CONTENTS

01GLOBAL RETAIL RENTS

02 GLOBAL RETAIL TRENDS

03MARKET SUMMARIES
01
GLOBAL
RETAIL RENTS
GLOBAL RETAIL RENTS
THE KEY FIGURES

RENT Q2 2019
LOCAL
RANK RANK US$/SQ.FT/ €/SQ.M/ RENTS
2019 2018 MARKET CITY LOCATION YEAR YEAR Jun 2019
Hong Kong,
1 1
China
Hong Kong Causeway Bay 2,745 25,965 1,787
Upper 5th Avenue
2 2 USA New York
(49th - 60th Sts)
2,250 21,295 2,250
3 3 United Kingdom London New Bond Street 1,714 16,222 2,250
Avenue des Champs
4 4 France Paris
Elysees
1,478 13,992 19,000
5 5 Italy Milan Via Montenapoleone 1,447 13,700 13,700
6 6 Japan Tokyo Ginza 1,251 11,838 400,000
7 7 Australia Sydney Pitt Street Mall 1,076 10,185 16,500
8 9 Switzerland Zurich Bahnhofstrasse 866 8,195 9,100
9 8 South Korea Seoul Myeongdong 862 8,163 893,091
10 10 Austria Vienna Kohlmarkt 513 4,860 405
11 11 Mainland China Beijing Wangfujing 471 4,453 2,900
12 12 Germany Munich Kaufinger/Neuhauser 469 4,440 370
13 13 Ireland Dublin Grafton Street 401 3,794 6,750
14 15 Greece Athens Ermou 361 3,420 285
14 14 Spain Barcelona Portal de L'Angel 361 3,420 285
16 17 Singapore Singapore Orchard Road 312 2,957 35
17 16 Netherlands Amsterdam Kalverstraat 301 2,850 2,850
18 19 Czech Republic Prague Na Příkopě 298 2,820 235
19 18 Russia Moscow Stoleshnikov 288 2,728 196,000
20 21 India New Delhi Khan Market 243 2,302 1,400 Data relates to prime retail
rents in €/sq.m/year

Rank 2019
A complete list of global retail rents can be found at the end of the slide deck,
Rank 2018
after the Market Summaries.

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GLOBAL RETAIL RENTS
REGIONAL ANALYSIS – EUROPE, MIDDLE EAST & AFRICA

EMEA KEY FACTS MOST EXPENSIVE LOCATIONS BY CITY

2019 RENT 2018 RENT
MOST EXPENSIVE US$/ 2019 RENT US$/ 2018 RENT
RETAIL LOCATION 2019 2018 CITY MARKET DISTRICT SQ.FT/YR €/SQ.M/YR SQ.FT/YR €/SQ.M/YR
1 1 London United Kingdom New Bond Street 1,714 16,222 1,744 16,071
London's New Bond Street,
United Kingdom 2 2 Paris France Avenue des Champs Elysees 1,478 13,992 1,519 13,992

US$1,714/sq.ft/yr 3 3 Milan Italy Via Montenapoleone 1,447 13,700 1,466 13,500

€16,222/sq.m/yr 4 4 Rome Italy Via Condotti 1,321 12,500 1,249 11,500
5 5 Zurich Switzerland Bahnhofstrasse 866 8,195 854 7,872
6 6 Venice Italy Calle San Moisè 761 7,200 651 6,000
MOST AFFORDABLE
7 8 Florence Italy Via Roma 666 6,300 630 5,800
RETAIL LOCATION
8 7 Cannes France La Croisette 622 5,891 640 5,891
Abu Dhabi, C, UAE 9 9 Vienna Austria Kohlmarkt 513 4,860 515 4,740
US$18/sq.ft/yr 10 10 Munich Germany Kaufinger/Neuhauser 469 4,440 482 4,440
€171/sq.m/yr
11 11 Dublin Ireland Grafton Street 401 3,794 412 3,794
12 12 Berlin Germany Tauentzienstrasse 393 3,720 410 3,780
STRONGEST RENTAL GROWTH 12 13 Frankfurt Germany Zeil 393 3,720 404 3,720

Windhoek, Namibia 14 13 Hamburg Germany Spitalerstraße 387 3,660 404 3,720

+38.9% 15 17 Geneva Switzerland Rue de Rhone 381 3,602 375 3,460

16 16 Dusseldorf Germany Konigsallee 368 3,480 378 3,480
16 15 Cologne Germany Schildergasse 368 3,480 384 3,540
BIGGEST RENTAL DECLINE
18 21 Athens Greece Ermou 361 3,420 326 3,000
Dar es Salaam, Tanzania 18 18 Barcelona Spain Portal de L'Angel 361 3,420 365 3,360
-35.7% 20 20 Madrid Spain Serrano 349 3,300 345 3,180

