The Abortion pills for sale in Qatar@Doha [+27737758557] []Deira Dubai Kuwait
Â
Outlet Centres - Delevering top returns | Ken Gunn | FSP
1. March 24, 2015
FSP RETAIL BUSINESS CONSULTANTS
ICSC European Outlet Conference
Delivering Top Returns
2. FSP RETAIL BUSINESS CONSULTANTS
European Outlets: Life Begins at 40
Kenneth Sinclair Gunn
3. Contents
European Outlet Centres Today
Current Position
Recent Expansion
Planned 2015 & 2016 developments
Development Cycle and Current Capacity
European Occupiers Today
Top 25 Occupiers
Expanding Occupiers
Evolving Markets
Delivering Top Returns
Top Investors
Top Operators
Finding Opportunities
Conclusions
March 25, 2015 FSP RETAIL BUSINESS CONSULTANTS3
4. Current Position
March 25, 2015 FSP RETAIL BUSINESS CONSULTANTS4
Source: FSP
201 outlet centres1 >3k m2
Total GLA 3.4million m2
2014 Turnover of âŹ11.7bn
191 are over 5,000mÂČ
161 are over 10,000mÂČ
63 are over 20,000mÂČ
Excluding Russia, 72% of
the European population
lives within 90 minutesâ
drive of an outlet centre
http://www.fspretail.com/en/demo/interactive-outlet-centre-map/
1 Turkey is considered to be separate from the core European market, and is not included in this review
5. Outlet Centre Openings in 2014
Country Location Name Format Location Format GLA (sqm)
Italy Brugnato Shopinn Brugnato Outlet Village Edge of Suburbs Medium - Upscale 22,000
Denmark Copenhagen Copenhagen DO Outlet Mall Suburban Location Medium - Midscale 17,500
Poland Lublin City Outlet Lublin Outlet Mall Edge of Suburbs Medium - Midscale 12,500
Germany Bad Munstereifel Eifel City Outlet Outlet Village Town Centre Medium - Midscale 12,000
United Kingdom London - Hackney
Hackney Fashion
Hub
High Street
Edge of Town
Centre
Small - Upscale 7,000
Netherlands Amsterdam UFO Akerpoort Department Store Suburban Location Minor - Midscale 5,000
March 25, 2015 FSP RETAIL BUSINESS CONSULTANTS5
Source: FSP
6. Planned Openings in 2015 & 2016
Country Location Name Year GLA (sqm)
Poland Bialystok City Outlet Bialystok 2015 13,000
Denmark Billund Billund Quality Outlets 2015 12,000
Germany Brehna Fashion Outlet Leipzig 2015 11,500
Germany Koblenz Montabaur Fashion Outlet 2015 14,500
France La Cavalerie Viaduc Village 2015 5,988
France Paris (Aubergenville) Marques Avenue A13 2015 12,900
Czech Republic Prague The Prague Outlet 2015 12,000
United Kingdom Solihull Resorts World at the NEC 2015 14,362
Russia St Petersburg Outlet Village Pulkovo 2015 13,024
Italy Torino Torino Outlet Village 2015 19,500
Spain Barcelona (Viladecans) Viladecans The Style Outlets 2016 19,800
Italy Bergamo San Pellegrino Outlet Village 2016 13,000
France Marseille (Miramas) McArthurGlen Provence 2016 16,000
Russia St Petersburg Fashion House St Petersburg 2016 13,000
Estonia Tallinn Gate Tallinn Outlet 2016 12,500
Finland Vaalimaa Zsar Outlet Village 2016 12,000
Russia Yekaterinburg Fashion House Yekaterinburg 2016 18,000
Czech Republic Zdice Bohemia Outlet Village 2016 16,000
March 25, 2015 FSP RETAIL BUSINESS CONSULTANTS6
Source: FSP
7. Outlet Industry Expansion
March 25, 2015 FSP RETAIL BUSINESS CONSULTANTS7
Source: FSP
0
50000
100000
150000
200000
250000
300000
350000
FloorspaceAdded(mÂČ)
Central Europe Northern Europe Southern Europe Western Europe
8. Capacity for New Outlet Development
March 25, 2015 FSP RETAIL BUSINESS CONSULTANTS8
Source: FSP
10. Top 25 Occupiers
Retailer Country of Origin Merchandise Category FISH Price Position
# Outlet
Stores
