ACROSS | The European Retail Real Estate Magazine

Ticker

Citycon sold a shopping centre in Rovaniemi, Finland

Citycon has sold shopping centre Sampokeskus in Rovaniemi, Finland to a fund managed by Trevian AIFM. The total purchase price amounts to approximately EUR 16 million, which is close to the asset’s latest IFRS fair value. The transaction was closed on 30 November 2018.

Ticker

ETERNA: New store in Frankfurt am Main – shopfitting by umdasch

The fashion company ETERNA opened in November a new branch in the prominent Kaiserstraße in Frankfurt am Main, Germany. The surface, façade and light planning comes together with the shopfitting and the assembly of umdasch The Store Makers.

Ticker

AmRest announces deal to develop the BURGER KING® brand in 5 countries

AmRest, the multi-brand restaurants, digital services and food group leader in Central and Eastern Europe, announces signing of Development Agreements to develop the Burger King brand in Poland, Czech Republic, Slovakia, Romania and Bulgaria.

Topics
Opinion

THOMAS REICHENAUER JOINS ACROSS ADVISORY BOARD

The ACROSS Advisory Board is happy to announce its latest addition and welcomes Thomas Reichenauer as its new member.

Events

MIPIM, MARCH 12 – 15, 2019, CANNES, FRANCE

Over the past 28 years, Mipim has become the leading worldwide property event, bringing real estate professionals from all sectors together.

Development

Projects & Openings International

Al Farwaniya Property Developments has recently shared the tenant line-up for its super-regional Reem Mall project in Abu Dhabi. +++ Benoy has announced its second project with Hong Kong China Travel Service (HKCTS) – Ningbo If Mall. +++ Macerich and Simon have announced the formation of a 50/50 joint venture to create Los Angeles Premium Outlets. +++ The construction of the KWG M Cube, a 40,000-square-meter shopping center designed by MVRDV, has recently been completed.

Center Management

Services and Leisure Take Center Stage

The modern mall has changed beyond all recognition – and necessarily so. Physical malls increasingly reflect the evolving needs of consumers and the accelerating pace of contemporary life. What was fast has become faster. At every turn, technology plays a role. The retail industry has unlocked online sales channels, which complement a brick-and-mortar approach, rather than simply competing with physical stores.

Retail

Virtual Reality at the Service of Food Court Investment

Gastronomy areas are increasingly becoming the focal points of shopping centers. Virtual reality software makes planning much easier.

Factory Outlets

From a Porcelain Factory to an Outlet Center

Seventeen years have already passed: In 2001, a small outlet center was built in the Upper Franconian town of Selb in the former manufacturing halls of the long-established Heinrich porcelain factory. The new Outlet Center Selb is currently under construction there.

Investment

Why Polish People Love Click & Collect

EPP is the leading owner of malls in Poland. CEO Hadley Dean emphasizes the importance of the correct weighting of online shopping competition.

Studies & Reports

PEOPLE IN THE EUROPEAN RETAIL REAL ESTATE INDUSTRY

Recruitments, promotions and appointments in the European Retail Real Estate Industry.

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Opinion
BY MAYTE LEGEAY

Destination Outlet

Outlet retail has long been established across Europe, but the sector has tended to suffer from being seen as second best to its big sister, the shiny shopping center. As a long-term owner and operator of retail outlets across Europe, Resolution Property has been at the forefront of evolving this sector to capitalize on creating offers that can’t be replicated online.

WALTER SEIB JOINS ACROSS ADVISORY BOARD

The ACROSS Advisory Board is happy to announce its latest addition and welcomes Walter Seib as its new member.

About a Sophistication

Outlet centers have proved to be one of the most successful businesses in the retail market.

Fortune Favors the Brave

The retail real estate industry has faced many challenges in the decade since the crash. Most fundamental among them was a textbook case of falling demand facing rising supply.

The Moment Represents Space without Dimension

Even after 10 years of online retailing, the clear dominance of brick-and-mortar retailing remains unbroken.

A seemingly compressed time period

What shaped and moved the retail real estate industry in the past 10 years.

Events

The 2nd Annual CRE Awards & Investment Forum, January 17, 2019 in Budapest, Hungary

The Commercial Real Estate Awards & Investment Forum is the only real estate event bringing the international spotlight directly onto the developing markets of Hungary, Czech & the Balkan regions.

FRANCHISE EXPO PARIS

The Franchise Expo Paris is scheduled to take place from March 17 to 20, 2019 at the Porte de Versailles in Paris.

MIPIM, MARCH 12 – 15, 2019, CANNES, FRANCE

Over the past 28 years, Mipim has become the leading worldwide property event, bringing real estate professionals from all sectors together.