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GLOBAL RETAIL RENTS
REGIONAL ANALYSIS – AMERICAS

AMERICAS KEY FACTS MOST EXPENSIVE LOCATIONS BY CITY

2019 RENT 2018 RENT
MOST EXPENSIVE US$/ 2019 RENT US$/ 2018 RENT
RETAIL LOCATION 2019 2018 CITY MARKET DISTRICT SQ.FT/YR €/SQ.M/YR SQ.FT/YR €/SQ.M/YR
1 1 New York USA Upper 5th Avenue (49th - 60th Sts) 2,250 21,295 2,250 20,733
New York's Upper 5th Avenue
2 2 Los Angeles USA Rodeo Drive (Beverly Hills) 895 8,471 875 8,063
(49th - 60th Sts), USA
3 3 San Francisco USA Union Square 650 6,152 700 6,450
US$2,250/sq.ft/yr
€21,295/sq.m/yr 4 4 Chicago USA North Michigan Avenue 400 3,786 450 4,147
5 5 Miami USA Lincoln Road 220 2,082 250 2,304
6 6 Toronto Canada Bloor Street 206 1,952 229 2,106
MOST AFFORDABLE
7 9 Vancouver Canada Robson Street 153 1,446 139 1,281
RETAIL LOCATION
8 8 Palm Beach USA Worth Avenue 150 1,420 150 1,382
Calgary, 17th Avenue SW, Canada 9 7 Washington DC USA Georgetown 140 1,325 145 1,336
US$29/sq.ft/yr 10 10 Montreal Canada Saint-Catherine West 134 1,265 133 1,228
€275/sq.m/yr 11 11 Philadelphia USA Walnut Street 130 1,230 125 1,152
Del Mar Heights Blvd
12 12 San Diego USA 105 994 105 968
(Suburban Del Mar Heights)
STRONGEST RENTAL GROWTH
13 13 Mexico City Mexico Masaryk 97 918 103 945
Bogotá, Zona Rosa (*Ex- Zona T), 14 14 Boston USA Newbury Street 90 852 100 921
Colombia 15 15 Seattle USA CBD/Core 78 738 75 691
+62.5%
16 20 Bogotá Colombia Zona Rosa (*Ex- Zona T ) 72 686 45 411
17 18 São Paulo Brazil Oscar Freire Jardins 69 658 63 583
BIGGEST RENTAL DECLINE Calle peatonal Florida. From Av. Cordoba to
18 16 Buenos Aires Argentina 67 633 75 688
Av. Corrientes_4 blocks
Washington DC, Penn Quarter, USA
19 17 Rio de Janeiro Brazil Garcia D'avilla (Ipanema) 63 592 72 663
-25.0%
20 n/a Santiago Chile Providencia/Avenida Providencia 1822-2382 55 522 n/a n/a

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GLOBAL RETAIL RENTS
REGIONAL ANALYSIS – ASIA PACIFIC

ASIA PACIFIC KEY FACTS MOST EXPENSIVE LOCATIONS BY CITY

2019 RENT 2018 RENT
MOST EXPENSIVE US$/ 2019 RENT US$/ 2018 RENT
RETAIL LOCATION 2019 2018 CITY MARKET DISTRICT SQ.FT/YR €/SQ.M/YR SQ.FT/YR €/SQ.M/YR
1 1 Hong Kong Greater China Causeway Bay 2,745 25,965 2,671 24,606
Hong Kong's Causeway Bay
2 2 Tokyo Japan Ginza 1,251 11,838 1,219 11,232
US$2,745/sq.ft/yr
€25,965/sq.m/yr 3 3 Sydney Australia Pitt Street Mall 1,076 10,185 964 8,882
4 4 Osaka Japan Shinsaibashisuji/Midosuji 938 8,878 914 8,424
5 5 Seoul South Korea Myeongdong 862 8,163 908 8,364
MOST AFFORDABLE
6 6 Beijing Greater China Wangfujing 471 4,453 492 4,532
RETAIL LOCATION
7 7 Melbourne Australia Bourke Street 457 4,321 482 4,441
Hyderabad, Raj Bhavan 8 8 Shanghai Greater China West Nanjing Road 394 3,726 403 3,706
Road/Somajiguda, India 9 10 Singapore Singapore Orchard Road 312 2,957 304 2,806
US$16/sq.ft/yr 10 9 Brisbane Australia Queen Street Mall 294 2,778 310 2,855
€148/sq.m/yr
11 11 Shenzhen Greater China Luohu 276 2,611 281 2,587
12 12 New Delhi India Khan Market 243 2,302 237 2,186
STRONGEST RENTAL GROWTH 13 13 Guangzhou Greater China Tianhe Sports Centre 242 2,293 224 2,066

Chennai, Anna Nagar 14 14 Kuala Lumpur Malaysia Suria KLCC 232 2,194 223 2,058

2nd Avenue, India 15 15 Taipei Greater China Ximen 217 2,053 205 1,887
+25.0% 16 16 Ho Chi Minh City Vietnam Best Achieved Shopping Mall (GF) 184 1,741 190 1,746
Central Retail District (CRD)
17 22 Bangkok Thailand 142 1,345 132 1,219
(Rajprasong/Sukhumvit street)
BIGGEST RENTAL DECLINE 18 18 Hanoi Vietnam Best Achieved Shopping Mall (GF) 139 1,319 145 1,336
Taguig (Metro Manila), 19 19 Mumbai India Linking Road, Western Suburban 139 1,316 137 1,263
Bonifacio High Street, Philippines 20 17 Nanjing Greater China 134 1,272 154 1,419
-28.6%

