph, Vistula, W.Kruk, Wólczanka, Yes, LPP brands: CROPP, HOUSE, Mohito, Reserved, Sinsay, home&you, and Inditex brands: Zara, Bershka, Massimo Dutti, Oysho, Pull&Bear, Stradivarius, Zara Home.

FOOD COURT TENANTS INCLUDE: Apetito, Baalbeck, Be my juice, BIOWAY, Burger King, Carte d’Or, Delicje, KFC, Kuchnia Marche, Kurkuma, Le Paryżanka, McDonald’s, Mount Blanc, Mr. Chilli, Pink Dog, Pizza Hut, Sowa, Szydłowski, Thai Wok, Vapiano.

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Welcome to the Gdańsk Heritage Centre A vital part of Forum Gdańsk will be Gdańsk Heritage Centre, which will serve as a welcome point receiving guests arriving in the city. The Heritage Centre will house a multimedia room, an exhibition hall, a scale model of the City of Gdańsk, a theatre hall, a café and the offices of the Gdańsk Tourist Organisation. The Heritage Centre was designed by Studio Architektoniczne Kwadrat of Gdynia, selected in a public competition.


Importance of infrastructure and public space Forum Gdańsk will also provide the city with new public infrastructure. A new transfer hub will be integrating bus, tram and rail services and infrastructure around the complex will be redesigned and modernized. As part of the project, Multi will cover the railway tracks running through the plot. Until now, they were the reason the potential of the location had not been fully exploited. The complex will include a public square, designed as an attractive space to meet and relax. Visitors will be able to enjoy comfortable seating surrounded by greenery, or choose one of many cafes and restaurants with outside

gardens, open until late in the evening. The banks of the Radunia canal will be revitalized and covered with a glass roof. As a result, residents of Gdańsk and visitors will gain quality urban space in the very centre of the city, bustling with activity and offering a variety of leisure time options.

FACTS FORUM GDAŃSK GLA: 62,000 m² Offices: 20,000 m² Number of shops: 220 Parking spaces: 1,100 Catchment area: 2.2 million Opening: 2017

     

Design The concept design was provided by TTDesign, Multi’s in-house design studio. The Polish branch of renowned French construction designers SUD Architectes is in charge of the detailed architectural plan. BPBK of Gdańsk has designed the technical and road infrastructure. 

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INTERVIEW

OUR GOAL IS TO DOUBLE OUR ASSET PORTFOLIO IN THE NETHERLANDS Interview with Arjen Seckel, Asset Management Director at Multi Netherlands, Belgium and UK

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Arjen Seckel, Asset Management Director at Multi Netherlands, Belgium and UK

In the past year, Multi has completed the acquisition of fifteen grocery anchored retail centres in the Netherlands and added these to Multi’s European retail platform. The portfolio consists of a total of 115,000 m2 of retail space, with locations in city centres and residential areas across the Netherlands, including Nootdorp, Utrecht, Leusden and other cities, while anchor retailers include Ahold, Lidl, Blokker, Jumbo and Hema. Different countries, different strategies Arjen Seckel is responsible for the asset management of Multi’s Dutch, Belgian and UK assets. He explains the differences between the strategies for these countries. “Our strategies depend on the country and are driven by supply and by the opportunities to make a difference as an asset manager. In the Netherlands, you don’t find that kind of opportunity with very large shopping centres.

“WE SEE OPPORTUNITIES IN BUILDING UP A SPECIFIC CATEGORY OF ASSETS” However, we do see opportunities in building up a specific category of assets – namely, grocery-anchored local shopping centres. The recent purchase of fifteen assets) is a significant move on that front. In Germany, too, we have recently acquired two large portfolios of busy grocery-anchored centres and stand-alone supermarkets. Our assets in Belgium and the UK consist of larger centres – the Stadsfeestzaal in Antwerp (21,000 m2) and the St. Enoch Centre (80,000 m2) in Glasgow.”

Shopping centres – a growth market Seckel says the Netherlands is seen as a growth market. “Our acquisition strategy has a strong focus on active investment. Together with the acquisition of portfolios and third-party centres, we are increasingly concentrating on the development of our own portfolio. There is not much demand in the Netherlands for the expansion of existing centres, but there is demand for shopping centres for daily shopping in existing and new residential districts. We also expect to add a number of our development projects to our own portfolio, such as Hanzewijk in Kampen, which is opening in February 2016.”

Value creation The creation of added value plays a critical role in asset management, Seckel says. “We proactively look for new tenants and at how we can improve quality and enhance the perception of centres. In both the Netherlands and the UK, we are seeing the emergence of distinction between very large successful fashion-anchored centres and local shopping centres for daily shopping.

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Kloosterveste Assen

De Parade Nootdorp Liesveld Vlaardingen

Deppenbroek Enschede

Hamershof Leusden

Overkapel Utrecht Makado Alblasserdam

Stadspoort Ede Nieuwgraaf Duiven

Ouderland Zwijndrecht Wielwijk Dordrecht

Helmond Veestraat Valkensteate Valkenswaard

Scheldeplein Vlissingen

‘T Gulpen Hart Gulpen

The segment between these two is struggling. Consumers are becoming more and more demanding and mobile. If they have to drive an extra fifteen minutes to find a more complete range, they will do so.”

“WE ARE BUILDING A TEAM THAT CREATES ADDED VALUE FOR OUR ASSETS” The focus is largely on how assets function. “We are building a team that creates added value for the assets,” says Seckel. “You have to keep a very close eye on how the centre and the tenants are doing.” There is often a mix of national chains and local entrepreneurs. “The latter provide that local touch, while catering outlets are becoming more important. We have a number

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of assets with good local entrepreneurs and lunch rooms that are performing outstandingly. We would like to add that kind of quality to all the centres, making them more than just a place to quickly do your shopping.” Another focal point is innovation, such as loyalty programmes and counters that register where customers come from and how often they visit. Multi actively works with entrepreneurs and retailers in the area of marketing and promotion.”

TTDesign The success of a shopping centre depends on more than the quality of the retailers, Seckel explains. “We benefit a great deal from our in-house architects, TTDesign, with whom we analyse every centre. For example, you can significantly improve the flow of people in a centre with just a minor change. Another advantage for us is that at Multi the leasing for new

developments and assets is integrated. That is a deliberate choice, as it produces a wealth of knowledge on how both markets operate. We also work in partnership with smaller local real estate agents. We have excellent contacts with all the national retailers, but in the cities outside the Randstad region (a megalopolis in the Netherlands, Ed.) it makes sense to use the knowledge of local professionals.” Multi has always been strongly design driven, Seckel adds. “But Multi’s philosophy goes beyond architecture, to include a certain way of working, good entrepreneurship and creativity. This is reflected in our dealings with tenants, in how we make decisions and our approach to risks”. Seckel is optimistic about the year ahead: “Our goal is to double our asset portfolio in the Netherlands.” 


Makado - Alblasserdam

Kloosterveste - Assen

Parade - Nootdorp

Wielwijk - Dordrecht

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Forum Mersin hosts prestigious film festival

EVENT FORUM MERSIN - MERSIN - TURKEY

This May, the 4th Atıf Yılmaz Short Film Competition celebrated legendary Turkish film director Atıf Yılmaz Batıbeki and 100 years of Turkish film. Forum Mersin organised the competition in cooperation with Mersin University. Mersin is also the city where Atıf Yılmaz was born. An expert jury selected three winners of cash prizes from no less than 237 entries. Hakan Sümer emerged the winner with his film Sonuç. Following a Facebook voting campaign, the festival awarded a special cash prize to Özlem Güler, for his film Li Ezmani-Gökyüzünde. The Forum Mersin Special Prize for the theme ‘Woman’ went to Esinti’ by Altan Yücel.

50

ST ENOCH SIGNS UP FLAGSHIP STORE JD SPORTS NEWS ST. ENOCH CENTRE – GLASGOW – UK St. Enoch Centre is Glasgow’s largest shopping centre at 80,000 m2 and attracts nearly 20 million visitors a year. The centre has seen a number of new openings in recent months. JD Sports opened a 2,800 m2 flagship store on Argyle Street in September. Muffin Break and Millie’s Cookies opened their doors at the end of April, livening up the core of the centre. Barhead Travel, Jackson the Tailor and M&Co all opened new stores either in early April or early May, while The Works opened its doors at the end of May. Meanwhile, Pizza Hut has started its fit-out works for their new location next to the food court.

SHADES OF GREY IN ONE DAY

EVENT SHOPPING STADSFEESTZAAL - ANTWERP - BELGIUM Shopping Stadsfeestzaal proudly hosted the world’s first - and only - pop-up shop devoted to global bestseller Fifty Shades of Grey. The opening of this unique popup shop coincided with the worldwide launch of the first Fifty Shades of Grey movie. This one-day pop-up shop opened on Valentine’s Day, the 14th of February, and the turnover the shop generated exceeded all expectations. A group of Belgian and Dutch celebrities opened the shop early in the morning and dozens of journalists and camera crews attended the launch, making Stadsfeestzaal and its unique pop-up shop the talk of the town. And massive queues of people lined up outside the shop for the whole morning; so many, in fact, that some products were out of stock an hour after the opening. Flemish and Dutch Fifty Shades of Grey fans liked the shop and its products so much that more than 2,135 people ended up visiting the 90 m2 shop. MM ISSUE 16 48


NS UP RE JD

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EVENT

ALMADA FORUM – ALMADA - PORTUGAL EVENT

ALMADA FORUM - ALMADA - PORTUGAL Red Bull takes the slogan ‘The goal is to fly, not to land!’ very seriously indeed and Red Bull Paper Wings recently travelled around Portugal looking for the best pilots of... paper planes!

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EVENT

ELGIUM

WORLD RECORDS: Longest Distance: 63,19 meters (Stephen Krieger / EUA / 2003) Longest Airtime: 27,9 seconds (Takuo Toda / Japão / 2009) RED BULL PAPER WINGS WORLD CHAMPIONS: Longest Distance: 50,37 meters WORLD RECORDS: (Tomas Beck / Rep. Checa / 2012) Longest Airtime: 10,68 seconds Longest Distance: 63,19 meters (Elie /Chemaly (Stephen Krieger / EUA 2003) / Libano / 2012) Aerobatics: Ryan Naccarato e Tomasz Chodryra

Longest Airtime: 27,9 seconds (Takuo Toda / Japão / 2009)

RED BULL PAPER WINGS WORLD CHAMPIONS: Longest Distance: 50,37 meters (Tomas Beck / Rep. Checa / 2012) Longest Airtime: 10,68 seconds (Elie Chemaly / Libano / 2012) Aerobatics: Ryan Naccarato e Tomasz Chodryra

a grasp of the basic rules of aerodynamics. The idea is both simple and ingenious: paperwas plane thatinternational can fly as far, asinlong The mostmake recentaedition the most event Red or as Bull’sashistory, as over 37,000 paper planetakes pilotsplace from 83 took artistically possible. The competition incountries accordance part in 613 semi-finals. In 2015, the event had seven semi-finals in with international rules of the Paper Aircraft Association (PAA) and Portugal, and the National Final took place in March in Almada Forum. Guinness World Record regulations. During the event, the corridors and squares of Almada Forum were transformed into an unusual and fabulous airstrip. Presented by well-

known Portuguese Alvim, Red Bull PaperinWings The most recent editioncomedian, was theFernando most international event Red provided exciting day for competitors and thefrom public, Bull’s history, asanover 37,000 paper plane pilots 83including countries took some surprises, such as a demonstration of aeromodelling by the part in 613 semi-finals. In 2015, the event had seven semi-finals in National Champion, Pedro Precioso. Portugal, and the National Final took place in March in Almada Forum. During the the corridors and squares ofboth Almada This event, event shows that it is possible to fly with feet onForum the were ground.into Andan forunusual the record:and the fabulous world record for paper plane flyingbyis welltransformed airstrip. Presented a distance of 63.19 metres, while the longest airtime is 27.9Wings known Portuguese comedian, Fernando Alvim, Redrecorded Bull Paper seconds. provided an exciting day for competitors and the public, including some surprises, such as a demonstration of aeromodelling by the MM ISSUE 16 49 National Champion, Pedro Precioso.

This event shows that it is possible to fly with both feet on the ground. And for the record: the world record for paper plane flying is a distance of 63.19 metres, while the longest airtime recorded is 27.9 seconds.

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INTERVIEW

FOOD & BEVERAGE SERVICES DRIVE EXPERIENCE VALUE OF SHOPPING CENTRES MM ISSUE 16 50


Reoewein Niesten, Managing Director of Conceptional

THE DAYS WHEN CAFÉS OR THE CLASSIC FOOD COURTS WERE SEEN AS A SIMPLE ADD-ON SERVICE FOR SHOPPERS ARE LONG GONE

Food services and gastronomy are buzz words in the retail property industry. Unsurprisingly, given the evolution of gastronomy and food services being one of the main changes in shopping centre environments over the past decade. Considering the evolution in lifestyle and consumer preferences, as well as food services industry dynamics, many more new trends and changes can be expected. Simultaneously, the shift from pure shopping destinations to places to meet, eat or see a film is making food services an ever more prominent ‘ingredient’ in successful modern shopping centres. In fact, the quality and positioning of food services are now prime factors in retail location performance and identity. The days when cafés or the classic (boring!) food courts were seen as a simple add-on service for shoppers are long gone. MULTI-FUNCTIONAL Many Multi-owned centres are multi-functional destinations in their own right. They are meeting places for their communities, in which food services play a central role. Multi has made enhancing the culinary experience one of its top priorities. Which is why Multi is working with commercial food specialists to develop new culinary concepts and anticipate retail and consumer trends on the food front. Reoewein Niesten, Managing Director of Conceptional, an established player in the food & beverages concept market, explains some of the main aspects of the food & beverage industry.

FOOD QUALITY AND PERSONAL ATTENTION ARE DRIVING FORCES IN BUILDING ESSENTIAL LOYALTY IN THE LOCAL CATCHMENT AREA MM: What are the key factors for a successful food and beverage environment? RN: “The factors at play depend partly on the type of given location; a large regional destination, or a city centre location. But generally, it is crucial to first have the right mix of concepts in terms of product offer, service

and pricing, fixed and flexible offer, as well as balanced international, national and local brands & concepts. It is not all about the number of square metres, but the mix and the concept too. Secondly, there should be an optimum mix of leisure, service, retail and f&b offer. Food & beverages is not only about the quality of the food itself, but the total experience of the restaurant too. Customers are now much more critical of the space where they have a coffee, snack, or dinner. They want quality food, but they also want to eat in a pleasant environment and feel welcome and appreciated. Ideally, food & beverages are grouped at the building’s heart in order to create a gastronomic social hub. This also makes it easier to make your centre stand out from the competition. Food is an important draw for customers, and so will attract new visitors. It is an important part of the total customer experience of the shopping centre, has a strong impact on the quality perception and will therefore impact on the visitor mix. Flexibility in concept and business model is another major criteria for success. Food service operators change, space requirements change - just as regulations and business preferences change - and customers’ tastes and expectations constantly evolve.” MM ISSUE 16 51


FOOD SERVICES IN CONVENIENCE CENTRES MM: Much attention is devoted to food services in large shopping centres functioning as destinations. But what about convenience and community shopping centres? RN: “These have enormous potential, as there is still so much to gain there. Busy daily schedules, changing lifestyles and the increase in smaller households is boosting demand for dining out. Food shopping and dining are increasing intertwined and this is now resulting in concepts where f&b consumption and grocery shopping are integrated, and also, e.g., in ©eatail concepts. This ‘blurring’ is well advanced in the US and the UK, but still fairly new in other countries such as the Netherlands. Food quality and personal attention are driving forces in building essential loyalty in the local catchment area. Social and community aspects are at play, especially on a neighbourhood level. Through collaboration with other local parties, additional community functions and services can be integrated with the f&b concept, such as a library, repair café, or a location for courses for local residents.” Outside the major fast-food chains, food services used to be the domain of independent entrepreneurs with little chain establishment and business concentration, at least in the Netherlands. While this has existed for some time in markets like the UK and Turkey, it is still a rather new phenomenon in the Netherlands.

