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www.europe.uli.org Eat, Drink, Dwell: New Concepts in Shopping and Leisure

Introduction The retail and entertainment sector is one of the most dynamic in the real estate industry. From shopping centres, high street shops, and out-of-town retail parks to restaurants, cinemas, and concert venues, ULI Europe’s Retail and Entertainment Council examines all aspects of ownership and operation in this sector. Through a programme of events and original content, the council draws ideas from both established best practices and emerging trends to provide members with insights into the retail and entertainment market.

De Heuvel in Eindhoven, The Netherlands. Source: CBRE Global Investors In recent years, many observers have noted retailers increasing their use of service and food and beverage offering as a way of enhancing their offering. In recognition of View from the top this trend and the impact it will have on ULI interviewed eight senior retail executives from various European real estate fund members’ business and investment management and investor companies in December 2015 and January 2016. These interviewees strategies, the council commissioned represented a cross section of retail investors, developers, researchers, landlords, and asset research into the growing role of leisure managers. Interviewees’ interests included both high street retail and shopping centres across and experience in shopping centres and the major markets in Europe. In addition to the interviews, select data analysis was conducted city centres around Europe. to supplement interview findings.

This report presents the findings of this Three key findings emerged from the research: research. Drawing on in-depth interviews • While retail sales remain the primary source of revenue, retailers and investors are with leading practitioners in the retail sector, broadening the definition and array of activities on offer. Food and beverage is the primary this report explores changing trends in retail growth area, with additional expansion in services and leisure. concepts, in particular leisure and food and • Full integration between online and in-store retail has become a given, but it is a challenge beverage offerings, and their real estate to do it well. Offering both is crucial though, as it has a substantial impact on customer implications. It highlights what is working experience and satisfaction. well and how current changes are affecting • The rapid pace of change is exciting, but also risky. New concept stores, locations which the vibrancy and liveability of urban retail are repositioning, and brands which are succeeding and/or struggling require stronger developments. asset management, flexibility, and leadership.

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The experience Owners are seeking new occupiers to attract to the store Feltrinelli RED, a new retail new customers. Brands are changing format dedicated to both reading, and food economy is driving in-store and window displays more often as culture. The 500 square metres of the in-place retail and expanding in-store activities. premises are divided into a bookstore and Consumers of all ages enjoy shopping as a restaurant serving traditional Italian food Customers of all ages enjoy being together. one of their principal leisure activities. In and wines, selected by Feltrinelli on the Even in the age of social media, the best the age of instant tweets and rapid-fire news, basis of principles such as quality, social experience is being face to face, retail must keep pace. sustainability, and accessibility. whether that involves sharing a meal, browsing stores, exercising, or simply The internet has not killed, nor will it kill The expansion of food offerings in every hanging out. The creation of memory— or replace, the enjoyment of personal form is playing out across European of experience together—is inspiring the interactions; millennials report that they shopping centres. Figure 1, excerpted from development of how shopping centres prefer experiences over “stuff”. In response CBRE’s research, shows that the majority of look and feel. to competition from online retail, bookstores respondents, and in particular younger are now offering more experiences and people, cite the food and beverage offerings By adding activities within shopping centres activities that cannot be found online. These as an important factor in deciding which or on high streets that encourage people to include book groups, children’s story hours, retail location to visit. stay longer, browse more, and engage more, and author-related and author-inspired travel retailers are finding the “dwell” time is excursions, as well as cafés and technology In response to this demand, traditional food increased. Customers return more often and allowing customers to publish their own courts have given way to ethnic restaurants the impetus for coming to the location is story. and gourmet shops. Interest in how food is multiplied. In a recent survey of 22,000 prepared, where it comes from, and how it consumers across Europe, South Africa, In the US, Nike and Nordstrom offer a shoe is grown has spurred an increase in the and the UAE, CBRE found that 80 per cent of service through which the consumer can number of specialty restaurants as well as consumers visit a shopping centre at least design a shoe to his or her specification, shops selling gourmet oils and vinegar, once a month, with 42 per cent visiting at choosing colour, heel height, fabric or custom-made pasta, and specialty sauces. least weekly.1 leather, and any ornamentation. This Cooking classes have expanded as a customisation and individual service is popular way for young people to meet new increasingly available to online and friends and couples to enjoy common in-store shoppers. interests on a date night.

