REAL ESTATE PAN-EUROPEANFOR A CHANGING WORLD FOOTFALL ANALYSIS Key global and lifestyle cities 2017-2018

PROPERTY DEVELOPMENT TRANSACTION CONSULTING VALUATION PROPERTY MANAGEMENT INVESTMENTRETAIL MANAGEMENT

Real EstateReal Estate forfor a a changing changing world world CONTENT

Macroeconomics ...... 04 Amsterdam ...... 30 ...... 46 Warsaw ...... 62

Synthesis ...... 06 ...... 32 Lisbon ...... 48 Zurich ...... 64

Barcelona ...... 34 Munich ...... 50

London ...... 10 Brussels ...... 36 ...... 52 Methodology...... 67

Paris ...... 14 Budapest ...... 38 Prague ...... 54 Results by country ...... 68

Madrid ...... 18 ...... 40 ...... 56 Contacts ...... 70

Milan ...... 22 Dublin ...... 42 ...... 58

Berlin ...... 26 Frankfurt...... 44 Vienna ...... 60

2 BNP Paribas Real Estate FOREWORD

BNP Paribas Real Estate is delighted to For the past five years, regular present our first fully comprehensive footfall counts have been Pan-European Footfall Analysis undertaken in prime cities across covering key global and lifestyle cities. . Even if the results may be Changes in retail over the last decade influenced by local circumstances are no longer cyclical, but are now structural. As rapid and should not be interpreted as the "pure truth", technological and structural developments occurred they indicate the general trends very well. within the retail sector, many feared the internet would Significant differences in the number of passers-by kill our High Streets and shops. However, this is not the have implications for customer conversion- and case. It has merely liberated them and encouraged the with it sales-potential. creation of new retail models. Changes in pedestrian frequency over time are For many International Retailers, the major cities interesting as well. If they show a consistent continue to demonstrate their appeal and our High pattern, as it is a clear sign that the structure and Street Footfall Analysis emphasises the desire of the importance of the location is changing. Notably consumer to embrace physical retailing, especially as in times when retailers have to adapt and improve new models and space formats of successful retailers their concept and strategy, such qualitative continue to rapidly evolve. aspects are particularly relevant. Our study has been co-ordinated across 23 global and Our clients rely on this information together lifestyle cities throughout , which was activated with other data and examinations to formulate on Saturday the 10th of June 2017 between the hours their expansion strategy and to identify of 14:00 and 16:00 or peak hours, taking into account particular locations of interest. the cultural trading differences of cities. Each city was It is therefore a significant advantage to our divided into “Mass-Market to Upmarket” and “Luxury” clients that the Research team of BNP Paribas Real categories and between 3 and 10 streets were selected, Estate has undertaken a coordinated European- depending on scale and population of the city. wide study. From my point of view the results We hope you find this Report useful, as many of our are very interesting and will provide a better active and expansive International Retail clients have understanding and comparison of all markets and specifically asked for this style of analysis. Should you different developments across the major European require more granular data, then please do not hesitate cities. I believe this report will supply our clients, to contact us and we will direct you to our various colleagues and market participants an interesting Research Departments. read and will elicit inspiration for the future.

Larry YOUNG Wolfgang SCHNEIDER Head of International Investment Group Head of Research - Germany

RETAIL BNP Paribas Real Estate 3 PAN-EUROPEAN ECONOMIC OVERVIEW Europe’s recovery is beginning at a poignant time, marking the tenth anniversary of the credit crunch, the start of a sequence of events that led to the Global Financial Crisis (GFC) of 2008/9, and the So- vereign Debt Crisis of 2012. Geopolitical context and Brexit reinforce uncertainties in a medium-term. Samuel DUAH Over this period Europe’s retail market has changed markedly. For retail the last ten years are essen- Head of Real Estate Economics tially a story about the struggle to create value amidst falling demand whilst adapting to profound at BNP Paribas Real Estate disruptive change in the distribution chain; from producer to the consumer.

Growth returns GDP growth average 2017-2018 to the European economy % Europe’s slow economic recovery since 2009 is now strengthe- ning. This is evident by the 2.2% quarterly annualised growth rate 3 seen since mid-2016, well above its trend growth. It highlights the fact that European economic growth, at this point, is outperfor- 2 ming other developed economies and the medium term outlook looks promising. Although growth has been broad-based some countries, admittedly in Southern Europe, are yet to regain their 1 pre-crisis level of economic output ( and ). though, has seen some of the fastest growth in recent quarters, 0 helping it to surpass its pre-crisis level. However, the most im- portant thing here is that domestic demand, supported by both UK Italy

Spain consumer spending and investment demand, appears to be a Ireland Austria Portugal Hungary Germany key driver for growth in most countries; a development that is Switzerland Netherlands

Czech Republic positive for the retail trade.

4 BNP Paribas Real Estate RETAIL Household Disposable Income % The role of inflation 6 Poland 4 France in modern 2 Italy retail pricing power 0 Spain - 2 Germany Post GFC, consumer demand fell, whilst sup- - 4 Sweden ply of goods and services was slow to adjust. - 6 For Europe this meant flirtation with deflation UK (and for most part low level of inflation). The 10 11 12 13 14 15 16 17 18 low level of inflation has remained a key fea- ture of the European economy since 2009. Headline inflation at the European level is Low wage growth but real household currently at 1.5% p.a. remains marginally below what central banks deem desirable. income is growing Although this represents a significant impro- Despite economic growth it is likely that consumer demand is only at an early stage vement on the recent past, it remains low in of gaining the sort of momentum it had pre 2007. For Europe this is tied to the historical context. employment situation because increased consumer demand is underpinned by job Low inflation means the intense price com- growth and, household income and wage growth. petition, traditionally a ground for difference unemployment rate peaked at 12.1% in 2013. It has subsequently between retailers, no longer functions in the improved to stand at 9.1%. Despite this the story remains mixed across countries. same way. With low demand, price compe- The lowest rate outside the Eurozone can be found in the Czech Republic at 2.9% tition still exists only because overtly raising and in the Eurozone in Germany at 3.0%, with UK recording a historical low of 4.3% prices makes traditional retailers stand out in recent months. Overall we believe the downward trend will continue over the for poor value for money, a situation made come years, backed by the improving economic picture. more acute by the pricing clarity offered by Notwithstanding the falling unemployment rate, real wage growth across Europe has information technology. remained weak at 0.5%. The rational for this is multifaceted and appears transitory. In an environment of low demand and in- This implies that in the medium term we are likely to see these factors soften and creasing online sales, retailers struggle to in- meaningful real wage growth appearing. The boost to household real income will crease margins. Instead increasingly retailers support consumer spending. It is more people in work plus and wage growth that is are competing on non-price differences and the backbone for consumer confidence and increases in retail sales. If maintained, generating margins by re-organising their retailers can look forward to a more predictable and positive macro environment operations. than that experienced over the last ten years.

RETAIL BNP Paribas Real Estate 5 SYNTHESIS

Foreword by the authors. This Pan-Eu- ropean Footfall Analysis is aimed at providing a one-off “picture” of the prime streets in 23 key global and lifestyle cities. Pedestrian traffic is one of the prime indicators of retail strength, albeit not sufficient in its own right to be a fully determinant driver. The fundamental measure of a successful retail area is the conversion of pedestrian flows into purchases. In- deed, in some areas of lesser footfall such as for example luxury precincts, high store turnovers can occur despite the lower flows. Europe TOP 30 Footfall, Mass-market Prime Streets (pedestrians/hour) MIXED * MASS TO UP MARKET *

Ranking dCity Location Class Footfall counting FOOTFALL 1 Oxford Street 13,560 TOP MASS-MARKET 2 Munich Kaufingerstraße 12,832 3 Madrid Calle de Preciados 10,292 HIGH STREETS 4 Frankfurt Zeil 10,280 5 Av. des Champs Elysées 10,277 , Germany, Spain and France compete 6 Barcelona Av. del Portal de Angel 10,216 for the top 5 positions in the European Top 30. Whilst London leads the way with a record value of 13,560 7 Barcelona Passeig de Gracia 10,132 pedestrians per hour, the survey highlights the strength 8 Madrid Gran Vía 9,956 of the main German regional capitals, with Munich and 9 London Regent Street 9,252 Frankfurt being in the Top 5. Notably, Spain with Madrid (3rd) and Barcelona (7th) has 10 Madrid Calle Fuencarral 9,196 a total of five streets in the Top 10. 11 Dublin Grafton Street 8,802 France closes the Top 5 with the iconic Avenue des 12 Vienna Mariahilfer Straße 8,796 Champs Elysées, just edging ahead of Frankfurt and Ma- drid with around 10,300 pedestrians per hour. 13 Corso Vittorio Emanuele II 8,598 14 Zurich Bahnhofstraße (North) 8,586 15 Dublin Henry Street /Mary Street 8,505

16 Stockholm Drottninggatan 8,430 17 Stockholm Hamngatan 8,342 18 Rome Via del Corso 8,152 19 Paris Boulevard Haussmann 8,143 20 Vienna Kärntner Straße 8,114 21 Copenhagen Amagertorv 8,094 22 Prague Na Príkope Street 8,008 23 Prague Václavské Námestí 7,932 24 Amsterdam Kalverstraat 7,888 25 Munich Theatinerstraße 7,604 26 Copenhagen Østergade 7,494 27 Tauentzienstraße 7,095 28 Copenhagen Købmagergade 6,964 29 Brussels Rue Neuve 6,772 30 Berlin Kurfürstendamm (East) 6,609 Source: BNP Paribas Real Estate Research BNP Paribas Real Estate Source:

* The Top 30 includes the following categories: 1-Mass-to up-market Prime Streets 2 - Mixed Prime Streets (offer stretching from mass-market to luxury)

RETAIL BNP Paribas Real Estate 7 Structure of downtown retail cores A correlation links the footfall to the spatial structure of city core areas. Where cities present a single retail core, focused on 2 to 3 prime streets, highest numbers are achieved on these streets (Munich, Du- Destination cities by International blin, the Scandinavian cities, Prague and Zurich for example). Inversely, due Overnight visitors 2016 (million) to their large catchment areas, London, Berlin and Paris do not have a single core but rather have multiple clusters; hence they achieve a record London 19,06 footfall on their two iconic and most visible streets while more “modest” Paris 15,45 traffic – nonetheless good performances for retailers – is achieved for the Istanbul 9,16 remaining clusters. Barcelona 8,36 Transport hubs and urban regeneration play main role as well in heavy Amsterdam 8,36 footfall figures. Milan 8,17 Prime streets located near transport hubs -like Oslo and Helsinki- take Rome 7,09 advantage from the flows of these hubs. Urban regeneration creates Vienna 6,42 not only an improved shopping environment, but also rejuvenates the market supply by attracting new retailers and investors. Warsaw, Prague 6,11 Dublin 5,51

Vienna and Lisbon have recently experienced such outcomes. New retail Global Destination Cities 2017 Mastercard Source: schemes develop flows as well, they can even shift the retail focal point as seen in Amsterdam. Role of tourism

Alongside the major metropolitan areas, a group of smaller cities boast a worthy po- sition in terms of flows. The cities include for example Vienna, Dublin, Zurich and Stockholm which feature in the Top 20 of mass-market prime streets. The local economic and cultural character of these towns has a significant impact on these numbers. However, tourism clearly stands out as a key driver of footfall, all the more so as counting was undertaken in June, when tourism enters the peak periods and sunshine hours are at a maximum in Scandinavia. Indeed, there is a direct correlation between the Top 10 Foreign Overnight visitors in Europe and the footfall. Rankings indicate that, in addition to the “big names” in absolute terms (i.e. London, Paris, Barcelona or Milan), a group of smaller European cities has recorded noteworthy volumes in visi- tor attendance over the 2009-2016 period, namely Prague, Amsterdam, Vienna and Dublin. FOOTFALL - TOP LUXURY HIGH STREETS In the luxury high street sector, the Top 5 figures are recorded by France, Spain, UK and, a step behind, Europe TOP 20 Denmark, (all achieving over 7,000 pedestrians per hour). The top five streets are “iconic” walkway pre- Footfall, Luxury Prime Streets (pedestrians/hour) cincts which enjoy a high degree of tourist activity. MIXED * LUXURY * In addition, they are not “pure” luxury as their offers cover the entire range from mass-market to luxury; Ranking dCity Location Class Footfall counting hence the heavy footfall is made up of a full extent of 1 Paris Av. des Champs Elysées 10,277 customer profiles both local and visitors. Genuine luxury prime streets are dominated by Italy: 2 Barcelona Passeig de Gracia 10,132 Rome’s Via Condotti which leads to is 3 London Regent Street 9,252 the top luxury spot in terms of footfall. 4 Copenhagen Amagertorv 8,094 Here, the survey indicates two clear categories of luxury precinct: 5 Copenhagen Østergade 7,494 - Areas located on the way to a major tourist site (castle, 6 Rome Via dei Condotti 6,545 museum, etc.) benefit from major tourist flows in addition 7 London Old Bond Street 5,564 to high-profile regular clients. These locales record the 8 Rome Via del Babuino /Piazza di Spagna 5,003 highest footfall after the Top 5. For example, Kohlmarkt (Vienna), Pohjoisesplanadi (Helsinki), Bahnhofstraße - 9 Vienna Kohlmarkt 4,744 South (Zurich) and Parˇížská Street (Prague). 10 Zurich Bahnhofstraße (South) 4,064 - Luxury precincts that are more remote from heavy 11 Helsinki Pohjoisesplanadi 3,738 flows. These locations such as Avenue Montaigne (Paris), Boulevard de Waterloo (Brussels), Andrassy út (Budapest) 12 Stockholm Biblioteksgatan 3,376 and (Athens) tend to be the “chic” 13 London South Molton Street 3,298 addresses for very high-net-worth customers – both local 14 Milan Via Montenapoleone 2,932 and international; hence a lower footfall is to be expected. This does not translate into lower turnovers; it is usually 15 Prague Pařížská Street 2,814 the contrary. 16 London New Bond Street 2,746 17 Madrid Calle Serrano 2,384 18 Frankfurt Goethestraße 2,194 19 Oslo Nedre Slottsgate 2,056 20 Paris Rue Saint-Honoré 2,042 Source: BNP Paribas Real Estate Research BNP Paribas Real Estate Source:

* The Top 20 includes the following categories: 1-Luxury Prime Streets 2 - Mixed Prime Streets (offer stretching from mass-market to luxury)

RETAIL BNP Paribas Real Estate 9

Unparalleled variety and creative placemaking define London’s retail scene

he London retail market continues to defy second most visited city in the world attracting expectations of a significant post Brexit 19.06 million foreign visitors in 2016. retail slowdown. The capital’s international Whilst the currency discount from Brexit ins- appeal as a top shopping destination and pired devaluation has undoubtedly attracted Tits position as a prominent cultural and educa- some opportunistic retail tourism, it is the un- tional centre ensure that visitor numbers remain rivalled retail offer of the West End which pro- high and sales values grow. London remains the vides major allure.

