FOOTFALL ANALYSIS Key global and lifestyle cities 2017-2018 - kmp.ch
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REAL ESTATE
PAN-EUROPEAN
FOR A CHANGING WORLD
FOOTFALL ANALYSIS
Key global and lifestyle cities 2017-2018
P R O P E RT Y D E V E LO P M E
TRANSACTI
C O N S U LT I
VA L U AT I
P R O P E RT Y M A N A G E M E
I N V E ST MREENTAT IML A N A G E M E
Real Estate
Real Estat
for a changing
for a changing worl
world
CONTENT
Macroeconomics ............. 04 Amsterdam ........................... 30 Helsinki ....................................... 46 Warsaw ....................................... 62
Synthesis .................................... 06 Athens .......................................... 32 Lisbon ............................................ 48 Zurich ............................................. 64
Barcelona ................................. 34 Munich ......................................... 50
London ........................................ 10 Brussels ...................................... 36 Oslo .................................................. 52 Methodology......................... 67
Paris ................................................. 14 Budapest .................................. 38 Prague .......................................... 54 Results by country ......... 68
Madrid ......................................... 18 Copenhagen ........................ 40 Rome .............................................. 56 Contacts ...................................... 70
Milan ............................................... 22 Dublin ............................................ 42 Stockholm ............................... 58
Berlin .............................................. 26 Frankfurt.................................... 44 Vienna ........................................... 60
2 BNP Paribas Real Estate RETAIL
FOREWORD
BNP Paribas Real Estate is delighted to For the past five years, regular
present our first fully comprehensive footfall counts have been
Pan-European Footfall Analysis undertaken in prime cities across
covering key global and lifestyle cities. Germany. Even if the results may be
Changes in retail over the last decade influenced by local circumstances
are no longer cyclical, but are now structural. As rapid and should not be interpreted as the "pure truth",
technological and structural developments occurred they indicate the general trends very well.
within the retail sector, many feared the internet would Significant differences in the number of passers-by
kill our High Streets and shops. However, this is not the have implications for customer conversion- and
case. It has merely liberated them and encouraged the with it sales-potential.
creation of new retail models. Changes in pedestrian frequency over time are
For many International Retailers, the major cities interesting as well. If they show a consistent
continue to demonstrate their appeal and our High pattern, as it is a clear sign that the structure and
Street Footfall Analysis emphasises the desire of the importance of the location is changing. Notably
consumer to embrace physical retailing, especially as in times when retailers have to adapt and improve
new models and space formats of successful retailers their concept and strategy, such qualitative
continue to rapidly evolve. aspects are particularly relevant.
Our study has been co-ordinated across 23 global and Our clients rely on this information together
lifestyle cities throughout Europe, which was activated with other data and examinations to formulate
on Saturday the 10th of June 2017 between the hours their expansion strategy and to identify
of 14:00 and 16:00 or peak hours, taking into account particular locations of interest.
the cultural trading differences of cities. Each city was It is therefore a significant advantage to our
divided into “Mass-Market to Upmarket” and “Luxury” clients that the Research team of BNP Paribas Real
categories and between 3 and 10 streets were selected, Estate has undertaken a coordinated European-
depending on scale and population of the city. wide study. From my point of view the results
We hope you find this Report useful, as many of our are very interesting and will provide a better
active and expansive International Retail clients have understanding and comparison of all markets and
specifically asked for this style of analysis. Should you different developments across the major European
require more granular data, then please do not hesitate cities. I believe this report will supply our clients,
to contact us and we will direct you to our various colleagues and market participants an interesting
Research Departments. read and will elicit inspiration for the future.
Fiona HAMILTON Wolfgang SCHNEIDER
Global Head of Retail Brands Head of Research - Germany
RETAIL BNP Paribas Real Estate 3
PAN-EUROPEAN
ECONOMIC OVERVIEW
Europe’s recovery is beginning at a poignant time, marking the tenth anniversary of the credit crunch,
the start of a sequence of events that led to the Global Financial Crisis (GFC) of 2008/9, and the So-
vereign Debt Crisis of 2012. Geopolitical context and Brexit reinforce uncertainties in a medium-term.
Samuel DUAH Over this period Europe’s retail market has changed markedly. For retail the last ten years are essen-
Head of Real Estate Economics tially a story about the struggle to create value amidst falling demand whilst adapting to profound
at BNP Paribas Real Estate disruptive change in the distribution chain; from producer to the consumer.
Growth returns
GDP growth average 2017-2018 to the European economy
% Europe’s slow economic recovery since 2009 is now strengthe-
ning. This is evident by the 2.2% quarterly annualised growth rate
3 seen since mid-2016, well above its trend growth. It highlights the
fact that European economic growth, at this point, is outperfor-
ming other developed economies and the medium term outlook
2
looks promising. Although growth has been broad-based some
countries, admittedly in Southern Europe, are yet to regain their
1 pre-crisis level of economic output (Italy and Portugal). Spain
though, has seen some of the fastest growth in recent quarters,
0 helping it to surpass its pre-crisis level. However, the most im-
portant thing here is that domestic demand, supported by both
Poland
Ireland
Hungary
Spain
Czech Republic
Sweden
Netherlands
Germany
Denmark
Portugal
Austria
Finland
Switzerland
France
Belgium
Greece
UK
Norway
Italy
consumer spending and investment demand, appears to be a
key driver for growth in most countries; a development that is
positive for the retail trade.
4 BNP Paribas Real Estate RETAIL
Household Disposable Income
The role of inflation
%
in modern
6 Poland
retail pricing power
4 France
2 Italy
0 Spain
-2 Germany
Post GFC, consumer demand fell, whilst sup-
-4 Sweden
ply of goods and services was slow to adjust.
-6 UK
Low wage growth but real household
For Europe this meant flirtation with deflation
(and for most part low level of inflation). The 10 11 12 13 14 15 16 17 18
income is growing
low level of inflation has remained a key fea-
ture of the European economy since 2009.
Headline inflation at the European level is
currently at 1.5% p.a. remains marginally
below what central banks deem desirable.
Although this represents a significant impro- Despite economic growth it is likely that consumer demand is only at an early stage
vement on the recent past, it remains low in of gaining the sort of momentum it had pre 2007. For Europe this is tied to the
historical context. employment situation because increased consumer demand is underpinned by job
Low inflation means the intense price com- growth and, household income and wage growth.
petition, traditionally a ground for difference Eurozone unemployment rate peaked at 12.1% in 2013. It has subsequently
between retailers, no longer functions in the improved to stand at 9.1%. Despite this the story remains mixed across countries.
same way. With low demand, price compe- The lowest rate outside the Eurozone can be found in the Czech Republic at 2.9%
tition still exists only because overtly raising and in the Eurozone in Germany at 3.0%, with UK recording a historical low of 4.3%
prices makes traditional retailers stand out in recent months. Overall we believe the downward trend will continue over the
for poor value for money, a situation made come years, backed by the improving economic picture.
more acute by the pricing clarity offered by Notwithstanding the falling unemployment rate, real wage growth across Europe has
information technology. remained weak at 0.5%. The rational for this is multifaceted and appears transitory.
In an environment of low demand and in- This implies that in the medium term we are likely to see these factors soften and
creasing online sales, retailers struggle to in- meaningful real wage growth appearing. The boost to household real income will
crease margins. Instead increasingly retailers support consumer spending. It is more people in work plus and wage growth that is
are competing on non-price differences and the backbone for consumer confidence and increases in retail sales. If maintained,
generating margins by re-organising their retailers can look forward to a more predictable and positive macro environment
operations. than that experienced over the last ten years.