“Customers are The square Gae Aulenti, part of the recently 1 finished major urban regeneration project CBRE, “Food & Beverage in a Shopping seeking novelty, Centre”, 2015, p. 5. inspiration and Porta Nuova in the centre of Milan, is home curiosity.” Altmarkt Galerie, Dresden - Andrew Vaughan, Redevco

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% by Country

75%

72.2% Turkey % by Age “Real estate is where

66.1% 50% we conduct our lives UAE

61.5% South Africa and we like to be

16-24 44.8% y.o. together”. Romania 52.8% 52% Spain 41.4% 25-34 y.o. - Brian Klinksiek, Heitman

46.2% 37.1% 35-44 Greece y.o. 36.3% Female Italy 42.9% 35.7% Average Male 35.4% 37% Ireland

29.2% 45-54 y.o. Hungary 31.6% 30.2% 55-65 26% Russia y.o. lighting, and furniture, and increased UK 29.3% landscaping. Increasingly, retailers are 28.6% Sweden 27.8% Netherlands rethinking the role of the shop—that it is 27.5% Czech Republic 20% 26.9% Belgium 26.2% not just a place to purchase things, but also Germany Austria 25.6% Poland an important part of community life. As Swiss 24.8% 22.1% France districts in many cities become more Norway 17.7% 15.5% Latvia diverse and multifunctional, changes to 15% real estate—such as Regus opening offices in shopping centres—reflect the fact that Figure 1: The importance of food and beverage in retail. Source: CBRE, the distinction between work and leisure “Food and Beverage in Shopping Centres”, 2015. is blurring.

While food and beverage is a major customers new ways to enjoy leisure- As ULI’s recent work on good density component of the experience economy, it is oriented outlets. Traditional shops offer illustrates, a lively mix of uses, income not the only element. The turn away from additional services such as salon and fitness groups, and populations, and attractive purchasing more “stuff” to experiencing facilities; in some cases adding climbing green spaces create a mix of places to live, meals, music, travel, and adventure with walls and spin cycle studios. Increasingly, work, shop, and relax.2 Retail can play an family and friends has crossed cultures and both occupiers and landlords are able to important role in enhancing the vibrancy of age groups. track dwell time and hot spots within both an area, as well as drawing a more active stores and the shopping centre. mixture of uses. It can attract people to an Demographic studies have shown that men area and increase the length of their stay. have become more interested in the CBRE’s 2015 survey found that one-third of Retail is often coming to the customer rather experience economy. The Man Cave in Hoog shopping centre visitors initially came for than vice-versa. Good places attract people, Catharijne in the Netherlands aims to attract the food and beverage offering rather than to and retail follows, even to non-traditional young men by creating a place where men shop. By surrounding consumers with more locations. can hang out and drink alongside the colour, sound, and choice, retailers have the consumer electronic store Media Markt. hope and expectation that the footfall will One example is Shoreditch, a vibrant Open Friday through Sunday, the Man Cave increase and that customers will linger and neighbourhood on the edge of the financial aims to be an alternative to traditional “boy’s spend more per visit. In addition, they hope centre of London that is renowned as a hub night out” venues, as well as a place where that customers will visit retail outlets and for technology and creative enterprises, as men can wait while their female friends and centres for a more diverse range of activities companions shop nearby. than simply shopping. 2 Greg Clark and Emily Moir, Density: drivers, dividends and debates (London: Urban Land The Man Cave is just one example of how Several interviewees reported that they are Institute, 2015); Greg Clark and Tim Moonen, landlords and occupiers are seeking to improving the physical amenities within The Density Dividend: solutions for growing increase dwell time within shopping centres, their offerings and upgrading common and shrinking cities (London: Urban Land Institute, 2015). outlets, and along high streets by offering spaces with improved design,

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“Public places, shopping, and exploring the latest fashion trend allow people to reflect on who they are.” - Brian Klinksiek, Heitman

Boxpark, the world’s first pop-up mall, in Shoreditch, East London.

