mapic 2011 preview special italy
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O C T O B E R 2 0 1 1
SpecialeFrom the Eternal city
to Sicily, how Italy’s
retail profile is
changing
A M A P I C O F F I C I A L P U B L I C A T I O N
Milan tops the deal
charts as investment
flows into Italy’s retail
heartland
ITALYCountryof Honour2011
ITALIA
mapic_italy_cover_. 22/09/11 16:17 Page1
ITALYCountryof Honour2011
mapic_italy_3de_couv_. 22/09/11 16:28 Page1
Living and breathing GeoxInterview: Geox chairman Moretti Polegato, who willbe recognised as the Personality Of The Year at MAPIC
Retailers look east for new horizonsFew countries can claim to have extended their retailpresence as significantly as Italy, with the upsurge inluxury demand in the east continuing to drive growth
Deal or no deal?Italy’s investment market has been sparked back intolife by a small collection of important deals
Shoot for the MoonFrom home grown schemes to international projectsin emerging markets, Italian exhibitors will haveplenty to showcase at MAPIC
Italy in figuresAll the facts and figures on one of Europe’s most
important retail markets
A new era for ItalyThe Italian retail real estate industry will arrive
at MAPIC with an ambitious agenda
Italy’s retailers race for spaceDomestic and international retailers are looking
for new opportunities across the country
The big buildItaly leads Western Europe on project space
under construction
➤ EDITORIAL
OCTOBER 2011Director of Publications: Paul Zilk
Content Director : Jean-Marc AndrePublications Production & Development Manager : Martin ScrepelPublishing Product Manager : Chealsy ChoquettePublishing Co-ordinators: Emilie Lambert, Amrane Lamiri, David Le ChapelainProduction Assistant : Veronica PirimProduction Assistant, Cannes Office : Eric LaurentPrinter : Riccobono Imprimeurs, Le Muy (France)
BP 572 — 11, rue du Colonel Pierre Avia — 75726 Paris Cedex 15, France— Contents © 2011, Reed MIDEM Market Publications — Publicationregistered 3rd quarter 2011 — www.mapic.com
Editor-in-Chief: Mark FaithfullAssociate Editor: Paola G.Lunghini
Sub Editor: Sally NashProof Reader: Debbie Lincoln
Technical Editor in Chief: Herve TraisnelDeputy Technical Editor in Chief: Frederic Beauseigneur
Graphic Designer : Carole Peres
Editorial content: Closed on August 31Image Credits : Press Offices of the mentioned companies and entities
We thank all the mentioned companies and entities. We thank also all thenon mentioned sources
Printed on 100%recycled paper
➤ CONTENTS
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Few European retail markets offer as many contrasts andcontradictions as Italy. The home of one of the continent’sgreat cuisines, its supermarkets have failed to conquerEurope in the way that French, British or German chainshave achieved.Yet with a strong heritage in textiles — along with France it isthe home of high fashion — Italy’s luxury groups have crossedthe world, with their focus firmly now set on the lucrativeAsian markets. However, at home many of Italy’s retailershave expanded little beyond the north and centre of the coun-try, leaving much of the south to smaller independents.Economically, Italy has also maintained low inflation for well over adecade and still it finds itself in the eye of the eurozone storm,awaiting the possible impact of the crisis should it spread beyondIreland and Greece.
Italy, recognised this year as Country Of Honour, has al-ways been one of the most important nations at MAPIC andits outward-looking local authorities have a long tradition ofpresenting their appeal to both domestic and internationalretailers, developers and investors and — that contradictionagain — of frustrating red tape! Currently Italy has moreretail space under construction than any other Western Eu-ropean country and with relatively low foreign market pen-etration from retailers. Opportunities exist from north tosouth, while international investors have begun to injectmore money into shopping centre schemes.
In this special supplement, available in both Italian and English, wehave provided a snapshot of just what Italy offers at home andworldwide, and the events surrounding the Italian retail propertyindustry at this year’s MAPIC.
In search of the true Italy
All rights reserved . Quotations for press purposes are allowed, provided that Source is properly mentioned
• Reed MIDEM and MAPIC thank all the Italian economic and specialised press that, from the beginning, did support and supports MAPIC •
Nathalie Depetro,Director of MAPIC
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RETAIL OVERVIEW
Italy in figuresItalian retailers have been major drivers of luxury’s global growth, while
domestically the country is restructuring economically in the aftermath of the
global downturn. Mark Faithfull looks at how the country is faring
ne of Europe’s big five retail
economies, Italy remains a
country of contrasts. A world
class luxury goods producer with a famous tex-
tiles industry, the country’s fragmented
domestic retail sector means
that there are few dominant
players. And despite its famous
cuisine, the big five grocers ac-
count for a relatively low
proportion of the total food
market, while a north-south di-
vide remains in market
penetration and development
activity.
Currently Italy is also watching
from the sidelines as the euro-
zone attempts to stabilise its most indebted
members: Greece, Ireland, Portugal, Spain and,
of course, Italy. Cost-cutting measures face the
Italian people after the government pushed
through a controversial €43bn austerity pack-
age which aims to achieve a balanced budget
in 2014.
Italy has been working hard to stabilise its
economy for some years and since the late
1990s consumer price inflation
has been in a moderate range of
around 2-3%. Analyst Planet
Retail points out that with Italy
one of the less wealthy markets
within the EU (compared with
powerhouses such as Germany
and the UK), consumers still
have some catching up to do,
particularly in the south of the
country with its underdevel-
oped and underfunded
structures. As a result, private consumption
has been among the key growth drivers over
the last decades, as in most years private con-
sumption grew slightly faster than GDP.
O
● I SPECIALE ITALIA
4
WANT TO KNOW MORE?MAPIC 2011 events include:
Tuesday, November 15
19.30 Opening Night Cocktail Partysponsored by Rustioni & Partners,IDG SIIQ, JLL, Larry Smith Italia,McArthurGlen Designer Outlets
Thursday, November 17
11.00-11.45: Keynote speaker, MarioMoretti Polegato, founder andchairman of Geox
12.00-13.00: Panel, How To PenetrateThe Italian Market
15.00-16.00: Panel, Great ProjectsFor Great Players
Source: World Book
ITALY: VITAL STATISTICS
GDP $2,06trPopulation 61.0 millionGDP per capita $30.,500GDP growth rate 1,3%Population growth rate 0,42%
Demographics 0-14: 13,8%; 15-64: 65,9%;65+: 20,3%
CitiesRome 3.36 millionMilan 2.96 millionNaples 2.27 millionPalermo 0.87 million
ITALIAN RETAIL SEGMENTS BY SALES
2010 (€)
Retail sales 373.4bn
Retail sales per capita 6,189
Grocery retail sales 165.4bn
Grocery retail sales per capita 2,742
Total consumer spending 937.3bn
Total consumer spending per capita 15,534
Grocery spending 145.8bn
Grocery spending per capita 2,417
Non Grocery spending 442.1bn
Non-Grocery spending per capita 7,327
Source: Planet Retail
Italy has been working
hard to stabilise its
economy for some years
“”
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Growth of consumer spending has slowed in
recent years as economic changes in Italy and
a slowdown in the rest of Europe have taken
their toll on the disposable income of Italian
consumers. Following the recession in the sec-
ond half of 2008, consumer spending per
capita went down in 2009 but rose again in
2010 and is expected to further grow in 2011.
