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OCTOBER 2011 Speciale From the Eternal city to Sicily, how Italy’s retail profile is changing A MAPIC OFFICIAL PUBLICATION Milan tops the deal charts as investment flows into Italy’s retail heartland ITALY Country of Honour 2011 ITALIA
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MAPIC 2011 PREVIEW SPECIAL ITALY

Mar 28, 2016

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Page 1: MAPIC 2011 PREVIEW SPECIAL ITALY

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

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ITALYCountryof Honour2011

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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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Page 7: MAPIC 2011 PREVIEW SPECIAL ITALY

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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Page 8: MAPIC 2011 PREVIEW SPECIAL ITALY

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

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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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Page 10: MAPIC 2011 PREVIEW SPECIAL ITALY

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-

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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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