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02
GLOBAL
RETAIL TRENDS
GLOBAL RETAIL TRENDS

RAPID GROWTH FLEXIBILITY – INCREASING EVOLUTION OF

OF ONLINE SPACE AND LEASES POLARISATION SHOPPER MISSIONS

GROWTH SEISMIC CHANGES IMPORTANCE SOCIAL, ETHICAL &

OF MIXED-USE DRIVING INNOVATION OF TECHNOLOGY ENVIRONMENTAL ISSUES

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GLOBAL RETAIL TRENDS
ONLINE RETAIL SALES ARE GROWING RAPIDLY

Bar chart showing UK Internet < 5% 5-10% 10-15% 15-20%

30
Sales as a % of Total Retail Sales
and flags denoting the approximate
shares of online in a select number
of markets. 25

In many markets, national

statistical offices do not collect online
sales data, while definitions and 20
methodology can vary.

% 15

10

Sources: Office for National Statistics, National

Statistical Offices, Cushman & Wakefield Estimates.
Forecasts for UK online sales are estimates based on 0
the current growth rates for online and total retail sales
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 E 2025 E 2030 E
and how this trend may evolve in the next decade.

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GLOBAL RETAIL TRENDS
ONLINE RETAIL – IT CAN BE DIFFICULT TO QUANTIFY THE VALUE OF THE STORE IN TODAY’S OMNI-CHANNEL WORLD

Not All ‘Online’ Sales Take The ‘Halo Effect’ –

Place Exclusively Online… Stores Can Help Drive Online Sales Within Catchment

180%

160%

140%

120%

100%

80%

60%

40%

20%
Pure Online Showrooming
0%
Inspired by a store Click & Collect Homewares Leisure Goods Sportswear Fashion Consumer Electronics Average

Source: CACI 2019 Source: CACI 2019

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GLOBAL RETAIL TRENDS
ONLINE RETAIL – THE INTERNET HAS OPENED UP MASSIVE OPPORTUNITIES FOR RETAILERS AND BRANDS

Retail E-Commerce Sales Worldwide, 2014-2023

7,000

6,000

5,000

4,000
US$ billion

3,000

2,000

1,000

0
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Source: Statista

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GLOBAL RETAIL TRENDS
FROM ONLINE TO OFFLINE, MORE DIGITALLY NATIVE STORES TAKING PHYSICAL SPACE

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GLOBAL RETAIL TRENDS
MORE FLEXIBILITY IN TERMS OF FLOORSPACE AND LEASES, WITH GREATER COOPERATION BETWEEN
RETAILERS AND LANDLORDS

CONTINUED GROWTH
IN FLEXIBLE SPACE

EVOLUTION OF
LEASING MODEL

LANDLORD & RETAILER

COOPERATION

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GLOBAL RETAIL TRENDS
NOT ALL RETAIL IS EQUAL AND THE MARKET HAS BECOME INCREASINGLY POLARISED

Increasing Polarisation

COUNTRIES CITIES SECTORS

Rental Trends by Region

(based on % of locations)

100%

80%

60%

40%

20%

0%
2017 2018 2019 2017 2018 2019 2017 2018 2019
Asia Pacific EMEA Americas

Growing Stable Declining

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GLOBAL RETAIL TRENDS
RETAIL WILL BE INCREASINGLY DEFINED BY THE SHOPPING MISSION

DESTINATION PURPOSE CONVENIENCE

Less frequent trips which are Fairly frequent trips for Short but more frequent trips,
primarily focused on spending a specific purpose. normally for a ‘top-up’ shop.
a day out in a location. Examples Examples
Examples • Grocery/Food Stores • In-town food stores
• Outlet Centres • Retail Parks/Strip Centers • Newsagents
• Regional Shopping Centres • High Street – small cities/towns
• Large City Centres

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GLOBAL RETAIL TRENDS
WHEREVER YOU LOOK, MIXED-USE IS INCREASINGLY A COMMON THEME...

BATTERSEA POWER STATION BARANGAROO GRAND HOTEL DIEU THE UNION

LONDON, UK SYDNEY, AUSTRALIA LYON, FRANCE DALLAS, USA

MOSHIDA PLAZA PAARIJAT ECLAT & PRIVILON Y2 PROJECT

SHANGHAI, CHINA AHMEDABAD, INDIA TOKYO, JAPAN

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GLOBAL RETAIL TRENDS
SEISMIC CHANGES IN RETAILING ARE DRIVING INNOVATION, LEADING TO NEW FORMATS & CONCEPTS

GALERIES LAFAYETTE STARBUCKS NOW

FRANCE, PARIS CHINA, BEIJING
Hybrid retail model with more than 660 First ‘Starbucks Now’ retail format, which
brands, smart hanger technology, offering combines the signature Starbucks café
food court services and used for hosting environment with Mobile Order & Pay and
fashion shows and other events. Starbucks Delivers customer experiences.