Grocery retail sales as a proportion of national
retail sales are quite low in value when com-
pared with most other EU economies, in part
because of the strong presence of open mar-
kets and farmers' direct sales in the
economically less-developed south. In the
north of the country, higher-priced modern
formats play a much more significant role.
Italians are, of course, world famous for their
food and generally place great importance on
premium food quality, are more health-con-
scious and more demanding in terms of food
information, freshness and presentation than
most EU countries. Because of this, consumers
are also prepared to pay higher prices than else-
where, although discounters are also thriving.
One obstacle to short-term growth is the coun-
try's economic division into two halves, with
the largely saturated (albeit not strongly con-
solidated) north and the far less developed
south, where it is hard to operate profitable
large-scale operations because of the local
spending power. However, retail opportunities
will be boosted next year - Italy currently has
394,000 sq m of retail under development. ■
5
Source: Planet Retail
MAJOR TRANSACTIONS IN 2011
Building Location Retail type Deal announced Price (€m) Seller Buyer
Romagna Retail Park Savignano sulRubicone Retail park February 69 Pradera Segece-Klepierre
Rinascentedepartment store Milan Department
store March 205Prelios, Investi-tori Associati,RREEF, Tasso
Central RetailCorporation (Bangkok)
Fidenza ShoppingPark Fidenza Retail park June 40 Unieco Radegonda,
Cordea SavillsCentro CommercialeLa Torre Palermo Hyper July 36 Ipercoop Sicilia IGD SIIQ
Cremona Po Cremona Shoppingcentre August 82.5
Coop Lombardia,Gruppo Finim,CMB
Eurocommercial Properties
Westfield Milan Milan Linate Shoppingcentre site August 115 Development site Westfield, Stilo (Gruppo
Percassi)
TOP GROCERY RETAILERS: 2010
Company No. ofoutlets
Total salesarea (sq m)
Average salesarea (sq m)
Grocery retailbanner sales (€)
Groceryspending mar-ket share (%)
Coop Italia 1,500 1.63m 1,086 10.4bn 7.11
Auchan 1,710 1.91m 1,121 7.2bn 4.91
Conad 2,568 1.1m 431 6.5bn 4.91
Carrefour 1,303 1.1m 890 4.9bn 3.39
Esselunga 141 0.49m 3,500 4.4bn 2.99
Milan’s Galleria Vittorio Emanuele II: The city remains a retail stronghold
Source: Retail Property Analyst
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ITALY AT MAPIC
A new era for ItalyThe Italian retail real estate industry will arrive at MAPIC with an ambitious
agenda and plenty of new development work, says Paola Lunghini
t MAPIC 2011 those who, until
two MAPICs ago, used to meet
him at the IGD-Immobiliare
Grande Distribuzione SIIQ
stand (where he had been CEO
of that company for years) will
perhaps be a little surprised to
see Filippo-Maria Carbonari at
Agora’s stand this time round.
The company specialising in re-
tail services and, since 2005,
part of listed property company
Aedes, has installed Filippo-
Maria as its new CEO and he took the task to
steer Aedes across the stormy waters that the
company has faced in recent years.
One of his first decisions was —
at the beginning of August — to
sell Agorà (which manages a 25-
shopping centre portfolio across
the country) to the Milanese
Pryma RE, controlled by Ar-
cotecnica RE-WTP Group.
If the sale represents for Aedes a
further step in rationalising its
business scope, to reduce costs
A
● I SPECIALE ITALIA
6
CNCC/POPAIThursday, November 17 14.30-16.00, Great Projects For GreatPlayers
Selected promising retail concepts,shopping centre projects and retailreal estate funds will explain whythey choose Italy. Moderated byPietro Malaspina, the event willcover five large retail developmentprojects in Italy and will also fea-ture Daniele Traces, president ofPOPAI in Italy.
Arcobaleno retail park in Colonnella, Teramo province is near the Val Vibrata shopping centre
Familiar face, new direction: Filippo-MariaCarbonari, CEO of Aedes
Pietro Malaspina,president ofCNCC Italy will bepresiding over asession at MAPIC
We should hold
high the flag of the
country!
Claudio Albertini,
IGD SIIQ
“”
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and to focus on the core business of the com-
pany itself, it is also the start of a “profitable
collaboration with new partner Arcotecnica.
This will allow — thanks to a collaborative
agreement — to develop retail services with-
out directly managing a specific structure,” the
company explains.
In Cannes, Carbonari will be joined by much of
the Italian retail real estate industry, which as
ever will have a major presence at MAPIC. Com-
panies historically in attendance, such as Draco,
Eurocommercial Properties Italy, Europ Invest,
ICC-Italiana Centri Commerciali, McArthur-
Glen, Promos, REAG, Secece and Sircom will
once again be there, joined by specialists such as
networks consultancy Rustioni & Partners and
communication and promotions businesses like
Canali & C, which recently ran an “explosive”
campaign created for GCI-Gallerie Commer-
ciali Italia, which included 41 Auchan malls and
featured the richest jackpot ever in the Italian
retail industry. There will also be catchment area
analysts like Sincron Inova and business service
at large specialists like Dedem.
And that’s not to forget architects, and tech-
nical providers such as Mirage Granito and
Ceramiche Caesar, or the Italian offices of
global agents such as C&W, CBRE, and JLL.