MM: How do you regard the perspective of further chain establishment and internationalisation in the food & beverages sector? RN: "On the one hand, we will see a further growth of food and gastronomy chains, especially in the segment of fast casual. Gastronomy concepts like Chipotle & Wagamama are popping up and expanding. Natural food chains like Marqt are also growing very rapidly. The likes of Marqt focus increasingly on in-store experience, as well as blurring the lines between buying groceries and in-store consumption. On the other hand, there will also be a strong growth of unique one-off local concepts, mainly in the bigger cities. These represent local artisanal flavours inspired by strong and passionate entrepreneurship.”

New food court in Magnolia Park, Wroclaw, Poland

MULTI HAS MADE ENHANCING THE CULINARY EXPERIENCE ONE OF ITS TOP PRIORITIES

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NEW CONCEPTS MM: In the current dynamic food services market, what should we consider as trendsetting formats that will have a lasting impact? RN: “So many trendsetting and innovative formats, thus too many to choose from and many more are popping up, virtually daily. But some of my favourites are Wahaca, a New Mexican style reinventing Mexican cuisine; Princi, an all-day Italian Bakery café and Gourmet Pizza format; Nando’s, strong in the UK, emphasizes the iconifying of great taste for a broad audience, a restaurant format which operates well in shopping centre environments. Then there‘s Chilango Burritos, the UK version of the fast growing US chain, Chipotle. And of course concepts developed by Conceptional. While shopping behaviour is changing in the current online retail era, the need to socialize and enjoy time at a market place is growing. The quality of the food & beverage offering in a shopping centre can only become an even more important factor in that centre’s success. Therefore one of the main priorities in shopping centres is to provide a strong context for f&b operators to be successful.” Concept developed by Conceptional for HMSHost.

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OPENING

GRAND OPENING

MAGNOLIA PARK SEES 130,000 VISITORS ON THE 19TH OF MARCH 2015, MAGNOLIA PARK UNVEILED THE NEW VERSION OF ITSELF: A MODERNISED AND EXPANDED 100,000 M2 CENTRE Located in the western part of Wroclaw, one of the most dynamic cities in western Poland with some 600,000 inhabitants, Magnolia Park has always been one of the largest enclosed shopping centres in Poland. The newly unveiled centre now boasts more than 250 shops, an inviting food court and lots of other amenities. The centre recorded over 130,000 visitors in the four days following the opening of its extension in March. Multi owns the shopping centre and is responsible for the management.

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Josef Zubylewicz (Erbud), Brian Jenkins (Multi CEE) and Tomasz Waszkiewicz (Magnolia Park)

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Brian Jenkins, Managing Director of Multi Poland and Central and Eastern Europe, said: “With 100,000 m2 GLA Magnolia Park is first choice in the market for customers and retailers and puts it among the Polish top five places to shop. Brands feel confident enough to begin their expansion on the Polish market and they see Multi as a safe and trustworthy partner.” Magnolia Park comprises a range of upscale shops and up-and-coming services, and a food court with a variety of choices from Burger King, Pizza Hut Express, and the Mexican Mr Chilly, to oriental restaurants – Sevi Oriental and Guty food. There are 30 new ‘first in the market’ brands, independent boutiques, heritage brands, and novelty names like the eagerly awaited first Superdry store in Lower Silesia. It boosts 3,500 free parking spaces.

MAGNOLIA PARK IS FIRST CHOICE IN THE MARKET FOR CUSTOMERS AND RETAILERS AND IS ONE OF THE TOP FIVE PLACES TO SHOP The main driver for the expansion of Magnolia Park (previously 78,000 m2) was the ambition to broaden and diversify the range of shops and amenities. The transformation started in 2013 and it was a major challenge to plan and organise construction with the minimum of disruption for shoppers. This goal was clearly met, as footfall grew steadily all through 2014. Despite the construction work, nearly 10 million customers visited the shopping centre.

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Opportune time to expand Plans included the refurbishment of customer amenities and relaxation zones, while the area around the building has been revamped, a new playground for children was opened, and a multifunctional sports field replaced the old amphitheatre. The trademark water fountains and front entry plaza have been completely renovated. The grand opening of the new Magnolia Park continued for a total of four days. Tenants compared their turnover to average December weekends, when spending is highest. New stores and numerous attractions - discounts up to 70% and events with celebrities - proved to be a magnet.

Brand offensive “The broadening of Magnolia Park’s retail offering spiralled into a frenzy of leasing demand for space. We are now carefully selecting additional tenants and expect to hit 100% occupancy by year end,� says Brian Jenkins. Multi already has more planned for the future. In 2018, Inditex will enlarge the Zara store, relocate Oysho to larger premises and launch Zara Home and Massimo Dutti. In addition, Multi will also focus on developing neighbouring property to increase the offering to customers.

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DANK U VOOR UW AANWEZIGHEID NAMENS MULTI RETAIL TEAM

The four days opening weekend was highlighted by special offers and promotions throughout the centre. Event highlights were amongst others a Manicure Marathon, a fashion show hosted by TV personality Dorota Wellman and a talent show hosted by TV celebrity Marcin Prokop.

Q&A

BRIAN JENKINS MANAGING DIRECTOR MULTI CENTRAL AND EASTERN EUROPE

“THE YEAR 2015 WAS FULL OF MILESTONES FOR MULTI CEE” WHAT WAS THE MOST IMPORTANT MILESTONE FOR MULTI IN YOUR COUNTRY IN THE PAST 12 MONTHS? Multi CEE achieved a number of significant milestones this past year. The most notable are the successful openings of three development projects: the expansion of Magnolia Park in Wroclaw, Poland, Forum Lviv in Lviv in Ukraine and Forum Poprad in Poprad, Slovakia. All three are dominant shopping centres in their respective markets.

WHAT ARE THE RECENT TRENDS AND FUTURE PROSPECTS FOR ENHANCING THE VALUE OF YOUR ASSETS? For Multi CEE, value enhancement has been generated mainly from occupancy gains and rental uplift through strong leasing efforts, as well as significant cost reductions generated by the mall management teams.

HOW DO YOU SEE MULTI DEVELOPING IN THE YEAR AHEAD IN YOUR COUNTRY? WHAT ARE YOUR MAIN FOCAL AREAS AND OBJECTIVES? In 2016, the main focus for the region will be the continued development and optimisation of Forum Gdansk in Gdansk, and Leszno Retail Park in Leszno, both in Poland, as well as the expansion of Alfa Retail Park in Riga, Latvia.

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INTERVIEW

SIDES

RETAIL VIEWED FROM TWO Francesc Coch Ferré (MANGO) and Pedro Congrinho (Multi).

INTERVIEW WITH MANGO’S DIRECTOR OF FRANCHISES AND EXPANSION FRANCESC COCH FERRÉ AND MULTI’S LEASING DIRECTOR SOUTHERN EUROPE PEDRO CONGRINHO MM ISSUE 16 60


Technological processes and consumer tastes are changing drastically and the retail landscape is evolving rapidly. What can retailers and shopping centre owners do to stay ahead of the curve and to remain attractive to customers? Multi Magazine talks to MANGO Director Francesc Coch Ferré and Multi Leasing Director Pedro Congrinho about their views on the retail market in Spain and Portugal.

Trendy, yet outstanding for decades. Hip, but with a distinctive atmosphere based on a timeless and endless quest for quality. The well-known and much loved restaurant Tragaluz, in one of the most iconic spots in Barcelona: the perfect place to discuss the opportunities created by the new dynamics of consumer behaviour. Multi’s Pedro Congrinho and MANGO’s Francesc Coch Ferré have been working together for years and their professional relationship as complementary players on the retail market has evolved into friendship.

"THE FUTURE IS NOW AND IT IS EXCITING AND INSPIRING" Accompanied by the beautiful Aila-wine from Francesc’s native Cataluña and delicious ceviche, they discuss the various challenges of modern retail and the changing needs of customers. But the subject that dominates this conversation is the real belief that the future is now and that it is very exciting and inspiring.

THE INTERNET MM: How can bricks and mortar stores stay relevant as a bastion of offline shopping in this online world? MANGO: We believe we will always have physical stores, as our clients like to ‘go shopping’. Shopping is a cultural issue and we believe that people will continue to enjoy it. The physical shop provides an image of the brand and supports this shopping experience of our clients. We need to be close to our clients, so we locate our shops in the best streets or shopping centres. MULTI: I fully agree. Just look at the remarkable movements in the online-world. Online companies like Amazon are now opening physical shops. One of the biggest online shores in Europe, Farfetch, recently bought the distinguished ‘bricks and mortar’ Browns in London. Online retailer Alibaba bought part of a 1,600 m2 electronics retailer. Need I say more?

MM: Should online shopping be seen as threat to offline, or as an advantage? MANGO: MANGO sees online and offline clients as the same, as they’re using both channels. Even people who only buy online use the shop to see what products are like and how they feel. It’s been confirmed that online brings more people to the shops than before the internet existed. People learn about the brand and the collections on the web, while they may never have heard of the brand before. We don’t see the internet as something you have to fight, but as a challenge to innovate.

"WE DON’T SEE THE INTERNET AS SOMETHING YOU HAVE TO FIGHT, BUT AS A CHALLENGE TO INNOVATE" MULTI: If you want to feel and to see what you are buying, you need a physical shop. We are talking about textiles. Books and music are still the top on the internet. The first shift in buying goods at home was catalogues. These were mainly successful in countries where people were not really fashion-conscious. They bought clothes, not fashion. If an item did not fit, you simply sent it back. Nowadays, if you buy something via the internet and it doesn’t fit or is disappointing, you can send it back or go to the shop to find something else.

MM: What new ways are you developing to interact with customers? MANGO: MANGO was the first Spanish brand to operate online, working on dozens of projects to provide our clients a better shopping experience. We want to be in all channels where our clients are. We even provide shopping via the iPad in our stores, basically assisted online sales. We always try to maintain contact with our clients, including online clients. So we give them a choice: goods can be delivered or they can pick them up in the store. The latter is for free, the former not. This brings a lot of online-buyers to the shops, where they often buy additional goods. A win-win.

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Forum Lviv, Ukraine

THE STORES MM: Why are stores important for the brand narrative and how can a shopping centre support this? MANGO: Although fashion is a global business, tastes and ways of shopping are different. We have to accept that and adapt to our clients’ needs in different markets. But we try not to lose our DNA at any time.

"THE MANGO NARRATIVE IS BEST TOLD IN LARGE SHOPS" The best place to relate the MANGO narrative today is in large shops. This is why MANGO started to invest in megastores, with a surface of between 800-3,000 m 2 , located in prime spots. It enables us to offer our complete brand range under one roof: Women, Men, Kids by MANGO and Violeta by MANGO, our plus-size label. MULTI: Shopping centres are designed to satisfy, to support the brand needs and satisfy desires of customers. However, they have to take into account that shops and shopping preferences differ per market. Take Spain and Portugal. They differ quite significantly in terms of what customers expect from their shopping environment. In Spain, people like to shop in wide open areas and broad streets, like the well-known and very popular Passeig de Gràcia in Barcelona. The Portuguese on the other hand prefer shopping centres, so you find more shopping centres in Lisbon than in, say, Barcelona.

THE (NEW) CLIENT MM: Tourists with impressive spending power are spending a lot more time visiting shopping centres. Does this require a specific approach from shopping centre managers or brands? MANGO: When people are travelling, they don’t want to come home without a present. In compensation for the time they were away from their

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family, they buy gifts. How gift shops at airports have evolved is fascinating. People are willing to pay for the time they are not with the kids. MULTI: People have more time to spend money when they are on holiday. In locations with more tourists, you need a more specific retail mix. A good example is high-end shopping areas in central stations and at airports. People who are shopping there are time-limited. But for retailers it is profitable time, as flight or train schedules force tourists to stay in places where there’s little to do but shop. However, you do need a different approach for these kinds of shops. In general, people have less time for shopping in trains station than in airports; flying has a built-in 90 minutes before departure.

MM: Today’s tourists seem less interested in a country’s culture and more in shopping, especially travellers from Asia and Russia visiting Europe. What is it that attracts them? MULTI: We believe that it all has to do with the style and looks of the Latin brands. We have seen how European brands can be successful in the US. While US brands coming to Europe can be very successful at first, but generally fail to maintain their exclusivity because they don’t innovate in their collections.

"LATIN BRANDS HAVE MORE FASHION IN THEIR DNA" Latin brands have more fashion in their DNA. If Latin brands go to the Middle and Far East people are crazy about them. And when they come to us they buy like crazy. MANGO: The main issue with the increasing numbers of tourists is that they come in big groups, and simply need more space. You have to adapt your shopping area to that. Retailers want to be close to their competitors. That is one of the conditions for the success of shopping centres: realising that you have to be there if you want to be compared to your competitors. You can’t win if you don’t take part. 


MANGO KEY FACTS ‘14 OVER 2,700 STORES WORLDWIDE

OWNED AND FRANCHISE IN OVER

100

COUNTRIES

9.3 % GROWTH COMPARED TO 2013

€ 2.017 MILLION

TURNOVER 2014

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START CONSTRUCTION ZWOLLE NEWS KATWOLDERPLEIN - ZWOLLE - THE NETHERLANDS Multi is responsible for the development of the multifunctional project Katwolderplein in Zwolle. The groundbreaking event is set for November 2015 and completion is planned for the first quarter of 2017. Katwolderplein is in a strategic location, near the motorway and has a direct connection to the historic city centre of Zwolle. The first phase of the project includes approximately 1,650 m2 supermarket and retail, the largest Pathé cinema in the region, 24 apartments, and a parking garage with 700 spaces. Multi is realizing this project in cooperation with Zwolle city council and housing corporation deltaWonen.

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CRISTIANO RONALDO MUSEUM IN FORUM ALGARVE EVENT FORUM ALGARVE - FARO - PORTUGAL The famous Cristiano Ronaldo museum left the island of Madeira for the first time, as it set off on a worldwide roadshow. And the first stop was Forum Algarve, where the museum opened the first official Museum CR7 pop-up store in the shopping centre, offering a wide range of merchandising and gifts. The event was part of Forum Algarve’s differentiating strategy, aimed at enhancing customers’ shopping experience and increasing the time spent in the shopping centre. Customers were treated to the experience of being close to the famous boot and golden ball of the best football player in the world.


DANK U VOOR UW AANWEZIGHEID NAMENS MULTI RETAIL TEAM

Q&A

FRANCISCO CAVALEIRO MANAGING DIRECTOR PORTUGAL AND SPAIN

"PROUD TO WELCOME BACK FORMER MULTI PROJECTS TO OUR PORTFOLIO" WHAT WAS THE MOST IMPORTANT MILESTONE FOR MULTI IN YOUR COUNTRY IN THE PAST 12 MONTHS? The first milestone was the strategic shift from developer to a high-quality asset manager, which is now our core business. The second was to consolidate the confidence and open partnership we have with third party investors. We were able to do this thanks to the quality of our staff, the organisation and the results. Last but not least, we are proud that former Multi projects, Almada Forum and Forum Montijo in Portugal, and Espacio León in Spain, were added to the Multi portfolio again.