RETAIL BNP Paribas Real Estate 5
SYNTHESIS Foreword by the authors. This Pan-Eu- ropean Footfall Analysis is aimed at providing a one-off “picture” of the prime streets in 23 key global and lifestyle cities. Pedestrian traffic is one of the prime indicators of retail strength, albeit not sufficient in its own right to be a fully determinant driver. The fundamental measure of a successful retail area is the conversion of pedestrian flows into purchases. In- deed, in some areas of lesser footfall such as for example luxury precincts, high store turnovers can occur despite the lower flows.
Europe TOP 30
FOOTFALL
Footfall, Mass-market Prime Streets (pedestrians/hour)
MIXED * MASS TO UP MARKET *
TOP MASS-MARKET
Ranking dCity Location Class Footfall counting
13,560
HIGH STREETS
1 London Oxford Street
2 Munich Kaufingerstraße 12,832
3 Madrid Calle de Preciados 10,292
4 Frankfurt Zeil 10,280
5 Paris Av. des Champs Elysées 10,277
10,216
United Kingdom, Germany, Spain and France compete
6 Barcelona Av. del Portal de Angel
10,132
for the top 5 positions in the European Top 30.
Whilst London leads the way with a record value of 13,560 7 Barcelona Passeig de Gracia
pedestrians per hour, the survey highlights the strength 8 Madrid Gran Vía 9,956
9,252
of the main German regional capitals, with Munich and
9 London Regent Street
9,196
Frankfurt being in the Top 5.
Notably, Spain with Madrid (3rd) and Barcelona (7th) has 10 Madrid Calle Fuencarral
a total of 5 streets in the Top 10. 11 Dublin Grafton Street 8,802
8,796
France closes the Top 5 with the iconic Avenue des
12 Vienna Mariahilfer Straße
8,598
Champs Elysées, just edging ahead of Frankfurt and Ma-
drid with around 10,300 pedestrians per hour. 13 Milan Corso Vittorio Emanuele II
14 Zurich Bahnhofstraße (North) 8,586
15 Dublin Henry Street /Mary Street 8,505
16 Stockholm Drottninggatan 8,430
17 Stockholm Hamngatan 8,342
18 Rome Via del Corso 8,152
19 Paris Boulevard Haussmann 8,143
20 Vienna Kärntner Straße 8,114
21 Copenhagen Amagertorv 8,094
22 Prague Na Príkope Street 8,008
23 Prague Václavské Námestí 7,932
24 Amsterdam Kalverstraat 7,888
25 Munich Theatinerstraße 7,604
7,494
Source: BNP Paribas Real Estate Research
26 Copenhagen Østergade
27 Berlin Tauentzienstraße 7,095
28 Copenhagen Købmagergade 6,964
29 Brussels Rue Neuve 6,772
30 Berlin Kurfürstendamm (East) 6,609
*
The Top 30 includes the following categories: 1-Mass-to up-market Prime Streets
2 - Mixed Prime Streets (offer stretching from mass-market to luxury)
RETAIL BNP Paribas Real Estate 7
Structure of downtown retail cores
A correlation links the footfall to the spatial structure of city core areas.
Where cities present a single retail core, focused on 2 to 3 prime
streets, highest numbers are achieved on these streets (Munich, Du- Destination cities by International
blin, the Scandinavian cities, Prague and Zurich for example). Inversely, due
to their large catchment areas, London, Berlin and Paris do not have a
Overnight visitors 2016 (million)
single core but rather have multiple clusters; hence they achieve a record London 19,06
footfall on their two iconic and most visible streets while more “modest” Paris 15,45
traffic – nonetheless good performances for retailers – is achieved for the Istanbul 9,16
remaining clusters. 8,36
Source: Mastercard Global Destination Cities 2017
Barcelona
8,36
Transport hubs and urban regeneration play main role as well in heavy
Amsterdam
8,17
footfall figures.
Milan
7,09
Prime streets located near transport hubs -like Oslo and Helsinki- take
Rome
6,42
advantage from the flows of these hubs. Urban regeneration creates
Vienna
6,11
not only an improved shopping environment, but also rejuvenates
Prague
5,51
the market supply by attracting new retailers and investors. Warsaw,
Vienna and Lisbon have recently experienced such outcomes. New retail Dublin
Role of tourism
schemes develop flows as well, they can even shift the retail focal point
as seen in Amsterdam.
Alongside the major metropolitan areas, a
group of smaller cities boast a worthy po-
sition in terms of flows. The cities include
for example Vienna, Dublin, Zurich and
Stockholm which feature in the Top 20 of
mass-market prime streets.
The local economic and cultural character of
these towns has a significant impact on these
numbers. However, tourism clearly stands out
as a key driver of footfall, all the more so as
counting was undertaken in June, when tourism
enters the peak periods and sunshine hours
are at a maximum in Scandinavia.
Indeed, there is a direct correlation
between the Top 10 Foreign Overnight
visitors in Europe and the footfall.
Rankings indicate that, in addition to
the “big names” in absolute terms (i.e.
London, Paris, Barcelona or Milan), a
group of smaller European cities has
recorded noteworthy volumes in visi-
tor attendance over the 2009-2016
period, namely Prague, Amsterdam,
Vienna and Dublin.FOOTFALL - TOP LUXURY
HIGH STREETS
Europe TOP 20
In the luxury high street sector, the Top 5 figures are
recorded by France, Spain, UK and, a step behind,
Denmark, (all achieving over 7,000 pedestrians per
hour). The top five streets are “iconic” walkway pre-
Footfall, Luxury Prime Streets (pedestrians/hour)
cincts which enjoy a high degree of tourist activity. MIXED * LUXURY *
In addition, they are not “pure” luxury as their offers
cover the entire range from mass-market to luxury; Ranking dCity Location Class Footfall counting
10,277
hence the heavy footfall is made up of a full extent of
1 Paris Av. des Champs Elysées
10,132
customer profiles both local and visitors.
Genuine luxury prime streets are dominated by Italy: 2 Barcelona Passeig de Gracia
Rome’s Via Condotti which leads to Piazza di Spagna is 3 London Regent Street 9,252
the top luxury spot in terms of footfall.
4 Copenhagen Amagertorv 8,094
7,494
Here, the survey indicates two clear categories of
luxury precinct: 5 Copenhagen Østergade
- Areas located on the way to a major tourist site (castle, 6 Rome Via dei Condotti 6,545
museum, etc.) benefit from major tourist flows in addition 7 London Old Bond Street 5,564
5,003
to high-profile regular clients. These locales record the
8 Rome Via del Babuino /Piazza di Spagna
4,744
highest footfall after the Top 5. For example, Kohlmarkt
(Vienna), Pohjoisesplanadi (Helsinki), Bahnhofstraße - 9 Vienna Kohlmarkt
South (Zurich) and Pařížská Street (Prague). 10 Zurich Bahnhofstraße (South) 4,064
3,738
- Luxury precincts that are more remote from heavy
11 Helsinki Pohjoisesplanadi
3,376
flows. These locations such as Avenue Montaigne (Paris),
Boulevard de Waterloo (Brussels), Andrassy út (Budapest) 12 Stockholm Biblioteksgatan
and Voukourestiou Street (Athens) tend to be the “chic” 13 London South Molton Street 3,298
2,932
addresses for very high-net-worth customers – both local
14 Milan Via Montenapoleone
2,814
and international; hence a lower footfall is to be expected.