BOOTS MCDONALD'S TO GO
UK, LONDON UK, LONDON
The 2,600 sq.m new-look flagship store A new grab and go format with no seating
focused on wellness and exciting new area, smaller self-order screens and reduced
beauty brands. menu of freshly prepared products. GALERIES LAFAYETTE

LULULEMON LUSH
USA, CHICAGO TOKYO, JAPAN
Experiential store with a restaurant, yoga and The largest Asian flagship store in Tokyo.
meditation space, and a concierge desk. Offering interactive experiences, dynamic
design and innovative technology.
AESOP
AUSTRALIA, SYDNEY
A global flagship store with an amphitheatre
where shoppers can watch an Aesop film or
sit and relax.

BOOTS

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GLOBAL RETAIL TRENDS
TECHNOLOGY IS INCREASINGLY IMPORTANT IN DRIVING CUSTOMER ENGAGEMENT

SAMSUNG NATUZZI ITALIA DELIVEROO

UK, LONDON USA, NEW YORK SINGAPORE, ALICE@MEDIAPOLIS

The 1,900 sq.m store (digital platform) with the latest cutting Natuzzi’s augmented store is combining technological solutions Deliveroo rolls out futuristic ‘food market’ in Singapore,
edge technology, where visitors can take part in a series of like virtual and augmented reality, holographic display, advanced powered by a fully-automated dining experience. It is the
events, workshops and performances. 3D modelling and interactive product configurator to offer an largest and most advanced site yet.
engaging and exciting shopping experience.
Source: https://www.samsung.com Source: https://www.natuzzi.us Source: https://sg.deliveroo.news/

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GLOBAL RETAIL TRENDS
EVER INCREASING IMPORTANCE OF SOCIAL, ETHICAL AND ENVIRONMENTAL ISSUES

ADIDAS PARLEY STELLA MCCARTNEY VERSACE

TACKLING OCEAN PLASTIC A FLAGSHIP STORE IN LONDON LEED CERTIFIED STORE IN BEIJING
Shoes made from upcycled ocean plastic waste collected from incorporating sustainability, fashion and luxury. built using materials and fixtures with the ‘highest sustainability
remote islands, beaches and coastal communities. standards in mind’.

Source: www.adidas.com Source: Stella McCartney Source: Versace

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OUTLOOK FOR RETAIL

Technology
Further shift Experience, Moving into
Physical retail Retailers need to drive
to online purpose ‘beyond retail’
will survive! fewer stores customer
& omni-channel & convenience phase
engagement

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03
MARKET
SUMMARIES
EUROPE, MIDDLE
EAST & AFRICA
MARKET SUMMARIES
EUROPE, MIDDLE EAST & AFRICA

BELGIUM BULGARIA DENMARK

The main trend has been a marginal decrease in Driven by tenant activity and a limited number of Currently, the Danish retail market is
prime rents in the major cities, with a growing new projects in 2018 and 2019, headline rents in experiencing a period of stagnation, with a large
polarisation between prime and secondary Sofia have continued to increase in both degree of caution among occupiers who are less
locations and small and larger units. A number shopping centres and the major high streets. willing to take risks. However, general interest
of opportunistic retailers have been successful Much of the market is focused on shopping remains fairly solid. Landlords are so far
at renegotiating rents in the best locations, while centres and the restructuring of a number of resisting retailer pressure to drive down
larger units are increasingly difficult to let. The schemes has created opportunities for new occupational costs and, as a result, leasing
Food & Beverage sector is extremely active and brands to expand. Main streets remain attractive volumes have decreased. There is therefore a
the wider market is seeing considerable mostly for cafés and restaurants, as well as gap between retailer and landlord expectations,
innovation, with the emergence of new formats, flagship stores. Active sectors include grocery, but the market has yet to see a significant
concepts and technologies. While Belgian retail home décor, fashion and footwear. adjustment in rental levels.
is undergoing structural change, it is clear that
the physical store will continue to play a major CZECH REPUBLIC FINLAND
role in the retail landscape. The Czech market continues to attract new Key recent trends include strong demand for prime
international brands, notably in the clothing and locations and the ongoing change in tenant mix to
F&B sectors. Shopping centre development focus more on retail services such as F&B, health
remains limited and focused on refurbishments, & beauty and well-being. While an influx of new
which is maintaining a healthy balance between supply may put rents under pressure in the short
supply and demand. The market is approaching term, the longer-term demographic and
maturity and its remaining potential is largely in expenditure forecasts for the Helsinki Metropolitan
mixed-use developments, downtown and public Area (HMA) are positive and should allow the
transport hubs. market to absorb the new space.

