Retail Real Estate in Italy

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1 Year 1, Issue 5, November 2011 Quotidiano Immobiliare Retail Real Estate in Italy At Mapic 2011 Italy received an important award that is not only formal but also substantial. Our country represents an opportunity for investors in the commercial and retail sectors. The key players in the development and management of shopping centres have been operating in Italy for a while now. Retail is one of the few sectors that is able to stand up to the financial crisis. Waht is the outlook for retail market operators and what are the obstacles to overcome? What are the development strategies to implement and which territories and which public bodies do they have to negotiate with? Finally, what should be done with obsolete schemes? These are the questions this number of Focus QI will address thanks to the collaboration and contributions of key players in the Italian retail market. Guglielmo Pelliccioli In-depth magazine for real estate operators 20,80

2 EDITORIAL Rather than being only important players in the real estate industry, shopping centre developers have made a significant impact on local communities in the areas where their retail units are based. There is no point in speaking about this class of properties without starting from a broader perspective which embraces the different life styles of Italians. How much does our country s growth owe to shopping centres and how have new social needs influenced and helped the development of shopping centres? These are the bases on which the birth and growth of these modern consumption factories lie. Undeniably the development of a new retail centre exponentially impacts on the consumption habits of wide ranges of consumers that are located on the borders of the catchment area. The new shopping centre influences not only spending but also leisure and entertainment habits. This influential strength is the competitive uniqueness of such real estate properties, characterised by simple and essential structural models, fixed life cycles, almost no functional reuse, central and peripheral locations. It is, in practical terms, the antithesis of all the usual features of real estate properties. In Italy the retail industry started off developing shopping centres and in time it became increasingly more specialized, moving within only a few decades from a general market to a highly specialised one. Modern retailers are often international companies with not only strong construction and engineering backgrounds but also research and marketing expertise. They skillfully collaborate with local public institutions and they are interconnected with a network of main distributors. Sometimes they develop and manage the assets, following the strategy of a constant presence on the territory. All of this led to the creation of a leadership of modern retailers, able to face all the challenges and difficulties of the market. Their activities no longer clash with local areas; these companies cooperate both with the retail units and the local community. Some problems are still there (common to all for example is viability), but addressing them can be the source of inspiration for new ideas and projects. Retailers probably need to make a cultural leap, changing their proposals, emphasising an integrated relationship of the scheme with surrounding areas (some projects such as connecting shopping centres to stadiums sound interesting). Shopping centre development could be promoted by offering visitors a less consumerist format, moving towards a more formative environment where visitors are not just a passive audience but become proactive players in the whole experience. It is time we sponsored a new development phase, in which retailers who operate and are present in a particular area can take a more active and integral part. Guglielmo Pelliccioli

