The pipeline from the major developers are angry, we expect huge rent increases for flagship projects to come, look for dealers to grow and fight for the highest customer frequency in the most attractive locations. Scope * detailed chapter five main European markets, with an analysis of key players, recent developments, key centers, pipelines and prospects of the project. * Profile of Corio, Klépierre, Sonae Sierra, Unibail Rodamco, including a thorough analysis of strengths, weaknesses and future plans. * Discussion of strategies that respect the environment: energy production, conservation and efficiency, with case studies of the major centers of the EU. * A thorough evaluation of growth strategies, including new formats, new tenant mix, new market places and other development initiatives. Highlights We see the first signs of stabilizing after two years of turbulence. For now the race has ceased to mark down assets, or at least slowed considerably. Credit markets slowly. In many retail markets showed a decline in the rate of decline. The general situation is clearly easing ECO hand. However, the long-term outlook remains very slow and stretched and the slow pace of recovery. And we need to assess the situation on a case by case basis, the Mall Shopping Centre. Meanwhile, the market for shopping centers has become a market of tenants and mall developers have to deal with a limited rental growth. With low inflation and moderate retail sales, retailers can dictate its terms. The issue of rent inflation has made a strong return with many retailers renegotiating leases. The threat of bankruptcy has strengthened the hands of dealers. As a direct result of the economic crisis, we have witnessed an extinction pipeline. Reasons to Purchase * assessment of market potential and threats in the data access size of the sector and see how consumers and retailers have responded to the recent economic turmoil. * Comprehensive profiles provide essential information on business models and performance benchmarking measures of crucial importance for companies. * Identify trends and key issues for shopping centers in Europe and design strategies to exploit opportunities and minimize risks. Contents: Summary 2 Key Findings 2 All About spreads recession retail 2 pain on the property two signs of stabilizing – but the outlook remains two shopping centers cloudy will always protect a market tenant ’2 pipeline to dry major threat to Internet-2 2-developer of the net asset value may indirectly by lowering the rent of two factory outlet centers are an important way in certain markets for luxury retailers to 2-point difference in the need to create two centers offer something new and exciting 2 A balanced sectoral buyers stay longer drive 2 New Growth Concepts Internet 2 provides a better communication about new media, 2 Center gift cards, shopping and evening events are expected to generate revenue by 2 rotation tenant may to life 2 is an important ecological Capitalizing on two sources of renewable energy costs and carbon footprint to reduce two sustainability should also affect the composition of the tenants and retailers should be more organic found in these two energy centers and the greening of retail throw be anchored in two leases many sustainability values 2 prospect of future inflation make shopping an attractive investment again 2 A replacement cycle disrupted spell huge rent increases for the flagship projects in the future conclusions Hand 2 3 Amendment rights, such as books sector slowdown Mall 3 All the pain of recession spreads Hotel 3 3 Retail signs of stabilizing – but prospects remain bleak three shopping centers become tenants market 3 3 Internet pipeline to major threat 3 developer can protect the net asset value indirectly dry by reducing rent 4 Market development initiatives will be the big growth opportunities centers Factory Output 4 provide an important opportunity in certain markets luxury retailers on four points difference need to create four centers that offer something new and exciting four A balanced sectoral buyers stay longer for a 4-4 power trains, the Internet a better communication offers a new media 5 Gift Card Center, expected to shopping and evening entertainment sales by 5 rotation tenant can a new breath of life to give 5 questions of environmental sustainability to generate concerns all areas of the shopping center development and management of five important greening is 5 to reduce Capitalizing on renewable energy sources to reduce costs and carbon footprint of five centers of sustainability, should also increase on the tenant mix of retail and should be organic more in these five centers of energy and the greening of retail trade in the leases of six sustainable future property values 6 pipeline interruption push up anchored rent in six flagship projects future perspective of future inflation Shopping for an attractive investment again disturbed 6 A replacement cycle spells huge rent increases for the flagship projects in the future 6 Contents 7 Table of figures Table of tables 8 9 strategic issues I – L Economy 10 Economic reasons for returning – in overcoming the crisis in a jobless economic recovery Figure 10 – GDP rear ramp of 12 interest rate of the euro remains at 13 historic low No sign of inflation for 15 bombs strategic issues of unemployment, 17 II – the prospects Mall 19 issues for mall developer 19 in the financial markets, the availability of loans is still concern about debt and the quality of the limited debt. 20 The main problem may lie with the consumer and the move to discount and value. 