This does not translate into lower turnovers; it is usually 15 Prague Pařížská Street
2,746
Source: BNP Paribas Real Estate Research
the contrary. 16 London New Bond Street
17 Madrid Calle Serrano 2,384
18 Frankfurt Goethestraße 2,194
19 Oslo Nedre Slottsgate 2,056
20 Paris Rue Saint-Honoré 2,042
* The Top 20 includes the following categories: 1-Luxury Prime Streets
2 - Mixed Prime Streets (offer stretching from mass-market to luxury)
RETAIL BNP Paribas Real Estate 9Unparalleled variety and creative placemaking
define London’s retail scene
T
he London retail market continues to defy second most visited city in the world attracting
expectations of a significant post Brexit 19.06 million foreign visitors in 2016.
retail slowdown. The capital’s international Whilst the currency discount from Brexit ins-
appeal as a top shopping destination and pired devaluation has undoubtedly attracted
its position as a prominent cultural and educa- some opportunistic retail tourism, it is the un-
tional centre ensure that visitor numbers remain rivalled retail offer of the West End which pro-
high and sales values grow. London remains the vides major allure. - Purchasing power, GFK 2016 with UE 42=Base 100
- Overnight international visitors 2016, Mastercard
Sources: City population 2016, BNP PRE Research,
- Metropolitan region population 2015, Eurostat
Global Destination Cities Index 2017
Population (million) Population (million) Overnight Foreign Purchasing Power Purchasing Power
City Metropolitan region Visitors (million) (per capita) - In € (per capita) - Index
8.67 13.84 19.06 27,146 198.6
RETAIL BNP Paribas Real Estate 11LONDON
Regent’s Park
JOHN LEWIS and HOUSE OF FRASER
MARYLEBONE
Department Stores
HIGH STREET 1,656 13,560 OXFORD STREET
1,194 CHEAPSIDE (*)
Paddington Railway Tottenham
and Tube Stations SELFRIDGES Court Road Tube
REGENT STREET
Department Store
9,252 3,514 LONG ACRE
SOUTH MOLTON STREET 3,298 2,746
Marble Arch Tube Bank Tube
St Paul’s
Covent Garden Piazza
NEW BOND STREET
Cathedral
Picadilly Circus
Hyde Park London Bridge
OLD BOND STREET 5,564
Tube
FORTNUM & MASON
Department Store
HARVEY NICHOLS London Eye
Knightsbrigde Tube
Department Store Buckingham Palace
HARRODS Department Store 708 SLOANE STREET
Westminster
PETER JONES Cathedral
Department Store Rent €/sqm/month Footfall (pedestrians per hour)
KING’S ROAD 1,802 1,781
Sloane Square Tube Day of count : 10.06.2017
OLD BOND STREET
From Mass Market to Up Market
1,119
©BNPPRE Research - D&A
OXFORD STREET Mixed (Mass Market to Luxury)
Luxury
REGENT STREET 916 (*) Cheapside - Countings potentially impacted
downward by Rapha Nocturne race circuit
Prime rent without key money for a store unit 0 500 1 000 m
Exchange rate £/€: 1,1341 - Q3 2017
2,746
Regent Street, Kings Road Bond, Sloane and South A
and Marylebone High Street Molton Streets
The UK - London luxury B C
pas de données footfall
Regent Street continues to attract Bond Street remains Footfall / hour
Ne
international retailers seeking flagship the global luxury street
w
Bo
A- BURBERRY 21-23
stores. TheNewCrown Bond Street
Estate’s placema- in London. Whilst some
nd
Str
B- CHANEL 159 New Bond alsoStreet
D
king of the street draws consu- of the sky high premiums
E ee
t
C- LOUIS VUITTON 17/20 New Bond Street
mers and traffic free events (Summer witnessed a few years ago have
D- RALPH
Streets, LAUREN
NFL) have 1 New Bond
ensured varietyStreet
in the retailing reduced, sustained international demand has ensured
experience.
E- CARTIER 175-177 New Bond Street that upward pressure still exists for the best units. Cha- F
G
The Kings
F- TIFFANY &CORoad remains Chelsea’s25 Old main retail Street
Bond destina- nel and Louis Vuitton have been the traditional drivers of
tion.
G- PRADA It has benefitted from initiatives from
16- 18 Old Bond Street the Cadogan footfall. Recent additions include jeweler Tasaki, Chloe and
Estate, with areas such
34asOldDuke of York Square being Alaia. Sloane Street continues to provide a platform for large
H
H- GUCCI Bond Street
used for events which help generate footfall. Occupier format stores but generally benefits from seasonal trade. Recent
demand remains strong and vacancy rates stood at upsizes were made by Fendi and Hermès, and Burberry have
4.8% in Q3 2017. signed to relocate to Chelsfields K1 development. A flurry of
Marylebone High Street, one of the most prestigious recent activity was observed on South Molton Street, a street
pitches, has benefitted from deliberate placemaking which has always been a little cyclical in terms of occupational
as well – the Howard de Walden Estate has transfor- demand; rents have grown recently.
med the area into a retailing and leisure location which
appeals to both tourists and residents. Rents have re- A BURBERRY D RALPH LAUREN G PRADA
corded years of strong rental growth. B CHANEL E CARTIER H GUCCI
C LOUIS VUITTON F TIFFANY & CO.
Source: BNP Paribas Real Estate Research
12 BNP Paribas Real Estate RETAILOxford Street, Long Acre and Cheapside
Oxford Street records the highest the presence of Seven Dials to the north
13,560
Footfall / hour
footfall in our survey. Its world leading and Covent Garden to the south ensures
department stores such as Selfridges an edgy mix.
and John Lewis attract tourists and Cheapside continues to thrive as the primary
domestic shoppers alike. The street area for the City. Because of the surrounding shopper
continues to attract global retailers recently seeing demographic (high percentage of financial professionals),
Reserved, Simit Sarayi and Jurlique set up shop. Whilst retail provision is mass- to up-market (Hugo Boss, Ted
the eastern end continues to improve with impending Baker, Massimo Dutti). The low footfall in comparison to
opening of Crossrail, the western area around Bond Street the other areas reflects that it is really a weekday retail
station has seen rents grow; vacancy is lower at 4.8%. location as fewer people are in the area at the weekend.
In Long Acre, & Other Stories and Amorino have recently
opened. Whilst it tends to attract mid-market retailers,
H
F
D
C G
A B E
treet
Oxford S
A SELFRIDGES E NEXT
B FOREVER 21 F HOUSE OF FRASER
C DISNEY STORE G RIVER ISLAND
D DEBENHAMS H TOPSHOP
Source: BNP Paribas Real Estate ResearchCombining innovative concepts and unrivalled
diversity, Paris is a worldwide city for retailing
B
enefitting from a greater area of 12 million Europe for Sunday opening and has generated
inhabitants, Paris supports a huge number additional sales for retailers. Visitor numbers
of shops (about 62,000 stores) and boasts are showing positive signs of growth in 2017,
a multiplicity of high street retail clusters. a trend that is to continue with Paris hosting
In addition to local demand, a major driver is the Olympic Games in 2024. Demand from new
tourism as Paris is the second1 most visited entrants is vibrant across all activities who often
city in terms of foreign visitors in Europe. The test concepts through "pop up" stores. There is
creation of ZTI (International tourist zones) also strong entrant demand from the food and
allows the city to match rival destinations in beverage sector seeking space in Paris.
