D TZ European Retail Guide Shopping Centres

European Retail Guide
Shopping Centres
March 2012
// Introduction
These challenging markets for retail property present a special opportunity to be well positioned for the recovery that will come. We at DTZ are now well placed to help our clients throughout Europe and the rest of the world. We see huge potential to invest in quality retail property, for retailers to expand in new markets and for preparation for new development. Good asset management, including selective refurbishment and redevelopment, a deep understanding of markets backed by high quality research and access to the best opportunities are our commitment to our clients. DTZ and our clients are involved in all aspects of retail property, but we have a special passion for shopping centres: we are advising on over 500 throughout Europe. Shopping centres offer a special place to do business and are a great opportunity to add value. We think it is timely to prepare this guide and hope it will encourage all those involved in shopping centres to think about their next initiative to take advantage of a unique market opportunity in 2012.
Welcome to our rst edition of European Retail Guide Shopping Centres. This guide provides high-level data on the European shopping centre industry. It is designed as a reference document for comparing shopping centre provision across major cities and identifying hotspots for future areas of development. The information provided is similar for all cities in order to facilitate comparison. The guide includes: statistics on the major cities and their respective national economies, including GDP growth, earnings and retail sales gures information on shopping centre provision, including number of existing schemes, as well as those in the pipeline information on rents, lease structures and legal aspects a list of the ve largest schemes in operation in each city, as well as a map locating them
The uncertain economic climate of recent months has led to muted consumer spending in many European markets. This economic slowdown, as well as growing difculties in securing nancing and governmental permits in many countries is limiting new shopping centre development. Consequently, demand for shopping centres is focused mainly on established schemes where retailers are still seeing opportunities, despite the challenging conditions. In this new guide we assess socio-economic trends, as well as trends in the retail market in order to provide our view on the adequacy of current levels of shopping centre provision and identify main hotspots for future opportunities. We hope you enjoy this publication!
Magali Marton Head of CEMEA Research
Karine Woodford Head of Occupier Research
Martyn Chase European Retail Sector Head
European Retail Guide - Shopping Centres | 03
// Table of content
DTZ Retail EMEA key statistics
Belgium_____________________________ Brussels 10 CZR________________________________ Prague 12 Denmark____________________________ Copenhagen 14 Estonia______________________________ Tallinn 16 Finland______________________________ Helsinki 18 France______________________________ Lille 20 Lyon 22 Marseille 24 Paris 26 Germany____________________________ Berlin 28 Cologne 30 Dusseldorf 32 Frankfurt 34 Hamburg 36 Leipzig 38 Munich 40 Stuttgart 42 Hungary_____________________________ Budapest 44 Ireland______________________________ Dublin 46 Italy_________________________________ Milan 48 Rome 50 Latvia_______________________________ Riga 52 Lithuania____________________________ Vilnius 54 Netherlands_________________________ Amsterdam 56 Rotterdam 58 Poland______________________________ Warsaw 60 Portugal_____________________________ Lisbon 62 Spain_______________________________ Barcelona 64 Madrid 66 Sweden_____________________________ Stockholm 68 Turkey______________________________ Istanbul 70 United Kingdom______________________ Birmingham 72 Bristol 74 Cardiff 76 Edinburgh 78 Glasgow 80 Leeds 82 London 84 Manchester 86 Ukraine_____________________________ Kyiv 88
2011
500 10m
"High street shops" "Key clients"
We are involved in some 500 shopping centres advising 150 owners in EMEA. The total oor area is over 10m sq m (107m sq ft). We are involved in many more high street shops and retail warehouse projects. Our key clients include Unibail Rodamco, ING, Henderson, La Salle, Hammerson, Westeld, Klepierre and Corio. Our shopping centres are best in class: Westeld London, Westeld Stratford City, Bullring Birmingham, Zlote Tarasy Warsaw and MyZeil Frankfurt are examples. We are market leader in UK, Netherlands and Poland. We are market leader for shopping centre management: over 200 shopping centres in EMEA.
"Best in class"
"Market leader"
200
04 | European Retail Guide - Shopping Centres
// European Retail Guide - Shopping Centres

A testing market but opportunities remain
The European economy is still struggling. The ongoing sovereign debt crisis has brought about strict austerity measures, low wage growth and rising unemployment across most of Europe. This is feeding through to lower condence levels for both consumers and retailers, which in turn is impacting on overall spending levels. Despite a weakening outlook, demand for shopping centre space is holding up, particularly in prime schemes where opportunities remain for retailers wanting to expand. Secondary centres, on the other hand, are bearing the brunt of the downturn, with falling demand and increasing vacancy. This is reinforcing polarisation in many markets. Shopping centre development and supply per capita vary greatly by country and city. Compared to the European average of 382 sq m, Stockholm has the largest stock per inhabitant in Europe, whilst Vilnius has the lowest. The lack of shopping centre development in some markets can be due to a cultural preference for other retail formats (i.e. Vilnius) or to difculties in obtaining government permits (i.e. Brussels, Milan). As a result of the economic slowdown, development activity is declining and the number of openings is expected to be below average in the coming years. The most dramatic increases in modern shopping centre space will take place in the less developed CEE cities and Istanbul, where the relative undersupply of space is being addressed. Whilst in more mature markets, the focus will be on extensions, upgrades and regenerations rather than on new developments (i.e. Copenhagen, Prague). Our new European retail guide on shopping centres assesses the socio-economic dynamics, as well as the strength of current shopping centre provision across 40 cities in order to form a view on future growth prospects both for existing schemes, as well as potential new developments. We have identied the future hotspots as being those cities which offer strong economic growth and which are currently undersupplied in shopping centre stock. These include Vilnius, London, Hamburg, Birmingham and Manchester.

ECONOMY
Despite a weakening short-term economic outlook in the euro-zone, retail sales are forecast to rise in the medium to longer term - although there are considerable differences between cities.
On the other hand, the southern European cities of Milan, Lisbon and Rome, as well as Lille in
France are forecast to signicantly underperform the European average over the next ve years, with growth below 1%pa forecast. modest and big differences between regions are apparent (Figure 2). The European average for retail sales growth forecasts for 2012-2016 is 2%pa. Higher than average growth is expected in the Nordics, as well as the CEE countries. The strongest growth is forecast in Vilnius at 7.3%pa, following by Riga at 6.4%pa (Figure 2). forecast period. Unsurprisingly, the cities with lowest growth are all located in peripheral eurozone economies. In Lisbon, retail sales are forecast to fall by 1.2%pa, while in Milan they are forecast to drop by 0.3%pa.
Whilst retail sales growth is expected to be more positive for the medium to longer term, it is still
The European economy is weakening. The ongoing sovereign debt crisis has brought about
higher unemployment, low wage growth and generally diminished growth prospects for 2012 across Europe. This is feeding through to lower condence levels for both consumers and retailers, which in turn is impacting on overall spending levels. differences between cities exist with only modest growth forecast in most markets.
Despite this, GDP growth is forecast to be positive for the medium to longer term. Marked Central & Eastern European (CEE) cities, the Baltic capitals and Istanbul are forecast to show
Vilnius, Riga, Warsaw, Istanbul and Tallin display the strongest economic performance over the
the strongest GDP growth over the next ve years. Vilnius is forecast to show growth of 6.7%pa, followed by Kyiv, where growth of 5.5%pa is forecast. The Nordic cities of Helsinki and Stockholm are forecast to show slightly above average growth over the same time period, of 3.3%pa and 3.1%pa respectively (Figure 1). Figure 2 Retail sales growth forecasts in selected European cities (growth 2012-16)
Vilnius Riga Warsaw Istanbul Tallinn Helsinki Hamburg Prague London Stockholm Glasgow Manchester Bristol Edinburgh Leeds Birmingham Cardiff Cologne European average Budapest Marseille Paris Lyon Amsterdam Munich Copenhagen Leipzig Rotterdam Madrid Frankfurt Lille Barcelona Berlin Rome Stuttgart Brussels Dusseldorf Dublin Milan Lisbon -2% -1% 0% 1% 2% 3% 4% 5% 6% 7% 8%
Figure 1 GDP growth forecasts in selected European cities (2012-16)

Vilnius Kyiv Warsaw Riga Istanbul Tallinn Helsinki Stockholm London Hamburg Munich Budapest Prague Dublin European average Manchester Brussels Bristol Amsterdam Copenhagen Edinburgh Leeds Glasgow Rotterdam Cologne Lyon Paris Cardiff Madrid Birmingham Stuttgart Marseille Frankfurt Leipzig Dusseldorf Berlin Barcelona Rome Lisbon Lille Milan 0% 1% 2% 3% 4% 5% 6% 7% 8%
Source DTZ Research

Shopping Centre ProVision
Uncertain market conditions are creating subdued and highly selective occupier demand, reinforcing polarisation between prime and secondary schemes in a number of cities.
Despite the weakening economic conditions across the region, demand for
shopping centre space is holding up. However, retailers remain cautious, favouring prime space in prime schemes. As a result, secondary shopping centres are lagging behind with increasing vacancy rates. This reinforces the polarisation between prime and secondary centres, a trend which is apparent throughout much of the region. approached 150 million sq m. The UK, France, Italy, Germany and Spain have the largest shopping centre stock, accounting for 60% of the overall European provision. Although Western Europe accounts for the largest share of existing stock, development activity has been largely concentrated in the CEE countries and Turkey in recent years. average of 382 sq m, Stockholm and the Baltic cities of Riga and Tallinn seem largely over-supplied with stock in excess of 800 sq m. At the other end of the scale, Vilnius, Stuttgart, Cologne and Dusseldorf, as well as Rotterdam all have underdeveloped markets.
Figure 3 Total shopping centre* stock per 000 population in selected European cities (2012)
Stockholm Riga Tallinn Warsaw Copenhagen Prague Bristol Dublin Glasgow Frankfurt Helsinki Lisbon Madrid Cardiff Budapest Edinburgh European average Manchester Berlin Leipzig Hamburg Leeds London Birmingham Lyon Kyiv Marseille Barcelona Brussels Rome Istanbul Amsterdam Lille Munich Milan Dusseldorf Cologne Paris Rotterdam Stuttgart Vilnius
As at the beginning of 2012, total shopping centre stock across Europe
There are marked differences in provision at city level. Compared to the European
There are a number of reasons why cities may be undersupplied. In some
markets, high street retail is still the favoured format ( i.e. Vilnius), whilst in others the difculty in obtaining building permits severely restricts development. It is worth noting also that in some cities all of the shopping centre provision is found in out of town locations rather than in the city itself (i.e. Paris). witnessing strong growth, with most of the activity focused in Istanbul, where 28 schemes are planned. The largest of these is Marmara Park, a 100,000 sq m scheme scheduled for completion later this year. Other cities to have large pipelines are Kyiv, Warsaw and Budapest. Interestingly, whilst Stockholm is already relatively oversupplied, there are a further 15 schemes planned to come on stream. In the more mature markets, the focus will be on extensions and upgrades rather than expansions, as investors refocus on maintaining and strengthening existing assets in the current weak economic environment.
CEE cities account for the largest share of the European pipeline. Turkey is also
100
200
300
400
500
600
700
800
900
1000
Shopping centre floor space per 1,000 population (sq m)

Source DTZ Research *Shopping centre: Dened as a grouping of shops and services with a minimum GLA of 5,000 sq m, conceived, built and managed as one entity.
// European Retail Guide - Shopping Centres Statistics

Figure 4 - Shopping Centre Statistics in selected European cities (as at Feb 2012)
Country Belgium Czech Republic Denmark Estonia Finland
City Brussels Prague Copenhagen Tallinn Helsinki Lille
Total SC oorspace (sq m) 255 316 854 535 500 867 426 460 680 000 460 500 447 764 507 832 316 240 1 276 000 157 300 80 900 326 602 587 790 182 329 236 900 80 000 700 000 703 290 695 000 947 921 615 000
Total SCs per '000 population 233 687 750 808 472 179 260 252 141 369 157 138 491 327 351 174 133 410 595 176 228 876
Number of schemes in the pipeline 1 1 0 3 2 3 4 6 10 4 0 0 2 2 1 0 1 12 0 4 4 0
Country Lithuania Netherlands Poland Portugal Spain Sweden Turkey Vilnius
City
Total SC oorspace (sq m) 429 000 237 441 185 800 1 350 000 960 000 1 319 286 2 884 338 1 805 000 2 982 284 298 000 291 000 195 000 198 000 352 000 247 000 904 000 536 000 720 800
Total SCs per '000 population 130 189 136 785 472 243 451 879 220 286 653 415 404 591 306 291 367 257
Number of schemes in the pipeline 2 2 1 15 n/a 2 4 15 28 0 2 0 1 0 1 2 1 16
Amsterdam Rotterdam Warsaw Lisbon Barcelona Madrid Stockholm Istanbul Birmingham Bristol Cardiff
France
Lyon Marseille Paris Berlin Cologne Dusseldorf
Germany
Frankfurt Hamburg Leipzig Munich Stuttgart
United Kingdom
Edinburgh Glasgow Leeds London Manchester
Hungary Ireland Italy Latvia
Budapest Dublin Milan Rome Riga
Ukraine
Kyiv
European City gures