20 This said, the situation on a case by case basis to be considered and should be distinguished. 20 prizes in the property – it is time to return to the market? 20 Verdict predicts that the openings of shopping centers will stagnate next year at least – the industry currently suffers from overcapacity, too much selling there. 20 gloomy outlook for the rent 21 creative thinking needed to fight against the void property revaluations 22 caught in a downward spiral, as falling rents reduce the value of the assets of 23 additional fire sales could be the recovery of assets 23 press The dilemma of inflation – will then be a safe haven once more? 24 On occasion in the longer term, if inflation returns 24 A replacement cycle disrupted spell rent increases significantly for flagship projects in the 24 future tenants of a market because the retail-pressure expansion and Little 25 25 a loss of tenants by the comments made 25 lower rents can rent in order to minimize the vacancy of the Net Asset Value for the developers of 25 questions III – Strategies for growth of 26 variables from nine to protect? 26 Boulevard Furniture Outlet 26 centers surpass traditional 28 developers must be involved – to copy the format win 32 31 New anchor tenant mixes old, new neighbors? The need for a point of difference, 32 The need for a balanced tenant – offers something new and exciting 32 The need for balanced sectoral distribution – to encourage customers to stay longer 32 Location New Targets 33 Internet to create, is the primary threats – and shopping centers must something special 35 need the traffic in the 35 centers of the new media generation allows for better communication about 35 events, gift cards, shopping night 36 providing access to offer 36 Using the Internet, instead of developing defense strategies, only 36 Becoming radical and brutal at the dealer selection of 36 numbers Strategic IV – Greening 37 hotlines are becoming increasingly important – the 37 sustainability policy environment such as energy efficiency and sustainability implications of the design centers and 37 branches and wastewater management and transportation green 37 energy performance coefficient of 38 is an inherent need to building energy-efficient 38 sustainability should also affect the composition of the tenants and retailers should be anchored more organic in the stores 38 energy efficiency and the greening of retail leases in 38 Sustainable development is a positive influence on the value of the property market in the future through the implementation Price green factor of 39 developers 39 issues strategically V – Eastern Europe 41 Central and Eastern Europe caught in the doldrums, 41 new openings 41 slow developments still in the pipeline 42 at the end of the boom in retail has difficulties created for 44 shopping centers has the deep economic crisis paralyzed both the booming business of shopping centers in Central and Eastern Europe 44 difficulty of financing the creation of 44 new developments Impact mall leases – a tenant 45, 46 Market legislation slowing the pace of new openings 46 crisis in the retail sector hurt sales in shopping centers, 47 The property market has hit hard, but signs of improvement by 47 shopping centers in the house of the new formats and new entrants 47 Sénart Square – the center in Paris suburbs 48 new regional center of significant expansion by opening 50 locations younger Odysseum existing main actors 51-52 Unibail -Rodamco 52 Eurocommerical properties encapsulated Immochan 52 52 52 Pipeline Outlook – Anchor Leisure replace 53 hypermarkets to Reliance hypermarket format battle 53 reduced Lingering threat of unemployment continue to Retail 53 Regional Disparities in power and the type of shopping center 53 attention to the aesthetics and Disability framework for the important new developments 53 Germany 54 54 Total steady growth shows that there is more potential for high-level centers in Germany 54 locations in downtown trends and small projects at 54 Notification of the Bank Section 54 Centro Oberhausen largest center in Germany covered play 55 My Zeil, Frankfurt – the largest opening in 2009 Key players in the EEC 57 58 58 58 58 Pipeline MFI German € Shop Outlook 59 – pause in the development of 60 projects of the Mall, a break 60 The disappearance of Arcandor represents a great opportunity for the likes of Italy prevail 61 60 ECE centers, despite the low level development of 61 shopping centers struggle