5th German Factory-Outlet Congress, November 29 – 30, 2018 Leipzig, Germany

Labels love factory outlets and they are in increasingly high demand among investors and banks.

The 2nd Annual CRE Awards & Investment Forum, January 17, 2019 in Budapest, Hungary

The Commercial Real Estate Awards & Investment Forum is the only real estate event bringing the international spotlight directly onto the developing markets of Hungary, Czech & the Balkan regions.

Time Again for Christmasworld’s Premium Business Program

Shopping centers have to inspire visitors and customers with decorations and displays that celebrate seasonal events. The Premium Business Program will present the latest industry trends during two events on January 25 and 28, 2019.

Development

Westfield London Also Turns 10

Almost simultaneously with ACROSS, Europe's largest shopping center celebrates a decade of operation. Westfield London reveals how shopping habits have transformed in the British capital over the last 10 years.

“We Saw the Interest of Investors Vanishing”

From the outbreak of the financial crisis until 2016, hardly any new shopping center openings occurred in Spain and Portugal, reports Francisco Cavaleiro de Ferreira, Managing Director of Multi in Iberia. Now, the markets have recovered.

Dubai Mall celebrates its 10th anniversary

The shopping hotspot in the United Arab Emirates is one of the world’s biggest shopping centers with its total sales area of 350,000 sq m.

We ❤ Leisure

ECE LEISURE SPECIAL

Year after Year …

... innovative retail real estate projects and refurbishments are unveiled at Mapic in Cannes. These are just a few examples.

PROJECTS & OPENINGS EUROPE

SPAIN: Inmobiliaria Espacio has appointed UK retail and leisure agency Lunson Mitchenall to drive forward the next phase of retail and leisure leasing at Caleido in Madrid. The Torre Sevilla shopping center opened its doors to the public. | SWEDEN: Mölndal Galleria opened in the Greater Gothenburg Area. | GERMANY: After three years of renovation, Helio, with its 38,000 sq m, opened its doors in Augsburg. Ernst-August-Galerie in Hanover will be modernized, redesigned, and expanded. Prelios Immobilien Management has presented a comprehensive concept for the redesign of the Galerie Neustädter Tor in Gießen, Hesse.

Center Management

UK’s first interactive inflatable park to launch at Meadowhall

The debut of Air Haus at the mall in Sheffield reflects the increasing relevance of leisure facilities in shopping centers.

Parndorf to Focus on Entertainment in the Future

A new food and entertainment complex has recently opened at Parndorf in Burgenland, one of the most successful outlet locations in Europe. Centerprise Group, based in Austria, was jointly responsible for the conceptual design and letting of the complex.

Refurbishment of Half of the Entire Portfolio until 2020

One of Unibail-Rodamco-Westfield Germany's main areas of activity is asset management. Olaf Ley, Director Investment / Asset Management, explains the corresponding strategy.

Renovation of Outlet Centers

Not every development is successful in the booming outlet center market. This is particularly true if the projects were not developed by one of the Big 3 in the outlet center industry. The necessary outlet-specific expertise is underestimated by many developers who are attracted by and wish to benefit from the theoretically high leasing levels in the outlet asset class.

A Breath of Fresh Air at Westgate Shopping City

A change in ownership has taken place at the mall in Zagreb, Croatia. Denis Cupic, Head of Asset Management, comments on the background as well as the effects on tenants and customers.

The Footfall Creator

Holistic consulting and servicing of retail real estate is becoming increasingly important in the industry. The Austrian Centerprise Group has dedicated itself precisely to this purpose, even beyond national borders.

Retail

Umdasch The Store Makers Goes to Mapic

Extraordinary worlds of experience in the areas of lifestyle retail, food retail, and premium retail, including digital retail solutions, are designed for discerning customers by the Austrian company. It will be represented in Cannes from November 14 to 16, 2018.

“Technology for the Sake of Technology Is Fruitless”

The basic concept of shopping will not significantly change, forecasts Silvio Kirchmair, CEO of umdasch The Store Makers. However, he does anticipate legal intervention. Google, Facebook, and Amazon will all be required to pay their financial obligations to the State.

THE LEISURE HUNTER

In the face of considerable changes in the retail market and changing consumer purchasing patterns, ECE had to think beyond traditional retail practices. Katrin von Soosten is chasing and finding innovative ideas and non-traditional concepts.

House of Fraser closes 31 stores

The department store chain, which was founded in 1849 in Scotland’s Glasgow, is in serious financial trouble.

“Digitization is changing our understanding of shopping”

According to Bernd Albl, Managing Director Digital Retail at Umdasch, at the end of the day, consumers no longer distinguish between online and in-store shopping. Seamless Shopping is the keyword.