Source : DTZ Research
26 933 495
382
152

Shopping Centre FUTURE HOTSPOTS
We dene those cities which offer the greatest potential for future growth as our future hotspots. These include Vilnius, London and Hamburg. Figure 5: Current shopping centre oorspace per ooo population and retail sales growth (2012-2016) in major European cities
The chart across gives an indication of how developed European cities are in
terms of shopping centre development, as well as how dynamic their economies are. Plotted together this allows us to identify cities which offer good future growth prospects both for existing schemes and new developments.
Location based retail sales growth, 2012-2016
8%
Vilnius
7%
STABLE
STRONG
In the stable category we have markets which have above average shopping
Riga Warsaw Tallinn
6% 5% 4%
centre provision and above average forecast retail sales growth. These are stable markets; whilst existing provision will benet from strong retail sales growth over the forecast period, these cities are displaying signs of market saturation. This could potentially limit future development. Cities in this category include Stockholm and Warsaw.
Hamburg
Helsinki Prague Stockholm European average Copenhagen
3%
London Birmingham Manchester
per capita but below average retail sales growth forecasts. The performance of existing schemes or future growth prospects will be hampered by stalling economies. These include Dublin, Frankfurt and Madrid, with the worst case being Lisbon.
2% 1% 0% 0 -1% -2%
EMERGING
The stagnant markets are cities which display high shopping centre provision
Paris
Bristol Budapest Madrid
STAGNANT
Amsterdam Munich
Marseille Lyon
Rotterdam Lille Stuttgart Dusseldorf Barcelona Rome Brussels Berlin
Frankfurt Dublin
Emerging markets, whilst offering potential as they are under-supplied in
100
Milan
200
300
400
500
Lisbon
600
700
800
900
1 000
terms of shopping centre provision, display weak retail sales growth forecast gures. The short to medium term outlook is one of muted growth. Cities in this category include those in the Benelux, France and Germany.
Shopping centre floor space per 1,000 population
FIGURE 5
The future HOTSPOTS (i.e. cities which offer the greatest potential for
future growth) are those situated in the strong category. These are currently undersupplied but offer strong economic growth in the medium term, which will boost retail sales. This will benet existing schemes and also provide considerable opportunity for new development. In this category we have Vilnius, London, Hamburg and Birmingham.
Brussels, Belgium
// Key Local Indicators Population 2011, (in 000) Population growth, 2012-2016 (annual %) Age structure, 15-64 (%) GDP growth, 2007-2011 (%pa) GDP growth forecasts, 2012-2016 (%pa)
Location based retail sales growth, 2007-2011 (%pa) Location based retail sales growth forecasts, 2012-2016 (%) CPI 2011 (%) ILO unemployment rate 2011 (%) Consumer expenditure per capita, 2011 Average earnings Car ownership (cars per 1 000 inhabitants)
Overall city score

Brussels
1 094 0,5 66 0,8 2,2 0,0 0,3 n/a 14,8 15 006 17 374 n/a
Belgium
10 899 0,3 66 1,1 1,8 0,7 1,1 3,5 7,0 15 379 17 942 476
Europe
502 711 0,2 66 0,5 2,2 2,4 1,4 0,3 9,4 13 070 18 825 473
Pop. growth GDP growth
+ -
Retail sales growth
--
// Retail Provision and Market Conditions Number of shopping centres in operation Number of shopping centres in the pipeline Total shopping centre oorspace (sq m) Total shopping centre oorspace (per 000 population) Prime shopping centre rents (units of 2,000 sq m)
Basis of measurement Unit of measurement Inclusions
17 1 255 316 233 1 500 GLA sq m /sq m/year None
63 18 1 018 521 93 1 500
5 128 626 117 383 310 326 n/a
Brussels
Difculties in securing nancing and governmental permits are limiting shopping centre development. No shopping centres larger than 8,000 sq m are expected to open between now and 2013.
// Lease Structures and Legal Aspects

Standard lease document Typical lease length Typical incentives Statutory rights to renew the lease Frequency of rent reviews Frequency and basis of indexation of rent Retail lease contract (1951 law) 9 years Rent free period (usually 1 year of gratuity) Yes for both parties 9 years; review possible every 3 years if market conditions have changed signicantly (+15% or - 15% of the initial rent) Annually if agreed in the leasing contract. Indexation is calculated on the Belgian Health Index
Brussels, Belgium
// Major shopping centres in operation in Brussels (by size)
Shopping centre name Opening date
1978 renovated in 1999
GLA size (sq m)

51 000
Owner
AG Real Estate
N of stores
105
Footfall gures (000)

15 659
Occupancy ratio (%)

n/a
Turnover
n/a
City 2
Key tenants: Fnac; carrefour, Zara; Sports World
The "W" Shopping (Woluwe Shopping Centre)
42 677
SA L'Investissement Foncier Woluwe Shopping Center (Certicat Fortis RE)
136
8 412
n/a
n/a
Key tenants: Galeria Inno; Habitat; Match; H&M
Westland Shopping Center
37 450
Investissement foncier Westaldn Shopping Center SA (Fortis RE + Redevco)
126
7 732
n/a
n/a
Key tenants: C&A; Delhaize; New Look; Zara
Basilix Shopping Center Galerie Toison d'Or
16693
ImmoBasilix (certicat KBC)
64
3 400
n/a
n/a
Key tenants: Brico; Media Markt; Hema; Blokker
12 353
SA Toison d'Or
41
5 000
n/a
n/a
Key tenants: Fnac, AS Adventure, Desigual, Maxitoys
4 1
Brussels
Galeries de la Reine- Brussels
3 5
Prague, CZR
Overall city score

Prague
1 245 0,2 70 3,2 2,6 2,4 3,0 n/a 3,6 6 824 7 975 n/a
CZR
10 520 0,0 70 1,7 2,1 1,9 2,4 1,9 6,8 5 496 6 095 422
Europe
502 711 0,2 66 0,5 2,2 2,4 1,4 0,3 9,4 13 070 18 825 473
Retail sales growth
++
// Retail Provision and Market Conditions Number of shopping centres in operation Number of shopping centres in the pipeline Total shopping centre oorspace (sq m) Total shopping centre oorspace (per 000 population) Prime shopping centre rents (units of 50-100 sq m)
30 1 854 535 687 70-80 GLA sq m /sq m/month None
88 4 2 116 189 201 45-70
5 128 626 117 383 310 326 n/a
Prague
The limited availability of bank nancing is causing a restriction of new retail space. As such, shopping centre development has been struggling with the focus moving towards refurbishments of existing schemes.

Standard lease document Typical lease length Typical incentives Statutory rights to renew the lease Frequency of rent reviews Frequency and basis of indexation of rent Lease Agreement 5 years Rent free period and/or t-out contribution After 5 years Annual indexation HICP, Czech CPI
Prague, CZR
// Major shopping centres in operation in Prague (by size)
1999 - 2007
GLA size (sq m)

125 000
Owner
Tesco Stores
N of stores
150

n/a
Occupancy ratio (%)

n/a
Turnover
n/a
Tesco Letnany
Key tenants: Tesco,C&A, Marks&Spencer, Zara,Palace Cinemas, Aquacentrum Letnany Lagoon
Centrum Chodov
2005
57 736
Unibail-Rodamco
213
n/a
n/a
n/a
Key tenants: Albert, Marks&Spencer, Zara, New Yorker, Hervis, Datart, Bambule, H&M, C&A, BATA, Humanic, Deichman, Armani Jeans, Mac, Rituals, Paul bakery
Nov Smchov
2002
55 800
Klpierre
150
n/a
n/a
n/a
Key tenants: Tesco, H&M, Marks&Spencer, Zara, Palace Cinemas
Metropole Zlicn
Centrum Cern Most & CCM Entretainment centre
2002 & 2004
55 000
Commerz Grundbesitz
130
n/a
n/a
n/a
Key tenants: Marks&Spencer, Interspar, C&A, Kenvelo, Cinema City, Family Fitness
1997 & 2000
53 320
Unibail-Rodamco
73
n/a
n/a
n/a
Key tenants: Globus, H&M, C&A, Datart, Bambule, Gigasport, Holmes Place, CineStar
1 5
Prague
4
Palac Flora - Prague
3 2
Copenhagen, Denmark
Overall city score

Copenhagen
668 0,5 67 0,2 2,0 -2,7 1,6 n/a n/a 18 823 18 248 n/a
Denmark
5 552 0,2 65 -0,6 2,0 -2,5 1,8 2,8 7,5 18 265 17 764 465
Europe
502 711 0,2 66 0,5 2,2 2,4 1,4 0,3 9,4 13 070 18 825 473
+ -
Retail sales growth
--
// Retail Provision and Market Conditions Number of shopping centres in operation Number of shopping centres in the pipeline Total shopping centre oorspace (sq m) Total shopping centre oorspace (per 000 population) Prime shopping centre rents (units of 200 sq m)
23 0 500 867 750 4,000-4,500 GLA sq m DKK/sq m/pa None
108 8 1 821 040 328 2,500-3,000
5 128 626 117 383 310 326 n/a
Copenhagen
Growth in population and purchasing power is leading to increased polarisation, with large schemes benetting from increased footfall and modernisations and smaller ones suffering from increased vacancies.

Standard lease document Typical lease length Typical incentives Statutory rights to renew the lease Frequency of rent reviews Frequency and basis of indexation of rent Lease contract 5 years Fit-out contribution and rent rebate dependant on centre and location Automatically renew on rolling break basis No sooner than 4 years from the last formal review Annual - Danish nettoprisindex
Copenhagen, Denmark
// Major shopping centres in operation in Copenhagen (by size)
2004
GLA size (sq m)

74 000
Owner
Steen & Strm
N of stores
128

6 800
Occupancy ratio (%)

93
Turnover
2 750
Fields
Key tenants: Bilka, H&M, Elgiganten, Fona, Toys R Us, SportsMaster, Stadium
City Two
1975
63 000
Danica
91
3 800
90
1 143
Key tenants: Ftex, H&M, Fona, SportMaster
Fisketorvet
2000
39 000
Unibail Rodamco
106
8 200
95
1 514
Key tenants: Ftex, H&M, Elgiganten, Bahne, Stadium, SportsMaster, McDonalds
Rdovre Centret
1966
38 200
A/S Rdovre Centrum
119
n/a
100
1 869
Key tenants: Ftex, Irma, Super Best, H&M, Fona, Punkt 1, SportMaster, Stadium
Lyngby Store Centre
1973
34 000
Lyngby Storecenter ApS
106
5 900
100
1 794
Key tenants: Ftex, Irma, H&M, Punkt 1, Fona, Expert, SportsMaster, Stadium, Intersport
Copenhagen
2
European shopping centre - Copenhagen
1
Tallinn, Estonia
Overall city score

Tallinn
528 0,1 68 -0,4 4,6 -2,5 4,8 n/a n/a 5 965 7 263 n/a
Estonia
1 337 -0,2 68 0,0 4,1 -1,8 4,3 5,0 13,0 4 507 5 171 413
Europe
502 711 0,2 66 0,5 2,2 2,4 1,4 0,3 9,4 13 070 18 825 473
++
Retail sales growth
--
n/a n/a n/a n/a n/a
5 128 626 117 383 310 326 n/a
Tallinn
Tallinns retail market comprises department stores and shopping centres. Popular schemes include the Viru Centre and Kristiine Centre. No major developments were competed in 2011 but in September the Magistral Centre closed for refurbishment.

Standard lease document Typical lease length Typical incentives Statutory rights to renew the lease Frequency of rent reviews Frequency and basis of indexation of rent Lease agreement 5-10 years Fit-out contribution, temporary discounts After 5 years Annual indexation CPI
Tallinn, Estonia
// Major shopping centres in operation in Tallinn (by size)
1998
GLA size (sq m)

53 300 Citycon
Owner
N of stores
165

6 400
Occupancy ratio (%)

100
Turnover
122m
Rocca al Mare
Key tenants: Prisma, Vero Moda, Jack and Jones, Monton, New Yorker, Marks & Spencer, Lindex, NS Kings
Kristiine Keskus
1999
42 500
Citycon
170
7 100
100
102m
Key tenants: Prisma, Marks & Spencer, Zara, New Yorker, Benetton, JYSK, Sportland, Euronics, Prisma
Jrve Keskus
2000
41 800
Silikaat Grupp
108
n/a
100
n/a
Key tenants: Selver, Aatrium, Diivanparadiis, Rademar, Huppa, DenimDream
Ulemiste Keskus
2004
37 500
Linstow
160
4 800
99
95m
Key tenants: Rimi, Lindex, Monton, Mustang, New Yorker, Promod, Reserved, Seppl, Mobbel Zip
Viru Keskus
2004
26 300
SRV
100
11 000
99
117m
Key tenants: Kaubamaja, Vero Moda, DenimDream, Rademar, Esprit, Mango, Promode, Terranova
5 2
Viru Keskus - Tallinn
Tallinn
4
3
Helsinki, Finland
Overall city score

Helsinki
1 440 1,0 67 0,9 3,3 2,1 3,4 n/a 6,9 18 014 20 444 n/a
Finland
5 380 0,3 66 0,9 2,5 1,9 2,9 3,4 7,9 16 303 18 080 535
Europe
502 711 0,2 66 0,5 2,2 2,4 1,4 0,3 9,4 13 070 18 825 473
++ ++
Retail sales growth
++
32 2 680 000 472 20 GLA sq m /sq m/month None
74 5 1 500 000 279 12
5 128 626 117 383 310 326 n/a
Helsinki
Future shopping centre development is expected both in the centre of Helsinki as well as in edge of town locations. The latter continue to dominate shopping centre supply.