Population (million) Population (million) Overnight Foreign Purchasing Power Purchasing Power City Metropolitan region Visitors (million) (per capita) - In € (per capita) - Index 8.67 13.84 19.06 27,146 198.6 Sources: City population 2016, BNP PRE Research, Sources: population 2015, Eurostat region - Metropolitan 2016, Mastercard visitors - Overnight international 2017 Global Destination Cities Index GFK 2016 with UE 42=Base 100 power, - Purchasing

RETAIL BNP Paribas Real Estate 11 LONDON

Regent’s Park JOHN LEWIS and HOUSE OF FRASER Department Stores MARYLEBONE HIGH STREET 1,656 13,560 OXFORD STREET Paddington Railway Tottenham and Tube Stations SELFRIDGES Court Road Tube 1,194 CHEAPSIDE (*) Department Store REGENT STREET Marble Arch Tube 9,252 3,514 LONG ACRE Bank Tube SOUTH MOLTON STREET 3,298 2,746 St Paul’s Covent Garden Piazza Cathedral NEW BOND STREET Picadilly Circus Hyde Park Tube London Bridge OLD BOND STREET 5,564 FORTNUM & MASON Department Store London Eye Knightsbrigde Tube HARVEY NICHOLS Department Store Buckingham Palace HARRODS Department Store 708 SLOANE STREET

Westminster PETER JONES Cathedral Department Store Rent €/sqm/month Footfall (pedestrians per hour) Sloane Square Tube Day of count : 10.06.2017 OLD BOND STREET 1,781 KING’S ROAD 1,802 From Mass Market to Up Market OXFORD STREET 1,119 Mixed (Mass Market to Luxury) Luxury REGENT STREET 916 (*) Cheapside - Countings potentially impacted downward by Rapha Nocturne race circuit Prime rent without key money for a store unit 0 500 1 000 m Exchange rate £/€: 1,1341 - Q3 2017 ©BNPPRE Research - D&A Regent Street, Kings Road Bond, Sloane and South and Marylebone High Street Molton Streets A The UK - London luxury B C 2,746 pas de données footfall Regent Street continues to attract Bond Street remains New Bond Street Footfall / hour international retailers seeking flagship the global luxury street A- BURBERRY stores. 21-23 The New Crown Bond Estate’s Street placema- in London. Whilst some B- CHANEL king 159 of theNew street Bond also Street draws consu- of the sky high premiums C- mers 17/20 and traffic New free Bond events Street (Summer witnessed a few years ago have D E D- RALPHStreets, LAUREN NFL) have 1ensured New Bond variety Street in the retailing reduced, sustained international demand has ensured E- CARTIERexperience. 175-177 New Bond Street that upward pressure still exists for the best units. Cha- F F- TIFFANYThe Kings &CO Road remains Chelsea’s 25 Old main Bond retail Streetdestina- nel and Louis Vuitton have been the traditional drivers of G- PRADAtion. It has benefitted 16-from 18 initiatives Old Bond from theStreet Cadogan footfall. Recent additions include jeweler Tasaki, Chloe and G H- GUCCIEstate, with areas such 34 as Old Duke Bond of York Street Square being Alaia. Sloane Street continues to provide a platform for large used for events which help generate footfall. Occupier format stores but generally benefits from seasonal trade. Recent H demand remains strong and vacancy rates stood at upsizes were made by Fendi and Hermès, and Burberry have 4.8% in Q3 2017. signed to relocate to Chelsfields K1 development. A flurry of Marylebone High Street, one of the most prestigious recent activity was observed on South Molton Street, a street pitches, has benefitted from deliberate placemaking which has always been a little cyclical in terms of occupational as well – the Howard de Walden Estate has transfor- demand; rents have grown recently. med the area into a retailing and leisure location which appeals to both tourists and residents. Rents have re- A BURBERRY D RALPH LAUREN G

corded years of strong rental growth. B CHANEL E H

C LOUIS VUITTON F TIFFANY & CO. Source: BNP Paribas Real Estate Research

12 BNP Paribas Real Estate RETAIL Oxford Street, Long Acre and Cheapside 13,560 Oxford Street records the highest the presence of Seven Dials to the north Footfall / hour footfall in our survey. Its world leading and Covent Garden to the south ensures department stores such as Selfridges an edgy mix. and John Lewis attract tourists and Cheapside continues to thrive as the primary The UK - London masss domestic shoppers alike. The street area for the City. Because of the surrounding shopper pas de données footfall continues to attract global retailers recently seeing demographic (high percentage of financial professionals), Reserved, Simit Sarayi and Jurlique set up shop. Whilst retail provision is mass- to up-market (Hugo Boss, Ted A- SELFRIDGES 400 Oxford Stree the eastern end continues to improve with impending Baker, ). The low footfall in comparison to B- FOREVER 21 360-366 Oxford Streett opening of Crossrail, the western area around Bond Street the other areas reflects that it is really a weekday retail C- DISNEY STORE 350-352 Oxford St station has seen rents grow; vacancy is lower at 4.8%. location as fewer people are in the area at the weekend. D- DEBENHAMS 334-348 Oxford Street In Long Acre, & Other Stories and Amorino have recently E- NEXT 325-327 Oxford Street opened. Whilst it tends to attract mid-market retailers, F- HOUSE OF FRASER 318 Oxford Street H G- RIVER ISLAND 325-327 Oxford Street F H- TOP SHOP 214 Oxford Street D C G A B E

Oxford Street

A SELFRIDGES E NEXT

B FOREVER 21 F HOUSE OF FRASER

C DISNEY STORE G RIVER ISLAND

D DEBENHAMS H TOPSHOP

Source: BNP Paribas Real Estate Research

Combining innovative concepts and unrivalled diversity, Paris is a worldwide city for retailing

enefitting from a greater area of 12 million Europe for Sunday opening and has generated inhabitants, Paris supports a huge number additional sales for retailers. Visitor numbers of shops (about 62,000 stores) and boasts are showing positive signs of growth in 2017, a multiplicity of high street retail clusters. a trend that is to continue with Paris hosting BIn addition to local demand, a major driver is the Olympic Games in 2024. Demand from new tourism as Paris is the second1 most visited entrants is vibrant across all activities who often city in terms of foreign visitors in Europe. The test concepts through "pop up" stores. There is creation of ZTI (International tourist zones) also strong entrant demand from the food and allows the city to rival destinations in beverage sector seeking space in Paris.

Population (million) Population (million) Overnight Foreign Purchasing Power Purchasing Power City Metropolitan region Visitors (million) (per capita) - In € (per capita) - Index 2.20 12.09 15.45 28,541 208.8 Mastercard Global Destination Cities Index 2017 Global Destination Cities Index Mastercard 1 Sources: City population 2016, BNP PRE Research, Sources: population 2015, Eurostat region - Metropolitan 2016, Mastercard visitors - Overnight international 2017 Global Destination Cities Index GFK 2016 with UE 42=Base 100 power, - Purchasing

RETAIL BNP Paribas Real Estate 15 PARIS

St-Lazare Railway ST-LAZARE PARIS Shopping Center Station, Metro and RER Rent €/sqm/month LE PRINTEMPS and GALERIES LAFAYETTE Charles de Gaulle - PASSAGE DU HAVRE AV. DES CHAMPS ELYSÉES 1,833 Etoile Metro, RER Shopping Center Department Stores AVENUE MONTAIGNE 1,083 CHAMPSAV. ELYSEES DES 8,143 BD HAUSSMANN 10,277 BOULEVARD HAUSSMANN 625 Opera Prime rent with key money for a store unit RUE SAINT-HONORE 714 Concorde 2,042 LE FORUM DES HALLES Footfall (pedestrians per hour) Square Shopping Center Day of count : 10.06.2017 Chatelet - BHV From Mass Market to Up Market Les Halles Department Le Marais district AV. MONTAIGNE Metro, RER Mixed (Mass Market to Luxury) Store Museum Luxury BD SAINT-GERMAIN RUE DES FRANCS 0 250 500 m 2,468 Eiffel Tower Orsay Museum BOURGEOIS 4,790 Notre-Dame Champs de Mars Cathedral Park Hôtel de Ville LE BON MARCHE 2,856 Department Store Saint-Michel Bastille Square Metro, RER

BEAUGRENELLE 2,142 Shopping Center 4,334 RUE DE RENNES RUE DE SEVRES Garden 5,504 Railway and Metro RUE DU COMMERCE Stations ©BNPPRE Research - D&A Avenue Montaigne (Left Bank) Major streets situated on the and Rue Saint-Honoré Left Bank balance renewal of FRANCE - Paris Near the Champs Elysées, Avenue Montaigne is the the retail mix with maintaining premier address for luxury in Paris and worldwide. the atmosphere that the Left 404 Rue Saint Honoré – In front of LongThe- street attracts very high-profile clients so conse- Bank is known for. champ Footfall: 1 713 quently a reduced footfall. Prestigious stores include Boulevard Saint-Germain, Rue de Sèvres , , Chanel, Fendi, Jimmy Choo, Louis Vuitton, and Rue de Rennes have greatest attraction A-& OTHER STORIES 277 Rue Saint HonoréGucci, Valentino, Versace and Saint Laurent. whereas Rue du Commerce has a more vibrant B-VALENTINO 273 Rue St Honoré Rue Saint-Honoré is the 2nd most sought-after district cluster. C-LONGCHAMP 404 Rue Saint Honoréplace for upscale and luxury brands, especially Recent transactions in the area include Artling, D-FENDI 265 Rue Saint Honoréin its western part. The street features the Balibaris, Collector Square and Vanessa Seward. E-TOM FORD 378 Rue Saint Honorérecently opened 2nd Vuitton flagship at the F-COACH 372-374 Rue Saint Honorécorner of Place Vendôme, Balenciaga, Brio- G-EMPORIO ARMANI 368 Rue Saint Honoréni, Coach, Diptyque, Dolce & Gabbana, A C H-GOYARD 233 Rue Saint HonoréGoyard, , Fendi, Longchamp, Marc B Jacobs and Guerlain. D E , F 2 042 A & OTHER STORIES E TOM FORD G Footfall / hour Rue Saint-Honoré B VALENTINO F COACH

C LONGCHAMP G EMPORIO ARMANI

D FENDI H GOYARD H

Source: BNP Paribas Real Estate Research

16 BNP Paribas Real Estate RETAIL Rive Droite (Right Bank) Avenue des Champs Elysées

Boulevard Haussmann is world The 1.9 km iconic shopping avenue attracts the highest famous due to iconic flows. It is home to mass-market retail flagships as well department stores, Galeries as to exclusive venues (Cartier, Louis Vuitton, Le Fou- FRANCE - Paris Lafayette and Printemps, quet’s restaurant). It also includes a wide spectrum with 66- 63 Avenue des Champs Elysées (Maucomplemented- by a mass- cinemas, cafés and restaurant, car showrooms (Mercedes, market offer (H&M, , C&A, ). Renault), stores and varied activities (, Nike, Sephora, M.A.C, boussin) Footfall: 9 598 With the refurbishment of spectacular Forum Fnac, , Disney). With the announcement of Apple and Galeries des Halles mall now complete, Rue de Rivoli Lafayette to open in 2018, the battle for available space is fierce. A-LOUIS VUITTON 101 Av. des Champs-Élyséesprepares for a new event with the up-coming B-GUERLAIN 68 Av. des Champs-Élyséesre-opening of the high-end Samaritaine A LOUIS VUITTON D TIFFANY & CO. C-SEPHORA 70-72 Av. des Champs-Élysées department store, an attractive 19th century B SEPHORA E FIVE GUYS D-TIFFANY & CO 62 Av. des Champs-Élyséesbuilding currently under redevelopment; as a C GUERLAIN F CHANEL E-FIVE GUYS 49-51 Av. des Champs-Élyséesresult, the area attracts new-comers seeking a F-CHANEL 52 Av. des Champs-Élyséeshigh profile location. G ZARA G-ZARA 44 Av. des Champs-ÉlyséesRue des Francs-Bourgeois / Le Marais pitch Avenue des Champs Elysées H ABERCROMBIE & FITCH H-ABERCROMBIE & FITCH 23 Av. des Champs-Élyséesthrives by welcoming “affordable luxury” Research BNP Paribas Real Estate Source: brands looking for new premises at attractive rent levels. A noteworthy trend is the opening A C of genuine luxury stores, especially in cosmetics, B with Chanel and Diptyque moving in. D F 10,277 E G H Footfall / hour

Experiencing buoyant times, Madrid’s prime streets recompose and expand

pain’s improved economy with a better Increased appetite from national and interna- labour market and consumer spending tional retailers, is leading to redevelopment in is energising downtown retail. Vigorous core areas and in some cases being extended tourism is also boosting sales: 50.3 million further like Serrano, Salamanca district and Spassengers arrived at Barajas airport in 2016 Gran Vía Street located in the Center. New (+7.7 % vs 15i) and 5.2 million foreign visitors precincts such as Arenal, El Carmen or Azca are in 2016ii (2nd most visited city in Spain) with evolving, the latter having grown significantly U.S.A, UK, France and Germany as visitors’ main with the entries of Decathlon, Mango, countries of origin. and the largest Zara worldwide (6,000 sqm).

Population (million) Population (million) Overnight Foreign Purchasing Power Purchasing Power City Metropolitan region Visitors (million) (per capita) - In € (per capita) - Index 3.17 6.39 5.24 18,372 134.4 Sources: City population 2016, BNP PRE Research, Sources: population 2015, Eurostat region - Metropolitan 2016, Mastercard visitors - Overnight international 2017 Global Destination Cities Index GFK 2016 with UE 42=Base 100 power, - Purchasing i - Source www.airport-business.com, ii - Source: Mastercard Global Destination Cities Index 2017 Global Destination Cities Index Mastercard ii - Source: www.airport-business.com, i - Source

RETAIL BNP Paribas Real Estate 19 MADRID

Footfall (pedestrians per hour) ABC SERRANO Day of count : 10.06.2017 Shopping Center From Mass Market to Up Market CALLE DE JOSE ORTEGA Y GASSET Mixed (Mass Market to Luxury) 696 Luxury CALLE FUENCARRAL EL CORTE INGLES Department Store 0 200 400 m SERRANO 52 MAN Rent €/sqm/month PLATEA Department Store CALLE DE PRECIADOS 255 Food market mall 2,384 Serrano Metro CALLE SERRANO 240 MERCADO DE 1,608 CALLE DE GOYA CALLE DE ORTEGA Y GASSET 220 SAN ILDEFONSO Food market National Prime rent without key money for a store unit Archaeological Museum EL JARDIN DE SERRANO Shopping Center EL CORTE INGLES 9,196 Department Store MERCADO SAN ANTON Food market CALLE

SERRANO Callao Retiro Metro Metro 9,956 GRAN VIA Puerta de Alcala Arch CALLE DE El Retiro Park, PRECIADOS Gran Via Glass Palace Metro 10,292 Puerta del Sol Metro EL CORTE INGLES Department Store Puerta del Sol square, Touristic district ©BNPPRE Research - D&A Calle de José Ortega y Gasset Calle Serrano Building on genuine exclusive positioning, elegant José Ortega y In Salamanca district, Ser- Gasset Street has proved a select address for high-wealth regular rano stands out as a key clients, therefore a reduced but focused traffic. business and retail avenue. Vacancy is low and its prestigious operators comprise Dior, Chanel, The retail spectrum is Jimmy Choo, Escada, Loro Piano, and Valentino. After a high level large, with luxury repre- José Ortega y Gasset, 9--- Footfall: 696 of request from luxury brands to establish operations in Madrid, a stabilisation in senting 20% of the offer on a perimeter COUNTING POINT in front of CARTIER – Sastreria Pedro Muñoz demand may be seen in the next couple of years. positioned between Alcalá and Goya/Hermo- silla streets, and Don Ramón de la Cruz to A CARTIER E José Ortega y Gasset streets. B DIOR F ESCADA On-going renovation is occurring on the high- end section between Alcalá and Jorge Juan C JIMMY CHOO G HERMES 696 streets. Mass-market offer occupies the re- D TIFFANY & CO. H CHANEL maining stores, and a segment from José A-CARTIER Ortega y Gasset 9 Footfall / hour Source: BNP Paribas Real Estate Research Ortega y Gasset to Juan Bravo is under re- B-DIOR Ortega y Gasset 6 generation too. C-JIMMY CHOO Ortega y Gasset 4 Vacancy is limited and recent ope- D-TIFFANY &CO Ortega y Gasset 10 nings comprise the first city-centre Ikea E-BULGARI Ortega y Gasset 17 A in Spain (2,500 sqm), Mango (2,000 sqm), C E F-ESCADA Ortega y Gasset 10 Hugo Boss, Carrera y Carrera, new stores G-HERMES Ortega y Gasset 12 Calle de José Ortega y Gasset of El Corte Inglés, and a Loewe flagship H-CHANEL Ortega y Gasset 16 B D G (1,000 sqm) after their store extension at n°34. H F

20 BNP Paribas Real Estate RETAIL Gran Via, Preciados, Fuencarral and Goya Streets

The Centre district provides a sqm), Adidas (1,800 sqm), Five Guys and Ale-Hop. A FIVE GUYS mass-market offer (90% of the A famed walkway, Calle Preciados is highly visited B BURGER KING stores) stretched over five due to magnets such as Mediamarkt (3,800 sqm) streets which concentrate most and El Corte Ingles Department Store among C NIKE STORE of Madrid’s high street retailing others; hence the highest rental level in Madrid D ZARA over 500+ stores. Gran Vía has undergone (€255/sqm). Fuencarral Street differentiates on E LEFTIES extensive transformation which has strengthened a young and “alternative” fashion position (i.e. its role as a key destination due to powerful hipster and trendy brands) with recent opening F PRIMARK flagship stores. It is also a popular leisure and including Decathlon (2,400 sqm), Scalpers, Guess, G H&M tourist area across night and day, mixing cinemas, Puma, Birkenstock and H&M. H ADIDAS GRAN VIA --- Footfall: 10 718 theatres and restaurants in addition to its Located in Salamanca district, Goya Street is Research BNP Paribas Real Estate Source: complete fashion offer. the other place in Madrid for a family retail offer. Newcomers are Primark (12,400 Current availability is very limited and often require a considerable premium to be paid to gain tenancy. A-FIVE GUYS Gran Vía 44 B-BURGER KING Gran Vía 40 C-NIKE STORE A D-ZARA Gran Vía 34 B C D E F G E-LEFTIES Gran Vía 32 Gran Vía F-H&M Gran Vía 32 G-PRIMARK Gran Vía 32 9,956 H-ADIDAS Gran Vía 21 Footfall / hour H

Milan, global fashion capital, deeply influences retailing worldwide

he 2nd largest metropolitan area in Italy every year, Milan is one of the most cosmopo- by population, Milan is considered Italy’s litan cities in Europe. top financial hub. It is the capital of the The city is internationally recognised as one of country’s most thriving region, Lombardy, the most influential global fashion lifestyle ca- Twhich with 10 million inhabitants, is Italy’s lar- pitals which has recently reinforced its position, gest GDP contributor (10% of total GDP). by hosting the Universal Exposition (EXPO) in With millions of tourists and business visitors 2015 attracting more than 20 million visitors.