well as a nightlife destination. In recent a greater commitment to people rather than These two demands—to indulge individual years, the district has also seen a things. This means more diversity in tastes and preferences while still sharing substantial growth in retail activity. Shops product offerings and more customisation space and being together—are driving target the tech- and creative-sector workers of the stock of major retailers to meet local change and innovation in retail offerings. in the area and capitalise on Shoreditch’s markets. At Whiteley’s shopping centre in West popularity as a leisure destination. Many London, The Lounge cinema offers a new shops and developments in the Yet the trend towards individualisation has experience for movie-goers. For over-18s neighbourhood seamlessly integrate leisure also increased demand for products that only, The Lounge offers a luxurious and and retail. Restaurants devote some of their reflect current fashions, but at a low price intimate cinema experience, with small floor space to food shops. BoxPark, a point. The Irish retailer Primark has cinemas of no more than 50 seats and large, temporary pop-up shopping centre that succeeded in this area of the market, selling comfortable seats. Customers may order houses small shops in shipping containers fast fashion in the form of low-priced, food or drinks at any point during the film, on the ground floor, with bars and virtually disposable garments and and have them delivered to their seats by restaurants above, has been so successful accessories. While this appeals to teens and waiters. that a second branch is due to open this budget-oriented “fashionistas”, it is at odds year in another London neighbourhood. with the values of authenticity and In response to the changing demands sustainability. Yet, it clearly meets a market outlined here, several interviewees Who, what and demand and provides desired products at noted that, shopping centres are increasing an affordable price. the space dedicated to food and beverage where is the leisure and leisure. This is expected to increase market? Capturing the leisure market is not further over the next couple of years. just about getting your offering right: This shift capitalises on the dramatic upturn As the economy recovers from the depths retailers also have to capitalise on social in food and beverage, and restaurants of of the global financial crisis, consumers are media and the proliferation of mobile phone all types. looking for new outlets and new fun. Both apps, technology, and changing food and beverage and leisure are important demographics. Mobile-phone technology components of this trend. However, allows people to instantly determine where business as usual will not be enough friends and families might be in order to because consumer values are changing. share a quick meal or drink or enjoy a new Consumers want something they can movie. Tablets allow people to share space connect with and are demanding greater while each person can remain engaged in individualisation of goods and services. his or her own pastime. Millennials and their parents will spend more money than At one end of the market, authenticity, local, ever in 2016 on streaming videos, games, and fresh are more than new buzzwords; and music. they reflect a desire for more meaning and Interior of The Lounge cinema. Source: Whiteleys 4 InfoBurst Retail 3_Layout 1 28/01/2016 09:05 Page 6

Reflecting this trend, large restaurants are companies are deemed so important that among the best. The B centres and locations increasingly taking up space in shopping they now report directly to the CEO. are either moving up or down but have centres. For example, at the end of 2015, potential. At the other end of the scale, a 1,138-square-metre, two-level Vapiano If targeted appropriately, new brands and interviewees held that many C and D restaurant opened in the De Heuvel concepts in retail can catch on quickly. locations are in trouble and may ultimately shopping centre in Eindhoven, Netherlands. Smiggle, an Australian concept store have to be repurposed or torn down. CBRE reports that in the new Unibail- offering stationery, accessories, and school Nevertheless, companies are succeeding at Rodamco shopping centre in Wroclaw, supplies targeted at younger customers, both the higher and lower end of the market. Poland, which will open in 2017, 18 per has grown rapidly since entering the UK. cent of the space will be devoted to food The chain opened its first UK stores in A more challenging place to be can be the and leisure. In the Trinity shopping centre February 2014, and as of January 2015 has midmarket. Unless mainline department in Leeds, Land Securities dedicated over 42 stores around the country. stores are fully internet savvy and can 20 per cent of the space to dining at its appeal broadly to an array of customers, opening. In Barcelona, the Unibail- It is not only fashion and new-concept they lose out at both the upper and lower Rodamco Glories project incorporates stores that are moving fast. Every aspect of end. Many interviewees cited favourably 3,200 square metres for a new food hall retail is on the express train. Amazon now John Lewis, a leader in midmarket retail that with 750 seats. offers same-day delivery in parts of London. is exploring both new concepts within the Other retailers are experimenting with stores as well as new locations. The This phenomenon crosses cultures and fast-pay kiosks that allow a customer to company has successfully integrated its borders. Eataly, an Italian food hall concept make a selection and pay for it without online and in-store experiences and has store that integrates restaurants with food interacting with a clerk. added new concepts such as integrating shopping and educational activities, has 11 new food and beverage concessions into outlets in six countries. All these examples Markets are being its stores. integrate social media with their stores, keeping customers up-to-date on new redefined: the good At the upper end of the market, ambience, events, the latest menu offerings, tastings, get better, the bad place, service, and enjoyment trump price. cooking classes, and new cookbooks on The public realm and quality of the space offer. These tools help keep customers get worse are important and will significantly engaged and connected to the brand and Findings from the interviews revealed contribute to increased dwell time, inducing inspire more visits. that the gap between the top tier and people to spending more money. The power value-oriented retail is sharpening. of place can be a significant draw. Even in Get on board: retail communities with declining populations The A locations and centres are continuing (so-called shrinking cities), urban districts is moving fast to dominate and become more appealing. can still be lively, and an A location can Retail has always been oriented to changing Occupiers are willing to pay top dollar to be dominate its own catchment area. trends, fashion fads, and cultural shifts. With pervasive media and omni-channel outlets, the sector is moving faster than ever in multiple directions.