- Purchasing power, GFK 2016 with UE 42=Base 100
- Overnight international visitors 2016, Mastercard
Mastercard Global Destination Cities Index 2017
Sources: City population 2016, BNP PRE Research,
- Metropolitan region population 2015, Eurostat
Global Destination Cities Index 2017
Population (million) Population (million) Overnight Foreign Purchasing Power Purchasing Power
City Metropolitan region Visitors (million) (per capita) - In € (per capita) - Index
2.20 12.09 15.45 28,541 208.8
1
RETAIL BNP Paribas Real Estate 15PARIS
St-Lazare Railway
ST-LAZARE PARIS Shopping Center Station, Metro and RER Rent €/sqm/month
1,833
Charles de Gaulle - PASSAGE DU HAVRE LE PRINTEMPS and GALERIES LAFAYETTE
Arc de Triomphe Department Stores AV. DES CHAMPS ELYSÉES
Etoile Metro, RER Shopping Center
1,083
CHAM AV. DES 8,143 BD HAUSS
AVENUE MONTAIGNE
MANN
PS EL 10,277 625
YSEE
S
BOULEVARD HAUSSMANN
Opera
714 2,042 RUE S
Prime rent with key money for a store unit
E AIN
IGN
LE FORUM DES HALLES
T -HO
Concorde
TA
ON
Footfall (pedestrians per hour)
NOR
Square Shopping Center
.M E
Chatelet - BHV
AV
Day of count : 10.06.2017
From Mass Market to Up Market Les Halles Department Le Marais district
Metro, RER Store
Mixed (Mass Market to Luxury)
RUE
DE R
Louvre Museum
IVOL RUE
Luxury
I 2,468 BOUDES FR
BD S
4,790 RGE ANC
0 250 500 m
Orsay Museum
OIS S
A
Eiffel Tower
INT-
GER
Notre-Dame
MAI
Champs de Mars
2,856
Cathedral
N
Park Hôtel de Ville
LE BON MARCHE
Department Store Saint-Michel Bastille Square
Metro, RER
2,142
ES
ES
ENN
BEAUGRENELLE
4,334 DE SEVR
DE R
Shopping Center
RUE
©BNPPRE Research - D&A
RUE Luxembourg
E
5,504
ERC
Garden
OMM
DU C
Montparnasse
Railway and Metro
RUE
Stations
Avenue Montaigne Rive Gauche (Left Bank)
and Rue Saint-Honoré Major streets situated on the
Left Bank balance renewal of
Near the Champs Elysées, Avenue Montaigne is the the retail mix with maintaining
n front of Long- premier address for luxury in Paris and worldwide.
The street attracts very high-profile clients so conse-
the atmosphere that the Left
Bank is known for.
quently a reduced footfall. Prestigious stores include Boulevard Saint-Germain, Rue de Sèvres
Armani, Dior, Chanel, Fendi, Jimmy Choo, Louis Vuitton, and Rue de Rennes have greatest attraction
nt HonoréGucci, Valentino, Versace and Saint Laurent. whereas Rue du Commerce has a more vibrant
Honoré Rue Saint-Honoré is the 2nd most sought-after district cluster.
nt Honoréplace for upscale and luxury brands, especially Recent transactions in the area include Artling,
nt Honoréin its western part. The street features the Balibaris, Collector Square and Vanessa Seward.
nt Honorérecently opened 2nd Vuitton flagship at the
2,042
e Saint Honoré
corner of Place Vendôme, Balenciaga, Brio-
nt Honoréni, Coach, Diptyque, Dolce & Gabbana, A C
nt HonoréGoyard, Furla, Fendi, Longchamp, Marc B
D E
Jacobs and Guerlain.
F
A & OTHER STORIES E TOM FORD G Footfall / hour
B F
Ru
VALENTINO COACH eS
ain
t-H
C G
o no
LONGCHAMP EMPORIO ARMANI ré
D FENDI H GOYARD H
Source: BNP Paribas Real Estate Research
16 BNP Paribas Real Estate RETAILRive Droite (Right Bank) Avenue des Champs Elysées
Boulevard Haussmann is world The 1.9 km iconic shopping avenue attracts the highest
famous due to iconic flows. It is home to mass-market retail flagships as well
department stores, Galeries as to exclusive venues (Cartier, Louis Vuitton, Le Fou-
Lafayette and Printemps, quet’s restaurant). It also includes a wide spectrum with
mps Elysées (Mau- complemented by a mass-
market offer (H&M, Zara, C&A, Uniqlo).
cinemas, cafés and restaurant, car showrooms (Mercedes,
Renault), fashion stores and varied activities (Adidas, Nike, Sephora, M.A.C,
8 With the refurbishment of spectacular Forum Fnac, Monoprix, Disney). With the announcement of Apple and Galeries
des Halles mall now complete, Rue de Rivoli Lafayette to open in 2018, the battle for available space is fierce.
es Champs-Élysées
prepares for a new event with the up-coming
s Champs-Élysées A D
Source: BNP Paribas Real Estate Research
re-opening of the high-end Samaritaine LOUIS VUITTON TIFFANY & CO.
B E
. des Champs-Élysées
department store, an attractive 19th century SEPHORA FIVE GUYS
s Champs-Élysées
C F
building currently under redevelopment; as a
GUERLAIN CHANEL
. des Champs-Élysées
result, the area attracts new-comers seeking a
s Champs-Élysées
high profile location. G ZARA
s Champs-Élysées
Rue des Francs-Bourgeois / Le Marais pitch Ave
nue H ABERCROMBIE & FITCH
s Champs-Élysées
thrives by welcoming “affordable luxury” des
Cha
mp
brands looking for new premises at attractive sE
A
lys
C
ées
rent levels. A noteworthy trend is the opening
B
10,277
D
of genuine luxury stores, especially in cosmetics,
F
with Chanel and Diptyque moving in.
E G
H
Footfall / hourExperiencing buoyant times,
Madrid’s prime streets recompose and expand
S
pain’s improved economy with a better Increased appetite from national and interna-
labour market and consumer spending tional retailers, is leading to redevelopment in
is energising downtown retail. Vigorous core areas and in some cases being extended
tourism is also boosting sales: 50.3 million further like Serrano, Salamanca district and
passengers arrived at Barajas airport in 2016 Gran Vía Street located in the Center. New
(+7.7 % vs 15i) and 5.2 million foreign visitors precincts such as Arenal, El Carmen or Azca are
in 2016ii (2nd most visited city in Spain) with evolving, the latter having grown significantly
i - Source www.airport-business.com, ii - Source: Mastercard Global Destination Cities Index 2017
U.S.A, UK, France and Germany as visitors’ main with the entries of Decathlon, Mango, Bershka
countries of origin. and the largest Zara worldwide (6,000 sqm).