Population (million) Population (million) Overnight Foreign Purchasing Power Purchasing Power City Metropolitan region Visitors (million) (per capita) - In € (per capita) - Index 1.35 4.29 8.17 25,708 188.0 Sources: City population 2016, BNP PRE Research, Sources: population 2015, Eurostat region - Metropolitan 2016, Mastercard visitors - Overnight international 2017 Global Destination Cities Index GFK 2016 with UE 42=Base 100 power, - Purchasing

RETAIL BNP Paribas Real Estate 23 MILAN

VIA DELLA SPIGA

VIA MONTENAPOLEONE Parco Sampione Park Sforza Castle 2,027

Cairoli Metro La Scala Theater 2,932

5,330 San Babila Metro VIA DANTE LA RINASCENTE Department Store GALLERIA VITTORIO EMANUELE II Shopping Passage Footfall (pedestrians per hour) Day of count : 10.06.2017 Duomo Metro and CORSO VITTORIO EMANUELE II From Mass Market to Up Market Tramway Stations Duomo Mixed (Mass Market to Luxury) Cathedral 8,598 Rent €/sqm/month Luxury 6,562 VIA MONTENAPOLEONE 500 0 100 200 m Palazzo Reale Novecento Museum Museum CORSO VITTORIO EMANUELE II 250

VIA DANTE 165 VIA TORINO Prime rent without key money for a store unit ©BNPPRE Research - D&A Via Montenapoleone and Via della Spiga Via Montenapoleone is a core destination for luxury and premium brands. Its quality retail offer means the street sees 2,932 limited vacancy and rapid re-letting periods. The street Footfall / hour ITALY - Milan hosts numerous iconic fashion brands such as Gucci, A - LUXURY Valentino, Rolex, Bulgari, Prada and Hermès; it B PAS DE DONNEE FOOTFALL attracts both flows of tourists and local high-wealth regular C customers for its unique offer and for fashion and design events. A- CARTIER Via Monte Napoleone,Via 16 della Spiga is part of “Quadrilatero della Moda”, Milan’s B- LA PERLA Via Monte Napoleone,high-end 14 high street district and it connects Via Manzoni to main C- HERMES Via Monte Napoleone,Corso 12 Venezia Avenue. D- OMEGA Via Monte Napoleone,Amongst 9 all streets within the "Quadrilatero", Via della Spiga is the only D E- ETRO Via Monte Napoleone,pedestrian 5 street offering a unique shopping experience. F- GUCCI Via Monte Napoleone,Shoppers 5/7 feel like they are on a fashion runway surrounded by well-renowned national and international brands such as Tiffany & Co., Dolce & Gabbana, Tod’s, G- PRADA Via Monte Napoleone, 6 E Prada and Moncler. H- ARMANI Via Monte Napoleone, 2 F Via Montenapoleone G A CARTIER E ETRO

B LA PERLA F GUCCI H C HERMES G PRADA

D OMEGA H ARMANI

Source: BNP Paribas Real Estate Research

24 BNP Paribas Real Estate RETAIL Corso Vittorio Emanuele II, Via Dante and Via Torino

Corso Vittorio Emanuele II retail redevelopment and repositioning A FURLA is a prime mass-market retail with major institutional investors destination in Italy and completing investments and acquisitions. B CARPISA Europe. Via Torino ranks as one of the most C NADINE ITALY - Milan It benefits from a high level famous mass-market retail destinations A D TISSOT Via Monte Napoleone - LUXURY of footfall anchored by one of Europe's major in Milan. Stretching along a 700- sqm- B PAS DE DONNEE FOOTFALL department stores, La Rinascente, and a long circuit, it features a thorough retail E MAX&CO C high number of major fashion retailers such offer, including brands such as Zara, F BENETTON A- CARTIER Via Monte Napoleone, 16 as Zara, H&M and Foot Locker. The street Nike and Mango all located in the most ITALY - Milan G ZARA B- LA PERLA Via Monte Napoleone, 14 shows a very limited vacancy rate and strong attractive section of the street, next to H Corso Vittorio Emanuele II - MASS TO UP MARKET H DIESEL C- HERMES Via Monte Napoleone, 12 demand for quality space. Major national and Piazza Duomo. Research BNP Paribas Real Estate Source: D- OMEGA Via Monte Napoleone, 9 PAS DE DONNEED FOOTFALL international retailers target the pedestrian E- ETRO Via Monte Napoleone, 5 Corso for flagship stores and competition A-FURLA is fierce to secure the best retail premises. F- GUCCI Via Monte Napoleone, 5/7 Corso Vittorio Emanuele II B-CARPISA Furthermore, the nearby Piazza del Liberty will G- PRADA Via Monte Napoleone, 6 E G C-NADINE host the first Apple Store in Milan city center. F H- ARMANI Via Monte Napoleone, 2 F E D-TISSOT Via Dante stands out as an important mass- G E-MAX&CO market pedestrian precinct which connects F-UNITED COLORS OF BENETTON the crowed Piazza Duomo central square D 8,598 G-ZARA H to the much visited Castello Footfall / hour H-DIESEL Sforzesco Castle. Via Dante, with A circa 70 stores (OVS, Sephora, Geox) B is currently undergoing substantial C

The most favoured choice in Germany for market entrants and “pop-up” stores

erlin is Germany’s main shopping des- across the municipal area. But this is something tination. No other German city is more that retailers actually consider a major advan- cosmopolitan or attracts greater numbers tage, because the diversity enables them to of tourists. Nevertheless, in the German address specific target groups. One clear-cut Bfootfall ranking, Berlin’s shopping streets are in sign of the dynamism of the retail scene here midfield placing only. The reason for this is the is that since 2013, Berlin-Mitte has registered wealth of different precincts spread broadly 600 lettings and openings.

Population (million) Population (million) Overnight Foreign Purchasing Power Purchasing Power City Metropolitan region Visitors (million) (per capita) - In € (per capita) - Index 3.52 5.07 4.94 19,990 146.2 Sources: City population 2016, BNP PRE Research, Sources: population 2015, Eurostat region - Metropolitan 2016, Mastercard visitors - Overnight international 2017 Global Destination Cities Index GFK 2016 with UE 42=Base 100 power, - Purchasing

RETAIL BNP Paribas Real Estate 27 BERLIN

Zoological Garden , Footfall (pedestrians per hour) Berlin Zoo Aquarium Day of count : 10.06.2017 Railway Station, Metro and S-Bahn Rent €/sqm/month From Mass Market to Up Market STILWERK TAUENTZIENSTRASSE 320 Mixed (Mass Market to Luxury) Department Store BIKINI BERLIN Shopping Center Luxury Kaiser Wilhelm Memorial Church KURFÜRSTENDAMM 240 0 200 400 m NEUES KRANZLER ECK EUROPA-CENTER Shopping Center Shopping Center ROSENTHALER STRASSE 120 TAUENTZIENSTRASSE Prime rent without key money for a store unit Uhlandstrasse 7,095 Metro 6,609 Kurfuerstendamm KARSTADT Metro Department Store 1,414 KADEWE Bahnhof Wittenbergplatz KURFUERSTENDAMM Department Store Metro

Hackescher Markt District Weinmeisterstrasse ROSENTHALER STRASSE Metro HACKESCHE HÖFE NEUE SCHOENHAUSER Retail Passage STRASSE 2,050 3,762 ALEXANDERPLATZ Monbijou Park GALERIA KAUFHOF Rent €/sqm/month Department Store Hackescher Markt TAUENTZIENSTRASSE 320 Tramway and S-Bahn DIE MITTE KURFÜRSTENDAMM 240 Alexanderplatz Railway Shopping center Station, S-Bahn and Metro 4,431 Aquadom ROSENTHALER STRASSE 120 Museum Sea Life Fernsehturm ALEXA BNP Paribas Real Estate - Q2 2017 Island Shopping Center 0 100 200 m RATHAUS PASSAGEN

Shopping Center ©BNPPRE Research - D&A Tauentzienstrasse, A Rosenthaler Strasse and Alexanderplatz 3,762 Whilst the Kurfürstendamm label ba&sh on Neue Schönhauser Strasse and Footfall / hour and Tauentzienstrasse are eyewear brand Ace&Tate on Alte Schönhauser GERMANY - Berlin the two most important Strasse established operations in Hackescher Rosenthaler Strasse - Footfall: 3 762 shopping streets in City Markt. The most heavily frequented Hackescher Centre West, Berlin also Markt location, with almost 3,800 shoppers an H- UNIQLO offers numerous Rosenthaler micro-locations Straße 42 of hour, is still Rosenthaler Strasse. F- PUMA significance Rosenthaler to retailers. Definitely Straße 40-41 deserving Southeast to Hackescher Markt is the well- B- HUNKEMÖLLER HKMX-STORE a mention Rosenthaleris Hackescher Straße Markt ,50 not least known Alexanderplatz square, which features B G- NIKE STORE because of Hackescherthe role it plays Markt for the market2-3 entry two new retailers in Germany: Topshop in C- HUGO BOSS of international Rosenthaler operators. Straße 49 Galeria Kaufhof department store and Mister C Rosenthaler Strasse D- MANGO Retailers that Rosenthaler have entered Straße here are 34-35 El Ganso, Spex in the Alexa mall. A- GRANIT Eleven Paris Rosenthaler and the world’s Straße first 13 Adidas The footfall count in this precinct was just over D E- OAKLEY Running-Store Rosenthaler on Münzstrasse. Straße The 34-35 fashion 4,400 per hour. E

A GRANIT E OAKLEY

B HKMX-STORE F PUMA F C HUGO BOSS G NIKE STORE G D MANGO H UNIQLO H

Source: BNP Paribas Real Estate Research

28 BNP Paribas Real Estate RETAIL Kurfürstendamm (East) Kurfürstendamm (West) With a length of 3.5 kilometers, the Kurfürstendamm is one of the The luxury section of the longest shopping streets in Germany and no other location in Ku'damm hosts prestigious the country presents a greater range of shopping from mass-market brands like Gucci, Escada (East part) to luxury (West part). and Budapester Schuhe. In New premises in direct vicinity to the boulevard are maintaining a this year’s count, it registe- large variety of offer. Notable examples here include the landmark building Upper red around 1,400 pedestrians an hour com- West which opened in spring, the Zoom with anchor tenant Primark, as well as the pared to the 6,600 figure on its Eastern planned Mall of Ku'damm on former Karstadt site. In the future, these developments mass-market section. could have a positive impact on the footfall figures in this top precinct.

A F HUGO BOSS

GERMANY - Berlin B COS G C&A Kurfürstendamm - Footfall: 6 609 C ASICS H H&M H A- TOMMY HILFIGER KURFÜRSTENDAMM 217 D TESLA F Kurfürstendamm (East) B- COS KURFÜRSTENDAMM 217 E APPLE D C- ASICS KURFÜRSTENDAMM 26A Source: BNP Paribas Real Estate Research E D- TESLA KURFÜRSTENDAMM 26A C G E- APPLE KURFÜRSTENDAMM 26 F- HUGO BOSS KURFÜRSTENDAMM 25 G- C&A KURFÜRSTENDAMM 227-229 B H- H&M KURFÜRSTENDAMM 237 6,609 A Footfall / hour

Population (million) Population (million) Overnight Foreign Purchasing Power Purchasing Power AMSTERDAM City Metropolitan region Visitors (million) (per capita) - In € (per capita) - Index 0.83 2.68 8.36 18,850 137.9 Sources: City population 2016, BNP PRE Research, Sources: population 2015, Eurostat region - Metropolitan 2016, Mastercard visitors - Overnight international 2017 Global Destination Cities Index GFK 2016 with UE 42=Base 100 power, - Purchasing

A shift of Amsterdam’s core retail centre

Central station Footfall (pedestrians per hour) Day of count : 10.06.2017 From Mass Market to Up Market Mixed (Mass Market to Luxury) Luxury NIEUWENDIJK 6,588

0 200 400 m Dam DE BIJENKORF Department Store HUDSON’S BAY Rent €/sqm/month Department Store KALVERSTRAAT 258 7,888

KALVERSTRAAT LEIDSESTRAAT 217 KALVERTOREN PIETER CORNELISZ HOOFTSTRAAT 213 Shopping Center

Prime rent without key money for a store unit LEIDSESTRAAT 4,352 Leidseplein ©BNPPRE Research - D&A

PIETER CORNELISZ HOOFTSTRAAT Vondelpark 1,768 Rijksmuseum Pieter Cornelisz Hooftstraat Van Gogh Museum, Stedelijk Museum P.C. Hooftstraat, strategically located in the affluent Oud Zuid district, is the Netherlands' main luxury high msterdam's market performance remains strong, driven by continued street with a footfall of over 1,750 entry of new retailers, growth in consumer spending and tourism. pedestrians per hour. The supply side is active with the upcoming completion of deve- Footfall doubled over the past four years after the lopment schemes to meet persistent high demand for large units. opening of new stores, including the iconic Chanel AThe main shift is being observed downtown, where the retail centre of brand, and the improvement of public space there. gravity is gradually moving towards the Rokin/Nieuwendijk/Kalverstraat The rising number of high-wealth foreign tourists area. Gravity shift is a direct result of the completion of the Hudson's Bay visiting Amsterdam undoubtedly contribute to the flagship store (Rokin area) of Nowadays (Nieuwendijk area) and of Rokin strong performance of the area. Consequently, persistent Plaza (Rokin/Kalverstraat area). demand from new retailers is challenging landlords and The inauguration of a new metro line in 2018 - with a stop at Rokin - will developers to create additional retail floor space in further accelerate the shift. Amsterdam's luxury high street.