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MARKET SUMMARIES
EUROPE, MIDDLE EAST & AFRICA

FRANCE GREECE IRELAND

Occupier interest for prime space remains Recent activity has been driven mainly by Recent activity has been focused on Dublin, with
relatively robust and rents are well-supported in fashion-related and F&B operators, with the the majority of openings being Food & Beverage
Paris and other large cities, particularly for smaller latter comprising mostly local brands. Prime (F&B) across the prime high streets and major
units. However, demand for second tier locations – rents are stable, with retail supported by a shopping centres. While the impact of ongoing
where footfall has been declining – has become steadily improving economic backdrop, rising Brexit negotiations is being felt, demand for
much more selective and this is expected to impact consumer spending and a buoyant tourism retail space remains healthy, including fashion
on values. Rents for medium and larger units sector. Particularly significant spending and leisure as well as F&B. Indeed, the leisure
outside of the major cities look most at risk of a increases have been seen in outlet centres – segment continues to evolve quickly and several
mark down, given that supply generally outweighs around 35% – indicating a general trend towards UK and European operators are seeking space
demand for this kind of stock. cheaper but branded markets. in Dublin. On a cautious note, the retail market is
going through seismic change and there is
GERMANY HUNGARY ‘noise’ from a number of retailers about the
Retail sales forecasts are generally upbeat, but Hungary’s recent strong economic performance possibility of using the CVA process to reduce
there are concerns over the economic outlook, not has filtered through to the retail property market store numbers and work towards a leaner cost
least with respect to international trade and the which, together with growing tourism, has base, in tandem with developing a more multi-
ongoing restructuring in the car industry. Structural sustained occupier demand for prime locations. channel approach.
change continues to impact the retail sector In addition, the limited amount of new
meanwhile, with the growth of online and development in the last few years has helped to
consumers’ increasing expectations around the boost rents in the main high streets. As with
shopping experience putting retailers under Western Europe, the ‘experiential’ aspect of
pressure. Demand from fashion operators remains retailing is becoming increasingly important and
strong and there have been recent new entrants there is a strong focus on F&B and leisure.
from the US, Netherlands and Italy. Other active
sectors include F&B, specialised food and non-
food stores, fast moving consumer goods and
health & beauty, fitness and wellbeing.

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MARKET SUMMARIES
EUROPE, MIDDLE EAST & AFRICA

ITALY NETHERLANDS POLAND

Retailer demand is polarized between luxury Despite the buoyant economy, rising wages and The Polish market remains buoyant, as
brands still eager to take space in the top improved consumer spending, the retail sector has demonstrated by the continuing influx of
locations and the more mass-market brands experienced a more lacklustre performance and a international retailers. Development activity has
who are realigning their store networks to face number of retailers went into administration in the also remained strong, although the focus has
the challenges posed by the growth of online. first half of 2019. New entrants to the market are switched from the larger cities to smaller urban
Overall, this has dampened activity in the more focusing on the top 5 to 10 retail locations in the centres, with over 40% of this year’s supply
secondary high streets, while larger units are country, rather than pursuing a strategy of scheduled to be delivered in cities with less than
experiencing longer vacancy periods both in nationwide coverage. This is reflected in the 200,000 inhabitants. Mixed-use schemes
prime and secondary locations. Indeed, where difference in availability, with smaller towns seeing combining residential, retail, services, F&B,
possible, landlords are breaking down units into a higher proportion of empty shops. cultural, entertainment and office functions are
smaller spaces. The F&B segment continues to also increasing, with three such projects
grow, while consumers increasingly appreciate NORWAY expected to open in Warsaw in the next
high quality store design and stylish interiors. The retail market in Norway remains two years.
challenging, but demand for space on the main
LUXEMBOURG streets has stabilized. Occupancy rates in prime PORTUGAL
Activity on the high street has been more muted locations are high, but secondary locations are Occupier activity in 2019 has been strong, with
than for shopping centres and retail parks and experiencing rising vacancy and downward a healthy number of leasing transactions and a
prime rents have recently softened, with a pressure on rents. F&B continues to account for continuing flow of new international brands into
significant proportion of demand having been a growing proportion of the occupier base, but the market. High street retail accounted 67% of
absorbed by Galeries Lafayette and the Cloche the expansion of the sector is beginning to slow. deals in the first nine months of the year, with
d’Or shopping centre. However, the opening of Retailers are divided in to two main camps: restaurants the most active sector accounting for
the Royal Hamilius development in 2019 is retailers who are adapting to the shift in 55% of deals, followed by fashion with 13%.
expected to give a boost to rents in the medium consumer buying patterns, and those who have High street retail has experienced a resurgence
term, while the recently opened Cloche d’Or not quite managed to innovate and develop in recent years, helped by a shortage of space in
scheme has led to increased leasing activity, concepts to face the current challenges. the main shopping centres, which are also
with more than 100 retail units complementing Norway’s retail market is undergoing a seeing a positive performance on the back of
the Auchan supermarket. comprehensive structural change, but it is clear refurbishments and expansion.
that consumers will still want to shop in physical
stores and that retail is not experiencing a so-
called ‘apocalypse’.