CBRE-Espansione Commerciale is headed by
CEO Mario Taccini and Esmeralda Cappellini,
responsible for property management, and the
company will showcase some currently mar-
keted projects such as: Parma Urban District,
7
● I SPECIALE ITALIA
Italian advocate: IGD SIIQ CEO ClaudioAlbertini
“For a Group like ours and with Italyas the Country Of Honour we considerit a fit and proper story. We shouldhold high the flag of the country!"So begins Claudio Albertini, CEO ofIGD SIIQ, one of the major Italian play-ers in the country’s property sector,on the session on November 17 whichconsiders some of the biggest currentprojects in Italy.Albertini’s own company develops andmanages shopping centres across thecountry and boasts an important pres-ence in retail in Romania with theacquisition in 2008 of Winmarkt Maga-zine. The Group can count 15 shoppingcentres and a head office, located in 13Romanian cities. The company became the first to enterthe SIIQ regime in Italy (the Italian
derivation of real estate investmenttrusts). "The property portfolio of IGD, valuedat about €1.8bn to December 31, 2010(including in Italy 18 hypermarketsand supermarkets and 19 commercialgalleries and retail parks) has furtherstrengthened in the period up to thesummer,” explains Albertini. “Withthe acquisition of The Tower shoppingcentre for an investment of €36m, plussome smaller acquisitions, we are atabout €1.9bn". The new strategy of recycling fundingwas defined in a business plan for2009-2013, which was updated in No-vember 2010, and Albertini anticipatesnew investments generated from theturnover of some of the divested as-sets of about €100m on top of the
original €750m considered in the orig-inal plan.He is insistent that this investmentwill not be spread internationally: “No,no, Italy, Italy,” he says, underliningthe company’s "solid financial struc-ture", as he reasserts the importancefor the Group of the multi-purposePorta a Mare project for the regenera-tion of the waterfront development atLivorno, in Tuscany. This 10 ha site,developed with Porta Medicea, whichIGD has a 60% stake in. The remaining40% is owned by Cooperare, the co-operative movement of theCMB-Society.After this, IGD will start the commer-cial element of the historical PalazzoOrlando, positioned at the entrance tothe site.
ITALY REMAINS FOCUS FOR IGD SIIQ
Seravalle: McArthurGlen’s first outlet centre in Italy opened in 2000
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Parma (Emilia Region), GLA 49,600 sq m, 163
units, opening winter 2013; La Cartiera in Pom-
peii, near Naples, GLA 30,500 sq m, 120 units,
opening spring 2012; and Kalt Center in Cal-
tanissetta, Sicily, 23,000 sq m, 88 units, opening
winter 2012-2013. CBRE will also present its
own Italian retail real estate report.
The retail leasing structure of Cushman &
Wakefield, co-ordinated by Francesco Dalla
Cioppa, has recently formalised an agreement
with the Italian Bardelli Group, to market the
extension of Citta Fiera, the largest shopping
centre in the Friuli-Venezia Giulia Region in
the North East of Italy. Inaugurated in 1992,
the scheme includes 200 units, a hypermar-
ket and many other leisure facilities, and the
extension will add 80,000 sq m to the existing
90,000 sq m of retail.
In July, Cushman & Wakefield advised Foot
Locker on its relocation in downtown Milan.
The new, 900 sq m three-storey flagship for the
American retailer is the largest in Italy.
CNCC, the Italian Council of Shopping Cen-
tres, led by Pietro Malaspina; and POPAI,
headed by Daniele Tirelli, will attend MAPIC
in what they describe as their “best shape ever”,
“aggressive” and full of a passion that the cri-
sis has contributed to retail regeneration. Italy
is also sponsoring — through IGD SIIQ, Jones
LangLaSalle, Larry Smith and Rustioni & Part-
ners — the MAPIC Opening Cocktail party
on November 15 at the Marriott.
There is also an Italian member on the MAPIC
Awards jury: Stefano Stroppiana — who has
many years of experience in the retail industry,
particularly for the Percassi Group — and is now
a well-reputed retail real estate consultant. And,
last but not least, Italy will applaud Mario Moretti
Polegato, founder and chairman of footwear and
fashion retailer Geox, who is a keynote speaker
at MAPIC. His address will be on innovative en-
trepreneurship for a successful business and he
will also be awarded Personality Of The Year at
MAPIC 2011. ■
● I SPECIALE ITALIA
8
DOLCE VITA RETAILEXPERIENCEFly to Rome on a retail studytrip with MAPIC. Straight af-ter MAPIC spend two days in Rome,following an evening flight on Novem-ber 18.
Saturday, November 19
Discover exclusive Italian conceptstores and shopping centres and seizenew opportunities through the storetour.
Delegates will visit a number of inno-vative concepts including: ChristinaBomba, set up as an ‘art gallery andstore’; delicatessen and in-store fastfood concept Volpetti; pizza chainRossopomodoro and tableware con-cept Gusto.
Sunday, November 20
Cultural visit around Rome followed byflight back to Nice.
CONTACT
Catherine BEAULIEUTel: +33 (0)1 56 26 52 07
www.missions-mmm.com
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On the waterfront: Nova Marghera continues the transformation of Venice
Best foot forward: US chain Foot Lockerrecently relocated its Milanese flagship toCorso Vittorio Emanuele II
6_7_8_IS2 italy at mapic+D+M_Mise en page 1 22/09/11 16:23 Page3
NEW OPPORTUNITIES
Italy’s retailers race for spaceThe big Italian retailers have flexed their muscles in 2011, looking for both
domestic and international expansion, while US and European brands have
made their move on Italy. Paola Lunghini looks at the main players
It took a €20m investment to create Coin Excelsior in the centre of Milan in Galleria del Corso
● I SPECIALE ITALIA
9
f you recognise representatives of
Coin Group wandering through the
stands of MAPIC, well, they are not
there on behalf of the heirs of Vittorio Coin,
from Venice, who in 1916 founded a shop which
now , nearly a century later, has become one
of the largest fashion retailers in Italy and Eu-
rope. At the end of June international private
equity fund BC Partners took control of Coin,
which recorded sales of €1.7bn in 2010 and has
824 stores in Italy and 84 internationally. Coin
has major aspirations for Eastern Europe.
At MAPIC you will also meet Aldo Mazzocco,
CEO of Beni Stabili, the oldest Italian property
company and now the second SIIQ in Italy.
Mazzocco was appointed president of the as-
sociation for Italian real estate
Assoimmobiliare in July, and he is eyeing new
I
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developments and is very much interested in
high street retail too. In a very central Milanese
building of Beni Stabili’s portfolio on corso
Vittorio Emanuele, Coin inaugurated in Sep-
tember its new Milanese flagship store, Coin
Excelsior. It takes the name of an old-fashioned
movie theatre, based at the same location for
decades. To host Coin, Beni Stabili invested a
lot of time and money, €20m to be precise. But
the deal was worthwhile: the new store, de-
signed by renowned architect Jean Nouvel,
includes some 5,000 sq m of retail plus an up-
scale food court, intended to be one of the
most striking in Milan’s downtown.
