09.12.2009 Retail. A more positive year ahead for europe’s retail markets


One of the key factors which is expected to drive growth in 2010 is the relative affordability of retail space.  Retail rents have fallen across most markets in the last two years.  High street rents in Romania and Ukraine for example have fallen by over 40%, with a further nine markets recording falls of over 10% from peak to trough (as at end September 2009).  Retailer demand is already beginning to increase as rents seem to be bottoming out in many markets.  Certainly for prime space, there has been an increase in demand from major retail brands across borders in a bid to secure AAA locations at rents which appear to offer relatively good value.


The outlook for retail property investors is also brighter than for some time.  Capital values for retail property have, over the last 12-18 months, seen significant falls. 


Darren Yates, analyst in Cushman & Wakefield’s European research group, said: “On balance, 2010 should be better than 2008 and 2009 in terms of the overall economic and retail environment, although the recovery is expected to be slow and fragile.  However, on a positive note, low interest rates should support businesses and consumers and, together with lower rents in many areas, this should help to boost activity in both the occupational and investment markets.”


Michael Rodda, a partner in Cushman & Wakefield’s cross-border capital markets team who specialises in retail assets, said: “There are signs the core European markets will follow the UK with significant yield compression for prime retail investments occurring during H1 2010.  We are now seeing a lot more capital chasing prime retail assets across the board and the target geography is widening.”


Mark Burlton, head of cross-border retail, Cushman & Wakefield, said: “Although the recession has seen many domestic and international retailers go out of business, many have also come through a difficult trading period in good health.  These retailers are likely to increase their rate of expansion through 2010 in order to take market share and boost their profile whilst landlord incentives remain relatively generous.  They are likely to be led by international retailers moving into core cities in new markets along with food and discount retailers where markets and customer sentiment are largely still in their favour.”


Charles Slater, Partner and Head of Retail Services, Cushman & Wakefield Stiles & Riabokobylko, said: “In Russia there are positive signs of improved consumer confidence for 2010 which will be beneficial in terms of the overall retail environment. Retailers have now realigned their businesses adjusting for tougher trading conditions and the stronger ones are now in a position to take market share and take advantage of better value real estate opportunities.”

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ECR Community Forum 2010 in Russia. More than 800 Participants!

The ECR Community Forum 2010, organized by ECR Finland, ECR France, ECR Poland and ECR Russia took place in Moscow on June 2-4, in Conference Hall, The Cathedral of Christ the Saviour


Commercial Real Estate. The highest prime shopping centre rents during Q1 2010 in Europe were achieved in the United Kingdom

The highest prime shopping centre rents during Q1 2010 in Europe were achieved in the United Kingdom at ?1,900 per sq m per annum, followed by France (?1,700). The third most expensive rents were recorded in Russia (?1,500) followed by the rest of Western Europe. Due to the limited availability of prime retail space in many shopping centres across Europe, the outlook for prime rents in most European markets is stable despite the inevitable slowing of demand from occupiers over the last 18 months


M.video. Retailer reports growth of its revenues and strong gross margin performance in FY 2009

M.video retail sales increased by 3.2% to 83 billion Russian rubles (RUB) with VAT in FY 2009. The Group’s total sales (including revenue from wholesale operations) also increased by 1.4% to 85.6 billion RUB (with VAT). Growth in revenues was driven by M.video’s expansion and was achieved despite a significant market decline due to the impact of the recession


Retail Investment. “The Big 5” markets account for 80% of Retail Investment in Europe in Q1 2010

Direct retail real estate investment in Europe in the first quarter 2010 accounted for ?5.4 billion**, more than double the volume of Q1 2009. As Jones Lang LaSalle anticipated in its report – ‘The Big 5’ – core European markets continue to be the main focus for investors, with volumes in these markets (UK, France, Germany, Italy and Spain) accounting for over 80% of total retail transactions across Europe


Anons. The 6th Annual ECR Forum, the biggest FMCG/Retail event of a year in Russia, is coming closer and closer

The Forum takes place June 2-4 2010, in Conference Hall, The Cathedral of Christ the Saviour (Volkhonka 15)


Russia. Russian real estate market will be stabilishing in 2010

The Russian real estate market has been deeply affected by the recession. An 8 percent contraction in the economy during 2009 severely affected corporate occupier demand and also dented confidence among investors who were used to double-digit returns. Developers and owners became increasingly flexible, initiating a very sharp contraction in real estate prices to reflect the new market reality; prime office values fell by over 70 percent in Moscow between mid 2008 and mid 2009, among the highest corrections in the world. Despite the improvements, the markets remain vulnerable, and any faltering in economic growth could derail the recovery


Saint-Petersburg. Leto Shopping and Entertainment center is already more than 70% leased out

This was announced last Friday, the 26th of March, at the business breakfast which was organized by Sistema-Hals, Apsys Group and Jones Lang LaSalle at the Ritz-Carlton hotel in Moscow

Development of shopping centres. It still declining to a low point in 2011

The rate of development of new shopping centre space in Europe slowed considerably in 2009. It is unlikely that development levels will pick up before 2012 at the earliest, says real estate adviser Cushman & Wakefield in its new European Shopping Centre Development report


Saint-Petersburg. Three BNS Brands will be presented at LETO Shopping center

Sistema-Hals (HALS), a leading diversified company in the Russian and CIS real estate market, and Apsys Group, one of the leading European companies engaged in development and management of retail real estate assets, announce of the attracting of BNS fashion retailer to LETO shopping center (Saint Petersburg)


Commercial real estate. Tenants are still focused on their expansion in Moscow and St.Petersburg as it was in 2009

Rental rents in shopping malls have generally been stable since the end of 2009. Rental rates for street retail premises have increased by 10-15% depending on specific well located properties

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