Standard lease document Typical lease length Typical incentives Statutory rights to renew the lease Frequency of rent reviews Frequency and basis of indexation of rent Lease agreement 5 years Typically none; sometimes t-out contributions or rent free period for tenants None Annual indexation Finnish CPI
Helsinki, Finland
// Major shopping centres in operation in Helsinki (by size)
1984
GLA size (sq m)

117 131
Owner
Wereldhave N.V./Kesko/ City of Helsinki
N of stores
265

20 100
Occupancy ratio (%)

98
Turnover
451 mn
Itkeskus
Key tenants: Stockmann, H&M, Kesko, Bestseller, Nordea Bank
Sello
2003
102 000
KEVA, Etera Mutual Pension Insurance Company, Pension Fennia
172
21 900
98
357 mn
Key tenants: S-Group, Kesko, Halonen
Jumbo
1998
85 000
Rodamco, Pension Fennia, HOK-Elanto, Kesko
121
8 700
98
414 mn
Key tenants: Stockmann, Kesko, S-Group, H&M, Marimekko
Iso Omena
2001
60 500
Citycon Oyj, GIC Real Estate
100
8 800
98
237 mn
Key tenants: Kesko, S-Group, Finnkino, Library, H&M
Kamppi
2006
44 429
Cornerstone Nordic Retail Fund
120
34 000
98
231 mn
Key tenants: Calvin Klein, Companies, Marc O Polo, Esprit, Guess, Nike Store, Moda, Kesko
2
Shopping centre - Helsinki
Helsinki
Lille, France
Overall city score

Lille
2 569 0,2 65 0,2 0,8 1,7 0,8 n/a 13,3 14 172 16 497 n/a
France
65 182 0,4 64 0,5 1,8 2,1 2,0 2,0 9,6 15 587 18 589 482
Europe
502 711 0,2 66 0,5 2,2 2,4 1,4 3,0 9,4 13 070 12 347 473
--
Retail sales growth
--
// Retail Provision and Market Conditions Number of shopping centres in operation Number of shopping centres in the pipeline Total shopping centre oorspace (sq m) Total shopping centre oorspace (per 000 population) Prime shopping centre rents (units of 150-200 sq m) Basis of measurement
Unit of measurement Inclusions
16 3 460 500 179 750/850 GLA sq m /sq m/year None
597 73 14 807 100 227 400/600
5 128 626 117 383 310 326 n/a
Lille
Lilles shopping centre market is dominated by Euralille, home to 140 retailers and anchored by a Carrefour hypermarket. A new scheme Lillenium is due to open in 2014 to the south of the city.
// Lease Structures and Legal Aspects Standard lease document Typical lease length
Typical incentives Statutory rights to renew the lease Frequency of rent reviews Frequency and basis of indexation of rent
Commercial lease 10-12 years Mature = none, except for medium size units : cap of service charges. For new centres, step rents and cap of services charges for MSU Yes Lease expiry Annual, with ILC
Lille, France
// Major shopping centres in operation in Lille (by size)
1994
GLA size (sq m)

66 700
Owner
Unibail-Rodamco
N of stores
112

12 000
Occupancy ratio (%)

n/a
Turnover
5,072/ sq m/year
Eurallile
Key tenants: Carrefour, Go Sport, H&M, Zara
Villeneuve 2
1977
51 300
Unibail-Rodamco
140
12 000
n/a
6,868/ sq m/year
Key tenants: Auchan, C&A, H&M, Bershka
Auchan Les Gants
1974
47 200
Immochan
78
n/a
n/a
6,163 sq m/year
Key tenants: Auchan, Auchan Drive, Le Furet du Nord, Zara,
Espace Grand'Rue
2002
36 600
Altara
50
5 400
n/a
n/a
Key tenants: Gant Casino, H&M, Le Furet du Nord, Kiabi
Auchan
1994
36 000
Immochan
60
n/a
n/a
n/a
Key tenants: Auchan, Auchan Drive, Douglas
Roubaix
1
Euralille - Lille
Lille
5
Lyon, France
Overall city score

Lyon
1 725 0,7 64 0,3 1,7 2,2 1,8 n/a 8,5 16 512 19 952 n/a
France
65 182 0,4 64 0,5 1,8 2,1 2,0 2,0 9,6 15 587 18 589 482
Europe
502 711 0,2 66 0,5 2,2 2,4 1,4 3,0 9,4 13 070 12 347 473
+ -
Retail sales growth
12 4 447 764 260 1500 - 1600 GLA sq m /sq m/year None
597 73 14 807 117 227 400-600
5 128 626 117 383 310 326 n/a
Lyon
Continued uncertainty surrounding the economic outlook has led to restrictive development in recent years. A new retail project Up in Lyon is expected to bring 20,000 sq m of new retail space to the city.

Standard lease document Typical lease length Typical incentives Statutory rights to renew the lease Frequency of rent reviews Frequency and basis of indexation of rent Commercial lease 10-12 years Mature = none, except for medium size units : cap of service charges. For new centres, step rents and cap of service charges for MSU Yes Lease expiry Annual, with ILC
Lyon, France
// Major shopping centres in operation in Lyon (by size)
1975
GLA size (sq m)

126 460
Owner
Unibail-Rodamco
N of stores
241

32 000
Occupancy ratio (%)

n/a
Turnover
8,782/ sq m/ year
La Part-Dieu
Key tenants: Carrefour Hypermarket, Galeries Lafayette, Decathlon, Fnac
Carr de Soie
2009
75 292
Altara
60
5 500
n/a
n/a
Key tenants: Jardiland, Castorama, Saturn, Go Sport
Ecully Grand Ouest
1972
46 078
Klpierre
88
7 500
100
7,771 / sq m/year
Key tenants: Carrefour Planet, Decitre, Camaeu, Sephora
Sept Chemins
1988
36 000
Klpierre
45
2 900
100
n/a
Key tenants: Carrefour hypermarket, Jennyfer, Marionnaud
Porte des Alpes
1981
35 000
Immochan
60
n/a
n/a
n/a
Key tenants: Auchan hypermarket, Nocib, Sephora
3 1 Lyon
2 4
La Part-Dieu - Lyon
Marseille, France
Overall city score

Marseille
2 015 0,6 63 0,4 1,5 2,5 2,0 n/a 10,3 15 591 18 569 n/a
France
65 182 0,4 64 0,5 1,8 2,1 2,0 2,0 9,6 15 587 18 589 482
Europe
502 711 0,2 66 0,5 2,2 2,4 1,4 3,0 9,4 13 070 12 347 473
+ -
Retail sales growth
++
15 6 507 832 252 1000-1100 GLA sq m /sq m/year None
597 73 14 807 117 227 400-600
5 128 626 117 383 310 326 n/a
Marseille
Marseilles city centre is witnessing a boom in shopping centre activity, with some large schemes expected to open in 2013/2014. These include La Capelette and Les Terrasses du Port.

Standard lease document Typical lease length Typical incentives Statutory rights to renew the lease Frequency of rent reviews Frequency and basis of indexation of rent Commercial lease 10-12 years Mature = none, except for medium size units : cap of service charges. For new centres, step rents and cap of service charges for MSU Yes Lease expiry Annual, with ILC
Marseille, France
// Major shopping centres in operation in Marseille (by size)
1996
GLA size (sq m)

119 644 Corio
Owner
N of stores
211

12 000
Occupancy ratio (%)

n/a
Turnover
n/a
Marseille Grand Littoral Grand Vitrolles
Key tenants: Carrefour, Leroy Merlin, Go Sport, Babou
1970
61 111
Klpierre
79
12 500
100%
7,419/ sq m/year
Key tenants: Carrefour, Castorama, Saturn
Auchan Barnoud
1980
48 566
Immochan
70
n/a
n/a
na
Key tenants: Auchan, Parfumerie Trupheme, Courir
La Pioline
1973
32 617
Klpierre
34
5 800
87%
na
Key tenants: Carrefour, Marionnaud
Valentine Grand Centre
32 564
Mercialys
66
2 700
n/a
n/a
Key tenants: Gant Casino, Nocib, Courir
1
Marseille
Grand Littoral - Marseille
Paris, France
Overall city score

Paris
2 248 0,5 67 1,6 1,7 3,1 1,9 n/a 8,1 26 694 25 710 n/a
France
65 182 0,4 64 0,5 1,8 2,1 2,0 2,0 9,6 15 587 18 589 482
Europe
502 711 0,2 66 0,5 2,2 2,4 1,4 3,0 9,4 13 070 18 825 473
+ -
Retail sales growth
--
14 10 316 240 141 2000-2200 GLA sq m /sq m/year None
597 73 14 807 117 227 400-600
5 128 626 117 383 310 326 n/a
Paris
Despite muted consumer spending, a number of existing shopping centres are undergoing extensions and a number of projects are in the pipeline.

Standard lease document Typical lease length Typical incentives Statutory rights to renew the lease Frequency of rent reviews Frequency and basis of indexation of rent Commercial lease 10-12 years Mature = none, except for medium size units (MSU): maximum of service charges. For new centres, step rents and cap of service charges for MSU Yes Lease expiry Annual, with ILC
Paris, France
// Major shopping centres in operation in Paris (by size)
1981/2007
GLA size (sq m)

129 996
Owner
Unibail-Rodamco
N of stores
235

33 000
Occupancy ratio (%)

n/a
Turnover
11,177 sq m/year
Les Quatre Temps
Key tenants: Auchan Hypermarket, C&A, Darty, Virgin
Forum des Halles
1979/1996
59 998
Unibail-Rodamco/AXA Group
180
42 000
n/a
9,968 sq m/year
Key tenants: Esprit, New Look, Fnac, Etam, Darty
Italie 2
1976/2001
56 698
Hammerson
130
14 700
n/a
8,003 sq m/year
Key tenants: Fnac, Go Sport, Champion, Printemps
Maine Montparnasse
1973
35 433
n/a
68
n/a
n/a
4,119 sq m/year
Key tenants: Galeries Lafayette, C&A, Marionnaud
Bercy Village
1998
26 518
Altara
31
12 000
n/a
7775 sq m/year
Key tenants: Monop Store, Board Riders, Sephora
Paris
Forum des Halles - Paris
2 5
Berlin, Germany
Overall city score

Berlin
3 458 0,4 69 2,3 1,1 -1,0 0,5 n/a 11,7 13 863 16 207 n/a
Germany
81 716 -0,1 66 1,2 1,7 -0,4 1,3 2,3 6,0 16 182 19 710 518
Europe
502 711 0,2 66 0,5 2,2 2,4 1,4 0,3 9,4 13 070 18 825 473
--
Retail sales growth
--
42 4 1 276 000 369 n/a GLA sq m /sq m/month None
457 74 14 294 020 175 n/a
5 128 626 117 383 310 326 n/a
Berlin
As growing tourism continues to boost Berlins retail market, several new shopping centres are in the pipeline. Among the most prominent is Boulevard Berlin, a large inner-city retail centre in southern Berlin due for 2013.

Standard lease document Typical lease length Typical incentives Statutory rights to renew the lease Frequency of rent reviews Frequency and basis of indexation of rent Yes on tenant and landlord side 5 years + 5 years Rent free period (0-6 months), t-out contribution No, but anchor tenants often have an option to prolong their contract Rare Based on development of CPI (triggers: change, time); Indexation needs a 5+5 or 10 year contract
Berlin, Germany
// Major shopping centres in operation in Berlin (by size)
1997
GLA size (sq m)

80 000
Owner
H.F.S. Immobilienfonds Deutschland 11 GmbH & Co. KG
N of stores
160

55 000
Occupancy ratio (%)

n/a
Turnover
n/a
Gropius Passagen
Key tenants: Kauand, Media Markt, Galeria Kaufhof, P&C, H&M
Alexa Shopping-und Freizeitcenter Ring-Center
2007
56 200
Union Investment Real Estate/Sonae Sierra
180
30 000-100 000
n/a
n/a
Key tenants: Media Markt, Reichelt, Zara, H&M, LOXX
1995
54 240
Schliebe GmbH & Co. KG /Wieland GmbH & Co. KG
113
50 000
n/a
n/a
Key tenants: Galeria Kaufhof, Kaiser's, real, H&M, MediMax
Potzdamer Platz Arkaden
1998
48 000
SEB c/o PPMG Potsdamer Platz Management GmbH
127
55 000
n/a
n/a
Key tenants: Whrl, Saturn, Hugendubel, Zara
Hallen am Borsigturm
1999
46 652
W2005/W2007 Vernal Asset 2 B.V.
103
20 000
n/a
n/a
Key tenants: Netto, Media Markt, TK maxx, Rewe, H&M
5 4
Friedrichstrasse - Berlin
Berlin
1
Cologne, Germany
Overall city score

Cologne
1 002 0,3 67 0,1 1,8 -1,5 2,1 n/a 6,2 16 712 20 476 n/a
Germany
81 716 -0,1 66 1,2 1,7 -0,4 1,3 2,3 6,0 16 182 19 710 518
Europe
502 711 0,2 66 0,5 2,2 2,4 1,4 0,3 9,4 13 070 18 825 473
Retail sales growth
++
6 0 157 300 157 n/a GLA sq m /sq m/month None
457 74 14 294 020 175 n/a
5 128 626 117 383 310 326 n/a
Cologne
For a long time, supply of retail space in Colognes prime retail streets has failed to meet demand. As a result, international and national retailers are looking outside these prime areas in order to expand their footprint.

Standard lease document Typical lease length Typical incentives Statutory rights to renew the lease Frequency of rent reviews Frequency and basis of indexation of rent Yes on tenant and landlord side 5 years + 5 years Rent free period (0-6 months), t-out contribution No, but anchor tenants often have an option to prolong their contracts Rare Based on development of CPI (triggers: change, time); Indexation needs a 5+5 or 10 year contract
Cologne, Germany
// Major shopping centres in operation in Cologne (by size)
1972
GLA size (sq m)

48 000 KG Alster
Owner
N of stores
189

25 000
Occupancy ratio (%)

n/a
Turnover
n/a
Rhein-Center KlnWeiden City-Center KlnChorweiler Kln Arcaden
Key tenants: Galeria Kaufhof, P&C, Saturn, Rewe, Zara, H&M, Anson's
1976
33 000
Prime Commercial properties management Ltd.
100
30 000
n/a
n/a
Key tenants: C&A, Wehmeyer, H&M, Kaiser's, Netto
2005
27 600
Union Investment Real Estate gmbH
119
17 000
n/a
n/a
Key tenants: Media Markt, C&A, toom, H&M, Mller
DuMont-Carr
2001
19 100
Immobilienfonds Wohnund Geschftshaus Kln Breite Strae GbR
48
n/a
n/a
n/a
Key tenants: Kult/Planet, ProMarkt, Standa Supermercato, Buffet Chang
Neumarkt Galerie Kln
1998
16 800
Neumarkt Galerie Immobiliengesellschaft mbH & Co. KG
42
n/a
n/a
n/a
Key tenants: Karstadt Sport, Mayersche Buchhandlung
Cologne
Kln Arcaden - Cologne
Dusseldorf, Germany
Overall city score

Dusseldorf
587 0,2 66 3,2 1,2 0,5 0,2 n/a 6,6 18 481 23 222 n/a
Poland
81 716 -0,1 66 1,2 1,7 -0,4 1,3 2,3 6,0 16 182 19 710 518
Europe
502 711 0,2 66 0,5 2,2 2,4 1,4 0,3 9,4 13 070 18 825 473
--
Retail sales growth
--
457 74 14 294 020 175 n/a
5 128 626 117 383 310 326 n/a
Dusseldorf
Some exciting new schemes are set to come on stream in Germanys fashion capital over the next few years, as developers respond to continued strong demand and a lack of supply.