The public, particularly the millennial “Innovation is generation, is accustomed to instant news happening all over and immediate pictures and texts from friends and family and will bypass the old the place. There is and boring for the trendy. While early now an innovation adoption of new service models and pipeline within many technologies can be seen as increasing risk, the leaders are believed to have an of the larger advantage. Occupiers are racing to remain companies.” ahead of the curve, constantly setting forth - Sean Curtis, UK-based new offerings. One interviewee reported that consultant “innovation managers” within large

A fast pay kiosk in McDonalds. Source: www.flickr.com/photos/stephencannon 5 InfoBurst Retail 3_Layout 1 28/01/2016 09:05 Page 7

Dresden, Germany, offers an inspiring example of a city that has increased its The consultancy of A.T. Kearney identifies the five stages of the “shopping journey”: market share by capitalising on the dense, mixed-use character of its city centre. Research Test & trial Purchase Fulfillment Return Lovely architecture, cobbled streets, and well-known restaurants and pubs still have Source: A. T. Kearney appeal in older, second-tier cities. Tourists, including domestic culture tourists, find education and are earning significant It is an evolving science to fully understand enjoyment in day trips to city centres, incomes. As such, they are in their prime and use each stage of the shopping browsing and getting to know local history. purchasing years. With the improvement in experience to help customers in an efficient Special events and new-concept retail with the economy, millennials now have more manner while remaining respectful of strong food and beverage offerings can spending choices to make. privacy concerns and sensitive to over make older downtowns healthy. marketing. Even within the expanding click- Gen Y is not evenly distributed across and-collect trend, good retailers can draw in While the prime locations attract growing Europe. Millennials make up 28 per cent that customer to not just pick up the item numbers of customers and increased of the population in Poland, but only 19 per ordered online, but also to experience a visit business and can accommodate a variety of cent in Italy.3 While millennials are having with a personal shopper to accessorise an price points and experiences, the value- a strong impact on the rapid changes in the outfit or join a friend for lunch. oriented market is also changing. retail sector, overall Europe’s population is Convenience and commodity-oriented, aging, with older people making up an Occupiers can sift data and be prepared to price-sensitive shopping is likely to increasing share of the population.4 “up-sell” customers as they come to shop continue moving to warehouse outlets and or collect, offering accessories, a café the internet. When it comes to purchasing Given these demographic trends, youth- experience, or an additional item on sale. basic commodities such as household oriented sales markets may be saturated and Similar to Amazon’s technique of telling staples, consumer criteria are often price senior-oriented markets underserved. The shoppers “customers who bought this item and convenience, not service, fun or senior market is expected to require its own also bought, . . .” the click-and-collect trend amenities. retail shops and services. Given these requires good data mining and a demographic shifts, stores, services, and better-trained sales force with good Consumer online retailers are likely to begin catering to customer support to maximise sales older hands with simpler clothing closures potential. behaviour: more and to offer sensible shoes and exercise change is yet to tools that assist in balance and mobility. Beyond individual retailers, the increasingly come availability of data is also changing asset Big data offers management. Asset management once dealt At all price points, customers have the with making decisions about when to buy ability to be very well informed and selective potential for and sell, occupier mix and flow, and a because of the internet. Shopper improved asset variety of performance measures. Today, engagement is a double-edged sword with improvements in the gathering and analysis the potential to enhance or damage a brand. management of data offer new ways to monitor asset Cell phones and apps allow consumers to The full integration of the internet is a performance. Occupiers can benefit from readily compare prices, get current ratings baseline requirement for successful retail, footfall data for the entire centre, dwell time on restaurants and pubs, and write a review helping expand sales in a number of ways: in certain locations, and interest in special of their own. Apps also allow people to get promotions and events. It is now possible information on the sustainability of • Online, shoppers can locate what they to accurately track sales daily, weekly, companies and products. could not find in a shopping centre. and monthly. • Mobile shopping attracts a younger, Demographics continue to drive change in more female population. In the fast-paced world of retail, these data retail. In Europe, members of generation Y, • Click-and-collect locations often offer can assist both owners and occupiers. or the millennials, constitute about 24 per accessories to complement online cent of the population. Millennials are now purchases. in their 20s and early 30s, marrying, • Easy returns allow shoppers to purchase 3 Stokes, Bruce, Who are Europe’s Millennials? (Washington, DC: Pew Research Centre 2015) forming their own households, and having several items and return ill-fitting or 4 European Union, Eurostat children. Many have now completed their unwanted items. http://ec.europa.eu/eurostat 2015

