Year V Issue 24, November 2015
in partnership with
Italy stars at MAPIC The Italian presence at MAPIC has been a winning factor on all of the latest occasions on which this trade fair for shopping centres was held. This is because, for this particular market segment, Italy is especially well represented in Cannes, in terms of both the number of companies exhibiting and the number of visitors attending - undoubtedly a sign of the dynamism of a market which has withstood the toughest periods of the crisis. This year the Italian Real Estate community goes to MAPIC with a proactive, highly optimistic attitude thanks to a number of factors, not least a purely internal matter which sees a new leadership team at the head of CNCC, the industry’s trade association. The presence in the Italian marketplace of international investors has, over the past year, extensively favoured the shopping centre industry. In any case, the entire category of operators associated with the shopping centre supply chain remains uncertain about its future and is attempting to understand in which direction to move. Here, too, many of the industry’s certainties no longer hold true and one of these is consumption. For the moment, footfall numbers are holding out and this leads centre managers to place their hopes in sales picking up again. Consumer awareness will have to be raised with new openings, new brands, suitable spaces and high-visibility related services. But it will also be necessary to persevere on management costs, energy savings, system optimisation and location.
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Deepening Periodic for the Real Estate operators Poste Italiane S.p.A. - Spedizione in Abbonamento Postale - 70% - LO/MI
€
Guglielmo Pelliccioli
2015: A breakthrough year for Italian retail The sector challenged by its complexity
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marco luraschi
editor-in-chief IL QUOTIDIANO IMMOBILIARE
APIC in Cannes is not only the most important international trade fair dedicated to retail real estate but it is also a fixed event for the world of Italian retail property, which traditionally occupies the corridors and halls of the Palais and is second in number only to the French presence there. This year more than ever, the Italian market which is represented in Cannes is strong with a renewed vitality and a new impetus for development of projects and is increasingly the focus of interest from major international players, primarily American. The close of 2015 could be characterized by a significant growth in both visitors and consumption data for Italian shopping centres. The direction changed a few quarters ago. Of course retail stock on the Italian market is not all uniform, however; there are at least 4 or 5 different segments, depending on performance. Of course, retail being the most dynamic sector par excellence, it is understandable that there is high turnover for obsolete product and that not all properties produce satisfactory results, especially because in the last pre-crisis period too much was built, sometimes without the right market strategies. As far as regards corporate investment, in Q3 more than €320 million were invested in the retail sector in Italy, the secondbiggest asset allocation after offices. Whilst it may be true to say that we have not seen the same numbers as in 2014, we do know that there are several different operations in the pipeline which are due to be closed later this year or in early 2016. These operations are more long-term than opportunistic and are designed to take advantage of discounted prices.
MAPIC in Cannes becomes significant in the run-up to MAPIC Italia. to be held in Milan in May. MAPIC Italia will mark a historic step for the Italian market which will finally have its own, international, retail event.
This year’s MAPIC is key for our market: Italy is protagonist, thanks also to the work carried out for over a year by the CNCC, led by Massimo Moretti, who has managed to create a strong bond with the organisation. Not without reason has MAPIC in Cannes becomes significant in the run-up to MAPIC Italia. To be held in Milan in May, MAPIC Italia will mark a historic step for the Italian market which will finally have its own, international, retail event. We also want to highlight the presence, for the first time ever, of the Agenzia del Demanio (the State Property Agency) in the person of its director
Roberto Reggi, who answered the call with enthusiasm (and answered our invitation too), realising that the commercial sector can be a very strong stimulus to the renewal of large, abandoned areas owned by the public sector. It’s not just about older generation shopping centres, rather it’s about modern, mixed spaces, places for entertainment and for socialising, landmarks and developments affecting the while surrounding area. They represent a frontier to be explored, especially considering that we are heading towards “zero land consumption”.
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The first signs of a possible recovery in the real estate sector arrived some time ago from the retail sector and now the investor attention has returned to retail once more.