Dusseldorf, Germany
// Major shopping centres in operation in Dusseldorf (by size)
1986
GLA size (sq m)

24 000
Owner
ECE Projektmanagment/ Merrill Lynch
N of stores
90

40 000
Occupancy ratio (%)

n/a
Turnover
n/a
K Galerie City Center Dsseldorf Arkaden
Key tenants: Jil Sander, Frankonia Jagd, Muji
2008
24 000
Ivanhoe Cambridge c/o m AG
116
25 000
n/a
n/a
Key tenants: C&A, Media Markt, Aldi Sd, Just Fit Premium
Schadow Arkaden
1994
17 400
Schadow Arkaden Betriebsgesellschaft
68
23 500
n/a
n/a
Key tenants: Anson's, H&M, Esprit, Fitness First, Habitat
Sevens
2000
15 500
Sevens GmbH & Co. KG
35
15 000
n/a
n/a
Key tenants: Saturn, Strenesse, joop!, Parfmerie Schnitzler
Dusseldorf
3 4 2 1
K Galerie -Dusseldorf
Frankfurt, Germany
Overall city score

Frankfurt
666 0,2 67 1,8 1,4 0,3 0,9 n/a 4,9 16 468 20 104 n/a
Germany
81 716 -0,1 66 1,2 1,7 -0,4 1,3 2,3 6,0 16 182 19 710 518
Europe
502 711 0,2 66 0,5 2,2 2,4 1,4 0,3 9,4 13 070 18 825 473
Retail sales growth
457 74 14 294 020 175 n/a
5 128 626 117 383 310 326 n/a
Frankfurt
Major retailers continue to ock to this important retail location. Space remains limited but the injection of some prestigious projects, including Goetheplaza, will help ease this.

Frankfurt, Germany
// Major shopping centres in operation in Frankfurt (by size)
1968
GLA size (sq m)

118 900
Owner
KG Nordtrakt
N of stores
142

n/a
Occupancy ratio (%)

n/a
Turnover
n/a
NordWestZentrum Main-Taunus-Zentrum HessenCenter
Key tenants: Galeria Kaufhof, Toom, Media Markt, Primark
1964
109 200
Main-Tanus-Zentrum, Wieland KG
170
40 000
n/a
n/a
Key tenants: Hollister, Apple, Karstadt, Galeria Kaufhof, Breuninger, Media Markt, C&A
1971
45 600
KG Farmsen mbH & Co.
115
25 000
n/a
n/a
Key tenants: Galeria Kaufhof, Toom, H&M, Peek&Cloppenburg
MyZeil
2009
41 752
Palais Quartier GmbH & Co. KG
82
40 000
n/a
n/a
Key tenants: Hollister, Saturn, Rewe, Anson's
Zeilgalerie
1992
11 150
IFM Immobilien AG
54
n/a
n/a
n/a
Key tenants: United Colors of Benetton, H&M, Pizza Hut
3 2 4 Frankfurt 5
MyZeil - Frankfurt European Retail Guide - Shopping Centres | 35
Hamburg, Germany
Overall city score

Hamburg
1 825 1,1 69 1,1 3,0 -0,4 3,3 n/a 5,9 19 178 24 303 n/a
Germany
81 716 -0,1 66 1,2 1,7 -0,4 1,3 2,3 6,0 16 182 19 710 518
Europe
502 711 0,2 66 0,5 2,2 2,4 1,4 0,3 9,4 13 070 18 825 473
++ +
Retail sales growth
++
457 74 14 294 020 175 n/a
5 128 626 117 383 310 326 n/a
Hamburg
Work continues apace on HafenCity, a prominent city centre waterfront development project which will increase the size of Hamburgs city centre by 40% by 2025.

Hamburg, Germany
// Major shopping centres in operation in Hamburg (by size)
1970
GLA size (sq m)

70 800
Owner
KG Klosterstern
N of stores
254

40 000
Occupancy ratio (%)

n/a
Turnover
n/a
Alstertal EinkaufsZentrum Hamburger Meile
Key tenants: Galeria Kaufhof, P&C, Apple Store, AppelrathCppers, Zara, Anson's, H&M, Thalia
1970
60 000
Real I.S.
150
30 000
n/a
n/a
Key tenants: TK maxx, MediMax, H&M, Rewe
Elbe Einkaufszentrum
1966
51 600
Immobilien KG Schliebe & Co.
170
30 000
n/a
n/a
Key tenants: toom, P&C, C&A, Anson's, Zara, H&M
Billstedt-Center Quarree Wandsbek Markt
1977
48 000
Dt. Euroshop AG
112
45 000
n/a
n/a
Key tenants: Karstadt Warenhaus, toom, Media Markt, H&M, TK maxx
1988
36 400
Union Investement Real Estate GmbH
91
40 000
n/a
n/a
Key tenants: Karstadt Sport, C&A, H&M, MediMax, Anson's
5 4
Hamburger Meile - Hamburg
Hamburg
Leipzig, Germany
Overall city score

Leipzig
0,5 66 0,1 1,4 -0,8 1,4 5,7 n/a 10,5 13 851 16 188 n/a
Germany
-0,1 66 1,2 1,7 -0,4 1,3 4,1 2,3 6,0 16 182 19 710 518
Europe
0,2 66 0,5 2,2 2,4 1,4 1,4 0,3 9,4 13 070 18 825 473
+ -
Retail sales growth
--
370 130 8 140 000 213 n/a
5 128 626 117 383 310 326 n/a
Leipzig
Leipzigs retail market is undergoing an upgrade in an attempt to improve the attractiveness of the inner city shopping area, which has suffered at the hands of competition from peripheral shopping centres.

Leipzig, Germany
// Major shopping centres in operation in Leipzig (by size)
1994
GLA size (sq m)

119 947
Owner
Leipzig-Paunsdorf Center GmbH & Co. KG c/o m AG
N of stores
117

42 000
Occupancy ratio (%)

n/a
Turnover
n/a
Paunsdorf Center
Key tenants: Mller, H&M, Kauand, C&A, Media Markt
Allee-Center Leipzig
1996
28 800
Horizon Way Group Limited Craigmuir Chambers
118
25 000
NA
n/a
Key tenants: Saturn, Adler, H&M, Aldi Nord, real
Petersbgen Leipzig
2001
18 700
Petersbogen Immobiliengesellschaft mbH & Co. KG
39
13 000
n/a
n/a
Key tenants: Desigual, Lidl, s.Oliver, CineStar
Marktgalerie Leipzig
2006
14 882
Rreef
10
n/a
n/a
n/a
Key tenants: Breuninger Warenhaus, Leiser, Weltbild plus
Leipzig
4 3 2
Paunsdorf Center - Leipzig European Retail Guide - Shopping Centres | 39
Munich, Germany
Overall city score

Munich
1 364 1,3 67 0,8 2,8 -0,7 1,7 n/a 2,9 19 185 24 299 n/a
Germany
81 716 -0,1 66 1,2 1,7 -0,4 1,3 2,3 6,0 16 182 19 710 518
Europe
502 711 0,2 66 0,5 2,2 2,4 1,4 0,3 9,4 13 070 18 825 473
++ +
Retail sales growth
457 74 14 294 020 175 n/a
5 128 626 117 383 310 326 n/a
Munich
Work has started on the development and refurbishment of the mixed-use project Hofstatt which will bring a further 14,000 sq m of retail space to the city centre.

Munich, Germany
// Major shopping centres in operation in Munich (by size)
1972
GLA size (sq m)

67 200
Owner
Dr. Rhl KG
N of stores
137

50 000
Occupancy ratio (%)

n/a
Turnover
n/a
Olympia-Einkaufs zentrum PEP Einkaufs-Center Mnchen-Neuperlach Riem Arcaden
Key tenants: Galeria Kaufhof, Karstadt Warenhaus, C&A, Whrl, Edeka
1981
60 000
TIAA-CREF
121
60 000
n/a
n/a
Key tenants: P&C, Whrl, C&A, Saturn, Kauand
2004
48 600
Union Investment Real Estate GmbH, c/o m AG
116
25 000
n/a
n/a
Key tenants: Saturn, E-Center, SinnLeffers, C&A, H&M
MIRA Einkaufscenter
2008
21 700
GEPRO Wohn- und Gewerbebau GmbH & Co. Zwanzigste Immobilien KG
60
n/a
n/a
n/a
Key tenants: Rewe, Aldi Nord, C&A, H&M, Expert
Pasing Arcaden (1st construction stage)
2011
21 000
m AG
100
n/a
n/a
n/a
Key tenants: H&M, Esprit, s.Oliver, C&A, Aldi, dm
4 1
Munich
2
Olympia Einkaufs Zentrum - Munich European Retail Guide - Shopping Centres | 41
Stuttgart, Germany
Overall city score

Stuttgart
601 0,2 66 0,1 1,6 -0,5 0,3 n/a 4,1 18 742 23 632 n/a
Germany
81 716 -0,1 66 1,2 1,7 -0,4 1,3 2,3 6,0 16 182 19 710 518
Europe
502 711 0,2 66 0,5 2,2 2,4 1,4 0,3 9,4 13 070 18 825 473
Retail sales growth
--
457 74 14 294 020 175 n/a
5 128 626 117 383 310 326 n/a
Stuttgart
Sustained demand from retailers and low vacancy are driving further shopping centre development in Stuttgart. The Das Gerber and Milaneo are expected to open in 2014 and 2015.

Stuttgart, Germany
// Major shopping centres in operation in Stuttgart (by size)
2006
GLA size (sq m)

27 500
Owner
Seleno GmbH
N of stores
82

33 000
Occupancy ratio (%)

n/a
Turnover
n/a
Knigsbau Passagen Stuttgart
Key tenants: Saturn, Deutsche Post, Olymp & Hades, Vapiano
Schwaben Galerie
2004
26 600
DCSF Immobilien Verwaltungsgesellschaft Nr. 4 mbH & Co. Objekt Stuttgart-Vaillingen KG
51
15 000
n/a
n/a
Key tenants : Kauand, Modepark Rther, Media Markt, Aldi Sd
Canstatter Carr
2006
25 885
LaSalle Investment Management LaSalle GmbH
40
17 000
n/a
n/a
Key tenants : Kauand, Mller, H&M, Lidl, C&A
Stutgartt
1
Knigsbau Passagen - Stuttgart
Budapest, Hungary
Overall city score

Budapest
1 706 -0,1 68 0,0 2,7 -1,9 2,0 n/a 8,5 6 203 7 362 n/a
Hungary
9 989 -0,2 68 -0,6 2,1 -2,3 1,1 3,8 10,7 4 357 4 776 302
Europe
502 711 0,2 66 0,5 2,2 2,4 1,4 0,3 9,4 13 070 18 825 473
-+
Retail sales growth
++
// Retail Provision and Market Conditions Number of shopping centres in operation Number of shopping centres in the pipeline Total shopping centre oorspace (sq m) Total shopping centre oorspace (per 000 population) Prime shopping centre rents (units of 2,000 sq m) Prime shopping centre rents (units of 200 sq m)
16 12 700 000 410 17-22 70-100 GLA sq m /sq m/month None
43 16 1 240 000 124 13-19 35-60
5 128 626 117 383 310 326 n/a n/a
Budapest
Despite some recent shopping centre openings, demand from international retailers remains focused on existing schemes, such as the well known rkd centre which is currently undergoing an expansion of 20,000 sq m.

Standard lease document Typical lease length Typical incentives Statutory rights to renew the lease Frequency of rent reviews Frequency and basis of indexation of rent Lease agreement 5 years Fit-out contribution for anchors, stepped rental. After 5 years Annual indexation HICP
Budapest, Hungary
// Major shopping centres in operation in Budapest (by size)
2007
GLA size (sq m)

68 000
Owner
Lanebridge
N of stores
220

n/a
Occupancy ratio (%)

n/a
Turnover
n/a
Arna Plaza
Key tenants: C&A, Cinema City, H&M, Hervis, Inditex Group, NewYorker, Peak&Cloppenburg, Saturn, Tesco
Mammut
1998 & 2001
62 000
Mammut zlethz Kft.
330
n/a
n/a
n/a
Key tenants: Cinema City, Deichman, E-Digital, Hervis, Libri, Marks&Spencer, Match
KKI Terminl
2011
58 000
R-Co
200
n/a
n/a
n/a
Key tenants: C&A, H&M, Euronics, Hervis, Mller, NewYorker, OBI, Tesco
Westend
1999
53 000
Trigrnit
400
n/a
n/a
n/a
Key tenants: C&A Debenhams, H&M, Mango, Marks&Spencer, Match, Media Markt, NewYorker, Palace Cinemas
rkd
2002
42 000
ECE
170
n/a
n/a
n/a
Key tenants: C&A, H&M, Hervis, Humanic, Interspar, Libri, Zara
Budapest
Mammut - Budapest European Retail Guide - Shopping Centres | 45
Dublin, Ireland
Overall city score

Dublin
1 182 -1,1 50 -1,2 2,5 -1,9 0 n/a 14,2 17 760 20 820 n/a
Ireland
4 469 0,2 66 -0,8 2,9 -0,6 0,8 2,6 14,4 16 146 18 462 437
Europe
502 711 0,2 66 0,5 2,2 2,4 1,4 0,3 9,4 13 070 18 825 473
-+
Retail sales growth
--
39 0 703 290 595 625-750 GLA sq m /sq m/quarter None
n/a n/a n/a n/a n/a
5 128 626 117 383 310 326 n/a
Dublin
Having witnessed signicant development in the last 15 years, Dublin shopping centre stock per capita is amongst the highest in Europe. Demand remains mixed, with secondary schemes bearing the brunt of weakening demand.