- Purchasing power, GFK 2016 with UE 42=Base 100
- Overnight international visitors 2016, Mastercard
Sources: City population 2016, BNP PRE Research,
- Metropolitan region population 2015, Eurostat
Global Destination Cities Index 2017
Population (million) Population (million) Overnight Foreign Purchasing Power Purchasing Power
City Metropolitan region Visitors (million) (per capita) - In € (per capita) - Index
3.17 6.39 5.24 18,372 134.4
RETAIL BNP Paribas Real Estate 19MADRID
Footfall (pedestrians per hour) ABC SERRANO
CALLE DE JOSE ORTEGA Y GA
Shopping Center
696 SSET
Day of count : 10.06.2017
From Mass Market to Up Market
Mixed (Mass Market to Luxury)
Luxury EL CORTE INGLES
CALLE
Department Store
0 200 400 m
FUENC
SERRANO 52 MAN
Rent €/sqm/month PLATEA Department Store
255
ARRAL
2,384
CALLE DE PRECIADOS Food market mall
Serrano Metro
240
1,608
CALLE SERRANO
CALLE DE GOYA
MERCADO DE
CALLE DE ORTEGA Y GASSET 220 SAN ILDEFONSO
Food market National
EL JARDIN DE SERRANO
9,196
Prime rent without key money for a store unit
Archaeological Museum
Shopping Center
EL CORTE INGLES
SERRANO
MERCADO SAN
CALLE
Department Store
ANTON Food market
9,956 GRAN
Retiro Metro
VIA
Callao
Metro
Puerta de Alcala Arch El Retiro Park,
Gran Via
10,292
Glass Palace
CALL IADOS
PREC
Metro
©BNPPRE Research - D&A
E DE
Puerta del Sol
Metro
EL CORTE INGLES
Department Store Puerta del Sol square,
Touristic district
Calle de José Ortega y Gasset Calle Serrano
Building on genuine exclusive positioning, elegant José Ortega y In Salamanca district, Ser-
Gasset Street has proved a select address for high-wealth regular rano stands out as a key
clients, therefore a reduced but focused traffic. business and retail avenue.
Vacancy is low and its prestigious operators comprise Dior, Chanel, The retail spectrum is
Jimmy Choo, Escada, Loro Piano, and Valentino. After a high level large, with luxury repre-
of request from luxury brands to establish operations in Madrid, a stabilisation in senting 20% of the offer on a perimeter
demand may be seen in the next couple of years. positioned between Alcalá and Goya/Hermo-
696
A E
silla streets, and Don Ramón de la Cruz to
CARTIER BULGARI José Ortega y Gasset streets.
B DIOR F ESCADA On-going renovation is occurring on the high-
C G
end section between Alcalá and Jorge Juan
JIMMY CHOO HERMES
D H
streets. Mass-market offer occupies the re-
Footfall / hour TIFFANY & CO. CHANEL maining stores, and a segment from José
Source: BNP Paribas Real Estate Research Ortega y Gasset to Juan Bravo is under re-
generation too.
Vacancy is limited and recent ope-
nings comprise the first city-centre Ikea
A
C E
in Spain (2,500 sqm), Mango (2,000 sqm),
Hugo Boss, Carrera y Carrera, new stores
B
Calle de José Ortega y Gas of El Corte Inglés, and a Loewe flagship
D G
set
H
(1,000 sqm) after their store extension at n°34.
F
20 BNP Paribas Real Estate RETAILGran Via, Preciados, Fuencarral and Goya Streets
The Centre district provides a sqm), Adidas (1,800 sqm), Five Guys and Ale-Hop. A FIVE GUYS
B
mass-market offer (90% of the A famed walkway, Calle Preciados is highly visited
BURGER KING
stores) stretched over five due to magnets such as Mediamarkt (3,800 sqm)
streets which concentrate most and El Corte Ingles Department Store among C NIKE STORE
of Madrid’s high street retailing others; hence the highest rental level in Madrid D
Source: BNP Paribas Real Estate Research
ZARA
E
over 500+ stores. Gran Vía has undergone (€255/sqm). Fuencarral Street differentiates on
LEFTIES
extensive transformation which has strengthened
F
a young and “alternative” fashion position (i.e.
its role as a key destination due to powerful hipster and trendy brands) with recent opening PRIMARK
flagship stores. It is also a popular leisure and including Decathlon (2,400 sqm), Scalpers, Guess, G H&M
H
tourist area across night and day, mixing cinemas, Puma, Birkenstock and H&M.
ADIDAS
theatres and restaurants in addition to its Located in Salamanca district, Goya Street is
complete fashion offer. the other place in Madrid for a family retail offer.
Newcomers are Primark (12,400 Current availability is very limited and often require
a considerable premium to be paid to gain tenancy.
9,956
A B C E
D F G
Gran Vía
Footfall / hour
HMilan, global fashion capital, deeply
influences retailing worldwide
T
he 2nd largest metropolitan area in Italy every year, Milan is one of the most cosmopo-
by population, Milan is considered Italy’s litan cities in Europe.
top financial hub. It is the capital of the The city is internationally recognised as one of
country’s most thriving region, Lombardy, the most influential global fashion lifestyle ca-
which with 10 million inhabitants, is Italy’s lar- pitals which has recently reinforced its position,
gest GDP contributor (10% of total GDP). by hosting the Universal Exposition (EXPO) in
With millions of tourists and business visitors 2015 attracting more than 20 million visitors. - Purchasing power, GFK 2016 with UE 42=Base 100
- Overnight international visitors 2016, Mastercard
Sources: City population 2016, BNP PRE Research,
- Metropolitan region population 2015, Eurostat
Global Destination Cities Index 2017
Population (million) Population (million) Overnight Foreign Purchasing Power Purchasing Power
City Metropolitan region Visitors (million) (per capita) - In € (per capita) - Index
1.35 4.29 8.17 25,708 188.0
RETAIL BNP Paribas Real Estate 23MILAN
VIA
D EL
LA S
PIG
VIA
2,027
A
Parco Sampione Park
MO
Sforza Castle
NTE
NA
POL
EON
2,932
E
Cairoli
Metro
5,330
La Scala Theater
San Babila
Metro
II
UELE
LA RINASCENTE
MAN
VIA
RIO E
Department Store
TO
GALLERIA VITTORIO EMANUELE II
DA
O VIT
NTE
CORS
Shopping Passage
Footfall (pedestrians per hour)
Day of count : 10.06.2017 Duomo Metro and
8,598
From Mass Market to Up Market Tramway Stations Duomo
Rent €/sqm/month
6,562
Mixed (Mass Market to Luxury) Cathedral
Luxury VIA MONTENAPOLEONE 500
Palazzo Reale
250
0 100 200 m
©BNPPRE Research - D&A
Novecento Museum
Museum CORSO VITTORIO EMANUELE II
165
INO
TOR
VIA DANTE
VIA
Prime rent without key money for a store unit
2,932
Via Montenapoleone and Via della Spiga
Via Montenapoleone is a core destination for luxury and
premium brands. Its quality retail offer means the street sees
limited vacancy and rapid re-letting periods. The street Footfall / hour
A
hosts numerous iconic fashion brands such as Gucci,
B
Valentino, Rolex, Bulgari, Prada and Hermès; it
C
attracts both flows of tourists and local high-wealth regular
customers for its unique offer and for fashion and design events.
apoleone,Via
16della Spiga is part of “Quadrilatero della Moda”, Milan’s
apoleone,high-end
14 high street district and it connects Via Manzoni to main
apoleone,Corso
12 Venezia Avenue.
apoleone,Amongst
9 all streets within the "Quadrilatero", Via della Spiga is the only D
apoleone, 5
pedestrian street offering a unique shopping experience.