3 COMMENT OF... Retail: driving force for real estate and regeneration of our towns ANTONIO INTIGLIETTA, PRESIDENT GE.FI. T he encouraging signs from the retail sector show that, despite the actual difficulties of the moment, the sector is holding out and still represents a driving force for the Italian Real Estate. As evidence of this, I will simply quote a few figures: in Italy there are currently 14 million square metres of GLA (Gross Leasable Area), of which 521 thousand that have been developed over the past two years. For the years , 115 projects have been announced for a total of 2.8 million square metres of GLA, of which 700 thousand already in the pipeline. Therefore, to find the right stimulus, it is necessary to start from here, from the good aspects that are already available, otherwise, we will not achieve much just by discussing about figures or negative issues. Retail development requirements tend, inevitably, to be interconnected with the urban regeneration of towns, particularly in historical centres. In recent times we have also seen a number of good examples that I would like to point out here. The first one is in Milan, where a Coin store has been opened in Galleria del Corso, on the site of the former Excelsior Cinema, a short walk from Piazza Duomo, where Beni Stabili has focused on a major real estate redevelopment project, creating a shopping centre of around 7 thousand square meters, which has revitalized and given lustre to an important part of the town centre. Another example is that of the new Rinascente in Rome: a project that will enhance a substantially large area in the centre, between via del Tritone and via Due Macelli. Throughout the area where the new premises are going to be built, redevelopment of public spaces will take place, so as to improve accessibility for pedestrians and foster eco-friendly transport, including the redevelopment of historically significant elements such as the central court reported in the Nolli map, which dates back to the year In short, an example of how historical analysis can influence and direct the planning and design work of a private operator, to allow the redevelopment of a significantly important area that has a strong commercial and tourist appeal. A third example comes from Turin, where the Dutch Corio group will transform Palazzo Nervi into a natural 22 thousand square metre shopping mall, with four public squares and a green open space. For the first time, after more than fifty years, Parco Italia '61 will be restored to the city. To facilitate Retail Real Estate development, we must not forget the role played by Italian brands which, with their business expansion strategies, constitute an advantage for the entire industry. Nowadays, for city centre redevelopment and enhancement operations, and not only, the "made in Italy" definitively represents an added value. A close collaboration among the protagonists of high-end goods trade, local public administrations and developers is one of the fundamental conditions necessary for the consolidation and revival of trade in our cities. Consequently, Retail can thus bring about economic vitality if linked to improvements in the quality of life in large and small towns. Every year, (EIRE) Expo Italy Real Estate, brings together all the sectors and professionalism of Real Estate with the objective of fostering business relations between the Retail specialists, which represents a crucial aspect of any process of territorial transformation. As from now, for the next edition in June 2012, we are launching the Investors' Days challenge: we will bring one hundred Italian and foreign investors to evaluate and possibly support the opportunities which our exhibitors decide to present at the event. It will be an exceptional opportunity, both for Public Administrations and private operators to attract investments and launch new development projects. November

4 3 EDITORIAL 5 COMMENT OF... GUGLIELMO PELLICCIOLI ANTONIO INTIGLIETTA, GE.FI. 10 Quotidiano Immobiliare: who are we and what makes us tick MARCO LURASCHI, QUOTIDIANO IMMOBILIARE 12 Italy: a key territory for retail real estate NATHALIE DEPETRO, MAPIC 14 Italy still appealing for retail real estate investment PIETRO MALASPINA, CNCC 17 Retail markets across the globe show a wide variety of behaviours but a common trait: superior performance LUIGI PISCHEDDA, IPD 21 Opportunities and prospects for the Italian retail market LUCA DONDI, NOMISMA

5 32 Three "A" for strategic marketing to lead the change ERMANNO CANALI, CANALI & C. 27 Italy is an interesting laboratory for retail innovations DANIELE TIRELLI, POPAI ITALY 36 Ponte Parodi: an incredible value that can be duplicated ALTAREA ITALIA, LUDOVIC CASTILLO 38 Angular: innovation in retail is around the corner ANGULAR, NICOLA ZENI 40 Our challenge is to drive the retail real estate industry in a change of mentality ARCORETAIL - AGORÀ, LUCA BASTAGLI FERRARI AND CARLO ROMAGNOLI 42 BNP Paribas raises the stakes with "M DUE" Metro Group deal BNP PARIBAS REIM SGR, IVANO ILARDO 44 5 new openings and 10 projects in the pipeline COGEST ITALIA, CARMEN CHIEREGATO 48 It's a matter of getting the timing right CUSHMAN & WAKEFIELD ITALY, JOACHIM SANDBERG

6 52 Eurocommercial Properties acquires its 10th shopping centre in Italy EUROCOMMERCIAL PROPERTIES NV, ROBERTO FRATICELLI 54 Outlet: the future is "tailor made" FASHION DISTRICT GROUP, ANGELO FACCHINETTI 56 Growth? Unstoppable! FORUMINVEST ITALIA, MARCO MUTTI 58 Focus on acquiring urban retail assets in leading cities GROSVENOR FUND MANAGEMENT ITALY, PAOLO MUTTI 59 Parco Leonardo Square Outlets: a new innovative concept GRUPPO LEONARDO CALTAGIRONE, EDOARDO CALTAGIRONE 61 We brought the model of American malls to Italy GRUPPO POLICENTRO, LINO IEMI 64 We're ready to invest in Italy again HENDERSON GLOBAL INVESTORS, ALBERTO ALBERTAZZI 67 Our future is in Italy IGD SIIQ S.P.A., CLAUDIO ALBERTINI 70 With Villesse our Italian journey has begun INTER IKEA CENTRE ITALIA, MONICA CANNALIRE 72 The passive role the banks play will affect the transaction volume JONES LANG LASALLE ITALY, DAVIDE DALMIGLIO 74 That's how the entire concept of shopping centres is changing LARRY SMITH ITALIA, CHRISTIAN RECALCATI 76 We are aiming to develop one project each year PANATTONI EUROPE, SANDRO INNOCENTI