Standard lease document Typical lease length Typical incentives Statutory rights to renew the lease Frequency of rent reviews Frequency and basis of indexation of rent Lease agreement 10 years 12-24 months of free rent Possible after 5 years in occupation Every 5 years Not applicable
Dublin, Ireland
// Major shopping centres in operation in Dublin (by size)
2005
GLA size (sq m)

85 307 n/a
Owner
N of stores
100
Footfall gures
70 000 since opening
Occupancy ratio (%)

n/a
Turnover
n/a
Dundrum Town Centre The Blanchardstown Centre Liffey Valley, Lucan
Key tenants: Gap, H&M, Esprit, Bershka, Hollister, Tommy Hilger, Hugo Boss, Massimo Dutti, Marks & Spencer, Timberland, L'Occitane, Kiehl's
1996
59 287
n/a
180
n/a
n/a
n/a
Key tenants: Marks & Spencer, Debenhams, Dunnes Stores, Zara, Penneys, H&M, Timberland, Bershka
1998
46 605
n/a
99
200 000/300 000 per week
n/a
n/a
Key tenants: Marks & Spencer, Diesel, Dunnes Stores, Boots, Next, New Look, Republic, Tommy Hilger, Moss Bros
The Square, Tallaght The Pavillions Shopping Centre
1990
46 226
n/a
117
n/a
n/a
n/a
Key tenants: Tesco, Dunnes Stores, Debenhams, Ms Moneypenny, Koko, New Look, River Island, Foot Locker, 3 Stores, Game, HSV
2001
41 140
n/a
87
n/a
n/a
n/a
Key tenants: 3 Store, Benetton, Boots,Diesel, Dunnes Stores, Footlocker, HMV, Imaginarium, Mango, River Island, The Body, Maxx, Tommy Hilger, Zara
2 3
Dublin
Mammut - Budapest
1
Milan, Italy
Overall city score

Milan
3 952 -0,2 65 -1,5 0,5 -1,6 -0,3 n/a 5,4 16 418 19 001 n/a
Italy
60 394 0,0 65,41 -0,7 0,6 -1,0 0,2 2,8 8,2 14 124 15 804 602
Europe
502 711 0,2 66 0,5 2,2 2,4 1,4 0,03 9,4 13 070 12 347 473
---
Retail sales growth
--
39 4 695 000 176 n/a GLA sq m /sq m/year n/a
822 34 14 070 114 233 n/a
5 128 626 117 383 310 326 n/a
Milan
Restrictive development regulations have limited the amount of prominent shopping centres and as a result, high street retail dominates the retail offer. Despite this, a number of schemes are expected in the near future.

Standard lease document Typical lease length Typical incentives Statutory rights to renew the lease Frequency of rent reviews Frequency and basis of indexation of rent 48 | European Retail Guide - Shopping Centres Standard contract (Contratto di Locazione) or SC specic (Contratto di Afto di Ramo dAzzienda) Most typical 6+6 years for standard lease; or 5 to 7 years for contratto di afto (business lease) Stepped rent Tenants have certain rights at lease expiry in standard contract. If not accepted, compensation guaranteed Not common Standard lease: indexation is limited to 75% of the (ISTAT) cost of living index; SC lease: 100% indexation permitted
Milan, Italy
// Major shopping centres in operation in Milan (by size)
1972
GLA size (sq m)

52 622
Owner
Schroeders International Property Funds
N of stores
80

n/a
Occupancy ratio (%)

n/a
Turnover
n/a
Carosello
Key tenants: Carrefour, Saturn, Zara, Hollister, Oviesse
Centro Vulcano
2006
50 000
Caltagirone
168
n/a
n/a
n/a
Key tenants: Il Gigante, Okaidi-Obaibi, Euronics, CGV Moda, US Fashion Store
Milanoori
2007
47 522
Klpierre
103
n/a
n/a
n/a
Key tenants: Conbipel OVS Industry, Saturn, Scarpe&Scarpe, Zara
Cinisello Balsamo
2007
45 846
n/a
109
n/a
n/a
n/a
Key tenants: Auchan, Darty, H&M, Scarpe&Scarpe
Acquario
2002
42 077
Klepierre/Gruppo Finim
56
n/a
n/a
n/a
Key tenants: Ipercoop, C&A, Media World, Benetton, Brek, Sonny Bono, US Fashion Store
2 1
Milan
Emanuele II shopping gallery - Milan
3
Rome, Italy
Overall city score

Rome
4 160 0,2 66 -0,1 0,9 -0,7 0,4 n/a 9,0 15 548 17 734 n/a
Italy
60 394 0,0 65,41 -0,7 0,6 -1,0 0,2 2,8 8,2 14 124 15 804 602
Europe
502 711 0,2 66 0,5 2,2 2,4 1,4 0,03 9,4 13 070 12 347 473
--
Retail sales growth
43 4 947 921 228 n/a GLA sq m /sq m/year n/a
822 34 14 070 114 233 n/a
5 128 626 117 383 310 326 n/a
Rome
The demand for shopping centres in Rome is focused on established centres. New developments are scarce and regarded as high risk undertakings in the current economic climate.

Standard lease document Typical lease length Typical incentives Statutory rights to renew the lease Frequency of rent reviews Frequency and basis of indexation of rent 50 | European Retail Guide - Shopping Centres Standard contract (Contratto di Locazione) or SC specic (Contratto di Afto di Ramo dAzzienda) Most typical 6+6 years for standard lease; or 5 to 7 years for contratto di afto (business lease) Stepped rent Tenants have certain rights at lease expiry in standard contract. If not accepted, compensation guaranteed Not common Standard lease: indexation is limited to 75% of the (ISTAT) cost of living index; SC lease: 100% indexation permitted
Rome, Italy
// Major shopping centres in operation in Rome (by size)
2007
GLA size (sq m)

98 000
Owner
ING Real Estate
N of stores
211

n/a
Occupancy ratio (%)

n/a
Turnover
n/a
Roma Est
Key tenants: Panorama,Saturn, H&M, Foot Locker, Oviesse, OVS Kids, Benetton, CO Import, Kasanova
Porta Di Roma
2007
96 390
Gallerie Commerciali Auchan/Gruppo Lamaro
230
n/a
n/a
n/a
Key tenants: Auchan, Ikea, Leroy Merlin, Decathlon, H&M, Zara, Media World, Coin, Fnac, Adidas
Parco Leonardo
2005
61 083
Gruppo Leonardo Caltagirone
214
n/a
n/a
n/a
Key tenants: Auchan, Max&Co, Zara, Bershka, Scarpe&Scarpe, Oviesse, Timberland, Saturn
Euroma 2
2008
52 000
Lsgii/Ipercoop
260
n/a
n/a
n/a
Key tenants: Ipercoop, H&M, Okaidi Obaibi, Massimo Dutti, Zara, Foot Locker, Bershka, Tommy Hilger, Timberland, Mango, Hollister, Conbipel, Kasanova
Etra Tiburtino
2009
43 172
IGD
124
n/a
n/a
n/a
Key tenants: Unicoop Tirenno, Obi, H&M, Euronics, Factory Store, Bata, Tally Weijl, Kasanova
2 1
Rome
Porta di Roma - Rome
Riga, Latvia
Overall city score

Riga
702 -0,5 69 -2,1 5,4 -5,8 6,4 n/a n/a 2 766 2 461 n/a
Latvia
2 234 -0,4 69 -1,4 5,0 -3,4 5,6 4,4 15,9 3 732 3 604 285
Europe
502 711 0,2 66 0,5 2,2 2,4 1,4 0,3 9,4 13 070 18 825 473
-++
Retail sales growth
++
n/a n/a n/a n/a n/a
5 128 626 117 383 310 326 n/a
Riga
2011 was a promising year for Rigas retail market; occupancy increased, vacancy declined and new leases are in negotiation. Several new projects are planned over the next few years, including phase II-IV of the Imanta Retail Park (100,000 sq m).

Standard lease document Typical lease length Typical incentives Statutory rights to renew the lease Frequency of rent reviews Frequency and basis of indexation of rent Lease agreement 5-10 years Fit-out contribution, temporary discounts After 5 years Annual indexation CPI
Riga, Latvia
// Major shopping centres in operation in Riga (by size)
2001
GLA size (sq m)

56 500
Owner
ACTA Fund
N of stores
212

9 000
Occupancy ratio (%)

100
Turnover
n/a
Alfa, Retail park
Key tenants: Rimi, Cin/amon, Zara, Jysk, Mango, Cubus, Apranga, Lindex, Seppala
Spice
2001
41 112
E.L.L. Kinnisvara/Trsitafan
156
7 660
100
95m (2011)
Key tenants: Rimi, Jysk, Zara, NewYorker, Seppala, Lindex, Douglas, Dania
Domina Shopping
2003
42 000
KanAm Grund Kapitalanlagegesellschaft mbH
170
n/a
98
n/a
Key tenants: Prisma, Apranga, VeroMode, NewYorker, Lindex, Cubus, UnitedColours of Benetton, Marks & Spencer
Riga Plaza
2009
47 000
New Century Holding/ Plaza Centers NV
115
n/a
97
n/a
Key tenants: Prisma, FantasyPark, Multikino, Peek & Cloppenburg, Cubus, Reserved, Zara, Lindex, Douglas
Mols
1998/2002
33 000
ACTA Fund
123
5 940
100
n/a
Key tenants: Rimi, Dressmann, Cubus, Reserved, Rito, Jysk
Riga
Riga Plaza - Riga
5 4
Vilnius, Lithuania
Overall city score

Vilnius
846 0,0 69 1,4 6,7 -0,7 7,3 n/a n/a 5 929 6 830 n/a
Lithuania
3 310 -0,3 69,21 1,1 5,3 -0,8 6,2 4,1 15,2 4 470 4 835 511
Europe
502 711 0,2 66 0,5 2,2 2,4 1,4 0,3 9,4 13 070 18 825 473
++
Retail sales growth
n/a n/a n/a n/a n/a
5 128 626 117 383 310 326 n/a
Vilnius
The most popular retail destination in Vilnius is the Akropolis shopping centre, ahead of its younger competitors, Ozas and Panorama. All three centres enjoy very low vacancy, at around 5% or lower.

Standard lease document Typical lease length Typical incentives Statutory rights to renew the lease Frequency of rent reviews Frequency and basis of indexation of rent Lease agreement 5 years Fit-out contribution, temporary discounts By agreement Annual indexation CPI
Vilnius, Lithuania
// Major shopping centres in operation in Vilnius (by size)
2002-2004
GLA size (sq m)

95 000 n/a
Owner
N of stores
219

13 500
Occupancy ratio (%)

100
Turnover
n/a
Akropolis
Key tenants: Maxima, Elektromarkt, Ermitaas, Lindex, Apranga, Monton, Kristiana, Cipollino
Ozas
2009
62 000
n/a
166
n/a
98
n/a
Key tenants: Prisma, FantasyPark, Multikino, Peek & Cloppenburg, Cubus, Reserved, Vero Moda, Lindex
Panorama
2008
50 000
n/a
155
n/a
100
n/a
Key tenants: Rimi, Apranga, Kristiana, BMS Megapolis, NewYorker, Lindex, Pull and Bear, Audimas
Europa
2004
17 000
n/a
80
n/a
90
30m (2011)
Key tenants: Maxima, Cili pica, Miyako, Apranga, Mexx, GANT, Baltman, Monton, Marc O`Polo, Vero Moda, Reserved, Etam, Salamander, Danija
BIG
2006
15 600
n/a
69
n/a
80
n/a
Key tenants: Maxima, Seppala, Avitela, Danija
5 1
3
Europa - Vilnius
Vilnius
Amsterdam, Netherlands
Overall city score

Amsterdam Netherlands
1 253 0,6 68 1,8 2,1 0,5 1,8 n/a 4,1 16 482 18 396 n/a 16 649 0,3 67 1,1 1,6 -0,8 1,1 2,3 4,4 14 743 16 016 465
Europe
502 711 0,2 66 0,5 2,2 2,4 1,4 0,03 9,4 13 070 12 347 473
+ -
Retail sales growth
++
10 2 237 441 189 800 GLA sq m /sq m/year None
n/a n/a 7 100 000 426 300
5 128 626 117 383 310 326 n/a
Amsterdam
The Amsterdam shopping centre market has in recent years been affected by the internationalisation of retail chains, as international retailers are driving the strongest demand for space in the Dutch capital.

Standard lease document Typical lease length Typical incentives Statutory rights to renew the lease Frequency of rent reviews Frequency and basis of indexation of rent Yes 5 years + 5 years Hardly any Every 5 years Annually Annually, based on Dutch CPI
Amsterdam, Netherlands
// Major shopping centres in operation in Amsterdam (by size)
1998
GLA size (sq m)

85 349
Owner
n/a
N of stores
81
Footfall gures (Weekly)

190 000
Occupancy ratio (%)

n/a
Turnover
n/a
Zuidoost Arena Boulevard Boven 't Y
Key tenants: Media Markt, Decathlon, Prenatal, Perry Sport
1975
36 469
n/a
160
149 000
n/a
n/a
Key tenants: Media Markt, BCC, Etos, V&D, HEMA, C&A
Westpoort
2009
29 423
n/a
n/a
n/a
n/a
Key tenants: GAMMA, Woonexpress, Kwantum, Leenbakker
Osdorpplein
1990
25 618
114
67 000
n/a
n/a
n/a
Key tenants: AH, H&M, Kijkshop, H&M, HEMA, ANWB
Sijsjesbergweg
2010
25 150
n/a
n/a
n/a
n/a
Key tenants: Woonexpress, Jysk, Kwantum,
4 3
Villa Arena - Amsterdam
Amsterdam
1
Rotterdam, Netherlands
Overall city score

Rotterdam
1 367 0,1 67 1,2 1,9 -0,4 1,3 n/a 4,9 15 488 17 029 n/a
Netherlands
16 649 0,3 67 1,1 1,6 -0,8 1,1 2,3 4,4 14 743 16 016 465
Europe
502 711 0,2 66 0,5 2,2 2,4 1,4 0,03 9,4 13 070 12 347 473
Retail sales growth
5 1 185 800 136 600 Net retail oorspace /sq m/year None
n/a n/a 7 100 000 426 300
5 128 626 117 383 310 326 n/a
Rotterdam
Rotterdam is one of Hollands strongest retail destinations and the development pipeline is substantial. The focus is on the upgrade of the city centre with Multi Vastgoeds mixed-use project Forum Rotterdam being at the forefront of this.