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They can quickly identify “hot” and “cold” the mix of purchases has changed. As noted retail and what constitutes leisure locations, which kiosks and pop-ups attract here, spending on food and beverage, increasingly overlaps. This blurring is a attention, which colours draw more buyers, personal services such as health and response to customer demand for and which sale items demand a purchase. beauty, and experiences such as leisure “experiences” and aims to increase the This can assist in rapid action to expand activities, travel, and adventure continue in-store dwell time of customers. Some those hot items to maximise sales, and to rise. types of retail no longer exist without correct or eliminate slow sellers. leisure (such as in-store coffee shops). In particular, the fast pace of change may Customer engagement, flexibility, and Transparent sharing of data between owners conflict with long-term leases. If current interaction are critical to success. and occupiers can be a powerful tool for occupiers are not market savvy and are • An alignment between retailer and improvement. Active management by the losing market share, the ability to replace manager/owner is increasingly owner team can assist occupiers in them quickly may be hampered by out- important. Data sharing can be a improving performance and, if necessary, of-date leasing relationships. Pop-up stores concrete step toward alignment and can remove poorly performing occupiers and small concept stores may be attractive provide both parties with opportunities more quickly within the lease parameters. to test new ideas, but landlords must be for improvements. As occupiers move into new lines of willing to carry greater risk for • The owner/manager has to become business, owners and asset managers are non-creditworthy, unproven tenants. the ultimate “deliverer of the overall asked to change their role. In an effort to experience”, making sure all pieces fit boost profits, many occupiers are now Some owners and retailers are considering together. Where such talented individuals moving into food and beverage lines, adjustments to the standard leasing model come from and how they are adding cafés and grab-and-go, ready-to-eat with a higher component of variable rent compensated and retained will continue meal selections. and a lower base rent. For high-concept to change in the next few years. stores, this distributes the risk and allows Rather than serving as transaction-based the owner to potentially capitalise on Looking ahead brokers, real estate professionals are success and the retailer to ease early cash Going forward, it will be important to trace serving as advisers and consultants and flow in the start-up stage. the impact of the increasing integration of prowling in the marketplace for new leisure and retail on rents and valuations. concepts and ideas to bring to both Lease terms are expected to shorten and This will be a key research topic for ULI occupiers and owners. Closer alignment become more flexible. Non-compete Europe’s Retail and Entertainment Council in among retailers, asset managers, and clauses that restrict co-tenancy and tightly 2016. The best A locations will command owners can benefit all. define goods on offer are changing. In premium rents, and top occupiers will be addition, owners are seeking different willing to pay the price for access to the New technology is assisting in data leasing models that more accurately reflect top-tier markets. Urban-centre locations gathering and ultimately will affect business rapidly changing economics: In the internet with a mix of uses and new office and models. The International Council of age, where is the point of sale? If a residential product, as well as good access Shopping Centers (ICSC), in its 2015 study customer does research and test and trial in and transport, will strengthen. The challenge Exploring New Leasing Models in an a store but buys online, should any credit of how to increase value in C and D Omni-channel World, noted that new be given to the store site? What is the best locations will inspire new ideas and will be technologies, such as wi-fi and beacon way to calculate percentage rents based on worth watching for new models and tracking, can monitor customer flow and sales and returns for internet transactions? startups. New rent structures and leasing generate real-time heat maps across models will emerge as some food and shopping centres. Through these Conclusion beverage occupiers take over positions of technologies, retailers can calculate each dominance as the desirable space holders. Several key conclusions stand out from store’s contribution to centre profitability. Mid-market department stores will redefine this report: Detailed tracking also allows retailers to themselves with varying success. identify the primary beneficiaries of their stores’ drawing power. • Whereas in the past shopping was the ULI’s Emerging Trends in Real Estate®: primary purpose of trips to retail Europe 2016 ranked high street retail as New retail, new destinations, today shopping may be having the most positive investment secondary to social experiences, food prospects for the current year of all sectors. leasing models? and beverage purchases, or leisure Far from declining, retail offers creative and activities. Interviewees report that fashion sales have exciting prospects—disruptive, but sure to • The distinction between retail and been declining over the past five years. provide lessons for other sectors as well. leisure is blurring. What constitutes While consumer confidence is improved,