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In recent years, the retail sector has undergone a fundamental transformation in terms of both product and content: the formats that are on the market and which are winning the approval of the public are those which have managed to read the needs of their clients, who are increasingly well informed and are ever more ‘technological’ and selective in their choices. Online retail and e-commerce can be opportunities for shopping centre development and the fear of cannibalization appears to have waned because physical space remains essential for brands. Yet the challenge to attract customers is ever more complex and selective. One cannot improvise at managing retail or brands. Let’s also mention the high street: the most important international brands are looking for centrally located spaces in major Italian cities (perhaps left vacant by the banks or by the public sector) as if they were “gold nuggets”, for the chance of breaking into a market characterised by astronomical prices. In conclusion, this year Italy will conquer the space it deserves at MAPIC, and it will do so by bringing with it new and innovative development projects, some of which will directly involve the Italian market itself. The first signs of a possible recovery in the real estate sector arrived some time ago from the retail sector and now the investor attention has returned to retail once more, so that it is time for the sector to be recognized for its real weight within the Italian economy.
italy stars at mapic
Year V
Number 24
November 2015
Deepening Periodic for the Real Estate operators Founder: Guglielmo Pelliccioli Editor-in-chief: Marco Luraschi Editorial team: Elena Curnis Pietro Zara Marina Bettoni Graphic editing: Massimo Ghilardi Graphic layout: Daily Real Estate s.a.s. PA to the editorial team: Lara Pelliccioli Subscriptions and adv: Simona Galiero
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2015: a breakthrough year for Italian retail The sector challenged by its complexity
marco luraschi, il quotidiano immobiliare
A spotlight on Italy at MAPIC 2015
MAPIC Italy: a dedicated event next year
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nathalie depetro, mapic
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A year of hard work for CNCC Italian retail market showing positive signs massimo moretti, cncc
Public Properties at Mapic for the very first time
A great opportunity for international retail investors
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roberto reggi, agenzia del demanio
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ilQI: An even bigger real estate network A new QITV studio in the heart of MAPIC editorial team, ilQI
A new season for Italian retail real estate
A new positive cycle is here
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Pietro Malaspina, cncc
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The challenges of marketing These are my solutions: are you ready? ermanno canali, canali & co.
Deals: the pipeline appears to be robust
Remarkable properties on sale
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Luca Zaffaroni, The Royal Bank of Scotland
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Consumption and foreign investments drive the industry Italian shopping centres are performing well Roberto Zoia, IGD SIIQ
People design shopping locations
Successful retail assets start from customers’ needs and desires
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Giuseppe Roveda, aedes group
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Is retail still an opportunity for international investors? Resurgence of the Italian market Mario Pellò, TH Real Estate
Understanding the needs of each client
Cogest Retail: growing demand for strategic analysis and studies
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Roberto Marchetti, Cogest Retail
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The plan for retail to transform urban centres Market needs professional services
Savino Natalicchio, REAG Duff&Phelps italy
Looking for new opportunities in Italy
Sonae Sierra: third party services
Josè Maria Robles, Sonae Sierra Italy
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summary 48
Omnichannel and reverse showrooming The future of retailing
Alberto Albertazzi, svicom
A market in recovery with a lot of news
Innovative by tradition
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Corrado Vismara, Larry Smith Italy
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Novoli, re-developing the future
How a good leasing team can reverse a losing battle Corrado Erba, Immobiliare Novoli
Why we’re focusing on European retail
Italy: confidence in the market
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Pietro Clemente, Grosvenor Fund Management
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An innovative approach to the market ATG R&M to manage complex projects Andrea Silipo, Arcotecnica Group
Meet the needs of international investors
Trying to understand how to attract interest
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Paolo Magnaschi, MF RE Advisory, MF Studio Legale & Tributario
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Drafting Radius Clauses for Factory Outlet Centres Two elements to consider
Alessandro Matteini and rita marchetti, Baker & McKenzie
RE and energy services also in supermarket chains
Prelios Integrated Services with Officinæ Verdi
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Piercarlo Rolando, prelios integra
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The real estate challenge
Italian market offers a better quality building Michele Siggillino, Burger King Restaurants Italy
Retail: a constantly changing business
Shopping centres are becoming increasingly attractive
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Tobias Zickfeld, F&M Retail GmbH
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Real Estate contamination
Urban Regeneration is now an urgent issue Rachele Vigilante, Gabetti Property Solutions
Escalator: the moving-step invention
The revolution for retail people flow
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Andrea Pilone, otis italy
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We make Shopping Village real Seci RE in the Castel Romano Commercial Centre giuliano montagnini, seci real estate
Stone City: sustainability and suggestion from stones
A design that follows trends, also for retail business gianni sottocornola, granulati zandobbio
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