Also part of the Coin Group is OVS, which re-
cently opened in Paris and Athens. The new
stores are part of a strategy which will include
some 20 new openings outside Italy by the end
of 2011. OVS currently has 539 shops, 70 of
them outside Italy.
Grandi Stazioni and Centostazioni will also be
attending MAPIC. The two companies are
transforming the image — and the sense — of
the country’s central railways stations, with a
wide offer of new space for non-food and food
units. So, new opportunities are becoming
available for retailers.
Coin recently opened in Roma Termini, the
main station in the capital; and Milano Cen-
trale, the Milanese central station. It is now
featuring brands like Benetton, Broggi, Geox,
not to mention Desigual — the Spanish retailer
is also expected to open a new unit in Milan
downtown.
● I SPECIALE ITALIA
10
Gap’s Milan store is one of five, with the summer opening of a Rome store making a big splash
Deal maker: Aldo Mazzocco is CEO of BeniStabili and president of the association forItalian real estate Assoimmobiliare
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An A-Z of retailers operating in Italy will be at
MAPIC, from Autogrill (present in 35 coun-
tries, 65,000 staff, 5,300 units in 1,200
locations, including 111 airports) to Zara,
which at the end of July acquired the entire
4,500 sq m Vittorio Emanuele building where
it opened its first Milanese shop, paying at
around €103m.
Some retailers are very active , among them
the fast fashion industry names such as Aber-
crombie & Fitch, Banana Republic, Benetton
and H&M, but food chains are prominent
also: Rosso Pomodoro and Rosso Sapori,
Cigierre — which promotes among other
things the brand Old Wild West — Giovanni
Rana and Fratelli La Bufala.
MyChef, part of the international Elior Group,
forecasts some 20 new openings in Italy by
2013. A leader in airport locations, MyChef is
now eyeing motorways with new brands Brici-
ole and Foglie.
Gap’s opening on via del Corso in Rome this
summer spawned streams of ink as it be-
came the fifth Gap store opened in Italy by
the American retailer in less than a year, with
plans to have 20 more stores by 2012.
In addition, Neapolitan retailer Harmont &
Blaine has ambitious projects planned and the
company has shown interest in new shops in
Barcelona and London, having already opened
in Panama, Dubai, Russia and China.
Also based in Naples, fast fashion leader Capri
Group is the producer of the Alcott brand and
has established 130 shops worldwide, of which
30 are in Italy. In June it inaugurated its com-
pletely renewed flagship store, a 1,400 sq m
unit in via Toledo, Naples downtown, after a
highly successful 2010, with sales showing
double digit growth.
G&P Group, based in Tuscany (GeoSpirit and
Peuterey) has declared its intention to go to
China and to open there 20 shops. Its main
competitor is Moncler, which after having re-
nounced listing on the Milanese Stock
Exchange, opened two new units in July: in Vi-
enna and in Forte dei Marmi, the famous
“pearl of in Versilia”, Tuscany.
Fingen, a company that is part of the Floren-
tine family Fratini, has become established for
its outlet centres developed in a joint venture
with McArthurGlen and it too has started to
make its move for China. Near Beijing the Flo-
rentia Villege has been created and four more
schemes have been announced, each of them
with an investment of €70m.
Tod’s is also looking towards Asia. The company,
which owns also Hogan, Fay and Roger Vivier,
boasts 161 directly-owned stores and 70 fran-
chise units and was another to record double
digit growth in sales in the first half of the year.
During the summer, eyewear retailer Luxot-
tica bought Erroca, which has 60 shops in
Israel, penetrating that market for the first
time as part of a €20m investment. The chain
will be re-branded Sunglass Hut, Luxottica’s
platform which is already active in Latin
America and China.
New shops are in the pipeline for Camomilla,
which currently has 130 units, 120 of them
franchise outlets, mainly located in airports
and railway stations.
Meanwhile Apple carried out glamorous
openings in Bologna and at I Gigli shopping
centre near Florence where the 1.000 Apple T-
Shirts sold like hotcakes. ■
● I SPECIALE ITALIA
11
The “reasonably optimistic”, RodolfoRustioni, head of the company thatbears his name (Rustioni & Partners),reflects that the market is “readyagain”, and declares that the future— both for city centres and for shop-ping centres — could lead to manyinnovations. Rustioni is in a good position to com-ment. Over 20 years his company hasdealt with consulting for the big retailchains and many openings of presti-gious brands in Italian locations. Ambitious plans by Italian retailers seemto bear him out. For example, Neapolitanrestaurant group Red Tomato (whichalso includes trademarks Anema Mus-sels and Red Taste, all backed by UKfund Change Capital Partners, whichcurrently owns 63% of the chain) an-nounced a development programme in
the US and UK, and a robust expansionplan for Italy. The company is talkingabout opening more than 300 newrestaurants altogether by 2018. Also during the summer SonaeSierra and ING Real Estate Develop-ment announced that H&M andMedia World would take significantspace in joint development La Ter-razze shopping centre, which iscurrently under construction in LaSpezia, Liguria.For H&M the 1,800 sq m store is thethird store in the region, while for Me-dia World the 3,000 sq m unit is thesecond opening in Liguria, and willhave about 3,000 sq m. In Italy, thecompany already has 89 stores, locatedprimarily in major shopping malls. Rustioni, as adviser, has so far kept adiscreet profile, but at MAPIC 2011 the
company has decided to “go out andout” says Rustioni. In addition to co-sponsoring the opening partydedicated to Italy, on the evening ofNovember 15, the company has alsohelped organise a panel session aspart of the conference programme,which will be held at the Palais on No-vember 17, 12.00-13.00, entitled HowTo Penetrate The Italian Market. Speakers include Ermanno Nicoli, CEOof Corio in Italy (the group boasts aportfolio of about €7bn in value, ofwhich €1.5bn is invested in Italy), whohas extensive experience in retail;Tim Santini, responsible for Eurocom-mercial Properties activities in Italy(€2.5bn of assets, 41% in Italy, 35%France and 24% in Sweden), plus thethoughts of Robert Forcheri, managingdirector of Guess.