30 BNP Paribas Real Estate RETAIL 7,888 A NETHERLANDS- Amsterdam Footfall / hour B A-FOREVER 21 Kalverstraat 11 B-PULL AND BEAR Kalverstraat 13-17 Nieuwendijk, Kalverstraat and Leidsestraat C-URBAN OUTFITTERS Kalverstraat 31-33 With a footfall of nearly 7,900 This slight decline is possibly due to the C D-MANGO Kalverstraat 35-37 per hour, Kalverstraat shift of Amsterdam's core retail centre to the E-TOPSHOP Kalverstraat 48/52 heads up the country’s Nieuwendijk/Kalverstraat/Rokin area. D F-ZARA Kalverstraat 66-72 busiest high streets. Retail Although reduced footfall may also be the E G-FOOTLOCKER Kalverstraat 100-106 attractiveness and traffic result of temporary side effects from ongoing H-H&M Kalverstraat 114 have increased over the past couple of years major redevelopments at the former V&D because of economic recovery and the opening department store and Kalvertoren shopping of prime new flagship stores (Forever 21, Pull centre near Leidsestraat. & Bear, Urban Outfitters and Topshop). F Located north of Kalverstraat and extending A FOREVER 21 directly from it, Nieuwendijk ranks 2nd best in terms of traffic with nearly 6,600 pedestrians B PULL AND BEAR per hour. C URBAN OUTFITTERS The street recorded tremendous growth in D MANGO flows, even higher than Kalverstraat over the last two years, due to the completion of the E TOPSHOP G

Nowadays project (Primark, Zara and JD Sports F ZARA Kalverstraat flagship stores). H G FOOT LOCKER In the South, Leidsestraat’s at 4,350 per hour H H&M

is experiencing loss of momentum. Research BNP Paribas Real Estate Source:

RETAIL BNP Paribas Real Estate 31

Population (million) Population (million) Overnight Foreign Purchasing Power Purchasing Power ATHENS City Metropolitan region Visitors (million) (per capita) - In € (per capita) - Index 0.66 3.82 2.68 10,801 79.0 Sources: City population 2016, BNP PRE Research, Sources: population 2015, Eurostat region - Metropolitan 2016, Mastercard visitors - Overnight international 2017 Global Destination Cities Index GFK 2016 with UE 42=Base 100 power, - Purchasing

Prime streets fueled by foreign demand

Footfall (pedestrians per hour) Day of count : 10.06.2017 From Mass Market to Up Market Mixed (Mass Market to Luxury) Luxury ATTICA 0 50 100 m Department Store 792

CITYLINK Shopping Center VOUKOURESTIOU STREET

Rent €/sqm/month 3,014 Parliament VOUKOURESTIOU STREET 200

ERMOU STREET 180 Metro Average rent for a store unit

National Park ©BNPPRE Research - D&A

Acropolis Voukourestiou Street emand focused mainly on premium Ermou Street with a Voukourestiou Street is Athens' most luxurious vacancy rate close to zero and ongoing entries like the fashion and accessories destination with, for launch of Forever 21 in Greece. Key downtown areas instance, jewellers such as Bulgari, Cartier and (, Panepistimiou and Stadiou Streets) are taking Kessaris, and exclusive brands like Dior, Prada, Dadvantage of larger numbers of tourists visiting Athens. Out of Louis Vuitton, Hermès, Tod's and Zadig et Voltaire. town, major high street sectors (Kifissia, Sotiros/Piraeus and Part of Voukourestiou Street is formed by one of the four streets which Glyfada) register higher demand due to lack of available space. used to enclose the former large building of the Army Pension Fund, Rental levels reached their bottom in 2016. Given the combi- now transformed into Attica Department Store and the headquarters nation of low vacancy in prime areas and readiness to expand of the Piraeus Bank. Three theatres and cafés plus restaurants, among by retailers, rental increase is on the horizon. This prospect which is the well-known café Zonars, complement this luxury pitch. itself may prompt moves by retailers aiming to take advantage Anchoring this area that hosts the majority of the high-end boutiques of current rent conditions. in central Athens, is the Athens City Link mall.

32 BNP Paribas Real Estate RETAIL Ermou Street Ermou Street is a thriving pedestrian destination GREECE - Athens A BERSHKA D SEPHORA combining modern retail activity with old-town traditional shops with a lively atmosphere. Its bustling B FOREVER 21 E MANGO A-BERSHKA 50 pavements are lined with large stores, boutique C MARKS & SPENCER F H&M designer shops, little snack bars and coffee shops. B-FOREVER 21 46 G ZARA The street has long been one of the most expensive to rent in Europe, C-MARKS & SPENCER 33 H NIKE STORE

it has been regaining momentum and in 2017, it is again the most Research BNP Paribas Real Estate Source: D-SEPHORA 24 expensive street in Greece. E-MANGO 20 Ermou Street features many international F-H&M 11 retail chains such as Forever 21, Mango, G-ZARA 9 Benetton, Marks & Spencer, H&M, Zara, A H-NIKE STORE 1 B Stradivarius, , Nike, Bershka, Sephora, Tiger, Mothercare and Adidas D E C among others. The influx of retailers Ermou means that vacancy rates are almost zero. F G H 3,014 Footfall / hour

Population (million) Population (million) Overnight Foreign Purchasing Power Purchasing Power BARCELONA City Metropolitan region Visitors (million) (per capita) - In € (per capita) - Index 1.61 5.43 8.36 18,776 137.3 Sources: City population 2016, BNP PRE Research, Sources: population 2015, Eurostat region - Metropolitan 2016, Mastercard visitors - Overnight international 2017 Global Destination Cities Index GFK 2016 with UE 42=Base 100 power, - Purchasing

Tourism drives strength of retail axis

Casa Batlló, Casa Lleó Morera PASSEIG DE GRACIA Rent €/sqm/month Passeig de AV. DEL PORTAL DEL ANGEL 275 Gracia RAMBLA DE CATALUNAMetro PASSEIG DE GRACIA 245

CARRER DE PELAI 175

10,132 Prime rent without key money for a store unit EL CORTE INGLES 4,468 Department Store AV. DEL PORTAL DEL ANGEL EL TRIANGLE Shopping mall Universitat Catalunya Metro Metro CARRER DE PELAI 4,810 10,216

Barcelona Cathedral, Old touristic district 3,914

Footfall (pedestrians per hour) LA BOQUERIA CARRER DE LA Day of count : 10.06.2017 Open air food Market PORTAFERRISSA From Mass Market to Up Market Mixed (Mass Market to Luxury) Luxury Gran Teatre del Liceu 0 100 200 m ©BNPPRE Research - D&A

eing a cosmopolitan and lifestyle metro- polis, Barcelona boasts a vivid tourism Passeig de Gràcia industry. Ranked in the Top 5 European With a record footfall, the Paseo takes advantage of the pre- destinations by international overnight sence of the two most visited attractions: Casa Batlló and Bvisitors (1) in 2016, it has welcomed 2.68 million Casa Mila (by Gaudí). It is Barcelona’s most prestigious street, cruise passengers (+5.6% compared to 2015) home to the highest number of exclusive brands. Luxury ac- and 44 million travelers at El Prat airport(2). counts for 66% of the offer with more than ninety stores inclu- Successful startups, research centres and multi- ding Bulgari, Furla, Manolo Blahnik and Valentino. The rest of the street positions national firms intensify a vivid retail scene with from mass-market to premium, with well-known international chains including the largest luxury sector after Madrid. flagship stores of Apple, Zadig & Voltaire, Nespresso and Uniqlo. (1) Sources: Mastercard Global Destination Cities Index 2017, (2) Barcelona Port and Barcelona Airport Vacancy is low and if a good opportunity emerges, it will see intense competition.

34 BNP Paribas Real Estate RETAIL Avenida del Portal del Angel, Carrer de la Portaferrissa, Rambla SPAIN - Barcelona de Cataluña and Carrer de Pelai The rest of downtown Barcelona’s prime pitches are A-NIKE STORE Passeig de Gràcia 29 genuine mass-market, taking around 70% of the offer B-COS Passeig de Gràcia 27 and stretching over a large geographic area. A , C-ZARA Passeig de Gràcia, 16 B 10 132 Passeig de Gràcia Portal del Angel is extremely busy and in the heart D-H&M Passeig de Gràcia, 11 Footfall / hour of the medieval city. Leading to the old Cathedral, E-& OTHER STORIES Passeig de Gràcia, 8-10 this pedestrianised street features a pure mass-market profile (91% F-EMPORIO ARMANI Passeig de Gràcia, 4 C of stores) with no vacancy and the highest rent level: €275/sqm/ G-APPLE STORE Passeig de Gràcia, 1 E month. The avenue extends to Carrer de la Portaferrissa, a narrow H-EL CORTE INGLES Plaça de Catalunya, 14 F cobbled axis with varied retailers (many young fashion stores are here) D occupying smaller units. La Rambla de Cataluña ​is the city’s popular night-and-day family G shopping promenade. As with Plaza de Cataluña, this street has H experienced significant development in recent years and retail presence has strengthened. The retail scene includes a majority of bars and A NIKE STORE E & OTHER STORIES restaurants as well as mass-market fashion stores. Compared to the previous streets, La Rambla presents affordable rent levels for a B COS F EMPORIO ARMANI newcomer to the market. C ZARA G APPLE STORE Carrer de Pelai benefits from a strategic location close to Plaza de D H&M H EL CORTE INGLES Cataluña main square and to the University; its offer complements the

Source: BNP Paribas Real Estate Research one of Il Triangle prime mall.

RETAIL BNP Paribas Real Estate 35

Population (million) Population (million) Overnight Foreign Purchasing Power Purchasing Power BRUSSELS City Metropolitan region Visitors (million) (per capita) - In € (per capita) - Index 1.19 2.49 2.39 17,478 127.8 Sources: City population 2016, BNP PRE Research, Sources: population 2015, Eurostat region - Metropolitan 2016, Mastercard visitors - Overnight international 2017 Global Destination Cities Index GFK 2016 with UE 42=Base 100 power, - Purchasing

Essentially cosmopolitan, the city is a key spotlight in Europe

Footfall (pedestrians per hour) Day of count : 10.06.2017 From Mass Market to Up Market Mixed (Mass Market to Luxury) Royal Park Luxury and Castle 2,370 Porte de Namur GALERIE TOISON D’OR 0 200 400 m Metro Shopping Center

GALERIE LOUISE CITY2 Central TOISON AV.D’OR DE LA Rogier Shopping Center WATERLOOBD DE Shopping Center Metro, Tramway Railway Station INNO Department Store RUE NEUVE Museum THE MINT District 358 6,772 Shopping Center AVENUE LOUISE Stock Exchange Louise Metro, Tramway 3,183 De Broukere Grand Place Square Metro, Tramway INNO GALERIES ANSPACH Department Store Shopping Center Place de la Bourse Sainte-Catherine Metro Square Rent €/sqm/month 1,328 RUE NEUVE 163 BOULEVARD DE WATERLOO 138

AV. DE LA TOISON D'OR 108 RUE ANTOINE DANSAERT Prime rent without key money for a store unit ©BNPPRE Research - D&A

ome to European institutions and many multi- national headquarters, Brussels is a cosmopo- Boulevard de Waterloo litan city. It is a defacto capital for Europe and is enriched by cultural and economic inflows Remote from massive flows, the Boulevard stands, along with Hfrom around the world. southern Avenue Louise, as the most prestigious and “chic” In retail, the city is engaged in long lasting and fierce address in the city. Prized by high-wealth customers, competition with Antwerp for first place in Belgium. therefore a low traffic, it hosts exclusive brands with Good at attracting innovative newcomers, Brussels activities like haute-couture, jewels, designers and fine food. maintains prime position. The future opening of The Offers include Bulgari, Salvatore Ferragamo, Christofle, Hackett London, La Mint will put high street retail in the spotlight. Maison du Diamant and the brand new “Rolex, by Hall of Time” store.

36 BNP Paribas Real Estate RETAIL A SPRINGFIELD

B PRIMARK

C ZARA

D H&M

Rue Neuve, Rue Antoine Dansaert, E C&A Avenue de La Toison d’Or and Avenue Louise F FOOT LOCKER G NIKE Lower downtown borders Upper downtown, whilst not so famous for H GALERIA INNO the most visited tourist sites tourists, stands out as a powerful sector locally. Research BNP Paribas Real Estate Source: and especially the Grand Avenue Louise (northern part), a very busy Place square with its historic street due to Louise metro station, is a H BELGIUM - Brussels baro-que guild houses. landmark for premium brands. PAS DE DONNES FOOT FALL High flows and the largest mass-market high The rather short avenue focuses on fashion street offer in Brussels mean Rue Neuve is the mostly, with tenants such as Karen Miller, Rue Neuve A- SPRINGFIELD busiest street 8-12 .rue It is Neuve anchored by numerous Marina Rinaldi and 1.2.3. B- PRIMARK flagships 15including rue Neuve Primark that opened in Avenue de la Toison d’Or is benefitting G C- ZARA 2014 plus 24-28 City2 rueshopping Neuve centre and Inno from renewed strength after the D- H&M Department 17-21 Store. rue The Neuveupcoming opening of the opening of Le Toison D’or (Apple E- C&A refurbished 27-29 The Mint rue passageNeuve will introduce a 1,600 sqm; Zara 4,000 sqm; F- FOOT LOCKER new focal 31-33point. Up-scale rue Neuve retailing concentrates Bodum 500 sqm). , around Rue Antoine Dansaert/Place Sainte- Boasting this "state-of-the F 6 772 G- NIKE 1000, Rue Neuve 54 Catherine, a picturesque cluster renowned for art" scheme in addition E Footfall / hour H- GALERIA INNO 111-123 rue Neuve good restaurants near the square. With lower to cinemas, the C D flows than Rue Neuve, Rue Antoine Dansaert Avenue is receiving B features “affordable luxury” fashion stores the advantages of and designers such as IKKS, Sarah Pacini, increased profile. A Kartell, Sandro and Zadig et Voltaire.

RETAIL BNP Paribas Real Estate 37

Population (million) Population (million) Overnight Foreign Purchasing Power Purchasing Power BUDAPEST City Metropolitan region Visitors (million) (per capita) - In € (per capita) - Index 1.76 2.98 3.67 6,963 50.9 Sources: City population 2016, BNP PRE Research, Sources: population 2015, Eurostat region - Metropolitan 2016, Mastercard visitors - Overnight international 2017 Global Destination Cities Index GFK 2016 with UE 42=Base 100 power, - Purchasing

Improved economy is reviving retailer demand and creating new supply

Opera Miniversum Museum 762 Oktogon Metro VÖRÖSMARTY NO. 1 Vörösmarty Tér Retail Gallery Metro ANDRÁSSY ÚT PÁRIZSI NAGYÁRUHÁZ Department Store VACI1 Deák Ferenc Tér Retail Gallery Metro FASHION STREET 2,030 Rent €/sqm/month ANDRÁSSY ÚT 120

VÁCI UTCA VÁCI UTCA 110

Footfall (pedestrians per hour) Prime rent without key money for a store unit Day of count : 10.06.2017 From Mass Market to Up Market Mixed (Mass Market to Luxury) Luxury 0 100 200 m Andrássy út ©BNPPRE Research - D&A The 2.5 km wide and spacious Andrássy Út Avenue is the unique luxury spot in the heart etail turnover, growing significantly since 2014, is foste- of Budapest. Most of the high-end prime fashion red by low inflation, real wage growth, rising consumer names - Louis Vuitton, Burberry, Gucci, Polo confidence and an improving labour market. FINA World Ralph Lauren and Moncler - have opened stores Championships had a powerful effect on tourism resulting over the last couple of years. In 2016, Michael Kors joined the list Rin sharp growth of overnight stays in summer 2017. of retailers operating on this elegant street that is bordered with Such factors make up for the less favourable economic environ- villas and neo-renaissance mansions. ment that impacted negatively on the supply structure in earlier Pedestrian traffic concentrates on the first third of the avenue, years. In 2016, the refurbishment of the Váci 1 marked the return where famous luxury shops and tourist attractions are situated, like of the “development spirit” in downtown Budapest. the gorgeous Hungarian Opera House building.