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MARKET SUMMARIES
EUROPE, MIDDLE EAST & AFRICA

ROMANIA RUSSIA SPAIN

New development has been a major driver of the As with other markets in Central & Eastern Spain has been one of the better performing
Romanian market in 2019, with developers Europe, new development continues apace, retail markets and demand for retail space in the
expected to add a total of 140,000 sq.m in the notably in and around Moscow. The occupier thoroughfares of the major cities remains
form of new schemes or extensions during the market is active, with many retailers developing buoyant. Rental values in the best locations are
year. The new space will be delivered in major new formats (including online operations and at record highs on the back of sustained demand
cities, including Bucharest and Timisoara, and in mini formats) and collaborating with other from traditional retailers, as well as new entrants
smaller cities such as Sibiu, Satu Mare and operators. Delivery services are becoming such as F&B operators, car manufacturers and
Zalau. South African developers remain the a key feature of the retail offer and both offline tobacco companies offering a ‘brand experience’.
most active, including NEPI Rockcastle, MAS and online retailers are expanding existing and While occupiers are active, many are increasingly
Real Estate/Prime Kapital and Atterbury (in a creating new delivery options for customers. cost-sensitive, even though store sales, online
joint-venture with Iulius Group). Strong retail International brands continue to enter the services and the ‘showroom’ are now seen as
sales growth has prompted activity across all the market, with many new retailers opening their one operation, whereby the return on rent paid is
retail categories, with discounters aiming to first outlets as a department store concession – more difficult to quantify. However, the market is
cover the smaller cities, while premium fashion a route considered to be lower risk. in good health and, while rents are generally
brands have been targeting the dominant stable, modest growth may yet be seen in the
shopping centers in Bucharest and other large SLOVAKIA best high streets.
cities, such as Timisoara and Cluj-Napoca. Prime rents are stable as the maturing market
leads to greater competition among shopping
centres, which are working increasingly hard to
maintain footfall. The current market is therefore
favourable to tenants and is beginning to
polarise, with demand for the best locations still
relatively firm, in contrast to more secondary
locations where activity is much weaker. Key
trends include the expansion and improvements
in the F&B, leisure & entertainment sectors, as
well as a broader offer in retail services.

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MARKET SUMMARIES
EUROPE, MIDDLE EAST & AFRICA

SWITZERLAND New online retail platforms are entering the In addition, proptech innovations along with
Traditional bricks & mortar retail continues to face market, which will boost internet sales, while the changing business models have led to reduced
the challenges of the growth in online. However, refurbishment and repositioning of existing retailer take-up.
retailers that have incorporated e-commerce in their shopping centres will be a key trend going forward.
Rental levels have therefore been under
business models are in a position to take advantage pressure over the last 12 months and a growing
of the recent downward adjustment in rents, which UK number of tenants have been requesting
remain under pressure in secondary locations. On a Recent news on the UK’s retail market has been reductions, freezes and lower uplifts. In some
positive note, with the exception of cities with direct largely negative, as a perfect storm of structural cases, shorter lease terms are evident, while
exposure to cross-border shopping, prime rents change, higher costs and Brexit uncertainty many tenants have signed deals with lower rents
have stabilised and are expected to remain continues to exert pressure on retailers and and higher landlord fit-out contributions. Many
unchanged in the short term. Mainstream landlords. While prime rents in the major cities retailers are also focused on closing non-
department stores and shopping centres will have held up relatively well, rents in many profitable stores, with some large space users
continue to be challenged by the evolving retail secondary locations are in the process of reducing floor space requirements to reduce
landscape, with consumers now expecting a high recalibrating to more sustainable levels, as occupational costs and boost store profitability.
quality environment as standard. The most retailers realign their portfolios to suit the omni- As a result, availability has risen and landlords
successful destinations will be those which provide channel world. On a positive note, the current are having to come up with innovative ideas to
the right blend of tenants across services, leisure environment is leading to innovation and the fill vacant units and drive footfall.
and entertainment, combined with accessibility, growth of exciting new concepts, during what is
convenience and the integration of technology. an unprecedented period of change for the UK’s Across the different categories, the
retail landscape. grocery/supermarket sector has performed well,
TURKEY as has the luxury sector, pharmacy and personal
SOUTH AFRICA care. The F&B market remains active, with fast
The economic backdrop has seen a modest
food generally outperforming restaurants,
improvement, with a slowdown in the rate of The macro-economic backdrop has affected the
although consumers have reined back on eating
economic contraction, a more benign inflation retail environment, with households under pressure
out. The homewares and furniture markets
outlook and a reduction in interest rates. As a from rising living costs and falling disposable
remain under pressure. Online sales are
result, demand from opportunistic foreign buyers incomes. Political uncertainty before the 2019
growing, but the South African consumer still
is expected to accelerate for distressed retail elections was also unhelpful, with domestic
enjoys in-store shopping – with
assets. However, continued pressure on operators reducing their footprint while international
‘shoppertainment’ expected to remain a vital part
landlords is expected to lead to further rental tenants were cautious about market entry.
of shopping centres for the foreseeable future.
falls in line with currency volatility.

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AMERICAS
MARKET SUMMARIES
AMERICAS