RUSTIONI & PARTNERS: MAKING A NOISE AT MAPIC
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BROWNFIELD & GREENFIELD
The big buildThere is plenty of development going on around Italy. Paola Lunghini offers a
whistle-stop tour of some of the notable projects, including the arrival of
Australian developer Westfield in Milan
n Milan, the focus is on the Mall of
Italy, a 170,000 sq m shopping centre
located in Linate, close to the city’s air-
port. This €1.2bn mega-project was presented
at MAPIC a couple of years ago as a preliminary
scheme but now the developer Stilo (part of the
Percassi Group) can show clearer proposals. An-
tonio Percassi, founder of the company,
announced in August an alliance with Aus-
tralian developer Westfield Group, which has
committed itself with an initial €125m invest-
ment. Flushed with the success of its two
London schemes, the Australian giant is con-
fident that the newly-dubbed Westfield Milan
will be a success and that it will be ready in time
for Expo 2015 in Milan, in order to catch the
millions of new tourists who will converge on
Milan to visit the world exhibition being held
near the Milan Fair.
In Venice Lifestyle Center is currently being
marketed by the local developer Nova
Marghera. A waterfront regeneration of 150,000
sq m, the project boasts as hub the Expo Mare
2015, connecting with the Milanese Expo.
In Pordenone, Friuli Venezia Giulia Region, a
new 15,000 sq m retail park was recently in-
augurated. Standard life made the €27m
investment and the promoter is Panattoni Eu-
rope, which has in the pipeline further
initiatives in Voghera, Lombardy, and Emilia.
La Spezia, a nice seaside town in the Liguria
Region, will see in the spring of 2012 the open-
ing of Le Terrazze, a shopping centre jointly
developed by Sonae Sierra and ING RE De-
velopment. With a GLA of 38,500 sq m, the
centre is already 85% pre-let.
In September 2012, Faenza, a town in the Ro-
magna Region, will see the opening of the
27,000 sq m Lifestyle Perle di Faenza, which
will include 125 shops. Joint venture partners
are Bartozzini Costruzioni and Unieco the
investor, while Promos — from Brescia,
Lombardy, led by Carlo Maffioli, specialising
in outlet centres — is the promoter. The lat-
ter is also marketing the outlet centre in
Melilli, Sicily, supporting Fashion Group.
In Rome, along the highway to Fiumicino
Airport, a new project has been announced
by Leonardo Caltagirone Group. Parco
Leonardo Square is a concept, which will in-
I
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clude fashion, cars, sports, household goods
and grocery, the best of ‘Made in Italy’.
Near Naples, La Birreria is currently under con-
struction. The regeneration of the old Peroni
brewery is being developed by Cualbu Group —
which is the developer of Centro Sicilia, in Cata-
nia, which includes 140 shops and 12 anchors,
inaugurated in June 2011 — and opening is
scheduled for 2014. The multifunctional com-
plex will comprise 25,000 sq m for retail use,
marketed by Sogeprim RE, a service company
based in Salerno, and founded by Salvatore
Iodice. The same company successfully marketed
Le Bolle shopping centre in Eboli (near Salerno),
a 21,000 sq m centre with 60 units, promoted by
Boldrin Group. Around 200 new jobs were cre-
ated in an area of high unemployment.
Also in Salerno, the 45,000 sq m Le Cotoniere
is under construction, with 135 shops, a hy-
permarket and 2,500 parking places, in a
€85m investment. The shopping centre is
the hub of a regeneration development
which will create residential buildings, of-
fices, a park and new infrastructure.
In Palermo, Sicily, Zamparini Group is near to
opening the shopping centre Conca d’Oro,
with a GLA of 55,700 sq m, 4,000 sq m dedi-
cated for leisure facilities, around 100 shops
and 2,900 parking spaces. The concept is sus-
tainable and a significant percentage of the
space has been taken by local retailers.
However, at the end of July IKEA announced
its decision to cancel the Pisa project. Near the
world famous city in Tuscany, the company
was committed to building a €100m centre.
IKEA has also decided not to open in Turin
with a €70m centre, blaming too many delays
and too much bureaucracy.
The retailer is not alone in complaining of such
issues and for Italy to succeed as a retail loca-
tion it is clearly vital that it supports inward
investment and helps these companies to de-
velop new projects. ■
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La Terrazze shopping centre, currently underconstruction in La Spezia, Liguria
TCM: RE-EVALUATING THE EVOLUTION OF THE CITY“Our cities, with hundreds of pieces — old towns, neighbourhoods, parks andsuburbs, inhabited by thousands of residents, workers, consumers — are not justa place for business or leisure, but they are the beating heart of the community.Working on these areas means acting not only on urban real estate assets andsetting-up the city, but you involve people, influence and change their place of liv-ing, working and leisure," says Elena Franco, founder of Town CentreManagement Italy, a company that deals with management of city centres. As-suming that shopping centres can be managed and planned, however, we mustrecognise that management difficulties are greater, as the public component ofprivate property and fragmentation poses very complex issues.
"It’s important for us to take into account the perception of actors and users ofcity centres, the performance of the urban environment, the potential and thecommercial appeal. Our goal is to help measure performance in terms of pedes-trian flows, the composition of the product mix, parking, quality of public spacesand real estate assets, satisfaction of traders and consumers, purchase behav-iour, the endowment in terms of business." says Franco.
Each city also has its own local potential. "The thrust is towards the creation ofdistricts, then new players, urban development and elements of synthesis as wellas champions of the interests of city centres,” she says. “To create this we needfour basic ingredients: the creation of a public-private partnership among allstakeholders; a cross-sector approach to the problem and an inter-disciplinaryapproach, the definition of a shared strategic vision and, last but not least, the useof dedicated professionals"
The most successful example to date is in the region of Lombardy, whichlaunched its policy in 2007 with the revival of trade centres in the city with an am-bitious programme for ‘districts of commerce’. Over three years, the region hasseen the expansion from about 150 to 535 municipalities involved. That Lombardyis the first programme in Italy points not only to structural inactivity but alsowhich regions care to establish continuity and professionalism.
Piedmont is another good example, working not only to adapt the regulatory ap-paratus but also, for example, harmonisation of the public realm to improveurban quality. After the positive experience Piedmont had at MAPIC 2010, workingwith TCM and co-ordinating the Italian regions, the company is looking to organ-ise a similar presence for MAPIC 2011, to which have been invited, among others,the Liguria Region and the Chamber of Commerce of Varese. Franco concludes:“The district is experiencing a new positioning: from a pure investment product toa commercial product.”
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MARIO MORETTI POLEGATO
Living and breathing Geox
Geox’s stunning new flagshipin Milan embodies thecompany’s mix of design andtechnical innovation
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President Moretti Polegato, you will receivethe Personality Of The Year Award duringthis year’s MAPIC in Cannes. What does itmean to you to receive such recognition?
This is a prize that does really please me and
encourages me and all of the people who
contribute within my group. MAPIC
is a very important stage at the inter-
national level.
Talking of the international fo-cus, what is your vision forglobalisation?
It is necessary to be very close to the customer
and also to find in each country the products
that could succeed in other markets.