38 BNP Paribas Real Estate RETAIL HUNGARY - Budapestv a

A-H&M 3 B-ZARA Váci utca 6 C-L’OCCITANE 11b Váci utca Street is the central point for D-FOOTLOCKER 11 mass-market in the heart of Budapest and Váci utca is historically known as a shopping E-RESERVED 14 A , promenade, which attracts tourists 2 030

F-SALAMANDER 17 Lorem ipsum B Footfall / hour G-PANDORA 18 especially in its northern section. The flow takes advantage of direct proximity to the Central Business H-MANGO District, and 19 to major tourist attractions, like St. Stephen's Basilica and the Ferris-wheel in the C A H&M Erzsébet Square. In December, the flow increases E thanks to the Christmas market across Váci utca B ZARA D and Vörösmarty Square. C L’OCCITANE In 2016, H&M opened their second largest store F D FOOT LOCKER G in Europe in the newly refurbished Váci 1, which is a boutique office and retail building under E RESERVED H historic preservation. It has complemented the F SALAMANDER

mass- to up- market offer which counts major G PANDORA international retailers such as Mango, Bershka, H MANGO Esprit, Geox and Lacoste. Research BNP Paribas Real Estate Source:

RETAIL BNP Paribas Real Estate 39

Population (million) Population (million) Overnight Foreign Purchasing Power Purchasing Power COPENHAGEN City Metropolitan region Visitors (million) (per capita) - In € (per capita) - Index 0.59 1.97 1.66 22,354 163.5 Sources: City population 2016, BNP PRE Research, Sources: population 2015, Eurostat region - Metropolitan 2016, Mastercard visitors - Overnight international 2017 Global Destination Cities Index GFK 2016 with UE 42=Base 100 power, - Purchasing

Innovation, local demand and tourism boost retail scene

Nørreport Station

Ørstedsparken 6,964 KØBMAGERGADE

ILLUM Department Nyhavn Canal Store ØSTERGADE Kongens Nytorv 8,094 7,494 Metro Footfall (pedestrians per hour) Day of count : 10.06.2017 MAGASIN DU NORD (STRØGET) Department Store From Mass Market to Up Market AMAGERTORV Mixed (Mass Market to Luxury) Luxury 0 100 200 m FREDERIKSBERGGADE

5,252 Slotsholmen Island, Museum District National Museum

TIVOLI Gardens and Central Railway Station Outdoor Leisure Park ©BNPPRE Research - D&A

Rent €/sqm/month nown as the gateway to the Scandinavian region, Copenhagen shows modernity AMAGERTORV 263 and new retail trends. Despite a context where e-commerce sales are expanding rapidly, local retail activity thrives because of its inventive offering favoured by an ØSTERGADE 224 increasing population. KØBMAGERGADE 202 KTourism is also on the rise, especially with the growing presence of high purchasing power Prime rent without key money for a store unit Exchange rate DKK/€: 0,1344 - Q3 2017 visitors from Asia. Most up-scale stores have now adapted and developed bespoke ap- proaches to provide Asian customers with first grade services. Copenhagen’s invention is continually throwing up pop-up shops and retail concepts to test out potentially larger demand.

40 BNP Paribas Real Estate RETAIL Østergade and Amagertorv

Footfall figures of Østergade and Amagertorv stand out as the highest on the famous one-kilometer-long pedestrian Strøget axis. Købmagergade With 7,494 pedestrians per hour, Østergade is an entry gate to flows on the East, by the Kongens Nytorv metro. Home to two famous and Frederiksberggade department stores (Illum and Magasin du Nord), the street boasts the most well-known fashion brands on a spectrum from high-end to mass-market, Perpendicular to Strøget, with Mulberry, Hugo Boss and Moncler at the beginning of the street, and Topshop, Købmagergade presents a H&M, Gucci and COS close to Illum. slightly inconspicuous Taking advantage of its strategic position as the central cross point of all inner position; nonetheless it city pedestrian flows, Amagertorv registers a record figure of 8,094 pedestrians per DENMARK - Copenhagenregisters a significant flow (i.e. hour. The impressive flow, reinforces its attraction to luxury as shown by the recent 6,964 pedestrians per hour) and takes relocation of Louis Vuitton, the presence of Saint Laurent (at cross point with advantage of large numbers of tourists Købmagergade) and the new Hermès shop due to open later this H-H&M especially the onesAmagertorv who visit the 23 Runde Tårn year. The area oozes luxury, around the famous Illums B-ILLUMS BOLIGHUS (Round Tower). Amagertorv 10 Bolighus Scandinavian Design anchor. F-DISNEY STORE Also an interesting Amagertorv site for mass-market 8 F G C-VICTORIA’S SECRET concepts, the street Amagertorv is attractive 3 for retailers A H&M H A-ROYAL COPENHAGENsuch as H&M, Tiger Amagertorv of Sweden, 6 Arket, Vans, C E G-GEORG JENSEN Esprit and Abercrombie Amagertorv & Fitch as4 well as for B ILLUMS BOLIGHUS B D-LOUIS VUITTON restaurants and cafés. Amagertorv 2 C DISNEY STORE Amagertorv D Very close to Rådhuspladsen/City Hall square, A E-PRADA Østergade 60 D VICTORIA’S SECRET Frederiksberggade benefits from tourist flows equally on a purely mass-market offer E ROYAL COPENHAGEN including Vero Moda, Foot Locker, Monki, Bur- F GEORG JENSEN 8,094 ger King and KFC. The Metro-ring due to open G LOUIS VUITTON Footfall / hour in 2019 with a new station at Rådhuspladsen H PRADA should make the area even more accessible. Research BNP Paribas Real Estate Source:

RETAIL BNP Paribas Real Estate 41

Population (million) Population (million) Overnight Foreign Purchasing Power Purchasing Power DUBLIN City Metropolitan region Visitors (million) (per capita) - In € (per capita) - Index 0.55 1.85 5.51 20,170 147.5 Sources: City population 2016, BNP PRE Research, Sources: population 2015, Eurostat region - Metropolitan 2016, Mastercard visitors - Overnight international 2017 Global Destination Cities Index GFK 2016 with UE 42=Base 100 power, - Purchasing

Redevelopment projects to attract new retailers

ILAC 8,505 Shopping Center Rent €/sqm/month GRAFTON STREET 567 MARY STREET HENRY STREET MARY STREET 396 JERVIS ARNOTTS Shopping Center Department store HENRY STREET 396 Prime rent without key money for a store unit College Green Temple Bar district Trinity College

BROWN THOMAS Department store Footfall (pedestrians per hour) Day of count : 10.06.2017 8,802

From Mass Market to Up Market GRAFTON STREET Mixed (Mass Market to Luxury) Luxury ST STEPHEN’S GREEN Shopping Center 0 200 400 m St Stephen’s Green Park ©BNPPRE Research - D&A

n an economy operating at almost full capacity, Dublin’s prime retail streets continue to benefit Grafton, Henry and Mary Streets from recovery in Irish spending power. The combination of stronger than expected The 515 metre-long-pedestrianised Grafton Street is Irish Ieconomic growth plus employment growth in high retailers’ most sought-after location. value added sectors is encouraging the re-develop- Starting its route from Ireland’s oldest University, it adds a ment of the office and retail landscape of the city. tourist dimension to a large retail offer. The street is anchored A result of this is that investor and occupier inte- by Brown Thomas exclusive department store, a place rest in street retailing is expected to remain solid. where most upmarket brands have concessions since unlike many other capital cities, Dublin has no defined “luxury” retail pitch. Reconfiguration of smaller units over recent years allowed for international and domestic retailers seeking space to come into Dublin. The impact of this

42 BNP Paribas Real Estate RETAIL strategy was positive with additions like & Other Stories, Hugo Boss, A PENNEY'S (PRIMARK) Urban Decay, Space NK, Molton Brown and Victoria’s Secret. In the B TOPSHOP/MS SELFRIDGE surroundings, Meyer Bergman and Hines are redeveloping large premises into iconic retail sites. C H&M Henry/Mary Streets show a strong footfall over the combined 575 D RIVER ISLAND 8,505 metres thoroughfare. E MARKS & SPENCER Footfall / hour Units here are fully occupied, with a considerable number of UK high street operators as well as domestic and international ones. Marks & F ZARA Spencer, Debenhams and Dunnes specialty stores are key landmarks G DEBENHAMS IRLANDE- Dublin on the scene, as is the Ilac Centre which has recently seen substantial H ARNOTTS A-PENNEY’S (PRIMARK) 47 Mary St refurbishment. Combined with a wide range of and footwear Research BNP Paribas Real Estate Source: B-TOP SHOP / MS SELFRIDGE Jervis Street Shopping Centre 12retailers Henry (Topshop, St Ms Selfridge, Next, Zara, River Island, H&M) the offering makes the axis a very popular shopping destination. C-H&M Ilac Centre, Mary St Henry Street is well known as the home of the Arnott’s department D-RIVER ISLAND Unit C1-C7 Ilac Shopping Centre, Henry Street store, which was purchased by the Selfridge Group in 2015, with E-MARKS & SPENCER 24-29 Mary street plans in the pipeline to modernise and extend the front of the store. C G F-ZARA 46 - 47 Henry St Mary Street, which follows directly on from Henry, was considered D Henry street G-DEBENHAMS 54 Henry St F somewhat secondary until Jervis Shopping Centre opened in 1996. A H H-ARNOTTS 12 Henry St It is home to Ireland’s busiest flagship store Penney's (Primark) which Mary street also serves as the headquarters of the global retailer. Footfall in downtown is likely to increase as the LUAS (light rail system B E in Dublin) extensions are almost complete; given the proximity of Grafton and Henry/Mary streets to stops, these locations will undoubtedly gain.

RETAIL BNP Paribas Real Estate 43

Population (million) Population (million) Overnight Foreign Purchasing Power Purchasing Power FRANKFURT City Metropolitan region Visitors (million) (per capita) - In € (per capita) - Index 0.73 2.61 3.72 25,242 184.6 Sources: City population 2016, BNP PRE Research, Sources: population 2015, Eurostat region - Metropolitan 2016, Mastercard visitors - Overnight international 2017 Global Destination Cities Index GFK 2016 with UE 42=Base 100 power, - Purchasing

High footfall, retail always on the move

Rent €/sqm/month ZEIL 300

GOETHESTRASSE 280

STEINWEG 220

Prime rent without key money for a store unit KARSTADT Department store ZEIL MY ZEIL Shopping Center 10,280 Metro, Bus, Tramway GALERIA KAUFHOF Peek & Cloppenburg Konstablerwache GOETHESTRASSE Department store Department store 2,194

Metro, ONE GOETHE PLAZA 2,770 Hauptwache STEINWEG

Kleinmarkthalle Food Market

Footfall (pedestrians per hour) Day of count : 10.06.2017 From Mass Market to Up Market Mixed (Mass Market to Luxury) Old City district, Luxury Museums 0 50 100 m ©BNPPRE Research - D&A

hanks to its economic strength and cosmopolitan character, Frankfurt has long featured as one of Ger- Goethestrasse many’s most attractive retail locations. The best-known luxury mile in downtown Frank- Its already favourable position could improve even furt is Goethestrasse with 2,200 pedestrians per Tmore, if the city takes advantage of Brexit and strengthens hour. It is the place where world-renowned position as a financial hub in Europe, with a possible boom brands such as Burberry, Louis Vuitton, Prada, in overnight stays from affluent business travelers. These Moncler, Hermès and Cartier operate. are tantalising prospects for retailers, especially the inter- In the vicinity of Goethestrasse, an increase of premium brands national ones, and the recent opening of Canadian Saks has been observed thanks to recent extensive investment in the Off 5th is further evidence of Frankfurt's on-going success Junghof/Junghof Plaza area; further development will strengthen in attracting key operators. this top location.

44 BNP Paribas Real Estate RETAIL GERMANY - Frankfurt

A-GALERIA KAUFHOF Zeil 116-126 10,280 B-ESPRIT Zeil 121 Footfall / hour C-DOUGLAS Zeil 98-102 D-MANGO Zeil 98-104 E-FOOTLOCKER Zeil 85 F-PRIMARK Zeil 94 G-PEEK & CLOPPENBURG Zeil 71 Zeil and Steinweg D F H With the footfall figure of 10,280, Frankfurt’s H-ZARA Zeil 72-80 C Zeil occupies a prominent position among Zeil A G Germany’s most heavily frequented E shopping streets. With the completion of the UpperZeil project B in 2018 and the upgrading of some other existing premises, this outstanding location is set to become even more attractive. The American burger chain Five Guys will stage its German premiere in this high-footfall address. GALERIA KAUFHOF FOOT LOCKER Linking the high end offer to the mass market sector, Steinweg A E is the place where premium retailers (Stefanel, Boggi Milano) B ESPRIT F PRIMARK have stores. With traffic of nearly 2,800, it attracts a quite si- C DOUGLAS G PEEK & CLOPPENBURG gnificant number of shoppers, but far from matching the high D MANGO H ZARA counts posted by the Zeil. Source: BNP Paribas Real Estate Research Population (million) Population (million) Overnight Foreign Purchasing Power Purchasing Power HELSINKI City Metropolitan region Visitors (million) (per capita) - In € (per capita) - Index 0.64 1.60 1.92 23,296 170.4 Sources: City population 2016, BNP PRE Research, Sources: population 2015, Eurostat region - Metropolitan 2016, Helsinki Tourism visitors - Overnight international GFK 2016 with UE 42=Base 100 power, - Purchasing

Positive outlook in Helsinki retail market

Rent €/sqm/month Central Railway Station POHJOISESPLANADI 220 and Tramway SOKOS ALEKSANTERINKATU 180 Lasipalatsi Department Store Tramway MANNERHEIMINTIE 120 CITYCENTER Shopping Center KLUUVI Prime rent without key money for a store unit Shopping Center Senate Square

FORUM Ylioppilastalo Shopping Center Tramway ALEKSANTERINKATU Senaatintori 6,450 Tramway 5,964 Aleksanterinkatu Tramway GALLERIA ESPLANAD STOCKMANN Shopping Center Ylioppilastalo Department Store Kauppatori Market Tramway POHJOISESPLANADI Square MANNERHEIMINTIE 3,738 Esplanadi Park Kauppatori Tramway Tourist Cruise Footfall (pedestrians per hour) Wharf Day of count : 10.06.2017 From Mass Market to Up Market

Mixed (Mass Market to Luxury) ©BNPPRE Research - D&A Luxury 0 50 100 m Pohjoisesplanadi ncreased tourism and customer confidence provide new opportunities for retailing in Helsinki and Finland: With 3,738 pedestrians per hour - both locals and tourists many new brands have entered the market during the - Pohjoisesplanadi is the prime location for high-end last couple of years. brands in Helsinki. In a city that itself is not home to IUnder a context where available retail space in CBD is many luxury brands, Pohjoisesplanadi is not a 100% pure limited, the right units are also taken up quickly. An exa- luxury axis but the one that concentrates the most high- mple of this was seen with the rapid reoccupation of the end retailers with Louis Vuitton as a coveted destination. thousands of square metres in the city heart released Nearby, the Galleria Esplanad shopping centre supplements the offer with following the bankruptcy of Anttila department stores. operators like Hugo Boss, Gant, Marimekko, Furla and Michael Kors. Major new supply will come with the opening in a couple Further north, at the corner of Pohjoisesplanadi and Mannerheimintie, of years of two schemes, Redi and Tripla, over 120,000 is the famous Stockmann department store also providing high-end and sqm located outside the CBD. quality concessions.