ARGENTINA BRAZIL CANADA

The difficult economic backdrop has meant that Overall, the economic and political backdrop has Prime high street rents in Canada have
the retail market has struggled in the last year, had an impact on the retail sector, including the generally remained stable over the past year.
with a fall-off in retailer demand leading to main high streets. Fragile consumer confidence In addition to the rapid growth of online sales,
declining rents in the main high streets. has led to greater volatility in sales and a more rising real estate prices, elevated construction
Nonetheless, the occupier market remains uncertain trading environment in the last twelve costs and higher property taxes are making it
active. Major F&B occupiers are more willing to months, which has prompted many retailers to tough for retailers to turn a profit in markets such
relocate in search of lower rents and up-and- try and reduce minimum rents across the as Toronto and Vancouver. As a result, tenants
coming locations. New ventures such as country. In many instances, landlords have been are looking much more critically at location and
breweries or healthy and organic food forced to accept this in order to keep tenants – pricing, and this is driving demand for space
restaurants are also emerging, while demand although they have also been asking for higher within up-and-coming markets where gross rents
from traditional occupiers such as fashion has variable rents. are more competitive. The rental differential
tapered off, as many operators reconsider their between prime and good secondary locations is
On a positive note, the prime street Oscar Freire
business model and customer proposition. The therefore narrowing.
has been relatively immune from these trends.
online market is growing but is not yet large
Indeed, all the key streets in Brazil’s largest city Off-price retailers such as Winners, HomeSense
enough to have a significant impact on bricks
– Oscar Freire, Haddock Lobo and Alameda and Saks Off 5th continue to expand and a
and mortar.
Lorena – have recently seen a solid level of number of Asian retailers including MUJI,
leasing activity, with a variety of domestic and UNIQLO and new arrival Tan Mujiang (China)
international brands in the clothing, footwear and are also extending their presence. Canada also
F&B sectors all opening stores. In addition, the remains a key target for luxury brands, notably
major household appliance retailers are Bloor Street and the Yorkdale Shopping Centre,
expanding their store presence. Looking both located in Toronto. Retailers and landlords
forward, the economic outlook is steadily are rethinking business strategies and will focus
improving and growth in jobs and consumer increasingly on experiential retail, high-end
spending should filter through to the retail sector restaurants and entertainment, with a growing
in the coming months. number of schemes now also including a
residential component.

Cushman & Wakefield | Main Streets 2019 29

MARKET SUMMARIES
AMERICAS

CHILE Market activity has been driven by value- MEXICO

While the civil unrest has dominated the recent focused retailers (Latt Liv, Miniso, Casa Ideas, Rents have generally been edging down in the
headlines, Chile’s retail market remains buoyant Decathlon, Dollarcity), and brands with fresh and last year as a result of weaker demand,
on the back of a solid economic performance. In experiential concepts which provide a high level particularly at the luxury end of the market. The
Santiago, a growing population has also of customer service. Colombian consumers are number of new entrants has declined and larger
underpinned demand, helped by a good quality price sensitive and look for products and retailers have scaled back their expansion plans.
transport system which boosts the number of services to fit their budgets, so retailers tend to The F&B sector remains one of the most active,
city centre workers and shoppers. F&B and negotiate hard with landlords in order to reduce while a recent decrease in the development
boutique shops have been the most active operational costs. The F&B segment is currently pipeline should help to support values overall. E-
occupiers in the last year. Online sales are enjoying a boom, with many new local brands commerce is expanding rapidly, including heavy
growing but still only account for around 6% of emerging, focused on the cheaper high street investment from Amazon and other companies,
the total, so the impact on the market has so far locations. This has led to improvements in the while F&B apps are also growing quickly. It is
been limited. Overall, the market is expected to overall F&B offer, while also generating also noteworthy that the expansion of some
remain stable, with key economic indicators competition for the established operators. brands across Latin America (such as Miniso
generally supportive. Online sales are growing but account for only a and Starbucks) is driven by Mexican firms who
small proportion of retail sales. Consumers have own the master-franchises or the rights to
COLOMBIA yet to become fully comfortable with buying develop the brands across the whole region.
Despite a reasonably solid economic online, largely because of concerns around Indeed, Mexican retailers are teaming-up with
performance, retail rents have shown limited reliability, limited use of credit and debit cards international brands to help their expansion
movement in what is currently a tenant-friendly and product guarantees. However, the across the region including, on occasion,
market. Retailers have been working together importance of the customer ‘experience’ is investment in Mexican brands (Oxxo in Peru,
with brands in the same parent company which growing and locations which offer an all round for example).
has boosted their negotiating power. As a result, shopping and leisure experience for families are
this has prompted landlords and developers to in demand.
offer preferential rates.

Cushman & Wakefield | Main Streets 2019 30

MARKET SUMMARIES
AMERICAS

PERU USA
High street rents have been on an upward trend Along with the UK, the USA has been at the
as a result of a shortage of supply, although they forefront of the structural change taking place in
remain lower than in the major shopping the retail sector. Trends vary by location but,
centres. Numerous new brands have recently overall, the market is in better shape than a year
entered or will soon enter the market, including ago. Availability is down and prime rents in the
Ihop (F&B), Taco Bell (F&B), Miniso (mass main cities have generally stabilised – with growth
market), Oxxo (mass market), Smartfit (fitness), returning to a select number of key streets.
Rappi (delivery), Maserati (cars), Bentley (cars)
However, rents remain under pressure in some
and Xiaomi (technology). Retailers already
areas, notably in grade B locations.
present in the market continue to expand,
including Zara, H&M, Tambo and Starbucks, Many retailers are in ‘wait and see’ mode in
among others. Online shopping continues to terms of e-commerce, with some preferring to
grow and has significant potential, as the sign only five-year deals rather than the
conditions for purchasing and delivering the standard ten-years, given the uncertainty of
products adapt to consumers’ evolving needs. where the dust may finally settle. In contrast,
Given that the economic outlook is positive and numerous digitally native brands are testing
indeed one of the best in the region, the retail physical retail with short-term pop-up stores.
sector is expected to continue expanding and
Occupier demand is skewed towards
attracting new foreign retailers, while still
experiential retail, entertainment and
encouraging the growth of local brands.
bartainment concepts, with technology, boutique
fitness, speciality food and quick serve
restaurants particularly active. While F&B
remains a key driver of the market, higher costs
and increasing competition may dampen
demand going forward. On a positive note,
retailers focused on experiential formats will
continue to thrive, while retail as an amenity to
support live-work-play developments will also be
a major source of activity.