Geox sales in Italy represent around 40% ofthe total and your business is already presentin over a hundred markets, with more than10,000 sales points and about 1,050 Geoxstores. Is where you are concentrated todaywhere you will grow in the future? Naturally enough we are looking at the regions
to the east — in China we have over 250 points
of sale — but we are also looking to the mar-
kets that ‘awaken’. An example is the UK. I am
looking for an acceleration in the emerging
markets, like Russia and the countries in East-
ern Europe, but not at the expense of the
mature markets.
What makes Geox unique?Geox is an established brand. We knew how
to combine the beauty and the style of the Ital-
ian product, which is internationally recognised
and appreciated, with an innovative technol-
ogy, that is in continuous evolution.
Geox today means classic and casual footwearand "the shoe that breathes", but also fash-ion is starting to become important in youroverall sales.Yes, today fashion represents over 13% of our
total sales, but the objective is that of growth in
proportion with the footwear, such as with "the
jacket that breathes", and with the total look.
As part of this year’s prestigious MAPIC Awards gala night, Geox chairman
Moretti Polegato will be recognised as the Personality Of The Year. Paola
Lunghini asks him about Geox’s future plans and the legacy he hopes his company
will create for his home country
It is necessary to be
very close to the
customer
“”
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You will come to Cannes also as a keynotespeaker and representing Italy. What will yousay about Italy and prospects in the market?I agree, that will be interesting — also as I will
be addressing the property profile — for all of
the markets and as I said before, to look at the
markets hit by the recession for which I see
signs of awakening and where there is the need
to create opportunities.
A lot has happened at Geox and in so shorta time, what dreams remain?The ambition is to continue to grow, to expand
is in all the markets both mature and those
showing potential. Italy is known all over the
world for its design heritage, the fashion and
its cuisine. My desire for Geox’s contribution
is to make our country also thought of across
the world for innovation and technology. ■
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MAPIC Personality OfThe Year: Geox chairman
Mario Moretti Polegato
The ‘palace of breathing’: Polegattosees opportunities globally, especiallyin new and awakening markets
Mario Moretti Polegato will
receive his MAPIC Award as
Personality Of The Year during
the awards ceremony in the
Palais des Festivals at 18.00 on
November 17
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EXPORTING THE BRAND
Few countries can claim to have extended their retail presence as significantly as
Italy, with the upsurge in luxury demand in the east continuing to drive growth.
Mark Faithfull reports on an important year for the market
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Retailers look eastfor new horizons
conic Italian luxury retailer Prada
launched on the Hong Kong stock
market in June, setting out both its
clear strategy to target the east and a growth
plan other Italian luxury retailers will be
watching with interest. Prada’s offering raised
€2.1bn, valuing the company at over €10bn
and making it one of the world’s most valu-
able luxury goods groups.
Prada opted for the Hong Kong stock exchange
in recognition of the importance of Asian con-
sumers, who are propelling growth in luxury
goods. Italian luxury good association Alt-
agamma predicts sales to Asia, excluding Japan,
will rise 20% this year.
For Prada, which includes MiuMiu and Church’s,
it was the fifth attempt at the stock exchange in a
decade, having ditched earlier tries citing market
conditions. It now intends to repay bank debt and
to roll out dozens of new stores with a focus on
Asia. Prada is 95% owned by the Prada and Bertelli
families and 5% owned by Italian bank Intesa San-
paolo, which had said it will retain a small stake.
Luxury footwear retailer Salvatore Ferragamo also
listed on the Milan exchange in June.
Meanwhile Sergio Rossi, owned by PPR Group,
has set out to purchase five of its franchisees in
China by September. In all, 11 Sergio Rossi stores
are in operation but the company plans to dou-
ble that number by 2014, as well as establish
flagships in Beijing, Shanghai and Hong Kong.
Christophe Melard, president and CEO of Ser-
gio Rossi, stressed: “Acquiring [these] Chinese
franchisee businesses allows us to accelerate
our presence. We will continue to strive for
maximum performance in the existing stores
and expand new locations not only in first-tier
cities but also in second- and third-tier cities.”
Not that Italian exports are only about high end
fashion. In July, Benetton Group, increased rev-
enues 1.7% in the first half year to €906m, with
modest growth in Europe (+1.2%) accompa-
nied by growth in Asia (+4.7%) and in the
Americas (+4.5%). Countries with the high-
est growth compared with the same period in
2010 were: Russia (+39% and now the Group’s
fourth largest market in Europe), South Korea
(+11%), Turkey (+6%) and Mexico (+18%).
Benetton has also hired You Nguyen as new
chief merchandising officer and creative di-
rector. Nguyen, previously design vice-president
at Levi Strauss, is to revamp the brand in a role
similar to Tom Ford’s at Gucci.
Ray-Ban and Oakley sunglasses maker Luxot-
I
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tica, the world's biggest premium eyewear
maker, achieved a record second-quarter net
profit, despite the impact of a weak dollar on
its North American sales, with second-quar-
ter revenue growth of 2.4% to €1.63bn.
Luxottica is boosting its presence in Latin
America after buying two Mexican chains and
taking control of optical retailer Multiopti-
cas International.
Meanwhile, underlining the continuing influence
of Italian designers, Swedish fashion retailer H&M
has signed up Donatella Versace as its next guest
designer, with the collection launching in 300
H&M stores worldwide from November 17. A
pre-spring 2012 collection will be sold exclusively
online in selected countries from 19 January.
“I am thrilled to be collaborating with H&M
and to have the opportunity of reaching their
wide audience. The collection will be quintes-
sential Versace,” says Versace.
Italian retailers also continue to expand in the
Middle East. The 2,750-store chain Calzedonia
Group and Lebanon-based Azadea Group have
entered into a franchise agreement to launch In-
timissimi, Calzedonia and Tezenis in the region.
Prada has also signed a joint venture deal with
the UAE’s Al Tayer group and Prada and Miu
Miu stores will be rolled out in Bahrain, Saudi
Arabia, Kuwait, Oman and the UAE. “[The
deal] aims to seize opportunities in high po-
tential markets,” the companies said in a joint
statement. Al Tayer also represents Gucci,
Dolce & Gabbana and Emilio Pucci in its fran-
chise portfolio. ■
GROCERY SECTORSTAYS AT HOMEBy contrast to the outgoing fash-ion sector, Italy’s grocers havefailed to expand significantly be-yond their own borders.Discounter D'Più (Padua) has ex-panded into Austria while CoopItalia entered the Croatian market,with the opening of its first hyper-market, Ipercoop, near Zagreb inSeptember 2002 before selling toSpar (Austria) in 2009.