Standard lease document Typical lease length Typical incentives Statutory rights to renew the lease Frequency of rent reviews Frequency and basis of indexation of rent Lease agreement 5 years + 5 years Hardly any Every 5 years Annually Annually, based on Dutch CPI
Rotterdam, Netherlands
// Major shopping centres in operation in Rotterdam (by size)
1985
GLA size (sq m)

106 918 n/a
Owner
N of stores
200
Footfall gures (Weekly)

205 000
Occupancy ratio (%)

n/a
Turnover
n/a
Alexandrium I, II, III
Key tenants: Zara, H&M, Ici Paris XL, Haestens, Media Markt, Lundia
Zuidplein
1970
46 012
n/a
140
148 000
n/a
n/a
Key tenants: Saturn, V&D, HEMA, La Place, Prenatal
Keizerswaard
1994
13 498
n/a
82
n/a
n/a
n/a
Key tenants: AH, HEMA, BAS
WC Lage Land Woonboulevard Rotterdam (Stadionweg)
2011
10 003
n/a
n/a
n/a
n/a
n/a
Key tenants: AH, Free Record Shop, Belcompany, H&M
2000
9 388
n/a
n/a
n/a
n/a
Key tenants: Praxis, Halfords, Jysk, Carpet Right, Roobol
Rotterdam
Alexandrium - Rotterdam
Warsaw, Poland
Overall city score

Warsaw
1 720 0,4 70 4,8 5,5 6,7 5,7 n/a 6,7 6 105 8 461 n/a
Poland
38 200 0 71 4,3 3,9 5,8 4,1 4,1 9,5 5 078 7 269 433
Europe
502 711 0,2 66 0,5 2,2 2,4 1,4 3 9,4 13 070 18 824 473
++
Retail sales growth
++
42 15 1 350 000 785 85-90 GLA sq m /sq m/month None
370 130 8 140 000 213 45-50
5 128 626 117 383 310 326 n/a
Warsaw
Shopping centres dominate the retail offering and continue to show strong performance reected by low vacancy rates. Undersupply is the prevailing market condition, causing retailers to consider secondary space.

Standard lease document Typical lease length Typical incentives Statutory rights to renew the lease Frequency of rent reviews Frequency and basis of indexation of rent Lease agreement 5 years Fit-out contribution for anchors in Warsaw; t-out contribution for tenants entering projects in secondary and tertiary cities After 5 years Annual indexation HICP, Polish CPI
Warsaw, Poland
// Major shopping centres in operation in Warsaw (by size)
2004
GLA size (sq m)

103 000
Owner
Unibail-Rodamco
N of stores
230

22 000
Occupancy ratio (%)

100
Turnover
n/a
Arkadia Mall
Key tenants: Marks & Spencer, New Yorker, Peek & Cloppenburg, Deichmann, CCC
Wola Park
2002
73 000
AEW Capital Management
190
n/a
99
n/a
Key tenants: Auchan Hypermarket, H&M, Zara, Go Sport, C&A
CH Janki
1999
68 500
GE Capital Real Estate
104
600
100
n/a
Key tenants: Real, Leroy Merlin, Saturn, Go Sport, Cinema City, C&A, H&M, Smyk, Feu Vert, Jysk, Reserved, Empik, Cubus
CH Krakowska 61
2002
66 400
BPH TFI
50
n/a
100
n/a
Key tenants: Real, Media Markt, Parktiker, Agata Meble, Swiat Dziecka, Komfort
Zlote Tarasy
2007
64 000
ING Real Estate/UnibailRodamco/City of Warsaw
220
20 000
99
n/a
Key tenants: Carrefour, Multikino, Saturn, Van Graaf, Marks & Spencer
1 2 5
Warsaw
3
Zlote Tarasy - Warsaw European Retail Guide - Shopping Centres | 61
Lisbon, Portugal
Overall city score

Lisbon
2 033 0,01 65 -0,40 0,9 -1,8 -1,2 n/a 13,3 11 532 13 403 n/a
Portugal
10 653 0,03 67 0,0 0,6 -1,4 -0,7 4 12,6 9 364 10 358 775
Europe
502 711 0,2 66 0,5 2,2 2,4 1,4 0,3 9,4 13 070 18 825 473
--
Retail sales growth
--
// Retail Provision and Market Conditions Number of shopping centres in operation

Number of shopping centres in the pipeline Total shopping centre oorspace (sq m) Total shopping centre oorspace (per 000 population) Prime shopping centre rents (units of 2,000 sq m) Basis of measurement Unit of measurement Inclusions
5 n/a 960 000 472 960 GLA sq m /sq m/year None
47 n/a 3 000 000 282 n/a
5 128 626 117 383 310 326 n/a
Lisbon
New shopping centre completions are expected to be low in the near future in line with a weak economic outlook. Some retailers are seeing opportunities, however, and demand in existing schemes remains healthy.

Standard lease document Typical lease length Typical incentives Statutory rights to renew the lease Frequency of rent reviews Frequency and basis of indexation of rent Lease agreement 5 years Fit-out contribution n/a 3 years n/a
Lisbon, Portugal
// Major shopping centres in operation in Lisbon (by size)
2009
GLA size (sq m)

122 000
Owner
Sonae Sierra
N of stores
300

n/a
Occupancy ratio (%)

n/a
Turnover
n/a
Dolce Vita Tejo
Key tenants: Zara, Primark, Jumbo, Poly, Disney Store, Fnac, Bershka, Area, Mastro, Tyos"R"Us, Party Fiesta
Centro Colombo
1997
120 000
Realia
396
n/a
n/a
n/a
Key tenants: H&M, Continente, Bocatta, Zara, Disney Store, Fnac, Bershka, Area, Mastro, Toys"R"Us, Party Fiesta
Galerias Twin Towers
n/a
46 877
Realia
n/a
n/a
n/a
n/a
Key tenants: Baga Baga, Curriculum, Guevel Editora
El Corte Ingles Centro Vasco da Gama
2011
45 000
El Corte Ingles
n/a
n/a
n/a
n/a
Key tenants: Armani, Boss, Herms, Louis Vuitton, Lacoste
1999
29 310
Sonae Sierra/ING Group
167
n/a
n/a
n/a
Key tenants: Benetton Group, C&A, Guess, Timberland, Zara, H&M, Nike, Worten, Fnac, Ornimundo, Funny Shops, Continente, Ericeira Surf Shop
1
Shopping centre in Oeiras - Lisbon
2 4 3
Lisbon
Barcelona, Spain
Overall city score

Barcelona
5 425 0,2 67 -0,1 1,1 -3,6 0,6 n/a 19,3 12 416 14 416 n/a
Spain
46 254 0,3 68 0,3 1,2 -3,3 0,6 3,2 21,6 11 535 13 186 475
Europe
502 711 0,2 66 0,5 2,2 2,4 1,4 0,3 9,4 13 070 18 825 473
--
Retail sales growth
++
45 2 1 319 286 243 235 GLA sq m /sq m/month None
537 30 14 119 033 305 230
5 128 626 117 383 310 326 n/a
Barcelona
2010 and 2011 saw the opening of a number of key shopping centres. Although there are no new schemes planned for 2012, a number of existing centres are undergoing refurbishments and extensions.

Standard lease document Typical lease length Typical incentives Statutory rights to renew the lease Frequency of rent reviews Frequency and basis of indexation of rent 64 | European Retail Guide - Shopping Centres Lease agreement 5 years Rent free period and/or rental discounts in the initial period and/or a t-out contribuation Yes, but generally removed from the lease contract Review on each 5th or 6th anniversary of the lease to open market value or applying CPI + 2/5% to the base rent 12 month period before rent indexation begins. Indexation on the Consumer Price Index applied to 100% of the rent
Barcelona, Spain
// Major shopping centres in operation in Barcelon/a (by size)
2001
GLA size (sq m)

87 085
Owner
Quinlan Private
N of stores
197

n/a
Occupancy ratio (%)

99
Turnover
n/a
Diagonal Mar Shopping Centre La Maquinista
Key tenants: Alcampo, Cinesa, Fnac, Primark, Media Markt, Zara, H&M, Toys R Us, Sfera, Mango, Namco Station
2000
76 200
Unibail-Rodamco, CGI and Carrefour Property
227
n/a
97
n/a
Key tenants: Carrefour, Media Markt, H&M, Zara, Mango, Corteel
Baricentro
1980
62 430
Carrefour Properties and others
150
n/a
96
n/a
Key tenants: Carrefour, Yelmo Cineplex, Aki Bricolaje, Darty, C&A, Nova Mobile, Mir, Barimueble
Glories
1995
56 300
Unibail-Rodamco, Carrefour Property, C&A, Mir and Cines Balaa
193
11 000
99
n/a
Key tenants: Fitness First gym, Carrefour, C&A, H&M, Zara, PC City, Mir
Gran Via 2
2002
54 000
LSGIE and Carrefour Property
197
n/a
97
n/a
Key tenants: Carrefour, Zara, Decathlon, H&M
2 1 4
Barcelona
Diagonal Mar - Barcelona
5
Madrid, Spain
Overall city score

Madrid
6 395 0,5 68 0,3 1,7 -3,6 1,1 n/a 17,6 13 246 15 623 n/a
Spain
46 254 0,3 68 0,3 1,2 -3,3 0,6 3,2 21,6 11 535 13 186 475
Europe
502 711 0,2 66 0,5 2,2 2,4 1,4 0,3 9,4 13 070 18 825 473
+ -
Retail sales growth
93 4 2 884 338 451 245 GLA sq m /sq m/month None
537 30 14 119 033 305 230
5 128 626 117 383 310 326 n/a
Madrid
Despite a backdrop of falling disposable incomes and increasing unemployment rates, prime shopping centres in Madrid are still supported by strong interest from retailers. New projects, however, are scarce.

Standard lease document Typical lease length Typical incentives Statutory rights to renew the lease Frequency of rent reviews Frequency and basis of indexation of rent 66 | European Retail Guide - Shopping Centres Lease agreement 5 years Rent free period and/or rental discounts in the initial period and/or a t-out contribuation Yes, but generally removed from the lease contract Review on each 5th or 6th anniversary of the lease to open market value or applying CPI + 2/5% to the base rent 12 month period before rent indexation begins. Indexation on the Consumer Price Index applied to 100% of the rent
Madrid, Spain
// Major shopping centres in operation in Madrid (by size)
2003
GLA size (sq m)

152 887
Owner
Ivanhoe Cambridge
N of stores
220

14 850
Occupancy ratio (%)

95
Turnover
n/a
Xanadu
Key tenants: El Corte Ingles, Hipercor hypermarket, Cinesa, Primark, H&M, C&A, Zara, Benetton, New Yorker, Apple, Decathlon
Parquesur Megapark/Plaza Norte Parque Corredor
1989/2005
151 200
Various (Unibail Rodamco amongst others)
230
16 000
98
n/a
Key tenants: Alcampo, El Corte Ingls, Cinesa, Zara, C&A, H&M, Corteel, Desigual, Mango, GStar, Calvin Klein, Fnac, Media Markt, Leroy Merlin, Verdecora Darty
1999/2004
98 140 & 51 557
Various, LGSI
26220
22 000
97-90
n/a
Key tenants: Ikea, Leroy Merlin, Carrefour and Media Markt. Cinebox, Fnac, Zara, H&M, Sfera, C&A, Corteel, Massimo Dutti, Stradivarius, Mango
1995
123 380
Caixa DEstalvis de Catalunya and others
176
n/a
85
n/a
Key tenants: Alcampo, Cinebox, Toys'R'Us, Primark, H&M, Zara, Sfera, C&A, Calderon Sport
Islazul
2008
90 700
Grupo Lar and Ivanhoe Cambridge
180
9 688
85
n/a
Key tenants: Yelmo Cineplex, Eroski, C&A, Primark, H&M, Desigual, Zara, Jack & Jones, Corteel, Sport Zone, Zippy
3
Xanadu - Madrid
Madrid
5 2 1
Stockholm, Sweden
Overall city score

Stockholm
2 036 1,1 67 2,0 3,1 1,8 2,8 n/a 6,4 18 750 22 085 n/a
Sweden
9 396 0,4 65 1,4 2,0 1,1 2,2 3,0 7,5 16 523 18 887 461
Europe
502 711 0,2 66 0,5 2,2 2,4 1,4 0,3 9,4 13 070 18 825 473
++ +
Retail sales growth
++
88 15 1 805 000 879 85-90 GLA sq m SEK/sq m/year None
308 60 5 990 000 632 45-50
5 128 626 117 383 310 326 n/a
Stockholm
The Swedish capital has seen several new shopping centre openings in recent years. A new scheme, Mood is expected to open in the spring of 2012 which will bring a further 12,900 sq m of retail space to the city.

Standard lease document Typical lease length Typical incentives Statutory rights to renew the lease Frequency of rent reviews Frequency and basis of indexation of rent Lease agreement 7 years Fit-out contribution or t-out by landlord According to agreement According to agreement Swedish CPI
Stockholm, Sweden
// Major shopping centres in operation in Stockholm (by size)
1999
GLA size (sq m)

128 300
Owner
IKEA Fastigheter AB and others
N of stores
85

n/a
Occupancy ratio (%)

Nearly 100
Turnover
n/a
Barkarby Handelsplats Kungens Kurva Handelsomrde Skrholmen Centrum
Key tenants: El-Giganten, Bauhaus, Stockholm Quality Outlet, IKEA
1965
125 800
IKEA Fastigheter AB and others
70
n/a
95
n/a
Key tenants: City Gross, IKEA, ICA, Mio, Intersport, Babyland, K-rauta, Decathlon
1968
76 500
Centeni AB
200
n/a
n/a
1 832 000
Key tenants: ICA, Coop, Prisma, hlns, oB, H&M
Sickla Kpkvarter
2005
67 000
Atrium Ljungberg
145
12.5
n/a
2 569 000
Key tenants: ICA, Willys, El-Giganten, Best of Brands, hlns
Lnna Kpcentrum
2001
53 400
IVG Immobilien AG
22
n/a
90
n/a
Key tenants: City Gross, El-Giganten, Lnna Mbler, Expert, Jysk, Rusta
Stokholm
Forum Nacka - Stockholm
4 2 3 5
Istanbul, Turkey
Overall city score

Istanbul
13 624 n/a 71 n/a n/a n/a n/a 9,0 9,1 n/a n/a n/a
Turkey
74 724 1,1 67 3,2 5,4 0,6 4,9 10,5 9,1 4 498 n/a 102
Europe
502 711 0,2 66 0,5 2,2 2,4 1,4 0,3 9,4 13 070 18 825 473
++ ++
Retail sales growth
++
96 28 2 982 284 220 10-20 GLA sq m /sq m/month None
283 86 7 614 943 102 7-17
5 128 626 117 383 310 326 n/a
Istanbul
Although Istanbuls retail offer continues to be dominated by the high street, shopping centre development is booming. There are a number of large-scale projects in the pipeline, the largest of which is the 163,000 sq m Mall of Istanbul, due to open in 2013.