Forum Istanbul goes Extreme EVENT FORUM ISTANBUL - ISTANBUL - TURKEY Some 24,000 people joined the 5th ‘Istanbul Extreme Fest’ at Forum Istanbul on 30 and 31 May of this year. Thrill seekers could get an adrenaline rush and experience the ultimate in excitement and entertainment at the various attractions. These included bungee jumping, an Adventure Cube that provides the excitement of walking at a height of eight meters, adventure tracks and console games. BMX, skateboard and in-line skating champions all joined us to impress audiences and the jury with their prowess in the shows they performed before thousands of spectators. The thunderous climax to the festival was a concert by the popular Turkish singer Sinan Akçıl, who delighted the public with his skills on the challenging bicycle ramp, where he was cheered on by his adoring fans.

WHAT CAN BE SEEN AS THE MAJOR CHALLENGES AND RISKS TO GROWTH IN YOUR MARKET? External factors like the Greek crisis, the global markets behaviour and the recapitalisation of national brands, which enables greater diversity in shopping centres are seen as the biggest risks. The challenges we face are to understand how customers are thinking post-crisis, plus we have to differentiate our tenant mix from those of our competitors.

WHAT ARE THE RECENT TRENDS AND FUTURE PROSPECTS OF ENHANCING THE VALUE OF YOUR ASSETS? Given the above-mentioned challenges, adapting, reshaping or expanding existing assets is how we will create value in the future. On top of this, we have to innovate and find new sources of income and improve cost efficiencies by using new technologies.

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SUSTAINABILITY

First pick the LOW HANGING FRUIT HOW TO INTRODUCE AN ENERGY SAVING PROGRAMME AND GET INSTANT RESULTS

Luis Pereira (Director Mall Management at Multi)

It is Multi’s daily business to get the best out of its shopping centres for customers, retailers and owners. We help retailers to achieve top performances in an environment of sustainable quality and help create value and make a success of real estate investments. Controlling service costs is an important aspect of centre management. Multi believes that there is always room for improvement. It starts with gains that can be achieved via small interventions that do not require a lot of effort. How? First of all, look for low hanging fruit. It’s there; you just need to pick it. MM ISSUE 16 66


Cost efficiencies through operational excellence

Sharing best practices

Luis Pereira, Director Mall Management at Multi, explains the new programme to optimise technical and operational excellence. The aim of the programme is capture cost efficiencies that are achievable with low or no-cost measures. “First we focus on so-called low hanging fruit”, says Pereira, “These are low-cost investments to cut unnecessary electricity, gas, and water costs, with pay-back within six months. Some fruit can be even found ‘on the ground’, at no-cost. Think of water leakage control, one degree of temperature, or light schedule optimisation.” The cost savings can lead to more tenant satisfaction and result in reduced service charges. Pereira stresses that the savings should never be at the expense of the comfort of the visitors to the centres.

In an online Best Practices Manual, centre managers can share knowledge and upload their best practices and can see how they rank locally, nationally and internationally. In addition to the no-cost or low-cost gains, the programme also focuses on investments that pay back in 1.5 or two years. For example, a case study on lightbulbs showed that it is possible to earn back the investment costs of replacing 50,000 light bulbs with LED tubes within 1.5 years.

“YOU CANNOT MANAGE WHAT YOU CANNOT MEASURE”

People

Measurement is key The adage ‘you cannot manage what you cannot measure’ is the key to the programme. Eventually every shopping centre should have a building management system (BMS) in place that measures the centre’s most vital functions. “A shopping centre is such a complex and challenging place, that the operation requires day-to-day monitoring, just like you monitor footfall. And in some cases every hour”, says Pereira. “Because then we know the consumption during and after opening hours. For example, we can divide water or energy use by the number of visitors to get a ratio that we can compare to the previous year, month, week or hour. Any difference is reason for vigilance or action. When you know what is happening, that’s when you’re really in control.”

Reduce ecological footprint The efficiency programme also complies with European directives. The EU’s ‘Effort Sharing Decision’ establishes a binding target for a reduction in emissions of 20% for the period 2014–2020. This comes down to a reduction of 3% per year. “It is a target we expect to exceed,” says Pereira. “In some countries we have already achieved an energy reduction of 19% in just three years.”

“IN SOME COUNTRIES WE HAVE ALREADY ACHIEVED AN ENERGY REDUCTION OF 19% IN JUST THREE YEARS” The creation of benchmark charts that show the energy performance of all Multi shopping centres, did arouse the intellectual curiosity of the centre managers. The frontrunners stimulated entrepreneurial initiatives to look for more. This helped to align the goals and values of the top management, as the initiator of the scheme, and the centre managers, who of course were initially faced with an additional workload. Soon they became believers and advocates. “This may seem logical”, says Pereira. “But you have to realise that we work across many borders, with different cultures and a variety of projects. We were very pleased to see that the culture is becoming gradually embedded. We see colleagues in the field who want to play this game and be best in class. And it is a game that never stops. Some centres even have a friendly competition with each other.” Looking back, Pereira says the support and feedback he got from Blackstone Chief Sustainability Officer, Don Anderson during the process was both valuable and very constructive. By sharing best practices that have worked for other Blackstone companies and industries, they were able to define a faster path to performance improvement. Pereira is a firm believer in sharing information. In September, an international meeting brought together all the technical managers to discuss the programme. “We come from a past with high rents and high commercial expectations, but the world has changed. The positive side of this is that we are improving every day, becoming more cost and energy efficient, and we love it.” 

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EMBRACE BRICKS

THINK FLAMINGO

Today’s customers have an overwhelming number of shopping options. All these possibilities exclude one important aspect; customers are social, human beings. People want to be inspired and meet like-minded spirits. They talk, chat and shop. They have dinner and drinks and share some good stories. But above all they love to discover new things.

We also know that bricks won’t do the trick alone. We have to add something. An unexpected idea. A thing you have never seen before idea. An idea so strong people will remember that sensational Saturday at the mall forever. And yes, that may take a thousand flamingos.

We believe shopping centres are the crossroads of these experiences. They’re unique places where all aspects of life come together. At the same time they provide great opportunities to build relationships with customers. By driving excitement and inspiration we build customer preference, loyalty and conversion.

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Create the opportunity.


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FORUM GDANSK Food meets fashion FORUM GDAŃSK

OPENING 2017

Diverse food offer Over 25 food court and full-service restaurant units with unique terrace seating overlooking the historic old town of Gdańsk. Program: • 62.000 sqm GLA, 220 units including flagship stores, largest multiplex cinema and inner-city supermarket • Largest public transport hub • New central square of Gdansk • Combination of individual buildings, streets and squares • The Gdansk Historic Heritage Centre and new Tourist Information office within the project • 1.100 parking spaces

For leasing inquires please contact: Małgorzata Słowik, mslowik@multi.eu Anna Piotrowska, apiotrowska@multi.eu tel. +48 22 22 22 800 MM ISSUE 16 72


LATVIA NEW IN MULTI'S PORTFOLIO

1

ALFA - RIGA Developed by: Linstow Center Management GLA: 48,000 m2 Number of shops: 195 Number of parking spaces: 1,462 Catchment area: 433,000 (20 min.) Number of visitors: 8.2 million Opened: 2001

2

MOLS - RIGA Developed by: Linstow Center Management GLA: 24,500 m2 Number of shops: 130 Number of parking spaces: 987 Catchment area: 668,500 (20 min.) Number of visitors: 3.5 million Opened: 1998

3

DOLE - RIGA Developed by: Linstow Center Management GLA: 9,500 m2 Number of shops: 70 Number of parking spaces: 138 Catchment area: 63,500 (20 min.) Number of visitors: 2.3 million Opened: 1997

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NEWS

MINIONS MADNESS AT MULTI POLAND SHOPPING CENTRES Multi Poland and Universal Pictures Poland teamed up for a roadshow of events showcasing the latest box office hits distributed by UP in Poland. The first film to be showcased in a series of events was the The Minions. The event was held in four Multi Poland properties: Galeria Tęcza, Galeria Pestka, Magnolia Park, and Wzorcownia. Kids and shoppers enjoyed the giant inflatable Minion, an authentic banana bus, and games, prizes and activites. With the premier of the adorable Hotel Transylvania 2 movie, our centers will host the characters from the film along with a fun, games, and shopping incentives. Soon to come are events from the Angry Birds Movie, The Secret Life of Pets, and Monster High. 

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THE CHANGING ROLE AND IDENTITY OF SHOPPING CENTRES MM ISSUE 16 76


RESEARCH

By Arno Ruigrok (Associate Director Research & Concepts Multi Netherlands)

The role and identity of shopping centres are not given to sudden radical changes, but they display a constant shifting in terms of focus and opportunity. Today more than ever, it is important to have a clear understanding of what will work in the future and what could be at risk. We must identify what parts of the retail structure will be viable in the future. And we need to make sure that shopping centres are at all times relevant in many ways. This may go beyond just plain retail: other qualities and activities can also add relevance.

The changes in the market are severe – or so it feels to us. In reality, this impression is caused by various phenomena with varying scopes and effects manifesting themselves simultaneously. Structural changes are taking place in the way we shop, as well as in the way companies offer and distribute goods. This is caused by online and mobile, which affects consumers’ purchasing and decision-making behaviour and is facilitated by logistics changes. This effect is structural in nature, but differs greatly across retail categories and shopping venue types. There are also time-specific changes of temporary nature (economic stagnation) and irreversible location-specific changes (shrinkage and ageing of population in certain regions). Time and location-specificity of these economic and demographic changes means that they do not manifest in the same way everywhere, and vary significantly in terms of magnitude and nature.

Changing consumer habits and converting logistics The multiplicity of changes (structural, temporary, local) gives the impression that the world has turned upside down. But nature and intensity of changes as well as their effect on retail areas vary enormously. Internet and mobile affect the consumer’s purchasing behaviour. This is because new logistics enable retail companies to physically deliver products to consumers through different channels. Exactly how the various channels will eventually merge, both on the consumer and the retailer

side, will affect the future of our shopping centres. Because the differences are so great, it is important to gain a clear idea of possible effects and how they may play out.

THE RETAIL WORLD HAS TURNED UPSIDE DOWN Ultimately, this relates to the market positioning of a shopping centre (role in purchasing habits) and the structure of the market area (level of demand, as well as competing alternatives).

Hierarchy, clustering and specialization The structure of the retail market was originally based upon two main principles: hierarchy (proximity) and specialization. Furthermore, clustering is another important factor that explains which centre will be visited by a consumer at a specific moment. Specialization results in a diffuse system of specific retail areas, such as city centres, grocery centres, retail parks, factory outlets and traffic retail. The future of these areas depends on the attractiveness of their specific retail themes and other reasons to visit those places. Hierarchy and proximity are far more important; they form the basis of your retail landscape, which varies from very small (community centres) to extremely large (regional centres). Larger centres serve wider catchments with a larger range of products and services.

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"THE QUESTIONS THAT NEED TO BE ANSWERED FOR EACH AND EVERY RETAIL LOCATION ARE: FOR WHOM, AT WHAT MOMENT, AND FOR WHICH REASON"

With respect to hierarchy, two aspects are of particular importance: 1) size matters, and 2) market-fit matters. Both are becoming increasingly important. The largest (regional) shopping centres and centres of larger cities (including their shopping centres) have a bright future, based on market dominance. Especially these locations are expected to be popular in the future. Smaller shopping centres (neighbourhood-based, with at least 1 supermarket or hypermarket) also have a bright future. They are based on sustainable values such as convenience, proximity, efficiency. The centres stuck in the middle in terms of size, marketposition and profile are the ones at risk.

Retail areas need to be relevant It must be clear what meaning a shopping centre holds for its visitors, as well as who those visitors are. Questions that need to be answered for each and every retail location are: for whom, at what moment and for which reason. And the practical characteristics of retail venues must fit that relevance. Vague reasons for existence, half-baked locations, foggy implementation, scale just too large or too small – these are all defects that will prove of crucial relevance to survive in the long term. Shopping centres must also connect with their surroundings. This is part of the aforementioned relevance. This connection must occur on various fronts. Primarily, of course, retail (attractive for the catchment), but also in environmental and social fields (community programs), non-retail activities and the like. The need to connect is stronger than in the past: sustainability and long-term viability are greater when a shopping centre is well connected with its economic, social and physical environment. How shopping centres should establish this connection depends on market position (hierarchy, specialization): at any

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rate, a shopping centre needs to be more than just a venue to buy things. Greater relevance is necessary. This relevance can be functional (activities) as well as physical (design, public space).

Changes made and changes still to be made Large shopping centres and large city centres profit from dominance and can strengthen their position as leisure venue. People do not go shopping only to buy ‘stuff’, but also to orient themselves, to get inspired (often making the actual purchase on the internet). This coincides with the rise of multi-channel strategies of retailers. Furthermore shopping is an important leisure activity today. Historical context, high quality public space, leisure activities, varied F&B offer: these all anticipate consumer demand and therefore are relevant in larger, dominant retail areas. Smaller, convenience-based shopping centres can strengthen their position by adding relevance for local consumers in other fields of activities (e.g. care, education, non-profit facilities) and by providing everything for high-frequency (grocery) shopping. Centres stuck in the middle need to make a choice, and change. They must choose what specific market position they can achieve, what consumer base to serve and what viable type of retail (composition and size) they wish to focus on. And they must truly change – not simply refurbish and carry on as usual, but truly change. Many centres may need to close or transform into something different. Alternatively, they may need to downsize and thus achieve a better fit with the local market, for instance by implementing additional functions in order to gain fresh appeal in non-retail. In general, retail areas need to be aware of the fact that retail alone may not be enough to ensure a healthy future. More connections must be made to continue to be relevant for consumers and attract them in the future. 


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Harald Telkamp, Leasing Director Multi Netherlands and Belgium, said: “The Multi Retail Day is an annually recurring initiative that brings together leading retailers of the Dutch and Belgian market. Our aim is to inspire, entertain and to support working relations with the typical creative Multi approach. The Multi Retail Days are personal, memorable and have personality. Our customers are a vital part of the retail platform that we build and we believe that by sharing this day we create excellent communication opportunities for everyone present.”

DANK U VOOR UW AANWEZIGHEID NAMENS MULTI RETAIL TEAM

Multi Retail Day goes SAIL Amsterdam EVENT

All hands on deck! Hoist de sails! On a sunny August 19, Multi Netherlands’ Leasing team welcomed more than 100 Dutchbased national and international retailers and brands aboard the classic ‘Multi Clipper’ during SAIL Amsterdam, the largest free nautical event in the world. Every five years, more than 600 ships navigate along the North Sea Canal before mooring in and around the IJhaven in Amsterdam. Our guests enjoyed the magnificent spectacle of historic Tall Ships and their crews during the so-called ‘SAIL-In parade’, alongside a dazzling array of on-shore festivities. Meanwhile, there was plenty of time to catch up with business contacts and to get up-to-date on Multi’s current retail projects in the Netherlands.

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Marmara Forum hosts

CANDY CRUSH FESTIVAL EVENT MARMARA FORUM - ISTANBUL - TURKEY Marmara Forum prepared an unforgettable week for children during their school holidays. The shopping centre launched the first Candy Crush festival in Europe and Turkey. Candy Crush Saga is the most popular game on Facebook, with 46 million average monthly users. Children under the

age of 10 were given the opportunity to live exciting adventures in a special Candy Crush World. They could win rewards by completing levels like Find The Matches, Candy Cooker, Candy Crush with Lollypop and Candy Storm. It was one of the best visited events at Marmara Forum and attracted nearly

FORUM MONTIJO SUMMERSPOT

6,000 people during its nine days of Candy Crush activities.