7 78 Italy? Still interesting but more difficult PRADERA, ROBERTO LIMETTI 80 New projects to see how the market reacts PRAGA HOLDING REAL ESTATE SPA, GIUSEPPE ROVEDA 82 Italian "retail product" is competitive on the European market REAG EUROPE, LEO CIVELLI 84 The Italian retail market needs innovation SECI RE, GIULIANO MONTAGNINI 86 Southern Italy, higher return and incredible potential SIRCOMGROUP, PASQUALE IAMELE 88 We believe in a growth of the market for quality shopping centres SONAE SIERRA, JERRY BOSCHI FOCUS QI Quotidiano Immobiliare In-depth magazine for real estate operators Leading magazine in the real estate market Year 1, Issue 5, November 2011 Editor-in-Chief: Marco Luraschi Editorial team: Elena Curnis, Pietro Zara PA to the editorial team: Lara Pelliccioli Subscriptions and adv: Simona Galiero Translation: Alessia Ruffini Graphic design: Web Lagoon Direction, Administration, Editorial and Advertising: DAILY REAL ESTATE S.R.L. Registered office: via Pascoli, Bergamo Editorial office: Via Locatelli, Trescore (BG) P.zza Diaz, Milano TV Studio: Viale Achille Papa, Milano Contact us: Tel Fax info@dailyre.info Quotidiano Immobiliare Founder: Guglielmo Pelliccioli Scientific Committee President: Riccardo Delli Santi Vice President: Gabriella Alemanno, Cesare Ferrero Andrea Amadesi, Joël Patrick Amicucci, Benedetta Amisano, Fabio Bandirali, Giovanni Belloni, Roberto Benaglia, Paolo Berlanda, Carlo Bianco, Mario Breglia, Emanuele Caniggia, Franco Casarano, Edovige Catitti, Michele Cibrario, Leo Civelli, Enzo Danesi, Mauro Danielli, Pasquale Iamele, Antonio Intiglietta, Pietro Locatelli, Cesare Maggi, Pietro Malaspina, Giulio Malfatto, Luciano Manfredi, Davide Manstretta, Luigi Marchesini, Pierre Marin, Alessandro Mazzanti, Massimo Mazzi, Mauro Montagner, Giacomo Morri, Massimiliano Morrone, Federico F. Oriana, Sestilio Paletti, Emilio Panzeri, Barbara Polito, Enzo Ricci, Paola Ricciardi, Giulio Rolandino, Salvatore Ruoppolo, Antonio Russo, Joachim Sandberg, Domenico Storchi, Gualtiero Tamburini, Fabio Tonello, Oliviero Tronconi, Gianni Verga, Massimo Vitali, Giovanni Zavagli General secretary: Beatrice Zanolini info@quotidianoimmobiliare.info In collaboration with Expo Italia Real Estate EIRE Printing: Presservice80 srl Via Fonderia Rumi Seriate (BG) Autorizzazione Tribunale di Bergamo n.2/11 del Copia: 20,80 La pubblicità non supera il 45% del numero delle pagine di ciascun fascicolo della rivista. Foto e immagini: DailyRE ad eccezione delle immagini fornite direttamente dagli autori. Copyright Daily Real Estate s.r.l. Bergamo Ai sensi dell art.2 comma 2 del codice di deontologia relativo al trattamento dei dati personali nell esercizio dell attività giornalistica, si rende nota l esistenza di una banca-dati personali di uso redazionale presso la sede di Via Locatelli, 22 Trescore B.rio (BG). Gli interessati potranno rivolgersi al responsabile del trattamento dei dati presso detta sede per esercitare i diritti previsti dal D.lgs 196/2003