Standard lease document Typical lease length Typical incentives Statutory rights to renew the lease Frequency of rent reviews Frequency and basis of indexation of rent Lease agreement 5 years No advertisement contribution fee in the rst year for new shopping centres, x-currency rate if EUR/USD parity is highly volatile 5 years Annual HICP, USCPI, Turkish CPI
Istanbul, Turkey
// Major shopping centres in operation in Istanbul (by size)
2009
GLA size (sq m)

175 000
Owner
N of stores
272 stores, 45 food vendors

20 000
Occupancy ratio (%)

99
Turnover
Forum Istanbul
Multi Development Turkey
n/a
Key tenants: Real, Praktiker, Ikea, Decathlon, Saturn, YKM, Tepe Home, C&A, Teknosa, Mudo City, D&R, M&S, Zara, H&M
Forum Marmara
2011
157 000
Area Real Estate, Multi Development
350
15 000
95
n/a
Key tenants: CarrafourSa, Saturn, Bauhaus,Tepe Home, Boyner, Teknosa, M&S, H&M, C&A, YKM, Bimeks, Zara, GAP
Istanbul Cevahir
2005
115 000
St. Martins
20 000
95
n/a
Key tenants: Kotas, Migros, Tepe Home, Teknosa, YKM, Debenhams, C&A, Zara, Koton, Vera Moda, Mudo
Torium
2010
97 608
Torunlar REIC
12 000
95
n/a
Key tenants: Migros, Electroworld, H&M, YKM, C&A, Mango, Snowpark
Istinye Park
2007
87 000
Orjin Group&Dogus Group
15 000
99
n/a
Key tenants: Boyner, Beymen, Zara, H&M, M&S, Teknosa, Darty, Hilside Club
1 4
Istanbul
2
Forum Istanbul - Istanbul
Birmingham, United Kingdom

Overall city score

Birmingham
1 043 0,4 61 -0,6 1,6 1,3 2,3 n/a 11,3 15 221 15 742 n/a
UK
62 756 0,6 62 0,1 2,1 1,4 2,5 4,5 8,0 18 119 19 536 453
Europe
502 711 0,2 66 0,5 2,2 2,4 1,4 0,03 9,4 13 070 12 347 473
Retail sales growth
12 0 298 000 286 240 Zone A /sq m/year None
773 50 16 623 000 267 165-900
5 128 626 117 383 310 326 n/a
Birmingham
Shopping centres are an important element of the citys overall retail structure, with refurbishments and extensions of existing schemes, Namely the Pallasades Shopping Centre, domin/ating current development activity.

Standard lease document Typical lease length Typical incentives Statutory rights to renew the lease Frequency of rent reviews Frequency and basis of indexation of rent Lease agreement 10 years now standard Incentives a mixture of rent free period (which vary markedly - 3-24 months according to centre and retailer) and capital contribution No - new lease obligatory 5 years Indexation (to RPI or CPI) now becoming more common, but still only in a minority of cases
Birmingham, United Kingdom

// Major shopping centres in operation in Birmingham (by size)
2003
GLA size (sq m)

116 622
Owner
Hammerson, Henderson Global Investors and Future Fund
N of stores
150

n/a
Occupancy ratio (%)

n/a
Turnover
n/a
Bullring
Key tenants: Debenhams, Next, Selfridges, TK Maxx
Chelmsley Wood Shopping Centre One Stop Shopping Centre Pallasades Shopping Centre
1971
45 615
Fordgate Group Limited
80
n/a
n/a
n/a
Key tenants: Argos, ASDA, Boots, Iceland, Somereld, Wilkinson
1990
31 633
Standard Life Investments Limited
58
n/a
n/a
n/a
Key tenants: ASDA, Currys, Iceland, Sports World (now trading as Sports Direct.com), TK Maxx
1972
26 917
Birmingham City Council
90
n/a
n/a
n/a
Key tenants: Argos, New Look, Peacocks
Priory Square Shopping Centre
1965
26 003
Henderson Investors Limited, Land Securities Group, Pearl Assurance Limited
52
n/a
n/a
n/a
Key tenants: Argos, Next
5 4
Bullring- Birmingham
Birmingham
Bristol, United Kingdom

Overall city score

Bristol
446 0,6 62 -0,3 2,2 2,1 2,4 n/a 5,5 17 689 19 184 n/a
UK
62 756 0,6 62 0,1 2,1 1,4 2,5 4,5 8,0 18 119 19 536 453
Europe
502 711 0,2 66 0,5 2,2 2,4 1,4 0,03 9,4 13 070 12 347 473
+ -
Retail sales growth
773 50 16 623 000 267 165-900
5 128 626 117 383 310 326 n/a
Bristol
Bristols retail market is domin/ated by Cabot Circus, a mixed-used regenerating scheme which opened in Broadmead to the east of the city in 2008 and which greatly improved the citys overall retail offering.

Bristol, United Kingdom

// Major shopping centres in operation in Bristol (by size)
1960
GLA size (sq m)

95 800
Owner
Bristol City Council
N of stores
150

n/a
Occupancy ratio (%)

n/a
Turnover
n/a
Cabot Circus
Key tenants: Harvey Nichols, House of Fraser
The Mall At Cribbs Causeway
1998
92 438
Capital Shopping Centres, Prudential Assurance Company Limited
144
n/a
n/a
n/a
Key tenants: John Lewis, Marks & Spencer
The Galleries Shopping Centre Broadwalk Shopping Centre Kings Chase Shopping Centre
1991
30 658
HSBC European Active Real Estate Fund Trustee Limited
110
n/a
n/a
n/a
Key tenants: Boots, TK Maxx, Waterstones, WH Smith
1974
17 187
HSBC Specialist Investments Limited
35
n/a
n/a
n/a
1977
11 892
Draco Property
25
n/a
n/a
n/a
Key tenants: Sainsbury's, Wilkinson
Bristol
1
Cabot Circus - Bristol
3 4
Cardiff, United Kingdom

Overall city score

Cardiff
470 0,7 61 0,4 1,7 2,7 2,2 n/a 8,1 16 193 18 399 n/a
UK
62 756 0,6 62 0,1 2,1 1,4 2,5 4,5 8,0 18 119 19 536 453
Europe
502 711 0,2 66 0,5 2,2 2,4 1,4 0,03 9,4 13 070 12 347 473
+ -
Retail sales growth
773 50 16 623 000 267 165-900
5 128 626 117 383 310 326 n/a
Cardiff
Cardiffs main city centre retail scheme is St Davids, which was extended by almost 90,000 sq m in 2009, turning it into one of the largest schemes in the UK.

Cardiff, United Kingdom

// Major shopping centres in operation in Cardiff (by size)
1981/2010
GLA size (sq m)

131 689
Owner
St. David's Partnership
N of stores
203

n/a
Occupancy ratio (%)

n/a
Turnover
n/a
St Davids Centre Capitol Shopping Centre Mermaid Quay
Key tenants: Bhs, Boots, Debenhams, John Lewis, Marks & Spencer
1990
17 187
Mooreld Real Estate Fund GP Limited
44
n/a
n/a
n/a
Key tenants: Jaeger, Dune, Phase Eight, Hobbs, Austin Reed, H&M, Sports Direct
2000
15 793
Schroder Exempt Property Unit Trust
42
n/a
n/a
n/a
Key tenants: natWest Bank, Aquabus, Tesco
Queens Arcade
1994
15 329
European Property Investors Special Opportunities LP Limited
42
n/a
n/a
n/a
Key tenants: Argos, Disney Store, Gap, Pier
The Hayes Shopping Centre
2007
14 864
Helical Bar Plc
28
n/a
n/a
n/a
Key tenants: Borders, TK Maxx, Rossiters and Moss Bros
2 4 5
St Davids Centre - Cardiff
1
Cardiff
3
Edinburgh, United Kingdom

Location based retail sales growth, 2007-2011 (%pa) Location based retail sales growth forecasts, 2012-2016 (%) CPI 2011 (%) ILO unemployment rate, 2011 (%) Consumer expenditure per capita, 2011 Average earnings per capita, 2011 Car ownership (cars per 1 000 inhabitants)
Overall city score

Edinburgh
491 0,7 63 1,6 1,9 2,9 2,3 n/a 8,1 22 757 24 876 n/a
UK
62 756 0,6 62 0,1 2,1 1,4 2,5 4,5 8,0 18 119 19 536 453
Europe
502 711 0,2 66 0,5 2,2 2,4 1,4 0,03 9,4 13 070 12 347 473
+ -
Retail sales growth
773 50 16 623 000 267 165-900
5 128 626 117 383 310 326 n/a
Edinburgh
Edinburghs retail market has long been overshadowed by its neighbour, Glasgow. Major regeneration projects are underway to address this, including plans to improve two dominant shopping centres: The Gyle and the St James Centre.

Edinburgh, United Kingdom

// Major shopping centres in operation in Edinburgh (by size)
1972
GLA size (sq m)

41 806
Owner
Henderson Global Investors
N of stores
55

n/a
Occupancy ratio (%)

n/a
Turnover
n/a
St James Centre
Key tenants: Boots, John Lewis, Next
Ocean Terminal
2001
41 256
Resolution Property
85
n/a
n/a
n/a
Key tenants: Bhs, Debenhams
Gyle Shopping Centre Cameron Toll Shopping Centre West Side Plaza
1993
30 658
William Ewart Properties Limited
69
n/a
n/a
n/a
Key tenants: Boots, Marks&Spencer, Morrisons, Next
1984
24 155
Warren Private Clients
40
n/a
n/a
n/a
Key tenants: Bhs, Sainsbury's
1972
18 580
WG Mitchell Limited
42
n/a
n/a
n/a
Key tenants: Lidl
Edinburgh
1
Ocean Terminal - Edinburgh
3 5
Glasgow, United Kingdom

Overall city score

Glasgow
596 0,2 63 1,8 1,9 2,0 2,7 n/a 10,5 17 831 18 338 n/a
UK
62 756 0,6 62 0,1 2,1 1,4 2,5 4,5 8,0 18 119 19 536 453
Europe
502 711 0,2 66 0,5 2,2 2,4 1,4 0,03 9,4 13 070 12 347 473
Retail sales growth
773 50 16 623 000 267 165-900
5 128 626 117 383 310 326 n/a
Glasgow
Land Securities redevelopment of Buchanan Street is underway, aimed at bolstering Glasgows retail offer. There are also plans to improve Glasgows best performing shopping centre, Buchanan Galleries.

Glasgow, United Kingdom

Key tenants: ASDA, Dunnes Stores, InShops
// Major shopping centres in operation in Glasgow (by size)
1989
GLA size (sq m)

93 000
Owner
Ivanhoe Cambridge
N of stores
104

n/a
Occupancy ratio (%)

n/a
Turnover
n/a
St Enoch Centre
Key tenants: Bhs, Boots, Burton, Dorothy Perkins, Debenhams, TK Maxx
Silverburn
1979
92 902
Hammerson
109
n/a
n/a
n/a
Key tenants: Debenhams, Marks&Spencer, Next, Tesco Extra
Buchanan Galleries Forge Shopping Centre Sauchiehall Centre
1999
55 000
Land Securities, Henderson Global Investors
75
n/a
n/a
n/a
Key tenants: Boots, H&M, JD Sports, John Lewis, Marks&Spencer, Next, Open
1988
41 806
Belfast Ofce Properties
75
n/a
n/a
n/a
1978
16 723
Aviva Investors Global Services Limited
24
n/a
n/a
n/a
Key tenants: Healthland Fitness International, JJB Sports, Primark, Superdrug, TK Maxx, WH Smith
5 Glasgow 1
Buchanan Galleries - Glasgow
4 2
Leeds, United Kingdom

Overall city score

Leeds
807 0,6 63 -0,2 1,9 1,7 2,3 n/a 9,9 16 193 17 634 n/a
UK
62 756 0,6 62 0,1 2,1 1,4 2,5 4,5 8,0 18 119 19 536 453
Europe
502 711 0,2 66 0,5 2,2 2,4 1,4 0,03 9,4 13 070 12 347 473
+ -
Retail sales growth
773 50 16 623 000 267 165-900
5 128 626 117 383 310 326 n/a
Leeds
The development of the Trinity Leeds scheme is set to transform Leeds retail landscape and has already attracted major international brands. The scheme, due to open in 2013, will make Leeds the UKs fourth largest retail centre.

Leeds, United Kingdom

// Major shopping centres in operation in Leeds (by size)
1973
GLA size (sq m)

92 902
Owner
Land Securities Group
N of stores
120

n/a
Occupancy ratio (%)

n/a
Turnover
n/a
Trinity Leeds White Rose Shopping Centre Merrion Centre
Key tenants: Bhs, Boots, H&M, JJB Sports, Marks&Spencer, Mothercare, Next, TK Maxx, Topshop/Topman
1997
63 638
Land Securities Group
92
n/a
n/a
n/a
Key tenants: Debenhams, Sainsbury's SavaCentre
1964
46 452
Town Centre Securities
78
n/a
n/a
n/a
Key tenants: Boots, Morrisons
The Light
1991
32 516
Aegon Property Fund Limited
34
n/a
n/a
n/a
Key tenants: Browns, If bar, Proibito, Tiger Tiger
Clarence Dock Retail
2008
23 818
Allied London Properties Limited
43
n/a
n/a
n/a
Key tenants: Alea, Gstar, All Saints, Tesco
4 1
3 5
Leeds
White Rose Shopping Centre - Leeds
London, United Kingdom

Overall city score

London
1 137 0,8 71 0,6 3,1 2,0 2,9 n/a 10,2 25 798 29 503 n/a
UK
62 756 0,6 62 0,1 2,1 1,4 2,5 4,5 8,0 18 119 19 536 453
Europe
502 711 0,2 66 0,5 2,2 2,4 1,4 0,03 9,4 13 070 12 347 473
+ +
Retail sales growth
35 1 904 000 291 550-900 Zone A /sq m/year None
773 50 16 623 000 267 165-900
5 128 626 117 383 310 326 n/a
London
Londons shopping centre market enjoys high levels of footfall and turnover ratios. New schemes have opened in recent years, with the most prominent of these being the 211,500 sq m Westeld Stratford, which opened in 2011.