to challenge the market 61 61 regional retail expansion legislation and bureaucratic planning system, 62 high prevalence of factory outlet centers in 62 Campania, the Home to one of the largest shopping centers in the southern extension of 63 eco-64 player sustained Main Eurocommercial Properties IGD 68 68 68 68 68 more SIIQ Pipeline Outlook – even 69 additional openings openings on the maps of 69 major development pipeline, but moderate 69 Regeneration the old city center, 69 regional differences in income affect changes in the withdrawal of South Crossroads 69 – Hypermarkets others could follow Move 69 leisure and entertainment center 69 Spain 70 spaces rapid growth in 2008, before a lull 70 71 Factory Shop resilient housing crash takes its toll on the industry 72 Islazul shopping mall, largest mall in Madrid Xanadu 72 capitalized draw of 73 players, the Leisure 75 75 75 pipeline projects suspended Outlook – 76 dark faces slowdown delayed than 76 new shopping center developments 76 Big Squeeze by prolonged future developments 76 to the pressure on tenants in the major centers of the United Kingdom 77 76 opening times standstill rents slowly stabilize 77 77 Terms and Conditions Bleak outlook for the secondary and tertiary places 77 Wealth – hiking boots retailers Westfield’s 77 reverses – not yet 78 major opening in London in 2008 79 St. David’s II opens half empty 80 players Lend Lease Main 81 81 81 British Land, Liberty International Westfield 82 82 82 83 Hammerson pipeline in 2010 – the lowest value of the new shopping area for almost 15 years 83 Outlook – Pipeline scanty flow into the United Kingdom 84 halves Mall pipeline since March 2007, several years of low end in 2007 / 8 / 9 Nearly 20% lower 1989/90/91 84 However, London is certainly a difficult period of 84 retail for the 84 Something needs to happen at the top only 84 reviews Internet encroach further on the sector 84 85 Qualification comparisons Corio Corporation reports 85 86 shops dedicated sales team specialized center for the real estate portfolio of office 86 The most important events in recent 87 August 2009, Corio net inflows of rental income growth in a difficult market environment in the first Six months 87 June 2009 Corio took control of the shopping center Principe Pio Madrid. . . Also in June 87 raised for the company € 258. 0m a share placement to institutional investors 87 April 2009, Corio the Mall Tekira Tekirdag, Turkey 87 88 shopping center portfolio acquired Financials Outlook 1990 – focuses on the risks manageable appear Extensions 91 91 purchase or development of new centers is risky 91 Decentralised management provides the right specialist focus on retail 91 91 Stay at home in 1991 in order to finance the rehabilitation and increased internalization by an acquisition deal flow of active sales policy with a policy of investment of up to 20% in the Emerging Markets is Corio by the worst . count However, we do not know what is the quality of outstanding debt that Corio has to serve. It seems not too via volatile emerging markets are exposed, perhaps a lesson from the crisis of 2008/09. 91 92 92 Klépierre spread Strong European Recent key events 93 new shopping centers in France in the valves of 93 leisure-Rent growth in the first half of 1993 transfers from the coast to 93 species Scandinavian acquisition strengthens portfolio of 93 companies Financial 94 96 shopping center portfolio Outlook – Consolidated Income Portfolio 99 hypermarket anchor fight despite the recession in Europe in 1999 by Arrested Development and restructuring of the existing portfolio of 99 key partner for major European retail expansion 99 more geographically diversified portfolio lasting 99 close fight with hypermarket format in 1999 Sonae Sierra opens one hundred LOOP5 95th leaving 0% 100 101 Key recent events Loop 5 opens in Germany 101 takes over the management of two European centers, 101 Fall 2008 marks a new center openings 101 102 Rent Financial Services in Europe with 102 104 Retail Portfolio Outlook – Portfolio modernized, so that developments are 107 deferred development until the time of 107 107 open windows improve Acquisitions, modernize and develop the themes – have among them 107 108 Green Unibail-Rodamco Europe evaluated over 108 players recent events button 110 in April 2009 Unibail-Rodamco announced a share placement to investors for 500 million € . 110 110 are then employed in 2008, completed Unibail-Rodamco its largest transaction of the mall. . 