EVENT FORUM MONTIJO - MONTIJO - PORTUGAL This summer, the best artists checked in at Forum Montijo to make the best summer nights in the region. In the specially-created summer bar on the terrace, some of the coolest musicians, DJ’s and comedians gave their best to an enchanted audience. From July to September, the SummerSpot offered all its visitors real entertainment in a unique environment at the end of each day. On Sundays, visitors were treated to tastings of regional products to complete that lazy Sunday afternoon atmosphere in SummerSpot Montijo.

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OPENING

forum diyarbakir A step forward in the growth of Turkey’s economy

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OPENING FORUM DIYARBAKIR – DIYARBAKIR - TURKEY

Forum Diyarbakır, Multi’s 16th shopping centre in Turkey, opened its doors on the 10th of June this year. It is Multi’s second international-style shopping centre in the southeastern Anatolia Region. Forum Diyarbakır benefits from its location on Elazığ road and excellent transport infrastructure between the old city centre and new housing areas. The 54,000 m2 centre offers 135 leading local and international brands, social and cultural activities, entertainment areas and about 1,800 parking spaces. Multi developed Forum Diyarbakır in a partnership with Turkish developer Altındağ Gayrimenkul.

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Just the beginning In a pre-opening press conference, Multi Turkey board member and chairman of the Council of Shopping CentresTurkey, Hulusi Belgü, said that the Forum Diyarbakır opening is a step forward in the growth of Turkey’s economy. “If we look at the 2014 year-end figures, hundreds of thousands of people are employed in the retail sector, € 40 billion has been invested. We are looking at a huge industry with a turnover of € 21 billion. Across Turkey, some 344 shopping centres now offer services in 57 cities.

TURKEY’S RETAIL AND SHOPPING SECTOR IS GROWING STEADILY The total leasable area is 9.8 million m2, representing 126 m2 GLA of shopping space per 1,000 people. This is still behind the European average of 250 m2 per 1,000 people, so we still have a long way to go. We need growth in the sector and foreign capital. Based on the visitor numbers available, we believe the

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organised retail sector will grow 9% and achieve turnover of € 108 billion by the end of 2015.”

Integral part of the city Forum Diyarbakır was designed to be an integral part of the city. The historic fabric of Diyarbakır was the main driver of the project concept. To avoid a mono-block effect, the three-storey Forum Diyarbakır provides a complex that brings together several structures. Landscaping elements and pleasant pedestrian traffic area with shadow zones create a flow from the interior courtyard in the east to the green square in the west, from the traditional to the modern. Walls made of local basalt symbolize the traditional city walls and the arches of the city. And a tower and a conical skylight referring to the area’s volcanic history make Forum Diyarbakır a landmark that can be seen from far away.


International style

Boost to local economy

The tenant mix in Forum Diyarbakır offers a wide choice of products and services. These include a hypermarket, DIY store, a multiplex cinema, a wide range of restaurants, cosy cafes and a mix of local and foreign brands. These include Koçtaş, Media Markt, Tommy Hilfiger, Simit Sarayı, Kahve Dünyası, Roman, Paul&Shark, Vakko, and W, a novelty in Diyarbakır. The shopping destination is set to contribute to Diyarbakir’s cultural and social development and boost the local economy.

In the two months following its June opening, Forum Diyarbakır was visited by nearly 1.2 million people. Hulusi Belgü: “The demand for shopping centres in Anatolia continues to grow in line with the Turkish economy. Forum Diyarbakır will create employment for around 1,500 people.”

FORUM DİYARBAKIR IS SET TO CONTRIBUTE TO THE CITY’S CULTURAL AND SOCIAL DEVELOPMENT AND BOOST THE LOCAL ECONOMY

Multi’s partner in the project, developer Altındağ Gayrimenkul, is also pleased to add Forum Diyarbakır to its numerous projects. General Manager Selahattin Altındağ: “Forum Diyarbakır is a project to be proud of. We are also pleased to be working with Multi, a leading company in its industry with international experience.” 

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RESEARCH

THE RETAIL INDUSTRY AS A WHOLE ACCOUNTS FOR 1 OUT OF EVERY 11 JOBS ICSC LAUNCHES REPORT ON “THE SOCIO-ECONOMIC CONTRIBUTION OF EUROPEAN SHOPPING CENTRES”

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On 17 July 2015, the International Council of Shopping Centres (ICSC) presented its new report on “The socio-economic contribution of European Shopping Centres” at a thought-provoking panel discussion by industry leaders in London.

Panellists David Atkins, CEO of Hammerson Plc, Heino Vink, COO of Multi Corporation, Peter Wilhelm, CEO of Wilhelm & Co and Peter Todd, Executive Director at Resolution Property, discussed the different elements that make the retail real estate sector the backbone of the European economy, as well as the importance of offering sustainable retail models, the different regulations for Sunday trading in Europe and the future of high street retail. Moderated by Art Patnaude, Real Estate Correspondent at The Wall Street Journal, the debate highlighted the main points of the report, which explains the economic, social and environmental contribution of the shopping centre industry to the EU economy. The findings show that there are 4.2 million shopping centre-related jobs in Europe, with the retail industry as a whole accounting for 1 out of every 11 jobs, with above-average female participation and youth employment rates. In 2014, approximately € 48.7 billion was invested in retail assets across 26 European countries, with € 20.6 billion of this invested in shopping centres.

THE VITAL SIGNS ARE STRONG ICSC’s Executive Vice-President, Mike Morrissey: “As this report demonstrates, the retail industry is a central pillar of Europe’s economy, providing jobs, urban regeneration and centres for our communities. The retail and shopping centre industry has provided critical economic support during some very tough times in recent years, and is playing an equally critical role in Europe’s recovery and future prosperity. The importance of this industry to Europe’s economic wellbeing cannot be exaggerated.”

Shopping centres remain central to the success of European retail According to the report, beyond consumer spending, the industry has a significant impact on other main economic components, notably investment and public spending. However, the shopping centre industry’s contribution to society is at least as important as its economic contribution. These physical centres help to create and anchor vibrant civic spaces, providing an essential public place between work and home and a dynamic marketplace for commerce. When the shopping centre industry thrives, so too do the socio-economic conditions in Europe. So it is fortunate that the European shopping centre industry’s vital signs are strong and retail real estate continues to perform well.

Increased demand for space and goods During a time when supply has largely been maintained, the European Union has seen increases in both demand for space by global retailers and in consumer demand for goods and services. Furthermore, with over 90% of sales still occurring in physical locations, shopping centres remain central to the success of European retail. The rise of sophisticated omni-channel retail strategies have demonstrated conclusively that bricks-and-mortar stores are an integral part of the consumer experience and are as relevant now as they have ever been. Whatever the next big retail or technological innovation brings, shopping centres will remain at the forefront of European commerce as they continue to adapt to meet the changing needs and wants of consumers.

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Economic and social stimulus The development and operation of shopping centres result in a net economic impact that far exceeds any direct investments and improves the standard of living for millions of Europeans, while simultaneously providing valuable economic stimulus. Socially, the shopping centre industry is at the heart of civic life in thousands of European communities, from the largest urban cities to the smallest farming villages. Place-making is the cornerstone of shopping centre development and management. Centres provide an important, socially democratic third space between work and home, where individuals can feel a sense of belonging within a central marketplace offering goods and services.

SHOPPING CENTRES ARE ESSENTIAL FOR SUSTAINING SOCIAL VITALITY While specific operators will naturally come and go, the industry as a whole will thrive as it continues to adapt to technological changes and evolving consumer tastes and preferences. This continued success is critical to the economic recovery and future growth of the EU economy, as shopping centres are a primary driver of the major components of GDP – private consumption, investment and public revenues – and are essential for sustaining social vitality. 

KEY POINTS (2014) 9,263 shopping centres in Europe with over 190 million m2 GLA  European total retail sales and shopping centre- inclined sales reached all-time highs totalling more than € 2,800 milliard and € 524.7 milliard respectively.  Physical stores represent a key opportunity for customer engagement and building brand image, helping retailers to increase revenues across all channels.  Shopping centres are increasingly acting as an enabler for omni-channel retailing, thus enhancing the customer experience and driving sales.  Over 90% of total European retail sales still occur in-store.  Omni-channel shoppers spend up to 3.5 times more than single-channel shoppers.  The preference for in-store shopping is driven by the desire for a tactile and visual experience and a social interaction that cannot be replicated online.  Bricks-and-mortar retail remains the optimal channel to deliver the most valuable commodities – time and experience – by way of ‘convenience’ and ‘experiential’ retail. 

Source: taken from The Socio-economic Contribution of European Shopping Centres. The report was prepared and written by ICSC research in cooperation with RHL Strategic Solutions and ICSC’s European Advisory Board, together with a number of data contributors.

Art Patnaude (Wall Street Journal), David Atkins (Hammerson plc), Peter Wilhelm (Wilhelm & Co), Heino Vink (Multi Corporation) and Peter Todd (Resolution Property)

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INTERVIEW

FROM ISTANBUL TO MERSIN, FORUM FASHION WEEK IS

HOT

Binnaz Dincer (Multi Turkey Marketing Director)

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After five successful years, the Forum Fashion Week has become an institution, and one that is seen as a benchmark of quality retail marketing in the shopping centre industry. But this long-term initiative goes beyond strictly commercial goals. It brings the public a fashion atmosphere that many previously thought was confined to the likes of London, Paris, Milan and New York.

Multi’s Forum Fashion Weeks earn editorial coverage that by far exceeds the marketing and advertising budget spend, according to Multi Turkey Marketing Director Binnaz Dincer. If this is an indication of the brand temperature, one could see the Forum Fashion Week brand as one of the ‘hottest’ brands in fashion with nationwide press coverage.

FASHION TEMPERATURE IS RISING IN 10 FORUM SHOPPING CENTRES SIMULTANEOUSLY With exactly the same levels of marketing input, a ‘hot’ brand can generate much higher outputs than a ‘cold’ brand. If we associate a rise in temperature with brand desirability and spontaneous brand recognition among customers, it can be expected to translate into higher sales and increased brand profitability.

The metrics of the advertising equivalent of more than € 6 million generated, plus the footfall and sales figures of Multi’s Forum Fashion Week 2014 speak for themselves:

FORUM FASHION WEEK SHOPPING CENTRES

Sales up

18.2% Advertising equivalent

€6

MILLION 1.8 MILLION VIEWS ON FACEBOOK Footfall up 10.4%

1

over million visitors

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MM: While the preparations for the autumn 2015 edition of the Forum Fashion Week are in full swing, Binnaz Dincer tells about the secret behind the success of Multi’s Forum Fashion Week (FFW): “The first FFW was produced by Multi in 2010 for Forum Istanbul. Right from the start we wanted it to be a powerful fashion event that expressed a passion for fashion. It involved fashion icons, exhibitions, promotions and novelties. For example, we invited promising young European fashion designers from major design schools like Esmod, Domus, Central Saint Martins to present their collections. After Forum Istanbul, the FFW concept moved to Marmara Forum. The Fashion Weeks were an instant success at both centres.” MM: How do you see the concept developing? “We know how important it is for each new shopping centre to differentiate itself apart and to make a difference right from the start. Multi’s asset and management portfolio in Turkey was growing quickly as we added more new shopping centres, so in 2012 we decided to roll out the concept of the FFW simultaneously at ten Forum shopping centres in Turkey. This enabled us to create synergies and make it into a bigger, nationwide event under the Forum brand.”

MM: How do you coordinate such a major simultaneous event? “The Forum Fashion Week is conceptualized and coordinated centrally from the headquarters in Istanbul and then produced locally. We come up with a masterplan for the programme, with visuals, themes, celebrity names, and runway concepts. Then we discuss with each centre the programme to see what names and ideas are the best fit for the various regions. We invite fashion icons and supermodels. Customers get beauty tips and style advice from stylists, and runway shows provide inspiration for the new season.”

MM: What role do stores play in Forum Fashion Week strategy? “We try to involve them as much as possible and most brands

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are very supportive partners. These brands are featured in the runway shows. We organise surprising shopping nights at all our centres, with the participation of all stores and designers, including street parties, mini-concerts, competitions, fashion shows and installations, plus lots of in-store events and discounts.”

MM: What does FFW bring to the shopping centres that other fashion events do not bring? “One of our biggest advantages is that we operate all our centres under the Forum brand, so the promotion is ten times more powerful. It means we can also promote the event on national TV and press with shared advertising, under the ‘Forum Fashion Week’ name.

"THERE IS NO OTHER MANAGEMENT ORGANISATION THAT DOES THIS ON THIS SCALE AND LEVEL" There is no other management organisation that does this on the scale and level that Multi does. Our customers know that they can come to our centres for style advice and outstanding customer service. They can also follow the events via the various Forum shopping centres’ social media accounts and the Forum Fashion Week micro site.”

MM: Back to the media coverage. How did FFW become ‘hot’? “One of the major publicity triggers is the annual kick off with a gala evening. In the presence of socialites, celebrities, top models, trendsetters and fashion industry leaders, we announce the exciting, sometimes controversial, theme. For example, two years ago this was ‘Fashion inspired by Lady Gaga’, with the young designers who had worked with her in London, Paris and other places. Last year the theme was ‘Men in Skirts’, curated by Roger Salas from Spain. This featured the history of men’s skirts from designers from Missoni to Jean Paul Gaultier and Armani. The show rocked and both public and press loved it.”


DANK U VOOR UW AANWEZIGHEID NAMENS MULTI RETAIL TEAM

Q&A

PATRICK VAN DOOYEWEERT MANAGING DIRECTOR MULTI TURKEY

"PROVIDING THE VERY BEST RETAIL AND LEISURE MIX IN EVERY SENSE WILL BE EVEN MORE IMPORTANT" WHAT WAS THE MOST IMPORTANT MILESTONE FOR MULTI IN YOUR COUNTRY IN THE PAST 12 MONTHS?

We managed to combine the Multi and Qubicon portfolio’s with the best quality shopping centres in the country and rebranded two of our centres into Forums. We successfully put together the best and most professional team to manage the centres, delivering top notch services to consumers and retailers. On top of this, Multi Turkey added a new asset to its portfolio, opening a fully-let shopping centre Diyarbakir under challenging circumstances. Last but not least, the opening of LEGOLAND® Discovery Centre in Forum Istanbul resulted in Forum Istanbul’s best two months since its opening in 2009. WHAT ARE THE RECENT TRENDS AND FUTURE PROSPECTS OF ENHANCING THE VALUE OF YOUR ASSETS?

We see a shift in the needs of our visitors. They expect a wider variety of food and beverage outlets, a broader range of entertainment and an even more appealing range of activities that help embed the centre in local communities. We also see a trend in ‘local hero’ retailers demanding more space and quite often outperforming their international peers. This will require reshuffles, so we can meet the needs of our retailers and set a stage for competition which benefits our price and quality conscious customers. HOW DO YOU SEE MULTI DEVELOPING IN THE YEAR AHEAD IN YOUR COUNTRY? WHAT ARE YOUR MAIN FOCAL AREAS AND OBJECTIVES?

We are planning extensions and lay-out changes in some of our centres, so they can achieve their full potential in the current market. Given that we expect the economy to lose some traction, providing the very best retail and leisure mix will be even more important and our dedicated team is set to shift gears to make this happen and outperform our competition.