apoleone,Shoppers
5/7 feel like they are on a fashion runway surrounded by well-renowned
E
national
apoleone, 6 and international brands such as Tiffany & Co., Dolce & Gabbana, Tod’s,
apoleone,Prada
2 and Moncler. F
G
Vi
a
A E
M
on
CARTIER ETRO
te
B F
na
H
po
LA PERLA GUCCI
leo
C G
ne
HERMES PRADA
D OMEGA H ARMANI
Source: BNP Paribas Real Estate Research
24 BNP Paribas Real Estate RETAILCorso Vittorio Emanuele II, Via Dante and Via Torino
A
Corso Vittorio Emanuele II retail redevelopment and repositioning
FURLA
B
is a prime mass-market retail with major institutional investors
destination in Italy and completing investments and acquisitions. CARPISA
Europe. Via Torino ranks as one of the most C NADINE
D
It benefits from a high level famous mass-market retail destinations
Source: BNP Paribas Real Estate Research
TISSOT
E
of footfall anchored by one of Europe's major in Milan. Stretching along a 700- sqm-
department stores, La Rinascente, and a long circuit, it features a thorough retail MAX&CO
high number of major fashion retailers such offer, including brands such as Zara, F BENETTON
G
as Zara, H&M and Foot Locker. The street Nike and Mango all located in the most
H
ZARA
H
shows a very limited vacancy rate and strong attractive section of the street, next to
DIESEL
demand for quality space. Major national and Piazza Duomo.
e II
international retailers target the pedestrian nuel
E ma
Corso for flagship stores and competition rio
to
is fierce to secure the best retail premises. o Vit
8,598
rs
Co
G
Furthermore, the nearby Piazza del Liberty will
F
E
host the first Apple Store in Milan city center.
Via Dante stands out as an important mass-
market pedestrian precinct which connects
the crowed Piazza Duomo central square D
Footfall / hour
A
to the much visited Castello
Sforzesco Castle. Via Dante, with
circa 70 stores (OVS, Sephora, Geox) B
is currently undergoing substantial CThe most favoured choice in Germany for market
entrants and “pop-up” stores
B
erlin is Germany’s main shopping des- across the municipal area. But this is something
tination. No other German city is more that retailers actually consider a major advan-
cosmopolitan or attracts greater numbers tage, because the diversity enables them to
of tourists. Nevertheless, in the German address specific target groups. One clear-cut
footfall ranking, Berlin’s shopping streets are in sign of the dynamism of the retail scene here
midfield placing only. The reason for this is the is that since 2013, Berlin-Mitte has registered
wealth of different precincts spread broadly 600 lettings and openings. - Purchasing power, GFK 2016 with UE 42=Base 100
- Overnight international visitors 2016, Mastercard
Sources: City population 2016, BNP PRE Research,
- Metropolitan region population 2015, Eurostat
Global Destination Cities Index 2017
Population (million) Population (million) Overnight Foreign Purchasing Power Purchasing Power
City Metropolitan region Visitors (million) (per capita) - In € (per capita) - Index
3.52 5.07 4.94 19,990 146.2
RETAIL BNP Paribas Real Estate 27BERLIN
Berlin Zoo
Zoological Garden ,
Footfall (pedestrians per hour) Aquarium
Day of count : 10.06.2017
Railway Station, Rent €/sqm/month
320
Metro and S-Bahn
From Mass Market to Up Market STILWERK TAUENTZIENSTRASSE
Mixed (Mass Market to Luxury) Department Store BIKINI BERLIN
240
Kaiser Wilhelm Shopping Center
Luxury KURFÜRSTENDAMM
Memorial Church
120
0 200 400 m NEUES KRANZLER ECK EUROPA-CENTER
Shopping Center Shopping Center ROSENTHALER STRASSE
T
6,609 7,095 AUENTZ
IENS
Prime rent without key money for a store unit
Uhlandstrasse
TRA
Metro
KARSTADT S SE
AMM
Kurfuerstendamm
RSTEND
KURFUE
Department Store
1,414
Metro
KADEWE Bahnhof Wittenbergplatz
Department Store Metro
Hackescher Markt District
ROSENTHALER STRASSE Weinmeisterstrasse
NEUE SCHOENHAUSER
Metro
STRASSE
HACKESCHE HÖFE
2,050
Retail Passage
3,762 ALEXANDERPLATZ
GALERIA KAUFHOF
Rent €/sqm/month
320
Monbijou Park
Department Store TAUENTZIENSTRASSE
Hackescher Markt
240
Tramway and S-Bahn
DIE MITTE KURFÜRSTENDAMM
4,431
©BNPPRE Research - D&A
Alexanderplatz Railway Shopping center
120
Station, S-Bahn and Metro
Aquadom ROSENTHALER STRASSE
Museum Sea Life Fernsehturm ALEXA BNP Paribas Real Estate - Q2 2017
Island Shopping Center
0 100 200 m RATHAUS PASSAGEN
Shopping Center
3,762
A
Tauentzienstrasse,
Rosenthaler Strasse and Alexanderplatz
Whilst the Kurfürstendamm label ba&sh on Neue Schönhauser Strasse and Footfall / hour
and Tauentzienstrasse are eyewear brand Ace&Tate on Alte Schönhauser
the two most important Strasse established operations in Hackescher
fall: 3 762 shopping streets in City Markt. The most heavily frequented Hackescher
Centre West, Berlin also Markt location, with almost 3,800 shoppers an
o ff e r s n uRosenthaler
m e ro u s m i cStraße
ro - l o c a42
tions of hour, is still Rosenthaler Strasse.
e
Rosenthaler Straße 40-41
trass
significance to retailers. Definitely deserving Southeast to Hackescher Markt is the well-
B
STORE a mention Rosenthaler
is HackescherStraßeMarkt,50
ler S
not least known Alexanderplatz square, which features
Hackescher Markt 2-3
C
ntha
because of the role it plays for the market entry two new retailers in Germany: Topshop in
Rosenthaler
of international operators. Straße 49 Galeria Kaufhof department store and Mister
Rose
Retailers thatRosenthaler
have enteredStraße
here are34-35
El Ganso, Spex in the Alexa mall.
Eleven Paris Rosenthaler Straße
and the world’s 13Adidas
first The footfall count in this precinct was just over D
Running-Store Rosenthaler StraßeThe
on Münzstrasse. 34-35
fashion 4,400 per hour. E
A GRANIT E OAKLEY
B HKMX-STORE F PUMA
C G F
HUGO BOSS NIKE STORE G
D MANGO H UNIQLO H
Source: BNP Paribas Real Estate Research
28 BNP Paribas Real Estate RETAILKurfürstendamm (East) Kurfürstendamm (West)
With a length of 3.5 kilometers, the Kurfürstendamm is one of the The luxury section of the
longest shopping streets in Germany and no other location in Ku'damm hosts prestigious
the country presents a greater range of shopping from mass-market brands like Gucci, Escada
(East part) to luxury (West part). and Budapester Schuhe. In
New premises in direct vicinity to the boulevard are maintaining a this year’s count, it registe-
large variety of offer. Notable examples here include the landmark building Upper red around 1,400 pedestrians an hour com-
West which opened in spring, the Zoom with anchor tenant Primark, as well as the pared to the 6,600 figure on its Eastern
planned Mall of Ku'damm on former Karstadt site. In the future, these developments mass-market section.
could have a positive impact on the footfall figures in this top precinct.