46 BNP Paribas Real Estate RETAIL 5,964 Aleksanterinkatu Footfall / hour FINLAND - Helsinki Aleksanterinkatu 52 - Footfall:and Mannerheimintie 5 964 With 5,964 pedestrians per hour, Aleksanterinkatu A-ESPRIT Aleksanterinkatuis the main mass-market 21 prime street in Helsinki. B-STOCKMANN AleksanterinkatuTogether with the 52 shopping centres in the CBD, the C G C-ZARA Aleksanterinkatuoffer provided 19 by the Aleksanterinkatu/ A F D-MARIMEKKO AleksanterinkatuMannerheimintie 50 pitch comprises a complete mix Aleksanterinkatu E H E-H&M with, for example,Aleksanterinkatu H&M, Lindex, Super 48 Dry, Zara and Esprit. New brands D F-LINDEX have openedAleksanterinkatu downtown during the 15 last couple of years such as Massimo G-MASSIMO DUTTI Dutti, & Other Aleksanterinkatu Stories, Newbie, Volt 15 and The Athlete's Foot. B H-HUGO BOSS Due to a limited Aleksanterinkatu stock of available 44 retail premises in the Aleksanterinkatu and immediate area, rent levels are likely to go up slightly; however in core Helsinki around the CBD rents may reach a high point sooner. The best-known street in Helsinki, Mannerheimintie is a key artery A ESPRIT E H&M for mobility. It is home also to major retail magnets: the Stockmann B STOCKMANN F LINDEX and Sokos Department stores plus the Forum shopping mall with its large retail mix (Stadium, Gina Tricot, Marimekko). The avenue hosts C ZARA G MASSIMO DUTTI a versatile selection of monobrand stores like Diesel, Lush, L’Occitane D MARIMEKKO H HUGO BOSS and Clas Ohlson. Source: BNP Paribas Real Estate Research

RETAIL BNP Paribas Real Estate 47

Population (million) Population (million) Overnight Foreign Purchasing Power Purchasing Power LISBON City Metropolitan region Visitors (million) (per capita) - In € (per capita) - Index 0.50 2.81 4.36 21,180 154.9 Sources: City population 2016, BNP PRE Research, Sources: population 2015, Eurostat region - Metropolitan 2016, Mastercard visitors - Overnight international 2017 Global Destination Cities Index GFK 2016 with UE 42=Base 100 power, - Purchasing

Tourism and regeneration converge to boost retail

Triumphal Arc Commerce Footfall (pedestrians per hour) Square Day of count : 10.06.2017 From Mass Market to Up Market RUA AUGUSTA Mixed (Mass Market to Luxury) 4,306 Luxury Metro Metro Baixa-Chiado 0 100 200 m Rossio ARMAZENS DO CHIADO Santa Justa Lift 4,472 Shopping mall RUA GARRETT RUA DO CARMO Carmo Rossio Convent Railway station Café A Brasileira 3,428

TIVOLI FORUM Shopping mall Rent €/sqm/month 940 CHIADO (RUA DO CARMO/RUA GARRETT) 130

Metro Avenida AV. DA LIBERDADE 100 AV. DA LIBERDADE BAIXA (RUA AUGUSTA) 90 ©BNPPRE Research - D&A Prime rent without key money for a store unit

symbol of history, tourism and vitality, Lisbon is experiencing an influx of new stores with Avenida da Liberdade original and appealing concepts. Undergoing Inspired by Champs-Elysées in Paris, the Avenue is “the an exemplary regeneration process, it is attrac- place to be” for luxury local and international opera- Ating the attention of new brands and investors wor- tors in Lisbon. Its blend of luxury residences, offices, ldwide. In turn town planning is creating a renewed high-end retail offer and hotels attract customers with high market supply at a very dynamic pace. A strong rise purchasing power. Consequently it hosts prestigious re- in tourism, an enhanced consumer confidence and a tailers such as Chanel, Dior, Cartier, Prada, Emporio Armani, Louis Vuitton, more sustainable economic growth are combining to Versace, Bvlgari and Gucci, among others. Dominated by the fashion sector, boost street retailing. Tourism’s role is a key driver Av. da Liberdade receives high demand from 1st-grade international brands in the process making for a unique shopping expe- and the scarce supply arises from the new projects generated by building rience in Lisbon. refurbishment.

48 BNP Paribas Real Estate RETAIL Rua do Carmo, Rua Augusta and Rua Garrett

The incredible boost in tourism Rental values should remain high, given the strong A STRADIVARIUS and regeneration are conver- demand that instantly absorbs a supply fast beco- BERSHKA ging to revitalise Rua do Carmo ming scarce. B and Rua Garrett in Chiado dis- Further away in Baixa, Rua Augusta is one of the C GEOX trict - Lisbon. busiest pedestrian streets in Portugal. Its traditio- D NESPRESSO Rua do Carmo presents the highest footfall; it is nal shops are mixed with mass-market international E EYEGLASS FACTORY home to international large formats such as H&M retailers, restaurants and outdoor terraces. Hosting and Mango, as well as to medium sized stores de- the Museum of Design and Fashion (MUDE), this F NIKE dicated to fashion and home decoration. Together very lively axis welcomes street artists and thou- G MASSIMO DUTTI with Rua Garrett, they are the most coveted target sands of tourists who have contributed to a revived PORTUGALH ZARA - Lisbonv locations for retailers. street for retailing. H&M, Adidas Megastore and Research BNP Paribas Real Estate Source: Rua Garrett features the most emblematic shops Inditex group established activities and vacan- and old cafés, in additionA-STRADIVARIUS to the well-known : Rua Garrettcy is almost 72 non-existent. Due to high Armazéns do ChiadoB-BERSHKA: mall. It attracts Rua as a primeGarrett demand, 32 rental values have mass-market destinationC-GEOX: due to a Rua unique Garrett blend of 20 increased, now standing at “old-fashioned” places,D-NESPRESSO traditional setting : venuesRua Garrett €90/sqm/month. 8 C D E-EYEGLASS FACTORY: Rua Garrett 33 and innovative concepts. The presence of B Nespresso, Hugo Boss,F-NIKE: Lanidor, RuaNike, Garrett 23 A H

Pull & Bear, Benetton, G-MASSIMOSwarovski and DUTTI: Rua Garrett 15 E Rua Garrett G Havaianas reinforce itsH-ZARA: position Ruaas Garrett 9 F one of the leading streets in Chiado. 3,428 Footfall / hour

Population (million) Population (million) Overnight Foreign Purchasing Power Purchasing Power MUNICH City Metropolitan region Visitors (million) (per capita) - In € (per capita) - Index 1.45 2.80 5.24 29,578 216.3 Sources: City population 2016, BNP PRE Research, Sources: population 2015, Eurostat region - Metropolitan 2016, Mastercard visitors - Overnight international 2017 Global Destination Cities Index GFK 2016 with UE 42=Base 100 power, - Purchasing

Germany’s most expensive and busiest prime shopping destination

Footfall (pedestrians per hour) Day of count : 10.06.2017 Residenz Museum, From Mass Market to Up Market Hofgarten Park Mixed (Mass Market to Luxury) Luxury

0 50 100 m

FÜNF HÖFE THEATINERSTRASSE Shopping Center National Theater Tramway National 7,604 Theater

MAXIMILIANSTRASSE Theatinerstrasse Kammerspiele 1,678 Tramway Frauenkirche Tramway Church

KAUFINGERSTRASSE 12,832 New City Hall Rent €/sqm/month

Marienplatz KAUFINGERSTRASSE 370 GALERIA KAUFHOF Metro Department Store MAXIMILIANSTRASSE 310 HOFSTATT Shopping Center St. Peter Church THEATINERSTRASSE 230

Prime rent without key money for a store unit ©BNPPRE Research - D&A

he third-biggest city in Germany, Munich stands out as a business leader and trendsetter. A rapidly Maximilianstrasse growing population, a booming labour market and Maximilianstrasse is Germany’s most expensive luxury high footfalls are key drivers to boost a varied shopping street (€310/sqm/month) ahead of similar Tand dynamic retail offer. No surprise that in our footfall precincts such as Königsallee in Düsseldorf, Neuer Wall survey, this shopping metropolis ranks in the Top 5 cities in Hamburg, Frankfurt’s Goethestrasse and Ku'damm in in Europe. For many retail chains, the Bavarian capital Berlin. The luxury spectrum includes Versace, Chopard, is seen as the ideal setting for flagship stores and the Brunello Cucinelli and Bulgari. It generates nearly 1,700 pedestrians per market entry point for new concepts. hour, a figure that has shown robust stability over the five past years.

50 BNP Paribas Real Estate RETAIL Kaufingerstrasse and Theatinerstrasse

With almost 13,000 visitors per the street has recorded the largest number of new A RESERVED hour, Kaufingerstrasse is n°1 in leases signed, with a precinct extended by three Germany in pedestrian traffic international fashion main players, Maje, Sandro B HIRMER and the only street to have and Luisa Spagnoli. C CHRIST regularly recorded more than D H&M 12,000 pedestrians over the past few years. A-RESERVED This axis is a coveted Kaungerstraße target location 15 especially E HUNKEMÖLLER GERMANY - Munich B-HIRMER for establishing Kaungerstraße large flagship stores 28, such as the F ZARA

C-CHRIST Polish multi-branch Kaungerstraße operator Reserved’s 11 4,000 sqm G GALERIA KAUFHOF D-H&M opening in 2016, Kaungerstraße and more recently, 24 the British H TOPSHOP E-ZARA fashion label KaungerstraßeTopshop (August 2017 14 in Galeria Research BNP Paribas Real Estate Source: Kaufingerstrasse F-HUNKEMÖLLERKaufhof). Kaungerstraße 16 B Perpendicular to Kaufingerstrasse, G-GALERIA KAUFHOF Kaungerstraße 1-5 D H-TOPSHOP Theatinerstrasse Kaungerstraße attracts about 1-5 A 7,600 pedestrians per hour C E F with upper range positioning and ranks in our Top 25 in , 12 832 H G Europe. Good footfall is at- Footfall / hour tracting retailers; in early 2017,

RETAIL BNP Paribas Real Estate 51 Population (million) Population (million) Overnight Foreign Purchasing Power Purchasing Power OSLO City Metropolitan region Visitors (million) (per capita) - In € (per capita) - Index 0.67 1.23 2.05 30,831 225.5 Sources : City population 2016, BNP PRE Research Sources population 2015, Eurostat region - Metropolitan Norway 2016, Statistics visitors - Overnight international GFK 2016 with UE 42=Base 100 power, - Purchasing

Economic recovery energises retail

Bogstadveien 3,552 BOGSTADVEIEN Tramway Rent €/sqm/month KARL JOHANS GATE 204

NEDRE SLOTTSGATE 177 HEGDEHAUGSVEIEN

BOGSTADVEIEN 133

Prime rent without key money for a store unit Exchange rate NOK/€: 0,1062 - Q3 2017 Footfall (pedestrians per hour) Day of count : 10.06.2017 From Mass Market to Up Market Mixed (Mass Market to Luxury) Luxury Slottsparken Park, Royal Palace 0 200 400 m Museum EGER Shopping center - District HØYER Department Store 5,818 OSLO CITY Shopping Center KARL JOHANS GATE AKER BRYGGE Parliament Shopping Center BYPORTEN SHOPPING 2,056 Mall 3,088 Ferry Terminal, Aker Brygge Tramway Central Railway STEEN & STRØM Station Department Store

STRANDEN NEDRE SLOTTSGATE ©BNPPRE Research - D&A

slo is enjoying a flourishing retail market that has benefitted from restored consumer Nedre Slottsgate confidence, itself a result of recovery in the economy. A weak currency is helping pro- Located at the corner of the busiest street in Oslo is Nedre Opel retail volume to new highs from the growing Slottsgate. Although not busy in its own right, it is currently tourism industry. recording the highest level of asking rents in Norway even Asking rents are rising to become comparable to above Karl Johans gate. Potential tenants search for units in other European hot spots, mostly due to increased the section between Karl Johans gate and Prinsens gate, where appetite for consumer goods. Norway is something all high-end stores are located. The street is also home to Steen & Strøm de- of an exception here, as it has been barely touched partment store, one of the most successful malls in Scandinavia with a wide by disruption from e-commerce, which accounts for range offer that is directed to high-end fashion. The presence of Louis Vuitton only 3% of total retail sales. provides further claim to the street known as the most luxurious in the city.

52 BNP Paribas Real Estate RETAIL Karl Johans gate, Bogstadveien and Stranden

With 5,818 pedestrians per hour, at the harbour and home to the most expensive A MICHAEL KORS NORWAY - Oslo Karl Johans gate stands out office suites and several popular restaurants. B H&M Karl Johans gate 14 - Footfall: 5 818 – MASS TO UP MARKET as the most frequented street Retail remains limited compared to the other in Oslo. streets, but the area shows a lot of pedestrian C MANGO A- MICHAEL KORS Karl Johans gate 21 The street is widely known for affluence, especially in summer. D VICTORIA’S SECRET B- H&M Karl Johans gate 16C its varied mass-market offer (KappAhl, Victoria’s E KAPPAHL C- MANGO Karl Johans gate 16B Secret and Zara) that is complemented by luxury D- VICTORIA’S SECRET Karl Johans gate 13 and high-end fashion retail brands, particularly F VERO MODA E- KAPPAHL Karl Johans gate 16 in the Eger/Høyer and in the Paleet exclusive G JACK&JONES destinations. The axis connects the Central Railway F- VERO MODA Stortorvet 2 H BURGER KING

A Research BNP Paribas Real Estate Source: G- JACK&JONES Stortorvet 2 station to the Royal Castle, allowing retailers H- BURGER KING Karl Johans gate 8 to capitalise on the tourists converging on this attraction. B D C Bogstadveien is 2nd best in footfall. This locally F G well-known retail destination is situated far from E the core city, but its tenants are strong magnets for shoppers as the street hosts H&M, Zara and Bik Karl Johans gate Bok. With easy access by public transportation via bus, train and tramway, its retail precinct extends further south to Hegdehaugsveien where Massimo 5,818 H Dutti, Oscar Jacobsen and Tiger of Sweden have Footfall / hour operations. Stranden in Aker Brykke is located

RETAIL BNP Paribas Real Estate 53

Population (million) Population (million) Overnight Foreign Purchasing Power Purchasing Power PRAGUE City Metropolitan region Visitors (million) (per capita) - In € (per capita) - Index 1.27 2.57 6.11 10,197 74.6 Sources: City population 2016, BNP PRE Research, Sources: population 2015, Eurostat region - Metropolitan 2016, Mastercard visitors - Overnight international 2017 Global Destination Cities Index GFK 2016 with UE 42=Base 100 power, - Purchasing

Prague, a comprehensive high street offer which attracts far beyond Central Europe

PALLADIUM Footfall (pedestrians per hour) Shopping Mall Rent €/sqm/month Day of count : 10.06.2017 From Mass Market to Up Market Náměstí Republiky NA PŘÍKOPĚ STREET 210 KOTVA Metro, Tramway Mixed (Mass Market to Luxury) Department Store Luxury PAŘÍŽSKÁ STREET 210 NA PŘÍKOPĚ 0 100 200 m VÁCLAVSKÉ NAMĚSTÍ 180 STREET Prime rent without key money for a store unit

SLOVANSKÝ DUM Shopping Passage PAŘÍŽSKÁ STREET MYSLBEK Shopping Gallery ČERNÁ RŮŽE Shopping Passage Synagogues, 2,814 Josefov District National Museum, Old Town Square, 8,008 State Opera St.Nicholas Church DESIRRED Department Store 7,932 Muzeum Staroměstská Můstek VÁCLAVSKÉ NAMĚSTÍ Metro Metro Metro

Old City District ©BNPPRE Research - D&A

ue to its unrivalled combination of historical heritage and outstanding architecture, Prague Pařížská Street ranks as a prime tourist destination in Europe. Par ˇížská is Prague´s most exclusive address in close The impressive flows of visitors augments solid vicinity to the iconic Old Town Square. In addition to some Ddomestic demand, the latter supported by noticeable upscale restaurants, the mile is home to a high density wage growth in a tight labour market. of luxury retailers such as Louis Vuitton, Hermès, Fendi, As a result, Prague’s prime streets record continuous Jimmy Choo, Gucci and Cartier. Due to both space rental growth and rents are forecast to continue rising constraints and strong demand, some luxury brands have been searching over the coming 12-18 months. for the right premises in this location for a long time without success.