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GRAND OPENING 17 Burda shopping centre in Çanakkale NEWS 17 BURDA - ÇANAKKALE - TURKEY 17 Burda, one of the latest assets managed by Multi Turkey and owned by Esas Holding, opened its doors to the public last April. It is the first shopping centre and largest retail property investment in Çanakkale. The opening ceremony was attended by a large number of guests, including the Governor Ahmet Çınar, Mayor Ülgür Gökhan, Esas Holding Chairman Erhan Kamışlı and Multi Turkey representatives. The ceremony included references to the city’s rich history, dating back to the days of Troy and the WW1 Battle of Gallipoli. The impressive finale, with a dance performance by Anadolu Ateşi (Anatolian Fire), showed that the outdoor plaza is likely to host many more exciting events in the future.

ST. ENOCH CENTRE ‘AS ONE’ WITH SCOTTISH RUGBY CORPORATE SOCIAL RESPONSIBILITY ST. ENOCH CENTRE - GLASGOW - UK Over the past 12 months, St. Enoch Centre has joined forces with the Scottish Rugby team to launch an innovative partnership that tapped into the growing appetite for rugby in the West of Scotland, following record attendance at Rugby 7s matches at the 2014 Commonwealth Games in Glasgow. The partnership was launched in August 2014 with the ‘As One’ campaign, which included a 25ft mosaic image of two international rugby players, Jonny Gray and Finn Russell, displayed on St. Enoch Centre’s glass facade. Each mosaic was carefully pieced together by an artist using photographs submitted by supporters, clubs, schools, sponsors and past players. Their dramatic appearance and the narrative behind them created a highly impactful means of engaging with rugby fans. The launch campaign activity created 350,000 impressions on social media and over 13 million views. Scottish Rugby has hosted four days of free ‘Come Try’ sessions for families during key school holidays, with the aim of introducing the sport to young children. Various press launches, photo calls and social media competitions have also supported the campaign.

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The brand-new, modern shopping centre brings together numerous global brands under one roof on 38,000 m2 GLA situated around a courtyard with greenery and trees. The centre has some 120 high-end shops, including the first H&M in the region, as well as Boyner, Migros, LCW, Koton, Defacto and D&R. The food court has restaurants and cafes for every taste. The shopping centre also has a children’s’ entertainment centre, Playland, as well as a Cinemaximum eight-screen cinema. It has the largest carpark in the city, with space for almost 1,000 cars. Çanakkale is a lovely coastal city and seaport in Turkey, in Çanakkale Province, on the southern coast of the Dardanelles at their narrowest point. With a total catchment area of 500,000 people, 17 Burda’s average monthly visitors number some 400,000.


FORUM ISTANBUL FIRST TURKISH SHOPPING CENTRE WITH ISO 14001 CERTIFICATE NEWS FORUM ISTANBUL - ISTANBUL - TURKEY Forum Istanbul has been awarded the ISO 14001 Environmental Certification, the internationally recognised standard for excellence in environmental management. This makes Forum Istanbul the first shopping centre in Turkey to achieve this level of international recognition. Thanks to its environmental management system (EMS), Forum Istanbul can identify potential improvements to the sustainability of its projects according to specific criteria. It provides assurance to the management, employees and external stakeholders that environmental impact is being measured and improved. The sustainable practices in Forum Istanbul include waste recycling, energy conservation and water efficiency. Forum Istanbul has made significant changes to its daily operations, through training for its own team and shop employees in recycling procedures and other investments. Over the past two years, the shopping centre has reduced electricity consumption by 29%, while gas consumption is down by 75%.

Forum Coimbra closes new retail deals NEWS FORUM COIMBRA - COIMBRA - PORTUGAL Over the past few months, Forum Coimbra has enjoyed a very dynamic commercial period, in which the centre achieved a 100% occupancy rate. We made a number of significant changes to the tenant mix, with the opening of 13 new concepts. The international brands that opened new stores include The Body Shop, Skechers, Samsung Experience Store, Centros Ăšnico, Xtreme and Pandora. The food court area was expanded to adapt to new trends, from niche cuisines to innovative formats. Food lovers now have new options for healthy food concepts and savvy eateries such as Hanami Sushi, Hi.Pizza, NY Sliders, Bifanas de Vendas Novas, Italian Republic, Celeiro Dieta and Origens. MM ISSUE 15 95


THE EFFECT EXTRA CENTRE TRAFFIC AND EXTRA SALES

Rien Romijn and Hans van Tellingen

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REPORT

The opening of a new Primark generates confidence in the city centre or shopping centre and increases the willingness of other retailers to set up shop. Hans van Tellingen and Rien Romijn conducted a unique research project in the Netherlands to find out whether it was possible to back up this assertion with hard numbers. The future looks bright for bricks-and-mortar stores, or at least for some, despite the doomsayers predicting their imminent demise. It is true that the retail market is very dynamic and retail stores and even complete retail concepts are disappearing, but at the same time new stores and concepts are also opening continually. In some locations, we are even seeing significant additions to the amount of retail space available, often in the form of large-scale outlets operated by international retailers. The dynamic nature of this market is also the secret behind the strength and viability of the brick-and-mortar retail sector.

The Primark concept

Of course, rise and rise of online shopping is having an impact, but so is the ongoing economic crisis. The downscaling of retail activities in some locations is also the result of an ageing and shrinking population. But it is clear that bricks-and-mortar retail is very much alive and kicking, in both the higher segment and the discount segment. The extremely successful Dutch chain Action and the German Lidl are excellent examples of this. But the concept that really makes our retail hearts beat faster, due to its impact on store traffic and sales, is Primark.

THE ARRIVAL OF A PRIMARK OUTLET LEADS TO 10-30% INCREASE IN FOOTFALL

BRICKS-AND-MORTAR RETAIL IS VERY MUCH ALIVE AND KICKING The rise of Primark Parent company Associated British Foods launched the first Primark store in Ireland in 1969. A few years later, the company entered the UK market and in 2006, the continental European market. It now has over 280 stores located in nine different European countries. In September 2015 Primark opened its first US store in Boston.

The Primark collection consists of trendy, low-budget clothing for women, men, and children, fashion accessories, shoes and home accessories. New collections are ready for sale in just six weeks, in what amounts to a permanent bargain sale. The experience of being able to score a lot of clothing at bargain prices attracts huge numbers of customers, often from a great distance. The main Primark target group is young women between the ages of 12 and 34, but it draws people from a very broad cross-section of society.

The impact in Rotterdam: 25% more visitors The arrival of the first Dutch Primark store in the Rotterdam Alexandrium shopping centre in 2008 had an enormous positive impact on the south side of the city and the shopping centre itself. In 2008, a total of 7.5 million people visited the shopping centre. In 2009, this had increased to 9.2 million and to a total of 9.5 million by 2012, so an increase of 25% in just four years. In that same period, total turnover in the shopping centre also increased by tens of percent, and this included increased sales at all the other stores in the centre. Primark has had the same impact in other Dutch cities where they opened stores. Some examples:

Increase in footfall

Impact in other cities: 15%-36% more visitors, up to 40% more turnover for F&B operators

ALMERE

HOOFDDORP 30%

14% 15-20% ZOETERMEER ZAANDAM

EINDHOVEN 13-20%

36% MM ISSUE 16 97


In conclusion

consultant for Seinpost Adviesbureau

The arrival of a Primark outlet leads to an increase in visitors to a shopping centre or shopping street of between 10% and 30% (on average 15% to 20%). And this impact appears to be long-lasting, as there are no signs of a significant levelling off of visitors in the weeks after the opening. The opening of a new Primark outlet can lead to a significant increase in the revenues of neighbouring retailers. Fashion retailers in the vicinity tend to see a 10% increase, but the cafés and restaurants profit the most, with increases of no less than 40%. Other retail sectors see sale increase by 15% to 20%. In addition, a Primark store increases the catchment area of a shopping centre, and results in a shift to a younger and more fashionconscious target group. The opening of a Primark store also has a positive impact on the public’s confidence in the city centre or shopping centre and on the willingness of retailers to set up shop. Of course, it also increases competition and some retailers find it difficult to survive, but a Primark encourages entrepreneurship, challenging retailers to adopt a marketing strategy that will ensure customer loyalty. --------------------------------------------------

(www.seinpost.com) since early 2014.

An expanded version of this article appeared at the

About the authors: Drs. Hans P. van Tellingen is general director of Strabo bv. www.strabo. nl. Strabo also represents the Experian-FootFall company in the Netherlands and is market leader in the Netherlands in research into store traffic in shopping centres. Drs. Rien Romijn has worked as a

end of 2014 in the Dutch property press and can be downloaded from: http://goo.gl/2PVI1j MM ISSUE 16 98

The Primark effect on Multi shopping centres The aforementioned figures are based on the Dutch market. As far as is known, no research has been carried out in other European countries. However, the general consensus is that Primark outlets also attract greater numbers of visitors there as well. Based on Multi’s experience with shopping centres that she owns (Forum Sintra in Portugal) and manages for third parties (Forum Coimbra in Portugal), the positive effect of the arrival of a new Primark is about 10%. In Multi’s Almada Forum in Portugal a new Primark is set to open in 2016 and in the centre of Rotterdam Multi is developing one of the largest Primarks in the world with 17,000 m2 retail space. 


MULTI NETHERLANDS SIGNS UP ONE OF THE LARGEST PRIMARKS IN THE WORLD At year-end 2014, Multi signed a lease agreement with Primark for its multifunctional inner city project Forum in Rotterdam. This will be one of Primark’s largest stores in the world with 17,000 m2 retail space. In late 2014, Multi changed its concept for the Forum project to accommodate the Primark store. Meanwhile, the basic premise for the development has remained the same: to rejuvenate this place in the heart of the city centre for the public. In the future, Primark will act as magnet and a distribution point for visitor flows in the city centre of Rotterdam. If the local government procedures proceed as planned and the last few agreements with various stakeholders are realised, the demolition of various parts of the project will start at the end of the first quarter of 2016 and completion is planned for 2018. Facts Forum in Rotterdam: 60,000 m2 shops, apartments, offices and restaurants Concept: TTDesign Architects: OMA & Wessel de Jonge MM ISSUE 16 99


INTERVIEW

FOR MEN

Only HOUSE OF MEN

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INTERVIEW WITH RICK MOORMAN, FOUNDER HOUSE OF MEN House of Men is the award-winning and innovative retail destination for men’s style, combining the best international brands with a unique experience. It features a barbershop, the latest trends in men’s fashion, accessories, wannahaves, the smell of freshly-brewed espresso, a wine corner and a pool room. A visit to House of Men goes beyond mere shopping: it is a place for men to enjoy quality time. Designer labels include Aston Martin, Canali, Eton, Armani Collezione, Hugo Boss, Paul & Shark, RayBan, Van Laack, Solferino, Scabal and the successful private label Humberto.

Founder Rick Moorman is an entrepreneur, fashion advisor to countless celebrities, radio blogger, theatre maker and, following the recent publication of his first book, author. During our interview, he regularly winks and remarks: “I don’t actually know anything about anything. I just do what I enjoy doing.” But one thing becomes clear soon enough: he knows everything there is to know about men’s fashion, and he knows that his vision on how to approach customers is unique.

"I DON’T ACTUALLY KNOW ANYTHING ABOUT ANYTHING. I JUST DO WHAT I ENJOY DOING" House of Men is a place of unprecedented class and atmosphere. When Rick Moorman talks about it, he is clearly impassioned: “This is a concept that does not exist anywhere else in Europe. It’s a mini department store for men (ed – 700 m2), completely thought out in my view – both in terms of actual set-up and the philosophy it’s based on.” Underpinning the development of House of Men is Moorman’s years of international retail experience. He grew up with men’s fashion – his parents started Moorman Mannen Mode (Moorman Men’s Fashion) on Gelderlandplein in Amsterdam in the early 80s. Following in their footsteps seemed quite natural, but to Moorman’s surprise his parents sent him away, to study and gain experience first. As a young representative with Jockey Underwear, Moorman got to know all the retailers in the Netherlands. Later, his career saw him travelling all over the world as a sales director with men’s fashion house Van Gils.

Unusual marketing approach It was not until the late 90s that Moorman took the big step to Gelderlandplein, where the store was doing brisk business. But Moorman wanted more, and in 2004 he teamed up with the Dutch TV personality Humberto Tan to set up a designer fashion and eyewear brand. The new brand was a huge success.

How did Moorman react to developments like the 2008 crisis, the rapid rise of e-commerce and evolving consumer behaviour? Moorman: “Turnover began to stabilise, so it was time to start shifting our goalposts. All the retail gurus at the time were unanimous: without e-commerce, retail has no right or reason to exist. And the banks all believed it. However, I took a more nuanced view, because running a webshop is a different ball game altogether. Back then, a player like Zalando was recording losses of €700 million and offering a 100-day return policy. There was no way I could compete with that.” Instead, Moorman drew lessons from market developments and his own observations.

"A PLACE WHERE MEN CAN BROWSE, EXPLORE AND DISCOVER" “The way browsing works means that people always end up in a different place on the web than where they started, because browsing is like a journey of discovery. Research has shown that men only spend an average of seven minutes in a store – if they don’t immediately see what they’re looking for, they’re out of there. I realised I had to do something with those two facts. I had to entice men to spend more time in my store, by making it a place where they could browse, explore and discover, as it were.”

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Renovation of Gelderlandplein as a catalyst The plans of real estate businesses Kroonenberg and Multi to redevelop the Gelderlandplein shopping centre turned out to be the catalyst that made everything fall neatly into place. Moorman developed his House of Men concept as a retail destination for men with multiple premium brands encapsulated within a single look and feel. Its fundamental premise is not simply to reach more customers.

"IF I CAN TURN SEVEN MINUTES OF SHOPPING TIME INTO 21 MINUTES, THAT TRIPLES MY SALES POTENTIAL, AND THUS MY CONVERSION" “If I can turn seven minutes of shopping time into 21 minutes, that triples my sales potential, and thus my conversion,” Moorman explains. The sale floor is divided into various inviting spaces. Customers are welcomed and allowed to walk around at their leisure, past the wine wall, the Mont Blanc pens section, the high-end Schaap & Citroen watches, the espresso bar, a barber’s shop and eye-catchers like a fancy cage with luxury goods, a vintage Harley Davidson and an actual full-size tree with a bench to relax on. The formula has garnered enormous popularity, with the figures to prove it: conversion has risen to 70%. In other words, seven out of 10 customers make a purchase. The crowning glory of Moorman’s vision was when he received the Retail Excellence Award in 2014 and a nomination for the 2015 European Retail Experience Award. As icing on the cake, House of Men is also the only Dutch retailer to have been awarded ISO 90001+90014 certification for sustainable entrepreneurship.

MM: Retailer success is entirely dependent on the success of the Gelderlandplein shopping centre plan. How important is the role of the management at the centre? “The centre is attracting a lot of investment,” Moorman says. “That’s something that needs to be managed with a focus on the wellbeing of something bigger than the individual. The days when retailers believed that real estate owners were lucky to have them as tenants are gone – I believe retailers should consider themselves lucky that they can lease retail space. We determine what happens inside the store; the owner determines what happens outside. It’s important to preserve the standards that have been set here in Gelderlandplein. This is the new way of shopping, and entrepreneurs need to stand shoulder to shoulder with owners.”

MM: What are your plans for the future? Moorman: “Given the entrepreneurs this shopping centre is attracting, I expect the Zuidas (ed – adjacent business district)

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to grow. The Starwood Hotel set to open here next year is likely to give Gelderlandplein a tremendous boost.”