A TOMMY HILFIGER F HUGO BOSS
B COS G C&A
C H
H
ASICS H&M
D
ast)
TESLA amm (E
F
tend
E
fürs
D
APPLE Kur
E
C
Source: BNP Paribas Real Estate Research
6,609
G
B
A
Footfall / hour- Purchasing power, GFK 2016 with UE 42=Base 100
- Overnight international visitors 2016, Mastercard
Sources: City population 2016, BNP PRE Research,
- Metropolitan region population 2015, Eurostat
Global Destination Cities Index 2017
AMSTERDAM Population (million) Population (million) Overnight Foreign Purchasing Power Purchasing Power
City Metropolitan region Visitors (million) (per capita) - In € (per capita) - Index
0.83 2.68 8.36 18,850 137.9
A shift of Amsterdam’s core retail centre
Central station
Footfall (pedestrians per hour)
Day of count : 10.06.2017
IJK
From Mass Market to Up Market
6,588
END
Mixed (Mass Market to Luxury)
UW
Luxury
NIE
0 200 400 m Dam DE BIJENKORF
Department Store
HUDSON’S BAY
RAAT
Department Store
7,888
Rent €/sqm/month
KALVERST
KALVERSTRAAT 258
LEIDSESTRAAT 217
213 AT
TRA
KALVERTOREN
SES
PIETER CORNELISZ HOOFTSTRAAT Shopping Center
©BNPPRE Research - D&A
LEID
4,352
Prime rent without key money for a store unit
Leidseplein
LISZ
E R C ORNE AT
PIET OFTSTR A
HO
1,768
Vondelpark
Van Gogh Museum,
Rijksmuseum Pieter Cornelisz Hooftstraat
Stedelijk Museum P.C. Hooftstraat, strategically located
in the affluent Oud Zuid district, is the
A
Netherlands' main luxury high
msterdam's market performance remains strong, driven by continued street with a footfall of over 1,750
entry of new retailers, growth in consumer spending and tourism. pedestrians per hour.
The supply side is active with the upcoming completion of deve- Footfall doubled over the past four years after the
lopment schemes to meet persistent high demand for large units. opening of new stores, including the iconic Chanel
The main shift is being observed downtown, where the retail centre of brand, and the improvement of public space there.
gravity is gradually moving towards the Rokin/Nieuwendijk/Kalverstraat The rising number of high-wealth foreign tourists
area. Gravity shift is a direct result of the completion of the Hudson's Bay visiting Amsterdam undoubtedly contribute to the
flagship store (Rokin area) of Nowadays (Nieuwendijk area) and of Rokin strong performance of the area. Consequently, persistent
Plaza (Rokin/Kalverstraat area). demand from new retailers is challenging landlords and
The inauguration of a new metro line in 2018 - with a stop at Rokin - will developers to create additional retail floor space in
further accelerate the shift. Amsterdam's luxury high street.
30 BNP Paribas Real Estate RETAIL7,888 A
B
Footfall / hour
11
13-17
Nieuwendijk, Kalverstraat and Leidsestraat
31-33
C
With a footfall of nearly 7,900 This slight decline is possibly due to the
35-37 per hour, Kalverstraat shift of Amsterdam's core retail centre to the
48/52 heads up the country’s Nieuwendijk/Kalverstraat/Rokin area. D
E
66-72 busiest high streets. Retail Although reduced footfall may also be the
100-106 attractiveness and traffic result of temporary side effects from ongoing
114 have increased over the past couple of years major redevelopments at the former V&D
because of economic recovery and the opening department store and Kalvertoren shopping
of prime new flagship stores (Forever 21, Pull centre near Leidsestraat.
& Bear, Urban Outfitters and Topshop). F
A
Located north of Kalverstraat and extending
FOREVER 21
B
directly from it, Nieuwendijk ranks 2nd best in
terms of traffic with nearly 6,600 pedestrians PULL AND BEAR
per hour. C URBAN OUTFITTERS
D
The street recorded tremendous growth in
Source: BNP Paribas Real Estate Research
MANGO
aat
E
flows, even higher than Kalverstraat over the
G
erstr
last two years, due to the completion of the TOPSHOP
F
Kalv
Nowadays project (Primark, Zara and JD Sports ZARA
H
G
flagship stores).
FOOT LOCKER
H
In the South, Leidsestraat’s at 4,350 per hour
H&M
is experiencing loss of momentum.
RETAIL BNP Paribas Real Estate 31- Purchasing power, GFK 2016 with UE 42=Base 100
- Overnight international visitors 2016, Mastercard
Sources: City population 2016, BNP PRE Research,
- Metropolitan region population 2015, Eurostat
Global Destination Cities Index 2017
ATHENS Population (million) Population (million) Overnight Foreign Purchasing Power Purchasing Power
City Metropolitan region Visitors (million) (per capita) - In € (per capita) - Index
0.66 3.82 2.68 10,801 79.0
Prime streets fueled by foreign demand
Footfall (pedestrians per hour)
Day of count : 10.06.2017
From Mass Market to Up Market
Mixed (Mass Market to Luxury)
792
Luxury ATTICA
0 50 100 m Department Store
IOU
R EST
CITYLINK
U
KO EET
VOU STR
Shopping Center
ERMOU STREE
T
Rent €/sqm/month 3,014
200
Parliament
VOUKOURESTIOU STREET
ERMOU STREET 180 Metro Syntagma
Square
©BNPPRE Research - D&A
Average rent for a store unit
National Park
Acropolis
Voukourestiou Street
D
emand focused mainly on premium Ermou Street with a Voukourestiou Street is Athens' most luxurious
vacancy rate close to zero and ongoing entries like the fashion and accessories destination with, for
launch of Forever 21 in Greece. Key downtown areas instance, jewellers such as Bulgari, Cartier and
(Kolonaki, Panepistimiou and Stadiou Streets) are taking Kessaris, and exclusive brands like Dior, Prada,
advantage of larger numbers of tourists visiting Athens. Out of Louis Vuitton, Hermès, Tod's and Zadig et Voltaire.
town, major high street sectors (Kifissia, Sotiros/Piraeus and Part of Voukourestiou Street is formed by one of the four streets which
Glyfada) register higher demand due to lack of available space. used to enclose the former large building of the Army Pension Fund,
Rental levels reached their bottom in 2016. Given the combi- now transformed into Attica Department Store and the headquarters
nation of low vacancy in prime areas and readiness to expand of the Piraeus Bank. Three theatres and cafés plus restaurants, among
by retailers, rental increase is on the horizon. This prospect which is the well-known café Zonars, complement this luxury pitch.
itself may prompt moves by retailers aiming to take advantage Anchoring this area that hosts the majority of the high-end boutiques
of current rent conditions. in central Athens, is the Athens City Link mall.
32 BNP Paribas Real Estate RETAILErmou Street
thens Ermou Street is a thriving pedestrian destination
A D
Source: BNP Paribas Real Estate Research
BERSHKA SEPHORA
B E
combining modern retail activity with old-town
FOREVER 21 MANGO
traditional shops with a lively atmosphere. Its bustling
pavements are lined with large stores, boutique C MARKS & SPENCER F H&M
50
46
designer shops, little snack bars and coffee shops.
