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TOP UK SHOPPING CENTRES (BASED ON ADVERTISING SPEND)

Prepared For: Standard Life Investments

Prepared by: AW Media

Date: 2 June 2009

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• This document details an overview of the top 50 Spending UK Shopping Centres and then an in-depth look at the top 5 spending centres for the period November 2008 – April 2009

• The source of the data is Neilsen Media Research – largest reporter of media expenditure data

• Neilsen monitors press (both consumer and business), television, radio and cinema spends, Outdoor. Online and direct mail data are included but are very limited in terms of measurment

• Detail on regional media can be limited and figures generated do not indicate 100% of the true activity

• The raw data becomes available six weeks after the end of each month.

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OVERVIEW OF TOP 50 SPENDING SHOPPING CENTRES

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Position CentreSpend

(Nov08 – Apr 09

1 Westfield £1,464,695

2 Liverpool One £621,743

3 Trafford Centre £465,035

4 Brent Cross £453,719

5 Bluewater £381,175

6 Medowhall £304,578

7 Lakeside £300,156

8 Arndale £220,131

9 West Quays £199,444

10Victoria Shopping

Centre£194,040

11 Silverburn £191,690

12 Merry Hill £189,385

13 Lowry Outlet Mall £185,056

14Braehead

Shopping Centre£171,724

15 St Enoch £157,171

16 Grand Arcade £147,699

17 Highcross £144,453

18 Canary Wharf £143,610

19 Bullring £141,306

20 Whiteleys £134,473

21 Cabot Circus £131,793

22 Realm £119,823

23 East Kilbride £119,020

24 Hammerson £118,873

25 Victoria Square £116,387

Position CentreSpend

(Nov08 – Apr 09

26 Bicester Village £100,927

27 Fest Place £100,632

28 Centrale £96,738

29 Metrocentre £87,976

30 Lakeside Village £87,756

31 St Stephens £84,972

32 Chapelfield £83,632

33 Oracle £82,994

34 Glasgow Fort £82,968

35 Gunwharf Quays £80,427

36 Dalton Park £78,627

37 Overgate £76,558

38 Thistles £73,719

39 Newry Quays £73,059

40 Springfields £71,452

41 Gretna Gateway £70,528

42Gloucester

Quays£69,768

43 Eden £69,667

44 Forge £69,425

45 Touchwood £68,890

46 Eastgate £68,772

47 Eldon Square £67,225

48 Queensgate £65,899

49 Royal Quays £60,475

50Livingston

Shopping Cenre£58,109

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• Largest spend seen in TV, with a spend of £3,645,170,– Newry Quays (Northern Ireland) was the only centre to

spend its entire recorded media spend on TV– Westfield TV spend alone made up 14% of the total TV

media spend across the top 50 centres

• Smallest recorded spend on Direct Mail, only Bicester Village Shopping Centre recorded a spend against Direct Mail

– This is highly likely due to Direct Mail being not fully recorded

Spend by Media November 2008 – April 2009Total Spend £8,748,374

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• Unsurprisingly spend is up weighted in November and December in the lead up to Christmas

• Q1 spend is low but increases again in April to support Easter and the school holidays

TOTAL SPEND BY MONTH

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THE TOP 5 SPENDING SHOPPING CENTRES

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THE BIG 5

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THE BIG 5 - WESTFIELD

• Press, radio and outdoor form the bulk of spend– 37% Press– 35% TV– 21% Outdoor– 4% Cinema– 3% Radio

• The majority of the Press activity was in London Evening Standard and glossy magazines

• The TV stations used were– Channel 4– Five– GMTV– itv1

Total Spend £ 1,464,695

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THE BIG 5 – LIVERPOOL ONE

• Launched in 2008

• 72.5% of total budget spent on TV

– 10 second & 30 second spots

– Stations used ITV (Granada) & Channel 4 (North West)

• Outdoor formats used

– 6 sheets

– 48 sheets

– bus

• Press only received 6.3% of the total media spend

– Local newspapers and Cheshire Life used

Total Spend £ 621,743

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THE BIG 5 – TRAFFORD CENTRE

• 71% of total budget spent on TV– Only itv1 (Granada) used– Activity every month expect Feb

• Christmas gift buying• January sale• Easter opening hours

• 30 second radio spots used on the following stations:– 97.4 Rock FM– Key 103

• Recorded press spend in only 2 titles– Cheshire Life (Nov, Feb, Mar & Apr)– Coach Tours UK (Mar)

Total Spend £ 465,035

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THE BIG 5 – BRENT CROSS

• Outdoor led campaign– 66% of the total media budget was

allocated to outdoor formats possibly due to the variety & quality of sites available in London

– Activity every month– T-sides in London– 76% of outdoor spend in Nov &

Dec

• Only centre in the big 5 which did not record a spend on TV– Potentially due to budget vs

London ITV’s notoriously high costs

Total Spend £ 453,719

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THE BIG 5 - BLUEWATER

• 59% of total budget spent on TV

– Spots ran on ITV (Carlton, London LWT & Meridian South east North), Channel 4 (London) and Five (London)

• Used radio stations in London, Kent & Essex

– Essex FM

– Invicita FM

– Magic 105.4

– Ten 17

• Press spend in only regional newspapers

– No glossy magazines

• Only centre in the big 5 that did not record an outdoor spend

Total Spend £ 381,175

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LEARNINGS FOR STANDARD LIFE INVESTMENTS

• TV has the largest spend allocation (42% of total spend of top 50)

– 41% of the total media spend on TV was made by the big 5 centres

– Highest entry cost for media higher centre budgets enable its use

– Provides prestige sense of gravitas across regional catchment

– Outdoor usage underplayed as it is often used to provide broadcast support when TV cannot be afforded

• The centres mostly use a multimedia approach, including typically 3 or 4 different media channels

– Newry Quays is the only centre to record a spend against 1 media (TV)

• AWM strategy across the portfolio largely mirrors this pattern of a multi media solution.

• Offers a robust multi layered solution maximising possible interaction with consumer, MORE impacts (eyes / ears) on the advertising message

• Lessens the chance that the consumer can avoid the communication

• Lack of online spend likely to be mis-allocation by monitoring system (less robust reporting in online and regional press territory). Pay per click (PPC) activity cannot be captured by Neilsen.

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RAW DATA

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