MM: So House of Men is a strong believer in bricks? Moorman: “I’m not saying that there won’t be a webshop in the future. But my first priority has been to prepare my physical retail business for the next step. Our concept is so versatile and unique – there are many, many cities in Europe where this could be a success.”

"THIS VERSATILE CONCEPT EXISTS NOWHERE ELSE IN EUROPE" Given that the third Moorman generation has made its entry into the business in the form of Moorman’s son Dennis, there is only one obvious conclusion to be drawn: House of Men has a long and exciting future ahead of it. 

Gelderlandplein: STRENGTHENING PROVEN QUALITY Gelderlandplein shopping centre (35,000 m2) is being redeveloped to reflect the zeitgeist of today. The quality of its 80 stores gives Gelderlandplein an aura of internationalism, setting it apart from other shopping centres. Its proactive management ensures that the centre host to a great number of activities. To boost the centre’s quality and attractiveness, the redevelopment and extension will add 7,000 m2 of food and retail venues, three renovated entrances and increased catering establishments on the outer edge. Multi is realising the project by order of Kroonenberg Groep.

FACTS GLA: 35,000 m² retail GLA: 10,000 m² hotel Owner: Kroonenberg Groep, The Netherlands Architect: Rijnboutt Architecten, The Netherlands Opening: 2016 Anchor tenants: Albert Heijn, Hema, Benetton & Local high quality shops


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NEWS

VALUE CREATION

THROUGH INNOVATION MULTI OPTIMIZES SHOPPING CENTRES IN ISTANBUL, ANKARA AND TRABZON IN TURKEY

Identifying trends, formulas and consumer preferences, and interpreting consumer information are an important part of Multi’s activities. Over the past few years, peoples’ shopping behaviour has changed beyond measure and shopping destinations need to adapt, and quickly. This has created new challenges for landlords looking to keep their shopping centres relevant and attractive to consumers.

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Forum Istanbul

With its large portfolio of 16 shopping centres, Multi Turkey is focusing more than ever on the modernization and optimization of existing retail real estate assets, devoting a lot of attention to distinctiveness and customer loyalty. The company has adopted a strategy aimed at the continuous monitoring and innovation of its shopping centre portfolio: value creation through innovation. The perfect example is its recent investments in Istanbul, Ankara and Trabzon.

Forum Istanbul

edutainment complex and a destination centre attracting around 2.2 million visitors per month. Customer services range from baby & family rooms, play areas, to services for disabled, prayer rooms and free Wi-Fi. Forum Istanbul has achieved outstanding footfall and turnover figures since it opened almost six years ago. The centre is one of the best performing shopping centres in Turkey and Europe. Over the past two years, average monthly footfall has increased more than 20%, while the average monthly turnover has increased by nearly 30%.

Forum Istanbul is the largest shopping centre in Turkey. It features around 300 retail stores, along with cafes and restaurants and many other customerfriendly services. The retail mix includes names like IKEA, Koçtaş Media Markt, Teknosa, Bimeks, Intersport, Adidas, Nike, Decathlon, H&M, Boyner, YKM, C&A, Marks & Spencer and Zara. Turkey’s first and only Legoland Discovery Center opened in July, while Sealife Aquarium and Jurassic Land have helped position Forum İstanbul not only as a shopping centre but also as an

As part of a constant process of optimization, the centre is currently making a number of design changes. Works in progress include a new event square, an additional bridge to facilitate circulation and the elimination of visual barriers. To optimize footfall circulation and increase functionality, the centre has converted a cross corridor between two main walkways into retail areas. The conversion will add 480 m2 in GLA and generate around € 4.7 million in added value.

MULTI IN TURKEY 965,000 M2 TOTAL GLA SHOPPING CENTRES

MULTI OWNED

€4.5

12

billion

TURNOVER IN 2014

12%

MARKET SHARE

167 million

VISITORS

12 of these Multi-owned 965,000 m2 GLA 167 million visitors turnover of more than € 4.5 billion in 2014 largest shopping platform in Turkey 12% market share.

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Forum Trabzon

Gordion

Gordion

Trabzon

Gordion is Multi’s second shopping centre in Ankara and opened in 2009. The shopping centre is conveniently located within one of the prime residential areas of the city. The centre has a 53,000 m2 GLA and is anchored by a Carrefour hypermarket, Koctas DIY, Cinemaximum, Zara, H&M and Bimeks. In order to meet new consumer attitudes to food and dining concepts, Multi is planning a refurbishment to upgrade the catering amenities. Some units in the exit passage near the main boulevard will be converted into cafés and restaurants, with a range of styles and atmospheres. New podiums and lounge decks will create comfortable outdoor seating areas. This will enable the restaurants to operate after the shopping centre is closed and offer visitors more choice for dining out and meeting friends. The centre will also add terraces for outdoor seating to food court. A part of the cinema floor space will be redesigned to create space for a new sports club.

Forum Trabzon is one of Multi’s flagship projects, attracting around 10 million visitors per year. Opened in 2008, Forum Trabzon is the largest shopping centre and the prime destination centre in the Black Sea region. The shopping centre has approximately 51,000 m2 GLA and is anchored by a Migros Hypermarket, Koctas DIY, Cinemaximum, Boyner, Lcw and Teknosa. Multi is planning to extend the present floor space and increase GLA by around 6,000 m2, adding an adjacent building to accommodate international fashion retailers not currently present in the Trabzon retail market. Multi is also planning to create new space to upgrade the catering mix and provide space for new dining formats, eateries and popular concepts; complete with outdoor terraces, where customers can relax and truly enjoy the pleasure of shopping and dining. 

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GROUNDBREAKING

OVER 70% OCCUPANCY 18 MONTHS BEFORE OPENING

HANZEWIJK - KAMPEN THE NETHERLANDS In Kampen, Multi is in the process of realising the grocery-anchored shopping centre Hanzewijk. The groundbreaking event for the Hanzewijk shopping centre took place on the 29th of January this year and was attended by numerous representatives of the parties involved in the project: Kampen city council, housing association deltaWonen, the Provincial Executive and Multi Netherlands. The officials sank four ceremonial piles in the ground, assisted by 50 schoolchildren with their own self-painted piles. The Hanzewijk shopping centre is the first one that Multi Netherlands has developed to keep in its own portfolio. More than 70% of the retail space had already been leased when construction started.

FACTS:  5,000

m2 shops  108 apartments & housing  300 parking spaces  Anchor tenants: supermarkets Jumbo and Lidl.  Official opening: February 2016

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EVENT / COMMUNITY CAMPAIGN AIRONE - MONSELICE - ITALY During the second weekend of May, the Airone shopping centre organised a very popular Pet Show. Airone is a Multi-managed centre in the Northern Italian province of Padova and the event drew pet-owners and pet-lovers from across the Padova community, who came to participate in the many activities dedicated to their beloved pets. The communications plan was rolled out three weeks in advance in partnership with 12 pet-related associations and was also aimed at encouraging the public to love and respect pets. The highlight of the weekend was the Dog agility obstacle course, in which some 100 dogs competed for both utility and defence, basic education and conduct, obedience, search and rescue, all followed by a parade. The two-day event was a huge success and generated hundreds of likes and photos shared on the Airone Facebook page. The event also generated a fair amount of local press coverage. Last but not least, the Pet Show boosted footfall by 34% to a total of 3,500 visitors.

THE INCREDIBLE TOON MACHINE IN TURKEY EVENT VARIOUS TURKISH CENTRES This summer Multi’s Turkish shopping centres ran a successful roadshow with a giant version of the phenomenal game, Toon Machine. The world's largest skill tester gave the public the chance to experience and control the giant claw crane and to pick out the coolest prizes. Towering over six meters high, the Toon Machine was filled with a mountain of free gifts, and they were all up for grabs. Approximately 5,000 visitors experienced the Toon Machine. It was the ultimate test of skill, and a major adrenaline rush!

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AIRONE PET SHOW ATTRACTS PET LOVERS FROM THE WIDER COMMUNITY


LAND IN FORUM KAYSERI EVENT FORUM KAYSERI - KAYSERI - TURKEY This spring, the ‘Angry Birds’ game shook up Forum Kayseri in Turkey. Visitors were able to play the popular game, which has millions of fans from all around the world, in a special area prepared for children. Forum Kayseri also arranged special workshops for beginners. During the event, lots of adults and children had a lot of fun gaming and winning surprising prizes. More than 2,500 happy customers attended the event.

FORUM MONTIJO AND RED CROSS TEAM UP TO HELP FAMILIES IN NEED CORPORATE SOCIAL RESPONSIBILITY FORUM MONTIJO - MONTIJO - PORTUGAL With the aim of helping the community, Forum Montijo took the initiative to raise awareness for the care of those in need within the region. We teamed up with the Red Cross to launch the Recycling Box initiative. The centre’s beloved children’s mascot, GUI, played a role in the presentation of the box. The aim is to stimulate the re-use of goods and to collect as many useful items as possible, such as clothes, toys and games, shoes, books and school supplies. Forum Montijo has provided four colour-coded containers, hoping to motivate families to help other families who are being supported by the Portuguese Red Cross in Montijo. On International Friendship Day, Vanda Sobral, Quality & Marketing Manager and Dr. Manuel Cecílio, Montijo Delegation President of the Portuguese Red Cross, made the first donation.

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INTERVIEW

ARE YOU PREPARED FOR THE

FUTURE? Frank Quix (Founder and owner of Q&A Research & Consultancy)

THE CUSTOMER JOURNEY STARTS IN THE STORE OF THE FUTURE RETAIL INNOVATION LAB Everyone agrees that the retail landscape is undergoing some major changes, thanks mostly to e-commerce and technological developments. How can shopping centres prepare themselves for the new generation of consumers, and anticipate their needs as effectively as possible? Which innovations and technology trends will play a major role in the future? This is a topic that has Multi’s full attention, which is why the company is actively involved with the ‘Store of the Future’ research programme. Multi Magazine spoke to Frank Quix, the founder and owner of Q&A Research & Consultancy, about his innovative brainchild.

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The Netherlands has its first retail innovation lab. Multi Magazine spoke to Frank Quix, the founder and owner of Q&A Research & Consultancy, about his innovative brainchild. Frank Quix describes himself as a ‘practical scientist’ in the field of retail, referring to his position of assistant professor in the Anton Dreesmann Chair for Retail Marketing at the University of Amsterdam. Before we talk about the Store of the Future, Quix talks enthusiastically about the person after whom the Chair is named, Anton Dreesmann, a descendant of the founder of the department store, Vroom & Dreesmann (V&D). “This man is my hero, because he had real vision. As early as the 60s, he foresaw the movement towards subscriptions for the likes of fish and fruit, like the current Hello Fresh (food delivery, Ed.). He predicted even then that there would be a subscription for tailor-made suits – similar to the Bonobos concept.” Time will tell whether Quix’s ideas are just as visionary, but he is certainly an authority on the retail front. He understands how the retail landscape could evolve, and is working actively on creative solutions that anticipate this evolution, based on theoretical and practical scientific research.

The lab The Store of the Future opened in The Hague at the end of June 2015. The 350-m2 innovative department store provides a

unique ecosystem, using the shop-in-shop concept to combine the physical and online retail environments. The store offers consumers and retailers the opportunity to discover what shopping could look like in the future. Backed by The Hague city council, the initiative is a unique collaboration of more than sixty retailers (such as HEMA, La Place, Mymuesli, VanHawks, KICKR, Perry, Riviera Maison, Leapp, FonQ, Mammut, and Deichmann), brands, real estate companies (Multi is involved in the research programme), technology firms (such as Cisco, Toshiba, Epsom and Dell) and financial players.

"STORES ARE BECOMING PLAYGROUNDS WHERE YOU CAN DISCOVER BRANDS AND PRODUCTS" Quix believes in physical stores. “Nowadays, lots of people are saying that everything will be bought online in the future, but I don’t believe that. Suppose that 50% of all products are sold online, and that 50% of those purchases are made by people who don’t like physical stores. That would mean that 75% of all goods will be sold to people who do like physical stores. That was our starting point. We then asked ourselves, what will these stores look like? Stores are becoming playgrounds where you can discover brands and products, places that you enjoy visiting.” MM ISSUE 16 111


"MOST PEOPLE PREFER PHYSICAL STORES" Research among millennials Quix conducted his own research into the shopping habits of a new group of consumers – the millennials. More than 600 young people aged between 12 and 16 were asked to write an essay on how they prefer to shop. “The great thing is that 69% of the young people said that they prefer physical shops. They like to be able to try out and feel products. They like the choice, the experience and feel of the store. We have condensed their input into what we call the ‘customer journey’, which has three components - search, shop and share. First, you look and find your way (online or offline), then you buy, and then you share your finds.”

Services and products In the store concepts are tried out for amongst others HEMA and Perry Sport. Take HEMA’s special app, which women can use to select different make-up colours. These are projected onto their face, so they can see immediately if they suit them. At Perry, a race track is projected onto the floor of the store and sounds and images help consumers choose their ideal footwear. There is the Canadian VanHawks smart bike in the store, which you can try out.”

Multi-format rather than omni-channel Omni-channelling is commonly accepted as the buzz-word, but Quix believes multi-channel and cross-channel are misleading terms. “I call it ‘multi-format’. That’s because there are only

two channels, online and offline. Retailers have to solve two problems for their customers. The first is providing information. Customers can find information themselves online on a website, or offline in the store. Then they have to decide to buy, online or offline. Customers then have the choice between pick-up and delivery. Ultimately, then, you have just two channels and four areas to operate in as a retailer. Successful retailers combine all the channels and allow customers to interact and buy exactly how they want to.”

"MULTI-CHANNEL AND CROSSCHANNEL ARE MISLEADING TERMS" So are the various customer target groups according to the traditional segmentation patterns still relevant? “Consumers can make utilitarian or hedonistic purchases, or somewhere in between. The former is about efficiency, speed, and ease – it could be a sandwich in a sandwich-to-go bar or a convenience purchase online. But buying online can also be hedonistic. So when deciding on a format, you have to understand these roles. Consumers have different purchasing motives for different products. There is no such thing as a typical Lidl or Albert Heijn customer any more – they enjoy both. Nowadays, segmentation is much more domain-specific, and within that domain you find different consumer groups.”

ABOUT THE STORE OF THE FUTURE The Store of the Future represents a huge learning curve for everyone involved. There are twelve lines of research and the results are shared among all the participants. The subjects include track and trace, the new store premises, and social interaction among consumers. www.storeofthefuture.nl You can view the store: http://sotf.mobilemall.nl

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REPORT

FORUM ALGARVE SHOPPING HOTSPOT IN ALGARVE Forum Algarve is currently renewing and requalifying its tenant mix, in a process that began in 2014 and continued through 2015. Forum Algarve has recently added stores like Nespresso, GMS Apple Store, Samsung, ML Bolsas and Eureka Shoes, making it the only centre in the Algarve region to offer these top brands. FNAC has opened a store with a new lay-out and concept, offering customers a wide range of technology, books and music.

IMPROVED TENANT MIX WITH FNAC, MANGO AND TIFFOSI Forum Algarve also has made some changes and introduced new brands on the first floor. July saw the opening of the new 680-m2 Tiffosi store, their biggest store and the first with the company’s new concept, interior design and image. It sells a wide range of women’s, men’s and children’s clothing and accessories. And this summer we added a 1,250-m2 MANGO with full women’s, men’s and children’s collections.