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Members and guests of the Council Copyright ©2016 by the Urban Land Institute. ULI Europe, all rights reserved. No part of this Allianz Real Estate GmbH Heitman Financial UK LLC report may be reproduced in any form or by any Altoon Partners BV Hersom Whittaker Ltd means, electronic or mechanical, including Apollo Management International LLP Heuking Kuhn Luer Woitek photocopying or recording, or by any Ares Management Ltd Hodes Weill information storage and retrieval system, AXA Real Estate Investment Managers JLL without written permission of the publisher. ULI has sought copyright permission for all Benson Elliot Capital Management JPMorgan Asset Management images and tables. CBRE LaSalle Investment Management

CBRE Global Investors M3 Capital Partners LLC Author: Maureen McAvey, ULI Cale Street Partners LLP Orion Capital Managers (U.K.) Limited Capital & Counties Patrizia Netherlands About the Author Cycas Capital BV Retail Real Estate Consulting Western Maureen McAvey is the Bucksbaum Family Chair for Retail at the Urban Land Institute (ULI) Development Intelligence & Central Europe in Washington, D.C. She concentrates on urban DLJ Real Estate Capital Partners (UK) Ltd. Sheila King International retail and has led several special projects Sonae Sierra ECE Projektmanagement GmbH & Co. KG around demographics and future urban Value Retail PLC and SD Malkin Properties Europa Capital Partners LLP development. She recently led studies on GE Real Estate France Management Westdeutsche ImmobilienBank Gen Y in Housing: What They Want and Grosvenor Group Where They Want it; Gen Y: Shopping and Entertainment in the Digital Age and Retail in Underserved Communities. She is just completing a publication on Reach for the Future: Creative Finance in Smaller Communities.

Acknowledgements Jaap Tonckens, Unibail Radamco Andrew Vaughan, Redevco Henrie Kötter, ECE About ULI Sean Curtis, UK based consultant Marije Braam-Mesken, CBRE Global Investors The Urban Land Institute (ULI) is a non-profit research and education organisation supported Sheila King, Sheila King International by its members. Founded in Chicago in 1936, the Institute now has over 36,000 members in Jaap Blokhuis, Multi 75 countries worldwide, representing the entire spectrum of land use and real estate Brian Klinksiek, Heitman development disciplines, working in private enterprise and public service.

Design: AD-Design ULI has been active in Europe since the early 1990s and today has over 2,200 members across 27 countries. It has a particularly strong presence in the major European real estate markets of the UK, Germany, France and the Netherlands but is also active in emerging markets such as Turkey and Poland.

Join today The success of ULI’s Product Councils relies on the active participation of our senior executive full members. If you would like to share your expertise and be involved in shaping the future of real estate in Europe, please contact the Co-Chairs Will Rowson at [email protected] 50 Liverpool Street, or [email protected], or Clare Game at [email protected] for information London EC2M 7PY on applying to join a Council. Telephone: +44 (0)20 7487 9570 Web: http://uk.uli.org/ http://europe.uli.org/join Email: [email protected]