In November 2004, Italian discountoperator EuroSpin entered theSlovenian market with its first fourdiscount outlets with Slovenianpartner Era. It also plans to openEuroSpin stores in other Balkanstates and has renewed its plansto enter Austria. The Tyrol region,Carinthia and Salzburg are the fo-cus for a 10-store initial push butno timeframe has yet been givenas market entry depends on theexpansion in its home market. Theretailer also has expansion plansfor Croatia and Hungary.
MCARTHURGLENItaly is arguably home to the designeroutlet centre from a European per-spective. Playing to the strong branddemand and fashion heritage of thecountry, plus the current emphasis onvalue, designer outlets suit consumerdemands ideally.
“Italy is one of the most developedmarkets in Europe for outlet retailing,only just behind the UK, and yet we arestill seeing strong demand frombrands in our five McArthurGlen De-signer Outlets in the country,” saysGary Bond, McArthurGlen’s CEO, de-velopment. “The Italian shopper understands and loves branded products;they spend a much higher proportion of their earnings on clothing andfootwear than their counterparts elsewhere in Europe.
“What we are also seeing is a strong increase in spending by internationalshoppers, in particular from the emerging markets in Eastern Europe, Asiaand Latin America. Our Veneto Designer Outlet near Venice, for example, hasseen a 160% increase in sales to international shoppers in the first sevenmonths of 2011 [source: VAT fund specialist Global Blue].”
But Bond adds that keeping things fresh is vital for the success of any outletcentre. “Quite a few new, international brands are targeting Italy, in particularwell-known US brands, as they expand across Europe,” he reflects. “On aver-age our shoppers drive around 45 minutes and to do this they need theanticipation of finding brands that they already love or aspire to.”
Serravalle Designer Outlet near Milan in 2000 was the company’s first in thecountry but Bond believes there is still room for growth, although forMcArthurGlen the current strategy is for this to be through extensions. “Wehave no plans for a sixth McArthurGlen Designer Outlet in the immediate fu-ture as we are under way with extending our existing centres,” he says, citingthe 25,000 sq m of new GLA opening in Italy between September 2011 andJune 2012.
This new GLA includes: 4,500 sq m GLA at La Reggia Designer Outlet nearNaples (opening September 2011), bringing the total GLA at the centre to25,500 sq m; 6,500 sq m at Veneto Designer Outlet near Venice (Q1 2012), bring-ing the total to 26,000 sq m; 8,000 sq m at Castel Romano Designer Outlet nearRome (Q3 2012), bringing the total to 32,000 sq m; and 6,000 sq m at BarberinoDesigner Outlet near Florence (Q3 2012), bringing the total area to 27,000 sq m.
Gary Bond, CEO of development,McArthurGlen
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INVESTMENT
Deal or no deal?Italy’s investment market has been sparked back into life by a small collection of
important deals which could, says Paola Funghini, indicate that the country is
back on the European investment radar
n March 2011, First Atlantic Real Es-
tate (FIRE), a company controlled by
DeA Capital— through the so-called
Ippocrate Fund — acquired the flagship La Ri-
nascente building, managed by Preilos and
located in Piazza del Duomo, in the very heart
of Milan.
A €472m deal, the vendor was Holding R/U,
made up of Prelios, RREEF and Tasso. In July,
another closing was announced: the sale of
R/U Holding itself to the Bangkok-based Cen-
tral Retail Corporation (CRC), for €205m.
Rumours remain that CRC, having made its
first Italian acquisition, would like to acquire
the two La Rinascente buildings still on sale,
in Rome and Palermo, Sicily.
Meanwhile FIRE merged — after long talks —
with FIMIT SGR, giving birth to the largest
Italian group in Italian property funds indus-
try. Now called IDeA, the new company boasts
a portfolio of €9bn and 19 funds under man-
agement.
Also at the end of July Eurosia, a joint ven-
ture between Pizzarotti Group and Coopsette,
sold to the Mediolanum Real Estate property
fund — managed by the Milanese bank group
Mediolanum — the Mall of Eurosia, in Parma,
Emilia Region, for €29m. The shopping cen-
tre was inaugurated in spring 2011.
At the end of June, Cordea Savills acquired for
its new Radegonda fund the Fidenza Shopping
Park, again in Emilia Region, for €40m from
vendor Unieco.
In February Pradera Real Estate Fund, man-
aged by Pradera Europe, sold the 40,000 sq m
GLA Romagna Retail Park near Cesena (Emilia
Romagna Region, again) to Klepierre, for
€69m.
Compared with other markets, this news might
perhaps appear inconsistent. But, because of
the still difficult times in Italy, this collection
of deals gives a small yet significant sign of op-
timism for the Italian retail real estate
panorama.
Of course some Italian-international compa-
nies will be less evident in Cannes than in the
past, including Multi and Foruminvest, while
Redevco is reportedly considering closing its
Italian operations. Looking at the major in-
ternational investors — all of them very active
in Italy in the recent past, including ING
REIM, Schroder, SEB – have slowed develop-
ments and improvements.
Despite this uncertainty, according to Er-
manno Niccoli, co-CEO of Corio in Italy (the
other CEO is Marco De Vincenzi), Italy is on
the radar again. And room for new initiatives
has emerged, including extensions and new
sites, particularly on brownfield locations, even
if some territories appear to be mature. Tus-
cany and the south offer particular potential
providing that the public administrations are
less obstructive and the banks grant credit
again. This is also the opinion of Mauro
Mancini, one of the best known retail real es-
tate consultants in Italy and the man who
launched Multi in Italy, several years ago.
Last year 2010 saw the opening of 18 new
shopping centres, but the total surface area de-
veloped was less than 2009. The short term
pipeline for 2011 should be around 1.5m sq m,
providing all the schemes complete by year
end, and in the medium term developers
should add a further 3m sq m. This is likely
to be biased towards the south to fulfill a his-
torical gap between supply and (growing)
demand, although development will not be ex-
clusive to this part of the country.
I
Mauro Mancini: Tips the south and Tuscanyfor investment
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There are far more refurbishments in the
pipeline, with a number of centres requiring
complete restyling of tired malls, plus neces-
sary improvements in terms of products and
services mix, especially those linked with the
leisure industry.
For developers, the question is what type of
shopping centre will be required by consumers
in the future. Carlo Romagnoli, head of Ar-
coRetail together with Luca Bastagli Ferrari,
a company recently founded by merging the
specialised skills of Arcotecnica RE and Global
RESol, adds that it is “useless to cover and dec-
orate with precious marble the basement of
a mall, if the shop windows do not attract the
customers.”