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Innovative Check Point increases customer service In line with the strategy aimed at innovation and the development of integrated and complementary customer services, Forum Algarve has introduced the ‘Check-In Point’ service at the Information Desk, in partnership with various companies in the transport industry. This new service gives every customer the opportunity to buy a train or a bus ticket at our Information Desk, charge their bus pass and gives them access to the timetables for all train and bus routes. A flight information screen, connected with the flights at Faro Airport gives the tourists travel information in real time. In addition, clients can print out their boarding passes free of charge at the Information Desk. These innovations give our visitors (residents and tourists) a shopping experience and customer service levels they are unlikely to forget. It will also help Forum Algarve to bolster its position as a tourist shopping destination. And it is working: in the first six month of this year, Forum Algarve recorded an 11% increase in footfall and a 20% increase in sales!


NEW FOR OLD AMSTERDAM NOORD NEWS MOSVELD – AMSTERDAM - THE NETHERLANDS Thursday, 12 March 2015 marked the official start of construction for the Mosveld convenience shopping centre in Amsterdam, The Netherlands. The shopping centre will be the new, vibrant heart of the Amsterdam Noord district. More than 50% of the retail space has already been leased to the supermarkets Albert Heijn and Deen, to chemist Etos and fast-food chain Febo. Mosveld will offer a mix of local and national retailers and will have a strong positive impact on the neighbourhood, contributing to the continued social and economic development of the Noord district of Amsterdam, a district recognised by the New York Times as one of the coolest locations in the world.

FRANÇOISE DECHESNE JOINS THE MULTI FAMILY NEWS On 1 October, Multi Netherlands and Multi Belgium welcomed their new Managing Director Françoise Dechesne. Françoise is responsible for Multi’s development and asset management activities in these two countries and will focus on the expansion of the development and asset portfolio.

“I AM REALLY LOOKING FORWARD TO PUTTING MY ENERGY AGAIN INTO EXPANSION AND ACQUISITION,” SAYS FRANÇOISE. Françoise brings a huge amount of experience in the field of asset management and development, acquired in the more than 14 years she spent with MAB Development. Multi will also benefit from her extensive network in the retail real estate business. She knows the business inside out. Françoise’s hands-on approach and her vision and entrepreneurial spirit will help Multi to realise its growth ambitions for the Netherlands and Belgium. Not to mention the fact that these personal characteristics are a clear match with Multi’s values. She is a perfect fit for the Multi family.

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OPENING

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FORUM POPRAD

WHERE EVERYTHING COMES TOGETHER After 18 months of construction, Forum Poprad, Multi’s first project in Slovakia, opened its doors on 22 October. The new complex is situated in the historical centre of the Slovakian city of Poprad and offers 22,000 m2 of retail and leisure, and features a large terrace with a view of the majestic peaks of the Tatra National Park.

The opening marked another step in the revival of one of the most attractive parts of the beautiful historical city centre on the former site of the old Prior department store. The site was a rather forlorn place for many years, but now the city has reclaimed the area and restored it to its former shopping glory. Forum Poprad exudes the renewed retail energy of a modern urban centre offering everything Poprad residents could wish for, from a wide range of high-end shops to leisure and sustainable public space.

Masterpiece Poprad is a city in northern Slovakia in the foothills of the High Tatras. It is the largest city in the Spiš region, with a population of approximately 55,000 and a catchment area of over 300,000 people. The city is a popular tourist destination for visits striking High Tatras region.

According to Luboš Kočí, Managing Director of Multi Czech Republic and Slovakia, the L-shaped shopping centre is embedded in its environment like “a small masterpiece”.

"IT FEELS AS IF IT HAS ALWAYS BEEN THERE" Because it follows the incline of the terrain, it does not look massive and matches the small scale of the city. “It feels as if it has always been there.” Green planting and ivy climbing the walls complete the picture. Forum Poprad offers three levels of retail, two of those with direct access to the existing streets. The project is well connected, with 420 parking spaces and a trolley and bus station next door.

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New brands Forum Poprad opened 98% let and Multi is committed to letting the remaining units before the end of the year. The attractive tenant mix includes over 100 brands, aimed at a wide public, from lower and mid-range to the high end of the market. The project accommodates retailers who are new to the city, such as Benetton, Gaastra and Apple Store, thanks to the fact that the lay-out of the centre provides unit sizes that were previously unavailable in the heart of the city. Tesco is the main grocery and general merchandise operator in the shopping centre, while major fashion tenants include H&M, C&A, Reserved, New Yorker, Lindex, Mojito, House, Sinsay, Cropp, Time Out and Lee Cooper. Sports brands are represented by Intersport and A3 sport, while footwear customers can shop for shoes at stores like Bata, CCC and John Garfield. The centre also has a Martinus books and media store, a Planeo Electro for consumer electronic goods and a Dracik store for toys. The retail offering is complemented by a MM ISSUE 16 118

broad range of services, such as florists, mobile operators, pharmacy, household goods and banks. Meanwhile, Fitness Centre Golem provides 1,000 m2 of leisure facilities. The Food Court has a modern, sleek design and offers a wide variety of restaurants and cafés, including the very successful Tchibo Shop & Café. The centre also has an awesome children’s corner, so parents get the chance to shop at their ease. Forum Poprad is set to become a centre of relaxation and entertainment for the whole family.

Leadership Multi had to take leadership in this development in the face of the setbacks since the 2008 economic crisis. Development was no easy matter in such an economic environment. Fortunately Multi and its partners – including Joint Venture partner Gemo, the local council and the project’s investors never stopped believing that Forum Poprad was a solid project that would enhance the city centre. Multi also felt a commitment to the municipality and its citizens, who demonstrated their support

and were remarkably tolerant during the long development process and the heavy construction work. Everybody’s confidence was rewarded when the interest from international and national retailers exceeded expectations: the centre was no less than 60% let before the start of the construction in 2014! “Once again we put together a small group of professionals who are among the best in their field, to make sure the whole development came together in an environment that was pretty challenging, commercially, economically and architecturally,” says Kočí, who has been involved in the project from the beginning. “We spent countless hours working with the planning commission, municipal bodies and retailers to optimize the design and make sure we got it right. The result was an extremely well-thought-out development at the heart of a prominent area in the city. It will boost the inflow of people to the centre and give tourists interested in the region a reason to visit the centre.” 


FACTS 

22,000 m2 of retail and leisure  Number of stores: 100  Parking spaces: 420  Investment: € 50 million  Investors: VUB bank and Slovenská Sporiteľňa  Architects: TTDesign, The Netherlands, and ArchDesign, Czech Republic  General contractor: Gemo Olomouc  The project created 400 new jobs.

Discover the tablet edition of the Multi Magazine on

multi.eu/magazine

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ALMADA FORUM SUMMER CONCERTS EVENT ALMADA FORUM - ALMADA - PORTUGAL To celebrate summer and enjoy the warmest nights of the year, Almada Forum organised a series of Summer Concerts from July to September. The best Portuguese artists took to the stage. The concerts were held on the terrace, next to the food court, overlooking the banks of the Tagus River. Thousands of visitors enjoyed the free concerts, and helped to boost foot traffic and sales in the area.

Espacio León fosters creativity with LEGO Fun Factory With nearly 50,000 visitors in seven months, the new 200-m2 LEGO Playground is proving to be a huge public draw

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NEWS ESPACIO LEÓN - LEÓN - SPAIN At a festive inauguration attended by the Mayor of León, Emilio Gutiérrez, and the Managing Director of LEGO Iberia, César Ridruejo, Multi’s Espacio León launched the first LEGO Playground in the Spanish region Castilla y León in late 2014. The permanent activity will strengthen Espacio León’s position as preferred place for families, where they can shop, linger, and spend family time. Children aged between 1.5 and 12 years can enjoy endless hours of imaginative play – for free! They can choose where to play according to their ages, abilities and interests. The LEGO paradise offers amongst others LEGO Duplo, LEGO System, LEGO Games (board games to encourage group-play activities), and LEGO Video games, LEGO Handicrafts, LEGO Ninjago and LEGO Chima Speedorz. In addition, Espacio León launched an educational school programme. The eleven schools that joined the pilot project were very enthusiastic. During the first seven months nearly 50,000 children enjoyed the LEGO Fun Factory so much that many are coming back for repeat visits, up to 10 times! And the Playground is attracting new visitors every day.


FORUM SINTRA OFFERS UNIQUE COMBINATION OF TOP FIVE FAVOURITE FASHION RETAILERS NEWS FORUM SINTRA – SINTRA - PORTUGAL Forum Sintra opened its doors in April 2011. The centre’s design is contemporary and distinctive in terms of time and space. Its excellent location means that it is easy to get to and its catchment area includes about 450,000 people who live within a 30-minute drive. Forum Sintra has 55,000 m2 of shopping area in modern and comfortable surroundings with about 190 shops on three floors, including a supermarket, a food court with 20 restaurants and a seven-screen cinema.

improve its tenant mix with the opening of several new brands, including Lefties, O Papagaio Sem Penas - LEGO, Pandora, ML Bolsas, Catarino Acessórios, Smartunch, Bleem, Nata Lisboa, Tiger, Norauto and O Cantinho Português.

PRIMARK, LEFTIES, ZARA, H&M AND C&A STRENGTHEN RETAIL MIX

This helped Forum Sintra to achieve an occupancy rate of 96.1% by July 2015, compared with 92.8% in July 2014 and we expect more positive news on the shops front in the coming months. Of course, this has had a very positive impact on sales and visitor numbers. In 2015, Forum Sintra has already booked an improved performance, both in traffic (+ 2.5%) and in visitors (+ 7.5%).

Forum Sintra has quickly become the new retail destination in Sintra by welcoming almost nine million shoppers a year. Then in 2015 it became the first shopping centre in the Lisbon area to offer all five of the top favourite fashion retailers - Primark, Lefties, Zara, H&M and C&A. In the course of the year, Forum Sintra continued to strongly

The results from a recent customer satisfaction survey and catchment area market study conducted by Nielsen also reveals that customers are increasingly satisfied with the centre and its retail and general facilities, and that Forum Sintra has been attracting new clients from its competitors and gaining more loyal customers of its own.

MM ISSUE 16 121


INTERVIEW

MULTI GERMANY STRENGTHENED AS A FULL-SERVICE ORGANIZATION RECOGNISE AND LEVERAGE POTENTIAL IN THE GERMAN RETAIL REAL ESTATE LANDSCAPE INTERVIEW WITH STEFAN ANDRASCHAK, MANAGING DIRECTOR OF MULTI GERMANY MM ISSUE 16 122


Stefan Andraschak (Managing Director of Multi Germany)

The merger of the Mall and Asset Management division with the Development division in the past year put Multi Germany in a new and stronger position on the market. Multi Magazine spoke to Managing Director Stefan Andraschak at his office in Duisburg about the new structure of Multi Germany and the opportunities he sees in the retail real estate market. MM: What differentiates Multi in the German real estate market today?

MM: Why was the merger of the Management and Development divisions an important step?

“Following the merger of our Management and Development divisions, we have once again pooled our expertise and created a modern, full-service organisation in the field of asset and mall management and (re)development. Multi also has over 6,000 rental agreements with retailers throughout Europe and offers key account management to the top 30 tenants in Europe thanks to its peerless expertise and comprehensive network.

“Given our corporate goals, we no longer see the separation of the two divisions as logical.

"VALUE CREATION THROUGH SECURING AND INCREASING LONGTERM RENTAL INCOME BASED ON TAILORED MANAGEMENT AND MARKETING STRATEGIES"

"WE ARE ON THE ROAD TO FURTHER EXPANSION" There are more than 460 shopping centres in Germany, and many of them are in need of refurbishment. We can develop the concepts for redevelopments by combining our expertise in the field of mall management and development. And the new business concept has already proven successful, as we are on the road to further expansion and looking to add more real estate specialists to our team.”

MM: What do you think is behind Multi’s retail expertise? Multi Germany benefits from the international outlook of our parent company, which enables it to maintain its strong national and regional roots. This opens up all kinds of opportunities for the growth-driven management of our assets, because we are focused on securing and increasing long-term rental income based on tailored management and marketing strategies.”

“More than 30 years’ experience in partnerships with 90 percent of all European retail chains, together with individual local retailers. Thanks to this experience and long-term partnerships with retailers and brands, Multi can bring a carefully thoughtout, ideal tenant mix to the assets we manage.”

MM ISSUE 16 123


11 37

SHOPPING CENTRES COMMERCIAL REAL ESTATE

MM: Blackstone recently announced the acquisition of the Clover and Kingfisher portfolios. Which projects in Germany are involved? “With the acquisition of the Clover portfolio, Multi Germany’s investor Blackstone added twelve properties across four of Europe’s strongest economies – Germany, France, the United Kingdom and the Netherlands, with a total GLA of 169,000 m2. Multi Germany will act as asset manager for two grocery store-anchored centres in the metropolitan region of Stuttgart and Hanover. The acquisition of the Kingfisher portfolio adds 471,000 m2 GLA to the German portfolio, with an excellent tenant mix and strong retailers. All in all, the portfolio of 55 predominately retail and DIY properties is driven by established retail locations and therefore offers a highly diversified and sustainable income-producing asset base.”

MM ISSUE 16 124

MM: What future challenges is Multi’s Asset Management team facing? "The new business approach puts asset management in a central role. We continuously monitor investment opportunities in German retail real estate and accompany our investors through acquisition processes, helping them to recognise and leverage potential in good time. Even if the retail real estate in question is nearing the end of its life cycle, this does not necessarily mean it will be torn down. On the contrary: with a strategically long-term view, we strive for a long-term mix of tenants that corresponds to the location of the property and the competition. What is new is that we are investing in other asset classes, like retail parks and single-tenant locations”. 