110 strengthens presence in France in 2008 successful openings 110 110 111 Financials retail portfolio transactions recent Outlook 112 112 – hard against the isolated 113 potential slowdown 113 113 Acquisition During Retail – depends largely on consumer confidence – remains low, the news is better Inflation should remain low provided. This outstanding debt will be easier for the company and with a relatively low LTV – especially when compared with players in the United Kingdom – the room for Unibail-Rodamco hunt for attractive takeover candidate leaves on the EU market, shopping mall. 113 The development continues lower risk than 113 extensions 113 extensions and redevelopment of shopping center assets for 31st 0% of the retail development pipeline. The most important are considering an expansion of 40,000 square meters in Cerny Most, an extension of 10,000 m² shopping center Rennes Alma in Rennes, France, whose group in 2007 a major renovation and extension of acquired Parly 2 and value-added project Shopping City Süd in Vienna . Renovations and expansions are much safer to know as a completely new management centers, the basis of their central offices. 113 APPENDIX List of abbreviations 114 114 114 115 Source Financial Statistics – Verdict Research Verdict Research consulting 115 115 Disclaimer 115List of Tables Table 1: Monthly changes in the retail trade in February-July 2009 11 Table 2: The latest GDP data in August 2009 12 Table 3: Monthly Harmonised Index of Consumer Prices – prices year over year from January to July 2009 15 Table 4: Monthly unemployment rate in January 2009 to June 2009 17th May Chart: Shopping malls in 2004 in France 2009E-46 6 Table: large openings, and shopping center renovation in 2008 50 Table 7: large openings of shopping centers in 2009 50 Table 8: Shopping malls in Germany 2004-2009E Table 54 9: Pipeline Shopping in Germany from 2010 to 2011 59 Table 10: Shopping malls in Italy 2004-2009E Table 61 11 shopping centers, factories, shops, recreation and parks OOT retail Spain 2004-2009E Table 70 12 shopping centers in Spain, 2007-2008 71 Table 13 : Area of Mall of the United Kingdom 77 14 2005-2009 E Table: UK Pipeline Development Center, 2009-2012 83 Table 15: Company Comparisons to December 2008 85 Table 16: Overview Corio Company 2009 86 Table 17: Business Corio Matrix 2004 – 2008 88 Table 18: Composition of the tenants Corio 2008 89 Table 19: Corio most value centers in H1 2009 90 Table 20: Overview Klépierre Company 2009 92 Table 21: Klépierre estimated value of real estate assets in 2007 to 2.008 94 22 Table: Klépierre Group and the entire Rental income from 2005 to 2008 95 Table 23 failures: Klépierre geographical distribution rent under management total in 2007 and 2008 95 Table 24: Klépierre geographical distribution of rents for shops of center group in 2007 and 2008 96 Table 25: Klépierre Mall Portfolio in 2007 and 2008 97 Table 26: Presentation of the company Sonae Sierra 2009 100 Table 27: Sonae Sierra, the total income properties during 2007 and 2008 102 Table 28: Sonae Sierra Key Performance Indicators 2003 to 2008 29 Table 103: Total GLA Sonae Sierra 2001-2008 104 Table 30: Sonae Sierra shopping center portfolio in 2007 and 2008 105 Table 31: Unibail-Rodamco Company overview 2009 108 Table 32: Unibail-evaluation Rodamco portfolio of assets in 2007 and 2008 111 Table 33: Unibail-Rodamco net rental shops centers of the EU in 2007 and 2008 111 Table 34: Shopping Center Unibail-Rodamco valuation of assets and portfolio returns in 2008 112List List of Figures Figure 1: European central banks interest rates 2006-2009 14 Figure 2: The difficulties of shopping center developers in 2010 19 Figure 3 Case study: development pipeline Sonae Sierra in the EU in August, 2009 21 Figure 4: Case Study: Sonae Sierra variable rental income slips in Spain and Portugal in 2008 22 Figure 5: Strategies for growth in 2010 26 Figure 6: Domus Rosny, Paris 2009 27 Figure 7: Factory Outlet penetration heart of EU countries in January 2009 28 Figure 8: FACTORY Getafe, Spain, 2009 29 Figure 9: Release McArthurGlen Designer Barberino, Italy, 2009 30 Figure 10: Footsteps high key locations for new shopping centers developments 2007-2011 33 Figure 11: I Petali Reggio, Italy, 2009 34 Figure 12: against online threats, and strategies for the creation of Destination Status in 2010 35 Figure Fight 13: Sqaure Shopping Meydan, Istanbul, Turkey 2009 37 Figure 14: Construction of the center of sustainable eco-40 Figure 15: Arkady Pankrác , Czech Republic 2008 41 Figure 16: Shopping malls in planning or construction phases in CEE 2009/10 43 Figure 17: Palladium, Prague, Czech Republic 2008 45 Figure 18: Square Sénart Ile de France, 2009 48 Figure 19: Square Sénart inside, Ile de France, 2009 49 Figure 20: Montpellier Odysseum 2009 51 Figure 21: Centro, Oberhausen 2009 55 Figure 22: MyZeil, Frankfurt 2009 57 Figure 23: McArthurGlen Designer Outlet Veneto, Italy 2009 62 Figure 24: Centro Commerciale Campania, Italy 2008 63 Figure 25 : capture Centro Commerciale Piazza Campania, Italy 2008 64 Figure 26: Extension Center Carosello environmentally Carugate 2009 65 Figure 27: Roof Carosello steppe grass and funnel of light in 2009 66 Figure 28: Carosello Extension Center (inside), Carugate 2009 67 Figure 29: Islazul , Madrid 2009 72 Figure 30: Madrid Xanadu, Madrid 2009 73 Figure 31: Aerial view of Madrid Xanadu, Madrid 2009 74 Figure 32: Westfield London 2008 78 Figure 33 St David’s 2009 80For more information please contact: http://www. aarkstore. com/reports/Shopping-Centres-in-Europe-36952. html