Retail Real Estate in Italy

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.
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In-depth magazine for real estate operators
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Guglielmo Pelliccioli
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
„
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 2011-2013, 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
1748. 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 con-
solidation 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 2011
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EDITORIAL
5
GUGLIELMO PELLICCIOLI
10
COMMENT OF...
ANTONIO INTIGLIETTA, GE.FI.
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
27
Italy is an interesting
laboratory for retail
innovations
DANIELE TIRELLI, POPAI ITALY
32
Three "A"
for strategic
marketing to
lead the change
ERMANNO CANALI, CANALI & C.
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
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
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
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