MM ISSUE 16 125


AM

AM

AM

AM

AM

Makado Alblasserdam

Stadspoort Ede

Deppenbroek Enschede

Liesveld Vlaardingen

AM

AM

AM

Hamershof Leusden

Overkapel Utrecht

AM

DE

AM

AM

De Parade Nootdorp

Rhein Ruhr Zentrum Mülheim

Depot Real Tübingen

AM

AM

MM

MM

Scheldeplein Vlissingen

Oudeland Zwijndrecht

Veestraat Helmond

Forum City Mülheim Mülheim

Volme-Galerie Hagen

AM

AM

AM

AM

AM MM

MM

MM

‘T Gulper Hart Gulpen

Kloosterveste Assen

Wielwijk Dordrecht

Nieuwgraaf Duiven

Valkenstaete Valkenswaard

Stadsfeestzaal Antwerpen

Kamp-Promenade Osnabrück

Wilhelm Galerie Ludwigsburg

DV

DV

DV

Kop Noordsche Bos Zaandam

Gelderlandplein Amsterdam

Groeneweg Utrecht

DV

DV

DV

Katwolderplein Zwolle

Marktveldpassage Vught

Mosveld Amsterdam

DV

DV

DV

Stadhuisplein Tilburg

Forum Rotterdam Rotterdam

Schuytgraaf Arnhem

DV

DV

Hanzewijk Kampen

Hoog-Dalem Gorinchem

BE

The Netherlands 26 Germany 48

United Kingdom 2

NL

Belgium 1 Czech Republic 3

UK AM MM

AM

St. Enoch Glasgow

Asset Pictures – Select Retail Assets Stratford BREP’s basis in the portfolio (8‐yr WALL, 100% occupied) is at a 14% discount to replacement cost,  London

Confidential

Project Figo

and is projected to generate a 13% average annual cash‐on‐cash return over a 5‐year hold

Confidential Confidential

Project Figo Project Figo

Asset Pictures – Select Retail Assets Asset Pictures – Select Retail Assets BREP’s basis in the portfolio (8‐yr WALL, 100% occupied) is at a 14% discount to replacement cost,  BREP’s basis in the portfolio (8‐yr WALL, 100% occupied) is at a 14% discount to replacement cost,  PT Continente Leiria (Sonae) ‐ Hypermarket (1) Continente Montijo (Sonae) ‐ Hypermarket (1) and is projected to generate a 13% average annual cash‐on‐cash return over a 5‐year hold and is projected to generate a 13% average annual cash‐on‐cash return over a 5‐year hold 19,402 sqm ‐ €28m PP

AM MM

16,075 sqm ‐ €24m PP

AM MM

Continente Loures (Sonae) ‐ Hypermarket (1) 18,477 sqm ‐ €24m PP

AM MM

Portugal 23 Confidential

Project Figo

Confidential

Project Figo

Asset Pictures – Select Retail Assets

Italy 17 Spain 2

Asset Pictures – Select Retail Assets Continente Leiria (Sonae) ‐ Hypermarket Continente Montijo (Sonae) ‐ Hypermarket Continente Loures (Sonae) ‐ Hypermarket Continente Leiria (Sonae) ‐ Hypermarket Continente Montijo (Sonae) ‐ Hypermarket Continente Loures (Sonae) ‐ Hypermarket Forum Sintra Continente Montijo Modelo Mem Martins BREP’s basis in the portfolio (8‐yr WALL, 100% occupied) is at a 14% discount to replacement cost,  19,402 sqm ‐ €28m PP 16,075 sqm ‐ €24m PP 18,477 sqm ‐ €24m PP 19,402 sqm ‐ €28m PP 16,075 sqm ‐ €24m PP 18,477 sqm ‐ €24m PP Modelo Mem Martins (Sonae) ‐ Supermarket Modelo Quinta do Conde (Sonae) ‐ Supermarket Minipreço Montijo (Dia) ‐ Discount Super Sintraand is projected to generate a 13% average annual cash‐on‐cash return over a 5‐year hold Montijo Mem Martins BREP’s basis in the portfolio (8‐yr WALL, 100% occupied) is at a 14% discount to replacement cost,  5,385 sqm ‐ €13m PP 5,235 sqm ‐ €16m PP 1,600 sqm ‐ €1m PP (1)

(1)

(1)(1)

(1) (1)

and is projected to generate a 13% average annual cash‐on‐cash return over a 5‐year hold ________________________________________________

(1)

AM MM

Hypermarket – owned anchor supermarket / department store integrated within a larger non‐owned enclosed shopping mall

AM MM

Blackstone

Modelo Mem Martins (Sonae) ‐ Supermarket Modelo Quinta do Conde (Sonae) ‐ Supermarket Minipreço Montijo (Dia) ‐ Discount Super Continente Leiria (Sonae) ‐ Hypermarket (1) Continente Montijo (Sonae) ‐ Hypermarket (1) Minipreço Montijo (Dia) ‐ Discount Super Continente Loures (Sonae) ‐ Hypermarket (1) Modelo Mem Martins (Sonae) ‐ Supermarket Modelo Quinta do Conde (Sonae) ‐ Supermarket 5,385 sqm ‐ €13m PP 5,235 sqm ‐ €16m PP 1,600 sqm ‐ €1m PP 19,402 sqm ‐ €28m PP 16,075 sqm ‐ €24m PP 18,477 sqm ‐ €24m PP (1) (1) 5,385 sqm ‐ €13m PP 5,235 sqm ‐ €16m PP 1,600 sqm ‐ €1m PP Continente Leiria (Sonae) ‐ Hypermarket Continente Montijo (Sonae) ‐ Hypermarket

Modelo Quinto do Conde Quinto do ________________________________________________

Continente Leira Leira 19,402 sqm ‐ €28m PP

________________________________________________ (1) Hypermarket – owned anchor supermarket / department store integrated within a larger non‐owned enclosed shopping mall

(1)

Continente Loures Loures 16,075 sqm ‐ €24m PP

Blackstone Blackstone

Hypermarket – owned anchor supermarket / department store integrated within a larger non‐owned enclosed shopping mall

AM MM

AM MM

Modelo Quinta do Conde (Sonae) ‐ Supermarket

5,235 sqm ‐ €16m PP Almada Forum Almada ________________________________________________

(1)

Modelo Mem Martins (Sonae) ‐ Supermarket 5,385 sqm ‐ €13m PP

Modelo Quinta do Conde (Sonae) ‐ Supermarket Forum Montijo 5,235 sqm ‐ €16m PP Montijo

Hypermarket – owned anchor supermarket / department store integrated within a larger non‐owned enclosed shopping mall ________________________________________________

(1)

2

AM MM

Continente Loures (Sonae) ‐ Hypermarket (1) 18,477 sqm ‐ €24m PP

2 2

AM MM

Minipreço Montijo (Dia) ‐ Discount Super 1,600 sqm ‐ €1m PP Modelo Mem Martins (Sonae) ‐ Supermarket 5,385 sqm ‐ €13m PP

Alverca Retail Park Alverca

Blackstone

2

Minipreço Montijo (Dia) ‐ Discount Super 1,600 sqm ‐ €1m PP

Hypermarket – owned anchor supermarket / department store integrated within a larger non‐owned enclosed shopping mall

Blackstone

2

AM

MM

MM

MM

AM MM

AM MM

AM MM

Metropolis Office Lisbon

Acqua Roma Lisbon

Forum Coimbra Coimbra

Forum Madeira Funchal

Espacio León León

Belvedere Siracusa

Primavera Shopping Rome

MM

MM

MM

MM

MM

MM

AM MM

AM MM

Ferrara Plaza Pacos de Ferreira

Forum Viseu Viseu

Braga Retail Center Braga

Campera Outlet Carregado

Centro Comercial Beloura Sintra

Espai Gironès Girona

Il Borgogioioso Carpi

Forum Palermo Palermo

MM

MM

MM

MM

MM

AM MM

AM MM

Forum Algarve Faro

Albufeira Retail Park Albufeira

Armazéns do Chiado Lisbon

Espaço Guimarães Guimarães

Lago Discount Villa Nova de Famalicao

Mantova Outlet Mantova

Puglia Outlet Village Molfetta

ES

IT

MM ISSUE 16 126


LV

AM

AM

Elisabeth-Arkaden Hannover

Fachmarktzentrum Braunschweig

CZ

AM

Content information as per October 2015.

MM

Alfa Riga

Olympia Olomouc Olomouc

AM

AM

DV

Fachmarktzentrum Rendsburg

Mols Riga

Forum Haje Prague

AM

AM

AM

AM MM

AM MM

Fachmarktzentrum Bad Säckingen

Dole Riga

Liberec Retail Park Liberec

Galeria Leszno Leszno

Magnolia Park Wrocław

AM MM

AM MM

AM MM

Galeria Pestka Poznań

Wzorcownia Włocławek

Galeria Twierdza Zamość

AM MM

AM MM

DV

Twierdza Kłodzko Kłodzko

Galeria Tęcza Kalisz

Forum Gdańsk Gdańsk

Latvia 3 AM MM DV

Asset Management Mall Management Development

PL

Poland 8

AM

AM

AM

Euromax Trnava Trnava

Euromax Poprad Poprad

Euromax Trenčin Trenčin

AM

DV

DV

Euromax Nitra Nitra

Forum Prešov Prešov

Forum Poprad Poprad

Ukraine 3 SK

Slovakia 6

UA AM MM

DV

DV

Forum Lviv Lviv

Kharkov Artem Park Kharkov

Forum Kharkov Kharkov

AM MM

AM MM

Forum Kapadokya Nevşehir

Forum Aydin Aydin

AM MM

AM MM

AM MM

Forum Istanbul Istanbul

Forum Trabzon Trabzon

Marmara Forum Istanbul

Turkey 17

AM MM

AM MM

AM MM

AM MM

AM MM

AM MM

AM MM

AM MM

Valecenter Marcon

Airone Monselice

La Scaglia Civitavecchia

Le Colonne Brindisi

Forum Çamlik Denizli

Gordion Ankara

Forum Gaziantep Gaziantep

Forum Erzurum Erzurum

AM MM

AM MM

MM

MM

AM MM

AM MM

MM

MM

Mestre - Retail Park Mestre

Valdichiana Foiano della Chiana

Il Gialdo Chieri

Collegno Centro Torino

Forum Magnesia Manisa

Forum Mersin Mersin

Forum Bornova Izmir

17 Burda Çanakkale

AM MM

AM MM

DV

AM MM

AM MM

MM

DV

Franciacorta Rodengo Saiano

Palmanova Outlet Village

Forum Como Como

Forum Ankara Ankara

Forum Kayseri Kayseri

Forum Dıyarbakir Dıyarbakir

Forum Adana Adana

TR

Palmanova

MM ISSUE 16 127


MULTI LEASING TEAMS For more information about Multi’s retail projects please contact:

INTERNATIONAL

BELGIUM

T +31 (0)20 2588 100

T +31 20 258 8888

CZECH REPUBLIC AND SLOVAKIA

Mark Siezen, European Leasing Director msiezen@multi.eu

Harald Telkamp, Leasing Director htelkamp@multi.eu

GERMANY

ITALY

POLAND

T +49 203 66895000

T +39 0230 462800

T +48 22 22 22 800

Andreas Nienkemper, Leasing Manager anienkemper@multi.eu

Fabio Papetti, Leasing Director fpapetti@multi.eu Francesco Mezzanotte, Leasing Manager fmezzanotte@multi.eu Lucia Valentina Riboldi, Leasing Manager lriboldi@multi.eu Cristina Brunalli, Leasing Representative cbrunalli@multi.eu

Malgorzata Slowik, Leasing Director mslowik@multi.eu Anna Piotrowska, Senior Leasing Manager apiotrowska@multi.eu Jakub Ociepka, Leasing Manager jociepka@multi.eu Maciek Jurczak, Leasing Representative mjurczak@multi.eu Monika Bielak, Senior Leasing Manager mbielak@multi.eu

T +420 2 2101 5911

MM ISSUE 15 128

Taťjána Kukulová, Senior Leasing Manager tkukulova@multi.eu Kateřina Chadimová, Leasing Manager kchadimova@multi.eu Gabriela Soukupova, Leasing Manager gsoukupova@multi.eu


PORTUGAL

SPAIN

THE NETHERLANDS

T +351 21 413 60 00

T +351 21 413 60 00

T +31 20 258 8888

Pedro Congrinho, Leasing Director pcongrinho@multi.eu

Pedro Congrinho, Leasing Director pcongrinho@multi.eu

Harald Telkamp, Leasing Director htelkamp@multi.eu Geert de Keizer, Leasing Manager gdekeizer@multi.eu Daniel Schönberg, Leasing Manager dschonberg@multi.eu Joachim Demmer, Leasing Manager jdemmer@multi.eu

TURKEY

UKRAINE

UNITED KINGDOM

T +90 212 349 1000

T +38 044 220 06 70

T +31 (0)20 2588 100

Özge Ülkü, Leasing Director oulku@multi.eu Özge Zeybek, Leasing Manager ozeybek@multi.eu Begüm Zarakol, Leasing Manager bzarakol@multi.eu Meltem Ölek, Leasing Manager molek@multi.eu Işıl Abacıoğlu Ander, Leasing Manager iabacıoglu@multi.eu Şenay Yılmaz, Leasing Manager syilmaz@multi.eu Sedef Özcan, Leasing Manager sozcan@multi.eu Arlin Delice, Leasing Manager adelice@multi.eu

Gawein Minks, Managing Director gminks@multi.eu

Arjen Seckel, Director Asset Management aseckel@multi.eu

Marina Nesterenko, Center Manager Forum Lviv mnesterenko@multi.eu

MM ISSUE 15 129


COLOPHON Multi Magazine is a publication of Multi Corporation and is circulated on a not paid controlled basis. In Multi Magazine we share insight, knowledge and news drawn from our businesses and from the shopping centre industry. Publisher Multi Corporation, Gustav Mahlerlaan 1025, 1082 MK Amsterdam, The Netherlands multimagazine@multi.eu Editor-in-chief Barbara Voskuil-Geerlings Features writer and editor Sandra Dijksman Editor Garry Piggott Contributors Ellen van der Feltz, Herman Kok, Arno Ruigrok, Annette Wierper and all Multi Marketing and Communications managers Design and layout Eveline Brosky-Koudstaal

MM ISSUE 16 130

Photography Liesbeth Dinnissen, ICSC, Joni Israeli, Arne Jennard, L2 Inc., Franck Nederstigt, Xander Richters, Naomi Segers and Benjamin Struelens Special thanks to Francesc Coch FerrĂŠ (MANGO), Scott Galloway (L2), Carl Maes (Flying Tiger), Rick Moorman (House of Men), Reoewein Niesten (Conceptional), Rien Romijn (Seinpost Adviesbureau), Hans van Tellingen (Strabo and Experian), Frank Quix (Store of the future).

This magazine is printed on paper made of sustainable managed forests.


MULTI HEADQUARTERS 1000Mahler building (floor 4) Gustav Mahlerlaan 1025 1082 MK Amsterdam The Netherlands T +31 (0)20 2588 100 F +31 (0)20 2588 111 E office-nl@multi.eu

BELGIUM Multi Belgium Management bvba Kolveniersstraat 7 2000 Antwerp Belgium T +32 3 202 31 00 F +32 3 202 31 19 E office-be@multi.eu CZECH REPUBLIC Multi Czech Republic s.r.o. Olivova 4 110 00 Prague 1 Czech Republic T +420 2 2101 5911 F +420 2 2101 5929 E office-cz@multi.eu

THE NETHERLANDS Multi Netherlands bv 1000Mahler Building Gustav Mahlerlaan 1025 1082 MK Amsterdam The Netherlands T +31 (0)20 2588 100 F +31 (0)20 2588 111 E office-nl@multi.eu POLAND Multi Poland Sp z o.o. Skylight Building Złota 59 00-120 Warsaw Poland T +48 22 22 22 800 E office-pl@multi.eu

GERMANY Multi Germany GmbH Tectrum Bismarckstrasse 120 47057 Duisburg Germany T +49 203 66895000 F +49 203 66895001 E office-de@multi.eu

PORTUGAL Multi Portugal S.A. AV. Cáceres Monteiro n° 10, 4° Piso Arquiparque II – Miraflores 1495-192 Algés T +351 21 413 60 00 F +351 21 413 60 01 E office-pt@multi.eu

ITALY Multi Italy S.r.l. Via Melchiorre Gioia 26 20124 Milan Italy T +39 0230 462800 F +39 02 30462829 E office-it@multi.eu

SLOVAKIA Multi Slovakia s. r. o. Ventúrska 12 811 01 Bratislava Slovakia T +420 2 2101 5911 F +420 2 2101 5929 E office-cz@multi.eu

SPAIN Multi Spain Management S.A. C/Prim, 19 28004 Madrid Spain T +34 91 701 4610 F +34 91 701 4612 E office-es@multi.eu TURKEY Multi Turkey Yönetim A.S. Büyükdere Caddesi No: 199, Kat:26 Levent Istanbul T +90 212 349 1000 F +90 212 349 1099 E office-tr@multi.eu UKRAINE Multi Ukraine LLC Leonardo Business Centre 19-21 Bohdana Khmelnytskogo St. 01030 Kiev Ukraine T +38 044 220 06 70 F +38 044 220 06 80 E office-ua@multi.eu UNITED KINGDOM Multi UK Management Limited 11-12 St James’s Square London SW1Y 4LB United Kingdom T +44 20 77 58 94 98

MM ISSUE 15 131


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