54 BNP Paribas Real Estate RETAIL CZECH REPUBLIC - Prague 8,008 Na Příkopě Street and Václavské Naměstí Footfall / hour Na Pr ˇíkopeˇ Street is Prague´s With a similar flow on its busiest Northern part, prime retail axis with highest Václavské Namestí (Wenceslas Square) is the A-FOOT LOCKER – Václavské nám.772/2footfall and almost no vacancy. longest boulevard in the city. After having rapidly B-NEW YORKER - Na Příkopě 388/1Taking advantage of its focal po- upgraded in recent years, it offers a wide spec- C-DESIGUAL - Václavské nám. 846/1,sition - separating the medieval trum of fashion retailers, including key flagships D-UNITED COLOURS OFTown BENETTON from the New- Na Town, Příkopě as well 847/4 as connecting and department stores like C&A, Marks & Spencer E-MANGO - Na Příkopětwo 850/8 major squares – the street stands out as one of and Van Graaf. F-ZARA - Na Příkopě 15/583the most frequently visited locations and shop- G-HAMLEY´S Na Příkopěping 854/14 promenades. International retailers such as Na Příkopě Street A FOOT LOCKER H H-H&M - Na Příkopĕ 19-21H&M, Mango, Desigual, Tommy Hilfiger and Zara B NEW YORKER have chosen the Na Pr ˇíkopeˇ Street on a mid-range F G positioning and Hamleys inaugurated its flagship C DESIGUAL store there in 2016. D BENETTON E Pedestrian flow is enhanced by the powerful Palla- B E MANGO D dium mall at East, as well as the Myslbek and Slo- C vanský Dum passages. The much awaited Savarin F ZARA A project by Crestyl will significantly increase the G HAMLEY´S supply nearby, featuring a mix of high street retail, H H&M F&B and shopping centre. Research BNP Paribas Real Estate Source:

RETAIL BNP Paribas Real Estate 55 Population (million) Population (million) Overnight Foreign Purchasing Power Purchasing Power ROME City Metropolitan region Visitors (million) (per capita) - In € (per capita) - Index 2.86 4.34 7.09 20,497 149.9 Sources : City population 2016, BNP PRE Research Sources population 2015, Eurostat region - Metropolitan 2016, Mastercard visitors - Overnight international 2017 Global Destination Cities Index GFK 2016 with UE 42=Base 100 power, - Purchasing

Long tradition of retail in one of the world’s topERMOU tourist destinations

Metro Flaminio Villa VIA DEL BABUINO PIAZZA DI SPAGNA Borghese

Villa VIA COLA DI RIENZO Medici 3,462

5,003 Piazza di Spagna VIA DEL CORSO

Vatican City 6,545 VIA DEI Castel CONDOTTI Sant’Angelo

GALLERIA A.SORDI 8,152 Shopping Arcade Fontana di Trevi

Footfall (pedestrians per hour) Day of count : 10.06.2017 From Mass Market to Up Market Mixed (Mass Market to Luxury) Luxury Piazza 0 200 400 m Venezia ©BNPPRE Research - D&A

Rent €/sqm/month eing the capital and largest city in Italy, Rome is one of the world’s top tourist des- VIA DEI CONDOTTI 375 tinations due to its historical heritage. Around 7 million international overnight visitors in 2016 visited the city which is fa- VIA DEL BABUINO 290 mous for its lifestyle, restaurants and shopping districts. In addition Rome attracts VIA DEL CORSO 250 Baffluent guests due to its economic and political importance, and the presence of the Vatican Prime rent without key money for a store unit State draws a large flow of tourists from all over the world. The city centre builds on a long tradition in retail, with a high-end market concentrated on Via dei Condotti and Via del Babuino, and a mass-market pitch focused on two sectors around Via del Corso and Via Cola di Rienzo.

56 BNP Paribas Real Estate RETAIL Via del Corso A ITALY - Roma and Via Cola di Rienzo PAS DE DONNEE FOOTFALLVia dei Condotti Via del Corso is one of the 8,152 and Via del Babuino longest retail promenades Footfall / hour A- ZARA Via del Corso, 128/135 in Europe, connecting Piazza B- H&M Via del Corso, Via dei 422 Condotti is world Venezia to Piazza del Popolo. POLO RALPH LAUREN Via del Corso,renowned 155/157 for premium It features a comprehensive B DISNEY STORE Via del Corsoand luxury164a/165a brands. The offer of national and international mass-market ACCESSORIZE Via del Corso,street 405 extends to 300 brands such as H&M, Zara, Diesel and Mango; C PUMA Via del Corso,metres 404 from Via del Corso it will soon host an Apple store. In addition, the D MANGO to Piazza Via di del Spagna, Corso, benefiting 170 from strong street serves major tourist destinations such as E H-MASSIMO DUTTI pedestrian Via delflows. Corso, It is the 200/201 place to be for high- Piazza di Spagna and Via dei Condotti. F end national and international brands and Together with Via del Corso, Via Cola di Rienzo the street features around 50 shops with fa- hosts a mass-market retail cluster of more Via del Corso med names such as Prada, Gucci, Tiffany & than 100 shops including Nike, Trussardi, Guess Co., Jimmy Choo and Louis Vuitton. and Zara. Being located between the Vatican Via dei Condotti shows the highest rental City and Piazza del Popolo, it benefits from a level in Rome. strong footfall thanks to high tourist flows. Via del Babuino, consolidating its positio- G ning as a retail destination, provides an A H&M E PUMA offer of luxury brands mainly concentrated B POLO RALPH LAUREN F MANGO next to Piazza di Spagna. The street hosts major retailers such as Miu C DISNEY STORE G ZARA Miu, Tiffany, Red Valentino, Chanel and D ACCESSORIZE H MASSIMO DUTTI H Moschino. Source: BNP Paribas Real Estate Research

RETAIL BNP Paribas Real Estate 57

Population (million) Population (million) Overnight Foreign Purchasing Power Purchasing Power STOCKHOLM City Metropolitan region Visitors (million) (per capita) - In € (per capita) - Index 0.94 2.20 2.16 28,044 205.1 Sources: City population 2016, BNP PRE Research, Sources: population 2015, Eurostat region - Metropolitan 2016, Mastercard visitors - Overnight international 2017 Global Destination Cities Index GFK 2016 with UE 42=Base 100 power, - Purchasing

Variety keeps Stockholm lively and attractive

Footfall (pedestrians per hour) BIBLIOTEKSGATAN Day of count : 10.06.2017 STUREGALLERIAN From Mass Market to Up Market Shopping Center Mixed (Mass Market to Luxury) Luxury Hötorget Östermalmstorg 0 50 100 m Tramway Tramway 3,376 Rent €/sqm/month DROTTNINGGATAN 120

HAMNGATAN 120 8,430 NK Average rent for a store unit Department Store Exchange rate SEK/€: 0,1036 - Q3 2017 8,342 Nybroplan Ferry, Bus and ÅHLENS CITY HAMNGATAN Tramway Stations Department Store DROTTNINGGATAN GALLERIAN Kungsträdgården Park Shopping Mall

Central Railway Station

Royal Opera ©BNPPRE Research - D&A Biblioteksgatan Located near law firms, banks, real estate and consulting firms, Biblioteksgatan has changed perating at almost full capacity, the Swedish economy boasts its offer over the last few years. a strong position. Growth in private consumption and retail The former luxury precinct is transforming sales are among the strongest in Europe benefitting a retail into a trendy mix with cafés and retailers market that is also gaining from high urbanisation, strong like Nilson, Sephora, & Other stories and Cos. It is attracting Oinfrastructure and a population on the rise. newcomers such as H&M Group’s market concept, Arket, which Interest in opening space is greater than ever: Stockholm is a se- is set to open next year. cure and stable growth market chosen by more and more interna- The luxury dimension still remains in part with Ralph Lauren, Peak tional retailers, which strengthens its position as a cosmopolitan Performance, Longchamp and several other famous brands and shopping city. Major retail streets (Biblioteksgatan, Drottninggatan jewellery stores. As a result, the street offers a unique retail and Hamngatan) offer wide spectrum of choice, from high-end to mix. A possible rise in flows and in rental values can be foreseen, low-cost brands and a mix of Swedish and foreign chains. especially with the up-coming Eataly store.

58 BNP Paribas Real Estate RETAIL 8,430 Drottninggatan and Hamngatan Footfall / hour

Drottninggatan is one of the In addition, Hamngatan claims Stockholm’s busiest streets in Stockholm, largest H&M outlet, which operates over with a footfall embodying all three floors, and food chains such as TGIF, Mc cultures, ages and genders. Donald's and Max. Former interior design And it is one very well connected boutiques on this street have SWEDEN - Stockholmwith bus and metro stations. It is the place to find progressively closed varied activities like H&M stores, pharmacies, and let to retailers like Drottninggatan Drottninggatan 56 - Footfall: 8 430 A Swedish low-to-medium cost stores, and brands XXL and Victoria’s secret. A-VERO MODA that one can Drottninggatan also find in most 63 out-of-town malls. Tourists find their way to the place that is anchored B-LINDEX Drottninggatan 59 A VERO MODA in the middle by the large “Åhlens” mall. C C-ZARA Drottninggatan 68 B Connecting two major squares, Hamngatan is B LINDEX D-DRESSMANN Drottninggatan 56 also a heavily frequented street with two large ZARA E-STADIUM Drottninggatan 53 C shopping malls facing each other. F-INTERSPORT Drottninggatan 53 D DRESSMANN D One of the two, NK, is Stockholm’s most luxurious G-KAPPAHL Drottninggatan 53 STADIUM E shopping destination, a high-end concept E H-H&M Drottninggatan 56 comprising restaurants that have operated for F INTERSPORT F

many years in a historic and beautiful building. G KAPPAHL G The second one, Gallerian, focuses mainly on cafés H H&M H and low cost brands. Research BNP Paribas Real Estate Source:

RETAIL BNP Paribas Real Estate 59

Population (million) Population (million) Overnight Foreign Purchasing Power Purchasing Power VIENNA City Metropolitan region Visitors (million) (per capita) - In € (per capita) - Index 1.80 2.72 6.42 22,594 165.3 Sources: City population 2016, BNP PRE Research, Sources: population 2015, Eurostat region - Metropolitan 2016, Mastercard visitors - Overnight international 2017 Global Destination Cities Index GFK 2016 with UE 42=Base 100 power, - Purchasing

International retailers are being drawn in by Vienna’s high spending tourists

Footfall (pedestrians per hour) Day of count : 10.06.2017 Metro From Mass Market to Up Market 4,744 Stephansplatz Mixed (Mass Market to Luxury) St. Stephen's Luxury Cathedral

0 200 400 m Imperial KOHLMARKT Palace Natural History 8,114 Rent €/sqm/month Museum KOHLMARKT 400 MuseumsQuartier KHM Opera KÄRNTNER STRASSE 280 Leopold MARIAHILFERSTRASSE Museum 140 KÄRNTNERSTRASSE GERNGROSS CENTER Prime rent without key money for a store unit Shopping Center

8,7963,014

Railway , Metro,

BAHNHOFCITY Tramway stations ©BNPPRE Research - D&A WIEN WEST Mall MARIAHILFERSTRASSE Kohlmarkt apitalising on its image as a leading tourist des- With 4,744 pedestrians per hour, Kohlmarkt is the exclu- tination that is seeing international overnight sive destination for luxury. Most prestigious high-end visitors increase (+3.5% in 2016 vs 15), Vienna is names have popped up over the last couple of years, with attracting international brands in pursuit of high Louis Vuitton recently having relocated to larger premises Cwealth spenders. and new arrivals like Fendi and Dior. It is not only fashion Economic growth is acting to strengthen domestic as jewellery (Cartier or Tiffany & Co.) retailers have also set up shop. purchasing power. That is translating to significant tur- The pedestrian flow is an expression of direct proximity to the Hofburg nover gains for retailers operating on prime streets of Palace as well as of numerous tourist events all year long (Christmas the “Golden U“ core sector, like Kärntnerstrasse and market is a special draw). Kohlmarkt ranks among the most expensive retail Kohlmarkt Streets. locations in Europe.

60 BNP Paribas Real Estate RETAIL Kärntnerstrasse and Mariahilferstrasse 8,796 Footfall / hour Located at the heart of the inner created in the middle of the street) which seems city, famous Kärntnerstrasse to have produced mix effects. boasts high traffic with 8,114 There is a change in the retail mix - with a growing AUSTRIA - Vienna pedestrians per hour. Mixing the role of restaurants - and rents are under pressure, prestigious Steffl department with a possible downward trend. Nonetheless, the A-TK MAXX 77 store with mass-market to premium international street remains an attractive spot, with Nike and TK B-DOUGLAS 64 retailers, all alongside cafés and souvenir shops, Maxx as newcomers. C-DESIGUAL 57-59 this street stands out as a much coveted target. D-ESPRIT 50-52 The street records high demand and increasing H rents, as shown by the past deal in a E-ZARA 42-48 A TK MAXX E former Starbucks location. Apple has confirmed a G F-H&M 53 D F future store opening which will boost the street B DOUGLAS G-BERSHKA 47 C H-JACK&JONES 45 even more. C DESIGUAL A more remote position from massive tourist B D ESPRIT exposure, Mariahilferstrasse is traditional 2nd E ZARA downtown mass-market with heavy flow A H&M (8,796 per hour) and an advantageous public F Mariahilfer Straße transportation access. G BERSHKA The street has benefitted from urban revitalisation H JACK & JONES occurred three years ago (a pedestrian zone was Research BNP Paribas Real Estate Source:

RETAIL BNP Paribas Real Estate 61

Population (million) Population (million) Overnight Foreign Purchasing Power Purchasing Power WARSAW City Metropolitan region Visitors (million) (per capita) - In € (per capita) - Index 1.74 3.33 1.72 11,651 85.2 Sources: City population 2016, BNP PRE Research, Sources: population 2015, Eurostat region - Metropolitan 2016, Mastercard visitors - Overnight international 2017 Global Destination Cities Index GFK 2016 with UE 42=Base 100 power, - Purchasing

Successful development of new high streets supported by rising footfall

Footfall (pedestrians per hour) Gate to Old City main Rent €/sqm/month Day of count : 10.06.2017 touristic District From Mass Market to Up Market PLAC TRZECH KRZYŻY 120 Mixed (Mass Market to Luxury) Nowy Świat-Uniwersytet Luxury Metro 2,938 MARSZAŁKOWSKA 100 0 50 100 m MARSZAŁKOWSKA STREET NOWY SWIAT 90 NOWY ŚWIAT STREET Prime rent without key money for a store unit

Muzeum Narodowe Palace of Culture Tramway and Science WARS-SAWA JUNIOR National Department Store Museum

ZLOTE TARASY 3,104 VITKAC Stock Shopping Center Department Store Exchange Centrum MYSIA3 Metro and Concept Store Tramway Stations PLAC TRZECH KRZYŹY 1,418 Central Railway Station, (THREE CROSSES SQUARE) Bus and Tramway Platform ©BNPPRE Research - D&A Plac Trzech Krzyży nnovative high street retailing with mo- The Three Crosses Square is the most exclusive precinct, close to the dern concepts, under development for Parliament, the Stock Exchange, embassies and consulates. three years now, plus current intensive It forms a mix of leisure/catering and luxury retail destination in a leasing of new high street projects may prestigious location. The area hosts mono-brand stores of Ermenegildo Idouble traffic. Given that international Zegna, Tiffi, Tod’s, Ralph Lauren and Omega. In Mysia 3 tenement house, retailers operating on high streets are high-end brands are present (COS, CK Watches, Muji and Orska) and 200 meters north, well-established and attractive concepts, the high-end multi-brand department store VitkAc features Gucci, Giorgio Armani, Bottega the purchase conversion ratio is particu- Veneta and Louis Vuitton. Potential growth is still foreseen with the future opening of larly high enabling good performance. the mixed-use scheme Ethos with 2,500 sqm of retail and services.