London, United Kingdom

// Major shopping centres in operation in London (by size)
2011
GLA size (sq m)

211 500 Westeld
Owner
N of stores
300

n/a
Occupancy ratio (%)

n/a
Turnover
n/a
Westeld Stratford City Westeld London Brent Cross Shopping Centre, Covent Garden Market High Street Wood Green
Key tenants: John Lewis, Marks&Spencer
2008
150 000
Westeld
265
n/a
n/a
n/a
Key tenants: Debenhams, House of Fraser, Marks&Spencer, Next, Waitrose
1976
78 967
Hammerson
120
n/a
n/a
n/a
Key tenants: Fenwick, John Lewis
1980
60 000
Capco
50
n/a
n/a
n/a
Key tenants: Apple, Burberry, Ralph Lauren
1977
52 954
Capital & Region/al
91
n/a
n/a
n/a
Key tenants: Argos, Boots, Debenhams, Pearsons Department Store, Primark, TK Maxx, WH Smith, Wilkinson
5 3 2
London
Westeld Stratford City - Londres
Manchester, United Kingdom

Overall city score

Manchester
1 459 0,6 63 1,0 2,2 2,1 2,5 n/a 8,9 17 082 17 646 n/a
UK
62 756 0,6 62 0,1 2,1 1,4 2,5 4,5 8,0 18 119 19 536 453
Europe
502 711 0,2 66 0,5 2,2 2,4 1,4 0,03 9,4 13 070 12 347 473
+ -
Retail sales growth
773 50 16 623 000 267 165-900
5 128 626 117 383 310 326 n/a
Manchester
Over half of Manchesters overall retail oorspace is accounted for by the citys ve shopping centres. By far the largest is Arndale Centre which dominates the northern and eastern part of the city.

Manchester, United Kingdom

// Major shopping centres in operation in Manchester (by size)
1998
GLA size (sq m)

148 605
Owner
Capital Shopping Centres
N of stores
278

n/a
Occupancy ratio (%)

n/a
Turnover
n/a
The Trafford Centre
Key tenants: Bhs, Boots, Debenhams, Marks&Spencer, Selfridges
Arndale Centre
1976/2000
130 063
Prudential Assurance Company Limited, Capital Shopping Centres
225
n/a
n/a
n/a
Key tenants: Bhs, Boots, Next
Ellesmere Shopping Centre Swinton Shopping Centre Droylsden Shopping Centre
1994
29 172
Liverpool & Lancashire Properties Ltd
130
n/a
n/a
n/a
Key tenants: Boots, Greggs, Lunn Poly, Tesco
1965
16 862
Private Investor
70
n/a
n/a
n/a
Key tenants: Boots, Kwik Save, Peacocks
2003
16 258
Crownring Properties Limited
28
n/a
n/a
n/a
Key tenants: Boots, Ethel Austin, Somereld, William Hill
4 2 Manchester 5 1
The Trafford Centre - Manchester
Kyiv, Ukraine
Overall city score

Kyiv
2 813 0,8 71 2,2 n/a 10,6 n/a 6,1 5,4 1 987 6 237 n/a
Ukraine
45 644 -0,5 75 0,9 5,5 9,6 n/a 4,6 7,8 1 349 3 945 142
Europe
502 711 0,2 66 0,5 2,2 2,4 1,4 0,3 9,4 13 070 18 825 473
+ ++
Retail sales growth
++
44 16 720 800 257 $150-170 GLA sq m $/sq m/month None
121 33 1 755 600 219 $70-90
5 128 626 117 383 310 326 n/a
Kyiv
After a period of weak economic conditions, the retail sector is recovering, stimulated by the upcoming European Football Championships. Several shopping centre projects are due for completion in 2012 .

Standard lease document Typical lease length Typical incentives Statutory rights to renew the lease Frequency of rent reviews Frequency and basis of indexation of rent Lease agreement 3-5 years for standard retail units of 50-250 sq m 7-10 years for semi-anchors (500-1,000 sq m) 10-15 years for anchor tenants plus a priority right to renew the lease Stepped up rent After expiration of rental term Annual indexation Harmonised CPI, xed - 3-5%
Kyiv, Ukraine
// Major shopping centres in operation in Kyiv (by size)
2009/2011
GLA size (sq m)

90 500
Owner
Vita Veritas
N of stores
250

1 500*
Occupancy ratio (%)

93
Turnover
n/a
Dream Town
Key tenants: Novus, Cosmos hypermarket, Foxtrot, Techopolis, River Island, Zara, Oscar (cinema), Marks&Spencer, Benetton, Sportmaster, Intertop, Mothercare
Sky Mall
2007/2010
47 000
Arricano Development
150
600*
99
n/a
Key tenants: Auchan, Comfy, Zara, New Look, New Yorker, Kronverk (cinema), City Bowling, Reserved, Intertop, Mothercare, Marks&Spencer, Top Shop
Karavan
2004/2008
37 700
Karavan Group
120
1 200*
99
n/a
Key tenants: Karavan hypermarket, Zara, New Look, GAP, Marks&Spencer, Smyk, Odessa Kino
Bolshevik
2007/2008
36 200
n/a
120
1 000*
98
n/a
Key tenants: MegaMarket, Comfy, Tekhnopolis, ButterFly cinema, Colins, Brocard, Intertop, ArgoCentr, Next, Ice Rink, Adidas
Globus
2002/2003
18 600
London & Region/al
175
2 400*
98
n/a
Key tenants: Sportmaster, Mothercare, Brocard, New Look, Peacocks, Grandi Firme Outlet
* monthly average
1 3
Kyiv
4
Sky Mall - Kyiv
2 5
//Retail Team
EMEA Martyn Chase European Retail Sector Head martyn.chase@dtz.com +44 (0)20 3296 4232 / +44 (0)7808 479 279 Nordics Maria Krumlinde Retail Director maria.krumlinde@dtz.com +46 8 671 34 93 +44 / +44 (0)7768 294 749 Belgium Thomas Willekens Senior Account Manager Retail thomas.willekens@dtz.com +32 3 303 10 09 / +32 475 76 07 02 Netherlands Cuno van Steenhoven Chairman of management board csteenhoven@dtz.nl +31 30 602 22 11 / +31(0) 653 87 97 97 Germany Katharina von Schacky Head of Retail Asset Management katharin/a.vonschacky@dtz.com +49 (0) 211 177 240 / +49 (0) 174 909 6371 France Jean-Philippe Carmarans CEO Valuation jean-philippe.carmarans@dtz.com + 33 1 47 48 77 24 / + 33 6 22 50 67 33
Spain James Bradley Country Head james.bradley@dtz.com +34 91 770 96 00 / +34 62 951 69 24 Poland Patrick Delcol Country Head patrick.delcol@dtz.com +48 (22) 222 31 00 / +48 (0) 603 110 024 Romania Razvan Sin Head of Retail razvan.sin@dtz.ro +40 21 310 3100 / +40 751 22 22 11 Czech Republic Lenka Vodrazkova Head of Property Management lenka.vodrazkova@dtz.com +420 234 262 257 /+420 736 620 066 UAE Andrew Goodwin Director andrew.goodwin@dtz.com +971 (0)2 667 4823 / +971 (0)50 621 7290 UK Hugh Radford Head of UK Retail hugh.radford@dtz.com +44 (0)20 3296 4179 / +44 (0)7831 575 452
// Research Team
// Disclaimer
This report should not be relied upon as a basis for entering into transactions without seeking specic, qualied, professional advice. Whilst facts have been rigorously checked, DTZ cannot be held responsible in any way in case of any error or inaccuracy within this report. Information contained herein should not, in whole or part, be referred to, reproduced, or distributed without the prior express approval of DTZ. In any case, any reference, reproduction, or distribution must indicate its source.
Belgium Cedric Van Meerbeeck cedric.vanmeerbeeck@dtz.com +32 2 629 02 00 Czech Republic Lenka indelrov lenka.sindelarova@dtz.com +420 234 262 239 Denmark Kim McMillan kim.mcmillan@dtz.com Tel: +45 337 34 511 Finland Juha MkiLohiluoma juha.maki-lohiluoma@dtz.com Tel: +358 (0)10 836 8435 France Delphine Mah delphine.mahe@dtz.com Tel: +33 (0)1 49 644 791 Germany Ursula-Beate Neier ursula-beate.neisser@dtz.com Tel: +49 (0)69 92 100 160 Hungary Eanna Maksay eanna.maksay@dtz.com Tel: +36 (0)1 472 7297 Ireland Marian Finnegan marian.nnegan@dtz.ie Tel: +353 (0)1 237 6300 Italy Magali Marton magali.marton@dtz.com Tel: +33 (0)1 49 644 954 Luxembourg Sophie Leblon sophie.leblon@dtz.com Tel: +352 2648 4868 Middle East Martin Cooper martin.cooper@dtz.com Tel: +973 (0)1 713 3660 European Retail Guide - Shopping Centres | 91 Netherlands Frank van der Sluys fsluys@dtz.nl Tel: +31 (0)20 5711 411 Norway Marit Hoff Eek marit.eek@dtz.no Tel: +47 23 11 68 68 Poland Anna Staniszewska anna.staniszewska@dtz.com Tel: +48 (0)22 222 3130 Russia Stefano Carosi stefano.carosi@dtz.com Tel: +7 (495) 748 1111 Spain Pablo Kindeln pablo.kindelan@dtz.com Tel: +34 (0)91 770 9622 Sweden Karin Witalis karin.witalis@dtz.com Tel: +46 8 671 34 00 Switzerland Pierre Stmpi pierre.stampi@dtz.com Tel: +41 (0)22 839 7370 Turkey Dilek Pekmidir pekdemird@dtz.com.tr Tel: +90 212 231 5530 Ukraine Marta Kostiuk marta.kostiuk@dtz.kiev.ua Tel: +380 44 220 3060 United Kingdom Martin Davis martin.davis@dtz.com Tel: +44 (0)20 3296 2304
// Sources
This European shopping centre guide covers 40 cities and was put together using data collected by our extensive network of local ofces around Europe. Whereas the retail specic data on shopping centre provision and lease structure was gathered by our retail teams locally, the socioeconomic data comes from Oxford Economics. In order to ensure a robust comparison between cities, please note that all data adheres to Oxford Economics Nuts 3 boundary denition, which refers to city specic information.
DTZ is now combined with UGL Services, a division of UGL Limited. The combined business of DTZ and UGL Services is now one of the largest property services companies in the world. The organisation has 27,000 permanent employees and 43,000 personnel including contractors, operating across 217 ofces in 45 countries.
www.dtz.com
DTZ march 2012
Europe, Middle East & Africa South Africa Germany Saudi Arabia Belgium Croatia Denmark UAE Spain Estonia Finland France Hungary Ireland Italy Kazakhstan Latvia Lithuania Luxembourg Norway Netherlands Poland Qatar Czech Republic Romania UK
Russia Suede Switzerland Turkey Ukraine Asia-Pacic Australia China South Korea India Indonesia Japan Malaysia New Zealand Singapore Taiwan Thailand Vietnam North America Canada United States Mexico

D TZ European Retail Guide Shopping Centres

Caricato da

Informazioni sul documento

Descrizione originale:

Titolo originale

Copyright

Formati disponibili

Condividi questo documento

Condividi o incorpora il documento

Opzioni di condivisione

Hai trovato utile questo documento?

Questo contenuto è inappropriato?

Copyright:

Formati disponibili

D TZ European Retail Guide Shopping Centres

Caricato da

Copyright:

Formati disponibili

European Retail Guide

Magali Marton Head of CEMEA Research

Karine Woodford Head of Occupier Research

Martyn Chase European Retail Sector Head

European Retail Guide - Shopping Centres | 03

04 | European Retail Guide - Shopping Centres

// European Retail Guide - Shopping Centres

European Retail Guide - Shopping Centres | 05

// European Retail Guide - Shopping Centres

Figure 1 GDP growth forecasts in selected European cities (2012-16)

06 | European Retail Guide - Shopping Centres

Source DTZ Research

// European Retail Guide - Shopping Centres

As at the beginning of 2012, total shopping centre stock across Europe

There are a number of reasons why cities may be undersupplied. In some

Shopping centre floor space per 1,000 population (sq m)

European Retail Guide - Shopping Centres | 07

// European Retail Guide - Shopping Centres Statistics

Country Belgium Czech Republic Denmark Estonia Finland

City Brussels Prague Copenhagen Tallinn Helsinki Lille

Number of schemes in the pipeline 1 1 0 3 2 3 4 6 10 4 0 0 2 2 1 0 1 12 0 4 4 0

Country Lithuania Netherlands Poland Portugal Spain Sweden Turkey Vilnius

Number of schemes in the pipeline 2 2 1 15 n/a 2 4 15 28 0 2 0 1 0 1 2 1 16

Lyon Marseille Paris Berlin Cologne Dusseldorf

Frankfurt Hamburg Leipzig Munich Stuttgart

Edinburgh Glasgow Leeds London Manchester

Hungary Ireland Italy Latvia

Budapest Dublin Milan Rome Riga

European City gures

08 | European Retail Guide - Shopping Centres

// European Retail Guide - Shopping Centres

Location based retail sales growth, 2012-2016

Riga Warsaw Tallinn

Helsinki Prague Stockholm European average Copenhagen

London Birmingham Manchester

Bristol Budapest Madrid

Rotterdam Lille Stuttgart Dusseldorf Barcelona Rome Brussels Berlin

Emerging markets, whilst offering potential as they are under-supplied in

Shopping centre floor space per 1,000 population

European Retail Guide - Shopping Centres | 09

Overall city score

Pop. growth GDP growth

Retail sales growth

17 1 255 316 233 1 500 GLA sq m /sq m/year None

63 18 1 018 521 93 1 500

5 128 626 117 383 310 326 n/a

// Lease Structures and Legal Aspects

10 | European Retail Guide - Shopping Centres

GLA size (sq m)

Footfall gures (000)

Occupancy ratio (%)

Key tenants: Fnac; carrefour, Zara; Sports World

The "W" Shopping (Woluwe Shopping Centre)

1968 renovated in 2004

SA L'Investissement Foncier Woluwe Shopping Center (Certicat Fortis RE)

Key tenants: Galeria Inno; Habitat; Match; H&M

Westland Shopping Center

1972 renovated in 2000

Investissement foncier Westaldn Shopping Center SA (Fortis RE + Redevco)

Key tenants: C&A; Delhaize; New Look; Zara

Basilix Shopping Center Galerie Toison d'Or

1984 renovated in 2004