Roberto Bramati and Anna Momesso, presi-
dent and sales director of Spazio Futuro, add
that price, quality and atmosphere are key for
food court development. ■
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Spazio Futuro’s Anna Momesso: Quality and price key for food courts
Your visibility at MAPIC will be important?Of course, because there is no doubt that MAPIC is, for theretail real estate sector, the showcase par excellence.
How is the Italian market? It is safe and a becoming little more exciting, even if therecovery does not show itself.However there is more movement, and especially much theindustry wants to do.
This year represents the 20th anniversary of Jones LangLaSalle's activities in Italy and also you have lived in thecountry for about the same amount of time. How have youseen the market change? There has definitely been a lot of progress made. From theconcept of the shopping centre intended as a ‘container’,often unattractive, middle or even low-level business, themall has often become a place of reference for many Italiancompanies. Its image has changed dramatically, and theoffer has been raised to an ever higher quality, with theappearance even of luxury. The entry of large internationalplayers has helped the process, and has also stimulatedprofessionalism across the Italian industry.
What will you bring to Cannes? MAPIC provides an opportunity to define the finalnegotiations for Arcobaleno, located in Valvibrata (TE), whichwill open in the first week of November with letting atapproximately 90%. This centre will integrate the typicalretail park offer with over 3,000 sq m of restaurant spaceprovided by more than 13 restaurants, with special effectsand architecture related to a cinematic theme, and an 11-screen multiplex. We will also discuss at MAPIC a
commercial zone in themiddle of a shopping complexcalled The Forge, to be built inUrbino, a small operation ofabout 8,000 sq m for the citybut also important for theinfrastructure aspects that theproject provides. There hasbeen maximum attention tointegration in the context ofthe project landscape andcultural references. In terms of investment andadvisory services, we willpromote the sale of threeshopping centres and retail parks.
Any news? Yes, we will use MAPIC for the launch of a major marketingcampaign and new initiatives promoted by the group Toto,which saw the involvement of the various skills of the twoparts of JLL, agency and capital markets. Retail andservices, cultural, student accommodation and an importantrange of entertainment and catering will be evident at theproject in Chieti. An important element will be a peoplemover — a raised monorail transport system — which willhave the departure station at the project area, leading to theold town of Chieti.In addition, a Thermal Water Park will be completed by Wund,combining spa treatments with a water amusement park.
Patrick Parkinson is CEO of JLL Italy, together with Pierre Marin
Patrick Parkinson, CEO of JLL Italy
PATRICK PARKINSON, CEO OF JLL IN ITALY
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20
Shoot forthe Moon
PROJECT SHOWCASE
Whether it’s the other-dimensional Moon or international projects in emerging
markets, Italian exhibitors will have plenty to showcase at MAPIC again this year
says Paola Lunghini
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he Moon, a project promoted by
OverItalia for the Rossetto
Group, a multifunctional park
arising near Verona, Veneto Region, promises
to “let consumers enter in another dimension,
made of lights, sounds, colours and energy in-
fusing”. When it opens in 2013, the consumer
will also find a rich offer of goods and leisure,
including a 7,300 sq m indoor-outdoor water
park, and a ‘Disco Kart’. Global investment is
around €150-180m.
Focus is on Turin too, where in September the
new stadium owned by Serie A’s Juventus foot-
ball team was inaugurated. It includes a 34,000
sq m Nordconad shopping centre with more
than 60 units, among them Nike, OBI and Eu-
ronics. In the capital of Piedmont Region the
market is looking at the Palazzo del Lavoro. The
historical building, recently acquired by Penta-
gramma, a joint venture between Fintecna and
Gefim, chaired by Stefano Ponchia, will be re-
T
The Centro Campania, by Corio, at Marcianise, near Naples
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generated by Corio, which will act also as man-
ager of the 28,000 sq m shopping centre,
opening in 2015/2016 probably. Global esti-
mated investment is €145m.
Headed by Carmen Chieregato, Cogest Italia
(together with the parent companies Mall Sys-
tem, Promocentro Italia and La Policentro,
chaired by Lino Iemi ) will showcase in Cannes
14 projects, among them Policentro near Naples,
Partinico, Palermo, Sicily, and the 90,000 sq m
Settimo Cielo near Turin, a €185m investment.
Cogest, which manages a 47 shopping centre
portfolio with a global GLA of 1.1m sq m and
more than 2,900 retail units, has recently started
to operate in the office sector too.
Svicom, chaired by Fabio Porreca, will showcase
Le Botteghelle in Naples, a 240,000 sq m, multi-
functional regeneration project, owned by
Ragosta Group and Portamessina, in Sicily, with
a GLA of 28,000 sq m. Svicom also has interests
in Varna, Bulgaria, and in the Cleopatra Mall in
Egypt. In Cannes the company will be showcas-
ing InTown, an agency services platform in
partnership with market leader Gabetti Group. ■
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22
"I think that MAPIC is the most impor-tant event in the calendar for retail realestate companies. Even in recent yearsof economic difficulties, the fair hasproved an observatory that allows com-panies to adapt and refine theirstrategies and above all opportunitiesto develop new business.”Thus began my conversation with Cor-rado Vismara, CEO of Larry Smith, aleading consulting company in the re-tail real estate sector, which will bringtwo new products to Cannes.In Rome, Larry Smith has been ap-pointed for the marketing of the newGLA 26,000 sq m MID — Fiumicino Out-let, which will have around 130 retailunits, delivered in two phases of 85 and45 stores, plus 2,500 parking spaces.Project partner HCG will also act as co-
ordinator, with Merlin Projects Groupas designer and Maltauro as generalcontractor. Planning should beachieved by the autumn.In Ljubljana, Slovenia, the 60,000 sq mGLA Stozice will open in March 2012,trading from two levels, with 140 storesand parking for 3,000 cars. The 12,000-seat Arena opened in August 2010,along with the 16,000-capacity stadiumby the developer, Slovenia’s Grep.Vismara continues: "Larry Smith'spresence at MAPIC in recent years wasalso an opportunity to present at anddevelop activities internationally, par-ticularly in Russia, Macau, Brazil andthe Baltic States."In Italy, Vismara shares the load withChristian Recalcati, who says that "to-day the Russian market, developed
through subsidiary Larry Smith Inter-national, after two years’ slowdown isengaged on different, big plans forstudy activities, planning, merchandis-ing and marketing.”
LARRY SMITH: PROJECT FILE
The 60,000 sq m GLA Stozice willopen in March 2012
Corrado Vismara: “MAPIC is the most importantevent in the calendar”
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