62 BNP Paribas Real Estate RETAIL Marszałkowska and Nowy Świat Streets

Marszałkowska records the volumes. This former Royal route, a favourite 2,938 highest footfall due to a touristic thoroughfare, leads to the prime Footfall / hour strategic location at the cros- Old Town touristic square and takes advan- sing of two major avenues in tage of direct proximity to the University. Warsaw - Jerozolimskie and International retailers like Orsay or L'Oc- POLAND - Warsaw Marszałkowska - which also form a major trans- citane have activities on the street and as Footfall: 2 938 port hub for bus, tramway and metro lines. a direct outcome of the upgrading in the A Flows are enhanced by Wars Sawa Junior mid-90s, the southern part has gradually B A-TCHIBO mass-market Nowy department Świat 68 store with brands turned into a lively mix of tenants with cafés, C B- like TK Maxx, Nowy H&M, Świat Zara, 68 Home&You, Carre- restaurants and bars. Nowy Swiat is naturally C-INGLOT four, Mango, Nowy Empik Świat and C&A. 66 one of the highest sought-after mass-market D D-LACANTINA Nowy Swiat Nowy records Świat second-best 64 footfall high streets in Warsaw. E F E-GRYCAN Nowy Świat 57/59 G F-BIERHALLE Nowy Świat 64 A TCHIBO E GRYCAN G-STARBUCKS Nowy Świat 62 B BIEDRONKA F BIERHALLE H H-FRANK PROVOST Nowy Świat 58a Nowy Świat C INGLOT G STARBUCKS

D LACANTINA H FRANCK PROVOST

Source: BNP Paribas Real Estate Research

Population (million) Population (million) Overnight Foreign Purchasing Power Purchasing Power ZURICH City Metropolitan region Visitors (million) (per capita) - In € (per capita) - Index 0.39 1.45 2.20 47,581 348.0 Sources: City population 2016, BNP PRE Research, Sources: population 2015, Eurostat region - Metropolitan 2016, Mastercard visitors - Overnight international 2017 Global Destination Cities Index GFK 2016 with UE 42=Base 100 power, - Purchasing

A “big little” town with worldwide retail attraction

Footfall (pedestrians per hour) Day of count : 10.06.2017 From Mass Market to Up Market Mixed (Mass Market to Luxury) Luxury 0 100 200 m Rathausbrücke bridge, City Hall

STORCHENGASSE Bürkliplatz Central Lindenhof Park Tramway and Railway Ferry Station Station 8,586 1,690 St. Peter Church and Old City BAHNHOFSTRASSE (NORTH) district 2,290 BAHNHOFSTRASSE (SOUTH) RENNWEG 4,064 SHOPVILLE Tramway Shopping mall Paradeplatz GLOBUS Department store MANOR ST. ANNAHOF Rent €/sqm/month Department store Department store BAHNHOFSTRASSE 727 JELMOLI Department store RENNWEG 473

STORCHENGASSE 255

Prime rent without key money for a store unit Exchange rate CHF/€: 0,8728 - Q3 2017 ©BNPPRE Research - D&A

n addition to being a key economic centre, Zurich is a highly prized international tou- Bahnhofstrasse (South) and Storchengasse rist and leisure destination with an outs- The luxury section of the Bahnhofstrasse starts from famous Parade- tanding position bordering a lake. The platz with Hermès, Armani and notably, the Grieder large multi-brand Icity is strongly associated with the image store. This is a local institution for luxury since it distributes 200+ high- of Swiss excellence, demonstrated by the end brands. The street includes Prada and Chanel, and attracts Asian quality of hospitality, retail and cultural of- visitors who want Swiss watches such as Rolex. Latest openings are fers. Zurich is also the place for state-of-the Dolce Gabbana and Graff Diamonds. art urban projects with the 200,000 sqm Storchengasse features Mulberry and Tom Ford among others, in addition to the Swiss Europaallee mixed-use complex next to the 3 Pommes high-end multi-brand store. The street is part of the Old City retail precinct CBD, where Google occupies 50,000 sqm. with its exclusive cafés, stationery, accessories, book shops and small boutiques.

64 BNP Paribas Real Estate RETAIL Bahnhofstrasse (North) and Rennweg

Bahnhofstrasse is a famous street to the luxury sector with the Widder 5* exclusive A known all over the world and hotel as a local landmark. The mass-market to SWITZERLAND - Zurich where most of the downtown premium retail offer focuses on “niche” operators Bahnhofstraße, Northern part (Bahnhofplatz 7 )- Footfall:retail offer8 586 concentrates. The and activities (eyewear, accessories) and small B promenade walkway stretches boutiques (Tomas Sabo, Victorinox, Papeterie A- SWAROVSKI Bahnhofstrassefrom the lake located 7 in the south, to the extremely Zumstein). B- DOSENBACH Bahnhofstrassebusy main Central 104 railway station and tramway D- H&M Bahnhofstrasseplatform in the north. 92, C A SWAROVSKI BahnhofstrasseD E- PKZ WOMEN BahnhofstrasseBahnhofstrasse‘s 88 spectrum of retailers stretches C- OCHSNER SPORT Bahnhofstrasse 81 B DOSENBACH from mass-market (North part) to luxury (South part). E F- MANGO BahnhofstrasseThe mass-market 82/86precinct is anchored by numerous C OCHSNER SPORT G- APPLE Bahnhofstrasseflagships (H&M, 77Zara) plus two iconic department F D H&M H- MANOR Bahnhofstrassestores: Jelmoli - The 75 House of The Brands (high-end G offer) and Globus. The street offer is complemented E PKZ WOMEN H 8,586 by restaurants and hotels. Vacancy is scarce, and F MANGO Footfall / hour demand for premises very high. G APPLE Rennweg is the oldest street in Old Zurich district. H MANOR

Starting from Bahnhofstrasse, the street is a gateway Research BNP Paribas Real Estate Source:

RETAIL BNP Paribas Real Estate 65 CITY DATA

68 BNP Paribas Real Estate RETAIL Sources: City key figures Footfall counting

Counting was conducted by a partner provider in 100 prime streets of 23 capital cities POPULATION - CITY (provided by GFK and BNP Paribas Real Estate all over Europe, on Saturday 10/06/2017. Local Research teams) Local administrative unit.

For each capital city, The measurement of the footfall POPULATION METROPOLITAN REGION A ) Prime axis were divided into 3 was executed by two person teams. (provided by EUROSTAT) categories of range : - For narrow streets, a team NUTS 3 regions or a combination of NUTS 3 regions which represent all agglomerations of at least 250,000 inhabitants. - MASS-MARKET TO UP-MARKET positions in front of a store as These agglomerations were identified using the Functional Urban indicated. Each person counts flows This category starts from the Area (FUA). Each agglomeration is represented by at least one Mass-market offer and extends to in opposite directions; the two NUTS 3 region. If in an adjacent NUTS 3 region more than 50% of the medium-high range/”affordable figures are added together to get the population also lives within this agglomeration, it is included luxury” offer. full flow. in the metropolitan region. - LUXURY - For highly frequented streets and/ This category includes genuinely or large non pedestrian avenues high-end and luxury brands. such as Avenue des Champs- - MIXED Élysées, each sidewalk is counted INTERNATIONAL OVERNIGHT VISITORS This category is Mass-market to separately by a team, and the two (provided by Mastercard Global Destination Cities Index Luxury. It is based on 10 prime figures are summed up at the end. 2017, and for Helsinki and Oslo, local statistics offices) axes in 6 capital cities (Avenue des For each sidewalk, the two persons Mastercard Overnight visitors: city level international overnight Champs Elysées - Paris or stand back to back and count flows arrivals who actually stay in the destination city. The Mastercard Passeig de Gràcia – Barcelona, for in both directions. sources are the national Statistics Boards of the relevant countries or their Tourism Boards. example) that mix both mass-market and luxury stores. Footfall measurement by teams was B ) Depending on size of the city, arranged on a timeline between 14:00 from 3 streets to 10 streets have and 16:00 o'clock, the length of the been selected and monitored. period depending on how many PURCHASING POWER C ) The counting point was located streets have to be monitored. The (provided by GFK GeoMarketing 2016/2017) at the busiest point in the axis time slot was adapted in 4 countries It corresponds to the city population’s disposable net income, to benchmark at the highest where national consumer habits mean including government subsidies such as pension payments, footfall, thereby illustrating the full the 14:00 to 16:00 time slot is not unemployment assistance and child benefit. Purchasing power is provided in nominal euro values. Europe’s purchasing power for potentiality offered by that street. a usual “peak hour”. This included 2016 equates to an average of €13,672 per inhabitant (base 100 Greece (counting done between 12:00 in Europe) and refers to 42 countries. and 14:00 o’clock), Italy (counting done between 16:00 and 18:00 o’clock), Portugal (counting done RETAIL RENT LEVEL between 16:00 and 18:45 o’clock) and (provided by BNP Paribas Real Estate Local Research teams) Spain (counting done between 18:00 Typical prime rent for a store unit. and 20:00 o’clock). - Athens, Stockholm: average rents - Rest of cities excluding Paris: prime rents without key money. Footfall measurement by teams - Paris: prime rent with key money. occurred over a 30 minute-length- period, and number was multiplied by two in order to obtain the hourly footfall figure.

RETAIL BNP Paribas Real Estate 67 RESULTS BY COUNTRY

FOOTFALL COUNTRY CITY PRIME HIGH STREET CATEGORY PEDESTRIANS/ HOUR Austria Vienna Mariahilfer Straße Mass- to Up-market 8,796 Austria Vienna Kärntner Straße Mass- to Up-market 8,114 Austria Vienna Kohlmarkt Luxury 4,744 Belgium Brussels Rue Neuve Mass- to Up-market 6,772 Belgium Brussels Av. Louise Mass- to Up-market 3,183 Belgium Brussels Av. de la Toison d'Or Mass- to Up-market 2,370 Belgium Brussels Rue Antoine Dansaert Mass- to Up-market 1,328 Belgium Brussels Boulevard de Waterloo Luxury 358 Czech Republic Prague Na Prˇíkopeˇ Street Mass- to Up-market 8,008 Czech Republic Prague Václavské Námeˇstí Mass- to Up-market 7,932 Czech Republic Prague Parˇížská Street Luxury 2,814 Denmark Copenhagen Amagertorv Mixed Mass-market to Luxury 8,094 Denmark Copenhagen Østergade Mixed Mass-market to Luxury 7,494 Denmark Copenhagen Købmagergade Mass- to Up-market 6,964 Denmark Copenhagen Frederiksberggade Mass- to Up-market 5,252 Finland Helsinki Mannerheimintie Mass- to Up-market 6,450 Finland Helsinki Aleksanterinkatu Mass- to Up-market 5,964 Finland Helsinki Pohjoisesplanadi Luxury 3,738 France Paris Av. des Champs Elysées Mixed Mass-market to Luxury 10,277 France Paris Boulevard Haussmann Mass- to Up-market 8,143 France Paris Rue de Rennes Mass- to Up-market 5,504 France Paris Rue de Rivoli Mass- to Up-market 4,790 France Paris Rue du Commerce Mass- to Up-market 4,334 France Paris Boulevard Saint-Germain Mass- to Up-market 2,856 France Paris Rue des Francs-Bourgeois Mass- to Up-market 2,468 France Paris Rue de Sèvres Mass- to Up-market 2,142 France Paris Rue Saint-Honoré Luxury 2,042 France Paris Av. Montaigne Luxury 714 Germany Berlin Tauentzienstraße Mass- to Up-market 7,095 Germany Berlin Kurfürstendamm (East) Mass- to Up-market 6,609 Germany Berlin Alexanderplatz Mass- to Up-market 4,431 Germany Berlin Rosenthaler Straße Mass- to Up-market 3,762 Germany Berlin Neue Schönhauser Straße Mass- to Up-market 2,050 Germany Berlin Kurfürstendamm (West) Luxury 1,414 Germany Frankfurt Zeil Mass- to Up-market 10,280 Germany Frankfurt Steinweg Mass- to Up-market 2,770 Germany Frankfurt Goethestraße Luxury 2,194 Germany Munich Kaufingerstraße Mass- to Up-market 12,832 Germany Munich Theatinerstraße Mass- to Up-market 7,604 Germany Munich Maximilianstraße Luxury 1,678 Greece Athens Ermou Street Mass- to Up-market 3,014 Greece Athens Voukourestiou Street Luxury 792 Hungary Budapest Váci utca Mass- to Up-market 2,030 Hungary Budapest Andrássy út Luxury 762 Ireland Dublin Grafton Street Mass- to Up-market 8,802 Ireland Dublin Henry Street/Mary Street Mass- to Up-market 8,505 Italy Milan Corso Vittorio Emanuele II Mass- to Up-market 8,598 Italy Milan Via Torino Mass- to Up-market 6,562 Italy Milan Via Dante Mass- to Up-market 5,330 Italy Milan Via Montenapoleone Luxury 2,932

68 BNP Paribas Real Estate RETAIL FOOTFALL COUNTRY CITY PRIME HIGH STREET CATEGORY PEDESTRIANS/ HOUR Italy Milan Via della Spiga Luxury 2,027 Italy Rome Via del Corso Mass- to Up-market 8,152 Italy Rome Via dei Condotti Luxury 6,545 Italy Rome Via del Babuino/Piazza di Spagna Luxury 5,003 Italy Rome Via Cola di Rienzo Mass- to Up-market 3,462 Netherlands Amsterdam Kalverstraat Mass- to Up-market 7,888 Netherlands Amsterdam Nieuwendijk Mass- to Up-market 6,588 Netherlands Amsterdam Leidsestraat Mass- to Up-market 4,352 Netherlands Amsterdam Pieter Cornelisz Hooftstraat Luxury 1,768 Norway Oslo Karl Johans gate Mass- to Up-market 5,818 Norway Oslo Bogstadveien Mass- to Up-market 3,552 Norway Oslo Stranden Mass- to Up-market 3,088 Norway Oslo Nedre Slottsgate Luxury 2,056 Poland Warsaw Marszałkowska Street Mass- to Up-market 3,104 Poland Warsaw Nowy S´wiat Street Mass- to Up-market 2,938 Poland Warsaw Plac Trzech Krzyzˉ y Luxury 1,418 Portugal Lisbon Rua do Carmo Mass- to Up-market 4,472 Portugal Lisbon Rua Augusta Mass- to Up-market 4,306 Portugal Lisbon Rue Garrett Mass- to Up-market 3,428 Portugal Lisbon Av. da Liberdade Luxury 940 Spain Barcelona Av. del Portal del Angel Mass- to Up-market 10,216 Spain Barcelona Passeig de Gràcia Mixed Mass-market to Luxury 10,132 Spain Barcelona Carrer de Pelai Mass- to Up-market 4,810 Spain Barcelona Rambla de Cataluña Mass- to Up-market 4,468 Spain Barcelona Carrer de la Portaferrissa Mass- to Up-market 3,914 Spain Madrid Calle de Preciados Mass- to Up-market 10,292 Spain Madrid Gran Vía Mass- to Up-market 9,956 Spain Madrid Calle Fuencarral Mass- to Up-market 9,196 Spain Madrid Calle Serrano Mixed Mass-market to Luxury 2,384 Spain Madrid Calle de Goya Mass- to Up-market 1,608 Spain Madrid Calle de José Ortega y Gasset Luxury 696 Sweden Stockholm Drottninggatan Mass- to Up-market 8,430 Sweden Stockholm Hamngatan Mass- to Up-market 8,342 Sweden Stockholm Biblioteksgatan Mixed Mass-market to Luxury 3,376 Switzerland Zurich Bahnhofstraße (North) Mass- to Up-market 8,586 Switzerland Zurich Bahnhofstraße (South) Luxury 4,064 Switzerland Zurich Rennweg Mass- to Up-market 2,290 Switzerland Zurich Storchengasse Luxury 1,690 UK London Oxford Street Mass- to Up-market 13,560 UK London Regent Street Mixed Mass-market to Luxury 9,252 UK London Old Bond Street Luxury 5,564 UK London Long Acre Mass- to Up-market 3,514 UK London South Molton Street Luxury 3,298 UK London New Bond Street Luxury 2,746 UK London King's Road Mixed Mass-market to Luxury 1,802 UK London Marylebone High Street Mixed Mass-market to Luxury 1,656 UK London Cheapside* Mass- to Up-market 1,194 UK London Sloane Street Luxury 708

*Cheapside – Countings potentially impacted downward by Rapha Nocturne race

RETAIL BNP Paribas Real Estate 69 REPORT CONTENTS DESIGN COORDINATION AND SPECIAL AND PUBLISHING

ACKNOWLEDGMENTS INTERNATIONAL INVESTMENT BNP Paribas Real Estate We would like to thank Business Marketing and Larry YOUNG for their assistance in the content Communications / Head of International of this publication: Brand and Business Contents Investment Group [email protected] Contents in partnership with: Graphic design and layout: ZED Agency INTERNATIONAL LEASING BNP PARIBAS REAL ESTATE RESEARCH TEAMS: www.zedagency.fr Jens WEHMHOENER Belgium, Czech Republic, International Retail France, Germany, Ireland, Italy, Senior Director Netherlands, Poland, Spain, [email protected] United Kingdom. Nathalie DUBREU International Retail Coordinator ALLIANCES [email protected] Austria, Denmark, Finland, Greece, Hungary, Norway, INTERNATIONAL RESEARCH Portugal, Sweden, Switzerland. Richard MALLE For any request Global Head of Research on activities and partners: [email protected] Lou CELLIER Bénédicte TEISSIER Deputy Director International Retail Analyst Alliances network [email protected] [email protected]

Special acknowledgments to: Wolfgang SCHNEIDER Head of Research Germany [email protected] Samuel DUAH Head of Real Estate Economics [email protected] Stéphanie RONDEAU Head of Geomatics [email protected] Real Estate for a changing world

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