CE. Europe
Northern
Europe
Southern
Europe
Western
Europe
Nike USA Leisure YI Upper Middle 130 20 29 43 28
Levi Strauss & Co USA Clothing and footwear AS Middle 123 16 18 37 41
Adidas Germany Leisure AS Middle 83 21 14 21 18
Puma Germany Leisure AS Middle 82 20 3 28 24
Tommy Hilfiger USA Clothing and footwear AI Upper Middle 77 16 13 22 20
Desigual Spain Clothing and footwear YI Upper Middle 68 4 1 32 31
Home & Cook France Household FS Middle 66 12 9 21 24
Guess USA Clothing and footwear AF Upper Middle 62 11 4 26 21
Tom Tailor Germany Clothing and footwear FS Upper Middle 62 19 1 4 38
Calvin Klein USA Clothing and footwear Upper Middle 61 3 8 31 19
Lacoste France Clothing and footwear FS Upper Middle 61 8 12 18 23
Lindt Switzerland Catering 0 Upper Middle 57 4 8 25 20
United Colors of Benetton Italy Clothing and footwear AS Middle 57 12 1 25 12
Asics Japan Leisure AI Middle 56 8 11 19 18
Samsonite USA Personal AS Upper Middle 55 9 10 17 17
Clarks United Kingdom Clothing and footwear FS Middle 51 1 29 7 13
Gant USA Clothing and footwear AI Upper Middle 50 9 6 12 22
Timberland USA Clothing and footwear AI Upper Middle 50 6 10 20 12
Geox Italy Clothing and footwear FS Upper Middle 48 8 1 22 17
Mango Spain Clothing and footwear AI Middle 48 11 1 20 10
Hugo Boss Germany Clothing and footwear AI Premium 47 2 10 15 20
Le Creuset France Household AI Upper Middle 47 3 17 4 23
Calvin Klein Underwear USA Clothing and footwear AF Upper Middle 45 2 11 15 17
Quiksilver USA Clothing and footwear YI Middle 44 10 1 12 19
Triumph Germany Clothing and footwear FS Middle 44 14 5 6 18
March 25, 2015 FSP RETAIL BUSINESS CONSULTANTS10
Source: FSP
11. Top Expanding Occupiers
Retailer
Country of
Origin
Merchandise
Category
FISH Price Position
Outlet Centre
Portfolio Extent
# New Outlet
Stores
CE. Europe
Northern
Europe
Southern
Europe
Western
Europe
Asics Japan Leisure AI Middle Global Brand 19 6 2 8 3
Home & Cook France Household FS Middle Global Brand 16 5 2 4 5
Guess USA Clothing and footwear AF Upper Middle Global Brand 15 7 1 5 2
Levi Strauss & Co USA Clothing and footwear AS Middle Global Brand 15 3 0 5 7
The Body Shop United Kingdom Personal FS Middle Super Regional 14 0 5 3 6
Tommy Hilfiger USA Clothing and footwear AI Upper Middle Global Brand 14 4 2 8 0
Fragrance shop, The United Kingdom Personal FS Middle Local 11 0 11 0 0
The North Face USA Leisure FS Upper Middle Global Brand 11 0 4 2 5
Quiksilver USA Clothing and footwear YI Middle Global Brand 11 2 0 4 5
United Colors of Benetton Italy Clothing and footwear AS Middle Global Brand 11 1 1 4 5
Desigual Spain Clothing and footwear YI Upper Middle Super Regional 10 0 1 3 6
Pepe Jeans United Kingdom Clothing and footwear YI Upper Middle Super Regional 10 3 0 3 4
Puma Germany Leisure AS Middle Global Brand 10 2 0 4 4
Superdry United Kingdom Clothing and footwear YF Middle Global Brand 10 0 2 1 7
Vans USA Clothing and footwear YI Upper Middle Global Brand 10 1 2 5 2
Villeroy & Boch Germany Household CI Upper Middle Global Brand 10 0 1 5 4
Watch Station USA Personal AS Middle Regional 10 0 5 1 4
Ecco Denmark Clothing and footwear AS Middle Global Brand 9 4 2 0 3
Michael Kors USA Clothing and footwear AF Premium Global Brand 9 1 1 2 5
March 25, 2015 FSP RETAIL BUSINESS CONSULTANTS11
Source: FSP
12. Expanding Occupiers in Key Markets
Rank France Germany Italy Poland Russia Spain United Kingdom