G ZARA
H
The street has long been one of the most expensive to rent in Europe,
CER 33 NIKE STORE
it has been regaining momentum and in 2017, it is again the most
24
expensive street in Greece.
20
Ermou Street features many international
11
retail chains such as Forever 21, Mango,
A
9
Benetton, Marks & Spencer, H&M, Zara,
1 B
Stradivarius, Oysho, Nike, Bershka,
D E
C
Sephora, Tiger, Mothercare and Adidas
3,014
among others. The influx of retailers
F
G
Ermou
means that vacancy rates are almost zero.
H
Footfall / hour- Purchasing power, GFK 2016 with UE 42=Base 100
- Overnight international visitors 2016, Mastercard
Sources: City population 2016, BNP PRE Research,
- Metropolitan region population 2015, Eurostat
Global Destination Cities Index 2017
BARCELONA Population (million) Population (million) Overnight Foreign Purchasing Power Purchasing Power
City Metropolitan region Visitors (million) (per capita) - In € (per capita) - Index
1.61 5.43 8.36 18,776 137.3
Tourism drives strength of retail axis
Casa Batlló,
Casa Lleó Morera Rent €/sqm/month
275
PA
SS
AV. DEL PORTAL DEL ANGEL
EIG
Passeig de
RA 245
DE
MB
Gracia
GR
LA
Metro PASSEIG DE GRACIA
AC
DE 175
IA
CA
TAL 10,132
CARRER DE PELAI
UN
A
Prime rent without key money for a store unit
4,468
EL CORTE INGLES
Department Store
EL TRIANGLE
AV
. DE
Shopping mall
LP
4,810
Catalunya
OR
10,216
Universitat
CARRER DE PELA
TAL
Metro
I
Metro
DEL
AN
GEL
Barcelona Cathedral,
3,914
Old touristic district
DE LA SA
RER
CAR AFERRIS
T
POR
Footfall (pedestrians per hour) LA BOQUERIA
Day of count : 10.06.2017 Open air food Market
©BNPPRE Research - D&A
From Mass Market to Up Market
Mixed (Mass Market to Luxury)
Luxury
0 100 200 m
Gran Teatre del Liceu
B Passeig de Gràcia
eing a cosmopolitan and lifestyle metro-
polis, Barcelona boasts a vivid tourism
industry. Ranked in the Top 5 European
With a record footfall, the Paseo takes advantage of the pre-
destinations by international overnight
sence of the two most visited attractions: Casa Batlló and
visitors(1) in 2016, it has welcomed 2.68 million
Casa Mila (by Gaudí). It is Barcelona’s most prestigious street,
cruise passengers (+5.6% compared to 2015)
home to the highest number of exclusive brands. Luxury ac-
and 44 million travelers at El Prat airport(2).
counts for 66% of the offer with more than ninety stores inclu-
Successful startups, research centres and multi-
ding Bulgari, Furla, Manolo Blahnik and Valentino. The rest of the street positions
national firms intensify a vivid retail scene with
from mass-market to premium, with well-known international chains including
the largest luxury sector after Madrid.
flagship stores of Apple, Zadig & Voltaire, Nespresso and Uniqlo.
(1) Sources: Mastercard Global Destination Cities Index 2017,
(2) Barcelona Port and Barcelona Airport Vacancy is low and if a good opportunity emerges, it will see intense competition.
34 BNP Paribas Real Estate RETAILAvenida del Portal del Angel,
Carrer de la Portaferrissa, Rambla
de Cataluña and Carrer de Pelai
10,132
The rest of downtown Barcelona’s prime pitches are
genuine mass-market, taking around 70% of the offer
A
and stretching over a large geographic area.
B Portal del Angel is extremely busy and in the heart
Footfall / hour
Pa
of the medieval city. Leading to the old Cathedral,
s
se
ig
this pedestrianised street features a pure mass-market profile (91%
d
C
eG
of stores) with no vacancy and the highest rent level: €275/sqm/
rà
E
cia
month. The avenue extends to Carrer de la Portaferrissa, a narrow
F
D
cobbled axis with varied retailers (many young fashion stores are here)
occupying smaller units.
G
La Rambla de Cataluñais the city’s popular night-and-day family
H
shopping promenade. As with Plaza de Cataluña, this street has
experienced significant development in recent years and retail presence
has strengthened. The retail scene includes a majority of bars and
A NIKE STORE E & OTHER STORIES restaurants as well as mass-market fashion stores. Compared to the
B F
previous streets, La Rambla presents affordable rent levels for a
COS EMPORIO ARMANI
C G
newcomer to the market.
ZARA APPLE STORE
Carrer de Pelai benefits from a strategic location close to Plaza de
D H&M H EL CORTE INGLES Cataluña main square and to the University; its offer complements the
Source: BNP Paribas Real Estate Research one of Il Triangle prime mall.
RETAIL BNP Paribas Real Estate 35- Purchasing power, GFK 2016 with UE 42=Base 100
- Overnight international visitors 2016, Mastercard
Sources: City population 2016, BNP PRE Research,
- Metropolitan region population 2015, Eurostat
Global Destination Cities Index 2017
BRUSSELS Population (million) Population (million) Overnight Foreign Purchasing Power Purchasing Power
City Metropolitan region Visitors (million) (per capita) - In € (per capita) - Index
1.19 2.49 2.39 17,478 127.8
Essentially cosmopolitan,
the city is a key spotlight in Europe
Footfall (pedestrians per hour)
Day of count : 10.06.2017
2,370
From Mass Market to Up Market
Mixed (Mass Market to Luxury) Royal Park
Luxury and Castle GALERIE TOISON D’OR
Porte de Namur
0 200 400 m Metro Shopping Center
CITY2 GALERIE LOUISE
Rogier Central Shopping Center
AV. ON D’O
TOIS
Shopping Center Railway Station
WA
Metro, Tramway
BD D RLOO
SE
DE L R
OUI
INNO
TE
RUE
E EL
A
358 ENU
Department Store
NEU
AV
Museum
VE 6,772
THE MINT District
Shopping Center
3,183
Stock Exchange Louise
Metro, Tramway
De Broukere Grand Place Square
Metro, Tramway INNO
GALERIES ANSPACH Department Store
Shopping Center
Place de la Bourse
Sainte-Catherine Metro
Rent €/sqm/month
1,328
Square
RUE NEUVE 163
138
©BNPPRE Research - D&A
NE
TOI RT
BOULEVARD DE WATERLOO
N
A E 108
RUE ANSA
AV. DE LA TOISON D'OR
D Prime rent without key money for a store unit
H Boulevard de Waterloo
ome to European institutions and many multi-
national headquarters, Brussels is a cosmopo-
litan city. It is a defacto capital for Europe and
is enriched by cultural and economic inflows Remote from massive flows, the Boulevard stands, along with
from around the world. southern Avenue Louise, as the most prestigious and “chic”
In retail, the city is engaged in long lasting and fierce address in the city. Prized by high-wealth customers,
competition with Antwerp for first place in Belgium. therefore a low traffic, it hosts exclusive brands with
Good at attracting innovative newcomers, Brussels activities like haute-couture, jewels, designers and fine food.
maintains prime position. The future opening of The Offers include Bulgari, Salvatore Ferragamo, Christofle, Hackett London, La
Mint will put high street retail in the spotlight. Maison du Diamant and the brand new “Rolex, by Hall of Time” store.
36 BNP Paribas Real Estate RETAILYou can also read