Ikea finds its way into the city

The Swedish furniture giant may still be in the planning stage for this project, but worldwide first Ikea city-location at Vienna’s Western Train Station is already beginning to take shape.

Factory Outlets

Target: Southeastern Europe’s favorite shopping destination

IKEA Centres and Mutschler Outlet Holding AG have recently opened the first phase of Designer Outlet Croatia in Zagreb. In addition to its commercial shops and new theme, the outlet features a number of customer services, such as center information, strollers, free Wi-Fi, gift cards, mobile chargers, baby care facilities, an exchange office, chill out zones, terraces, and a future playground area.

“We do not limit ourselves to countries”

IKEA Centres has opened its second outlet center, the Designer Outlet Croatia. Project Manager Branko Mihajlov explains what criteria were – and will continue to be – applied when choosing locations.

Outlets are Exactly in Line with the Trend of the Times

Franz A. Kollitsch, co-founder of Austrian real estate developer Invester United Benefits, speaks about the company's latest activities and why outlet centers are the ideal complement to online shopping.

Entertainment for outlet shoppers

In mid-March, Cineplexx opened a multiplex movie theater with five screens and over 800 seats in Parndorf, Burgenland. Immediate neighbors include McArthurGlen's Designer Outlet Parndorf and FOP Management GmbH's Parndorf Fashion Outlet.

BY CARLOS GONZÁLEZ

OUTLETS GAIN GROUND IN THE EXPERIENCE GAME

In the 1980s, the retail format of designer outlets arrived in Europe. Now, the time for expansions and refurbishments, with a focus on food & beverage and leisure, has come.

Expansion in Ashford – Completion scheduled for fall 2019

The beginning of construction on the £90 million expansion of McArthurGlen Designer Outlet Ashford was officially celebrated at the end of March 2018.

Investment

Change of Ownership at Trnava City Arena

The acquisition of Trnava City Arena in Slovakia has been recently completed. Peter Korbačka acquired the shopping center from Vladimír Poór. Negotiations lasted for nearly a year. The price as well as other transactional details have not been disclosed and remain subject to business privacy. However, this is one of the country’s most important retail segment transactions of the year.

Almada Fórum in New Hands – Merlin Properties in a Buying Mood

JLL, acting for Blackstone, has completed the sale of Almada Fórum, from the Rio Tejo retail portfolio, to Merlin Properties. The portfolio originally comprised three prime shopping centers and a retail park.

TH Real Estate launches next platform for German retail

Marcus Mack, from TH Real Estate, believes that the country’s retail market is more active than ever before. As a result, he and his team have recently set up a new Germany-focused retail vehicle. With a target portfolio size of €400 million, it has a proposed term of 10 years, with a two-year renewal option.

First Crowdfunding Offer at a Mall in Austria

The Home Rocket crowdfunding platform has been activated on behalf of the ece in Kapfenberg, Styria. Its objective is to contribute to the financing of a health care area in the shopping center.

Adjustment in pricing levels expected

According to Adam Pearce, Managing Partner at Kintyre, the currently inflated investment market for retail assets is not substantiated by the underlying trading environment for traditional brick-and-mortar retailers.

One transaction quickly follows the next

The European retail real estate industry was on a particularly intensive shopping spree over the last days and weeks.

Studies & Reports

Center Customers Focus on Short Travel Distances

Good accessibility is one of the main criteria for the success of a center. There is a lot of catching up to do in the digital sector.

Stable first half-year in the Russian capital

Knight Frank recently published the “Retail Market Report Moscow H1 2018”. The most important event was the commissioning of “Kashirskaya Plaza”, which opened with a high occupancy rate – not only by area but also by number of stores.

GLOBAL RETAIL ATTRACTIVENESS INDEX

RETAIL INVESTMENT: WHEAT SEPARATED FROM CHAFF AMID GLOBAL UPTURN

The new Union Investment index analyzes the attractiveness of the top 17 markets.

More than just high streets: Milan

The capital of the Lombardy region is recognized as one of the most famous fashion hot-spots in the world and it is Italy’s industrial, commercial, and financial heart. The city continues to attract new businesses and investments – and new shopping centers.

Poland provides a dynamic retail environment

Union Investment’s new “Global Retail Attractiveness Index“ (GRAI), which analyzes the environments for retail investments in 17 countries around the world, recently showed that Poland is one of the most dynamic European markets. The latest data confirms this assessment.

Constant change along the Bosporus

Cushman & Wakefield recently published the “Turkey – Retail Market Snapshot – First Quarter 2018”. The acceleration in the country‘s investment market signals that further consolidation in the shopping center market can be expected.