1 The Body Shop (+5) Michael Kors (+4) Liu Jo Man (+8) Bestseller (+6) Albione (+3) Charanga (+4)
The Fragrance Shop
(+11)
2 Levi Strauss & Co (+4) Superdry (+4) Tommy Hilfiger (+7) Asics (+5) Paper Shop, The (+3) Skechers (+3) The Gift Company (+8)
3 L'Oreal (+4) Wellensteyn (+4) VB Store (+7) Italian Fashion (+5) Charuel (+2) Asics (+3) Ernest Jones (+7)
4 Home & Cook (+4) Coach (+3) Flavio Castellani (+6)
Mountain Warehouse
(+5)
Cream della Cream (+2) Forecast (+3) Grape Tree (+6)
5 Le Coq Sportif (+4) Campus (+3) Kennet Street (+6) Symbiosis (+5) Econika (+2)
United Colors of
Benetton (+3)
Watch Station (+5)
6 Little Marcel (+4) Kneipp (+3) Asics (+5) Home & Cook (+4) Elena Shipilova (+2) The Body Shop (+2) Beauty Outlet (+5)
7 Jeff De Bruges (+4) Lambert (+3) Vans (+5) Bialcon (+4) Just Couture (+2) Home & Cook (+2) Musto (+5)
8 Karl Marc John (+4) Sanetta (+3) Bottega del Sarto (+5) Prochnik (+4) Kanz (+2) Rockport (+2) Suit Direct (+5)
9
United Colors of Benetton
(+3)
Sterntaler (+3) Puma (+4) So! Coffee (+4) Marc Cain (+2) Zwilling (+2) Skechers (+4)
10 Puma (+3) Levi Strauss & Co (+2) Alberta Ferreti (+4) Reserved (+3) Milana (+2) Adolfo Dominguez (+2) The Body Shop (+4)
March 25, 2015 FSP RETAIL BUSINESS CONSULTANTS12
Source: FSP
13. Evolving Fashion Markets
March 25, 2015 FSP RETAIL BUSINESS CONSULTANTS13
Source: FSP
50 70 90 110 130 150
Luxury / Premium
Upper Middle
Middle
Price Position Index
C.E. Europe Northern Europe Southern Europe Western Europe
(100 = Existing Regional Provision)(100 = Existing Regional Provision)
50 70 90 110 130 150 170 190
Young
Assured
Family
Classic
FISH Lifestage Index
C.E. Europe Northern Europe Southern Europe Western Europe
(100 = Existing Regional Provision)(100 = Existing Regional Provision)
15. Henderson:
9%
IRUS: 7%
Value Retail &
Ptnrs: 5%
VIA Outlets:
5%
Blackstone:
4%
McArthurGlen
& Ptnrs: 3%
Hermes: 3%
Resolution:
3%
Unibail
Rodamco: 3%
AEW: 3%
Neinver-TH:
2%
Others: 54%
European Outlet Centres â Investors
March 25, 2015 FSP RETAIL BUSINESS CONSULTANTS15
Source: FSP
Henderson:
17%
Value Retail &
Ptnrs: 14%
IRUS: 7%
McArthurGlen
& Ptnrs: 4%
VIA
Outlets: 3%
Blackstone:
3%
Hermes: 3%
Resolution:
3%
AEW: 3%
Unibail
Rodamco: 2%
Neinver-TH:
1%
Others: 40%
Share of Total Turnover Share of Floor Area
16. European Outlet Centres â Operators
March 25, 2015 FSP RETAIL BUSINESS CONSULTANTS16
Source: FSP
Share of Total Turnover Share of Floor Area
McArthurGlen:
23%
Value Retail:
15%
Neinver: 9%
Realm: 4%
Marques
Avenue: 4%
Promos: 3%
Freeport: 2%
Fashion
House: 2%
Fashion
District: 1%
Advantail: 1%
Others: 37%
McArthurGlen:
14%
Neinver: 9%
Value Retail:
5%
Realm: 5%
Marques
Avenue: 4%
Freeport: 3%
Promos: 3%
Fashion
House: 3%
Fashion
District: 2%
Advantail: 2%
Others: 48%
17. Finding Opportunities â Investors
March 25, 2015 FSP RETAIL BUSINESS CONSULTANTS17
Source: FSP
âŹ0
âŹ100
âŹ200
âŹ300
âŹ400
âŹ500
âŹ600
- 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 50,000
EstimatedTurnover(2014)
Millions
Gross Lettable Area (Sqm)
Leading Investors Other Investors Trend (Other Investors)
18. Finding Opportunities â Operators
March 25, 2015 FSP RETAIL BUSINESS CONSULTANTS18
Source: FSP
âŹ0
âŹ100
âŹ200
âŹ300
âŹ400
âŹ500
âŹ600
- 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 50,000
EstimatedTurnover(2014)
Millions
Gross Lettable Area (Sqm)
Other Operators Leading Operators Trend (Other Investors)
19. Small Number of High Risk Opportunities
March 25, 2015 FSP RETAIL BUSINESS CONSULTANTS19
Source: FSP
âŹ0
âŹ10
âŹ20
âŹ30
âŹ40
âŹ50
âŹ60
âŹ70
âŹ80
âŹ90
âŹ100
- 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 50,000
EstimatedTurnover(2014)
Millions
Gross Lettable Area (Sqm)
20. Delivering Top Returns
Despite strong investor interest, there is a lack of available product
This is fuelling growth in asset values and increasing expectations of future sales performance
Some investors now alternatively looking at funding new development
This is fraught with challenges, given shrinking gaps in coverage, competitive challenges and
the small number of operators
FSP believes that the best performing outlet centres in the next 24 months will be those which
deliver a strongly differentiated âgreat day outâ visitor package
The top operators achieve this through exceptional design, strong brand mix, inspired
marketing, proactive leasing, appropriate and timely expansions and effective operational
activity, which focuses on the complete customer experience
There is a wide range of performance across the outlet industry, with the most experienced
investors dominating the top performing sites
It has never been more important for less experienced investors and developers to access high
quality pre acquisition and feasibility support and strong management teams in order to deliver
top returns
March 25, 201520
22. Conclusions
2014 was another good year for European Outlet Centres
While there were fewer new developments, the occupier market saw substantial growth
There are now over 200 trading outlet centres in Europe which encompass a variety of formats,
price positions and locations
Development activity is focused in Germany and Central and Eastern Europe. There are
opportunities to infill under developed regions including the UK (Midlands/SE), France (Lyons,
Provence) and Spain (Catalonia)
The top investors have grabbed the best performing sites, leaving relatively few Grade A
opportunities for new investors or portfolio expansions
Opportunities for added value management are challenging
Alternatively, there is theoretical scope for further development of 50 to 75 new outlet centres
across Europe. However, these are increasingly marginal opportunities and continuing
expansions at established outlet centres will reduce this potential
It is no longer acceptable to manage or develop outlet centres âby numbersâ. Competition is
more effective and investors expect stronger performance delivered over shorter time scales
An insight based, integrated approach is essential to underpin successful develpoment,
operational management and increasingly leasing activity
40 is supposed to be the age when one can relax and begin to enjoy the fruits of ones labour.
With good sites at a premium, changing consumer demand and growing competition, it looks
as if we will all be working hard to ensure that the sector continues to deliver Top Returns
March 25, 2015 FSP RETAIL BUSINESS CONSULTANTS22
23. FSP RETAIL BUSINESS
CONSULTANTS
19 Manor Courtyard
Hughenden Avenue
High Wycombe
UK, HP13 5RE
T +44(0)1494 474740
F +44(0)1494 474262
fspretail@fspretail.com
www.fspretail.com
www.snap-shop.co.uk
Ken Gunn
Director
T+44(0)1494 474740
M+44(0)7773 779919
F+44(0)1494 474262
Ken@fspretail.com
24. FSP RETAIL BUSINESS
CONSULTANTS
19 Manor Courtyard
Hughenden Avenue
High Wycombe
UK, HP13 5RE
T +44(0)1494 474740
F +44(0)1494 474262
fspretail@fspretail.com
www.fspretail.com
www.snap-shop.co.uk