Cushman & Wakefield | Main Streets 2019 31

ASIA PACIFIC
MARKET SUMMARIES
ASIA PACIFIC

GREATER CHINA Following initial concerns about the impact of In Taiwan, recent rental trends have varied by
online on traditional retail, the focus has now location, with rents remaining stable in
China’s retail market continues to go from strength shifted to developing the ‘new retail’ model, which Zhongshan Nanjing and Taipei Railway Station.
to strength and, in some respects, leads the world blends the best of both in-store and online Rents in Ximen meanwhile increased on the
in terms of new development, technology and experiences. Shopping malls and retailers are now back of steady demand, supported by strong
innovation in the sector. While there are macro deploying smart technologies across the whole tourist numbers. In contrast, Zhongxiao recorded
influences, in a market as large and diverse as retail spectrum from merchandising to marketing a decline in rental levels as a result of weaker
China, trends can vary widely and often depend on and customer engagement, with the aim of footfall traffic, with shoppers tending to Xinyi and
a myriad of local supply and demand factors. As improving operational efficiencies, reducing costs Ximen instead. Health & beauty retailers have
such, rental trends in the last twelve months have and enhancing the customer shopping experience. continued to expand in the city’s major retail
varied across the major cities. hubs, notably in Ximen. As at mid-year, there
For the first half of 2019, the picture in Hong
However, there are a number of common themes Kong was a largely positive one. Tourist were fourteen cosmetics stores within 200-
being seen in the market. Most major cities numbers from the Mainland rose sharply, meters of Exit 6 of the MRT Ximen Station.
continue to see a significant amount of new retail boosted by the completion of the Hong Kong- However, fast fashion brands Forever 21, SPAO
development, generally in the form of shopping Zhuhai-Macao Bridge and the Hong Kong and MIXXO have ceased trading in the market.
centres, which can often lead to short term volatility terminus of the Express Rail Link (XRL). Rents Taiwan’s retail locations are facing the challenge
in rents. Activity is being driven by both domestic on the main streets edged up over the year to of generating footfall traffic amid growing
and international retailers, with the latter continuing June, with growth on the Kowloon side competition from online retail and the issue of
to pursue a strategy of opening in multiple (Mongkok and Tsimshatsui) outpacing that of attracting shoppers by developing attractive
locations. A variety of sectors are active, including Causeway Bay. The most active retailers have schemes will be critical for retailers and
fashion, children’s education, cosmetics, generally been the mid-market brands, including landlords. As many traditional retailers are
entertainment, luxury, lifestyle, fitness and F&B. sports fashion and cosmetics, while the F&B struggling to generate decent in-store sales in
sector has come under pressure from rising the current market, F&B and leisure will likely
labour costs. However, as 2020 approaches the play a much bigger role going forward.
short-term outlook for Hong Kong's retail market
appears increasingly dim as a result of growing
local political unrest and the ongoing US-China
trade tensions. These factors have begun to
impact on tourism from Mainland China and are
putting increasing pressure on rents across the
city’s major retail high streets.

Cushman & Wakefield | Main Streets 2019 33

MARKET SUMMARIES
ASIA PACIFIC

INDIA INDONESIA JAPAN

Rental trends over the past year have largely Base rents remain flat, although service charges High street rents have seen little change in the
been pointing upwards, with the lack of have increased slightly over the year. Consumer last year. However, the retail market has
availability in the best shopping malls pushing spending has been stagnant and retailer remained active, notably the F&B and health &
more brands to seek out prominent, high footfall expansion plans have been scaled back in the first beauty sectors, with the latter driven by growth in
locations in the main commercial corridors. half of 2019, largely as a result of political international tourists. Recent interesting store
While high street rents in the bigger cities of instability. Fashion retailers are also experiencing openings include the fifth Starbucks Reserve
Mumbai, Delhi NCR and Bangalore have high operational costs, which is limiting their ability Roastery in Nakameguro, while Samsung has
experienced only marginal increases, other to pay high rents. However, the sector remains opened Galaxy, a VR experience store in
cities such as Chennai, Pune and Kolkata – active, with retailers such as H&M and Uniqlo Harajuku. With men’s fashion currently on an
which have a more vibrant high street culture – opening new stores around the country. upward trend, Isetan and Hankyu have revamped
have recorded much stronger rental uplift. Department stores and hypermarkets meanwhile their stores in Shinjuku and Yurakucho
Growth sectors include F&B, clothing and are feeling the effects of changing consumer respectively to reflect diverse lifestyles. There are
accessories, along with hypermarkets and e- preferences, which is prompting some major retail some concerns about the increase in the
commerce retailers opening physical stores. centres to redevelop and create a more Consumption Tax, as well as a new Chinese e-
Some large store formats are also segmented and curated tenancy mix. commerce law which imposes more restrictions
experimenting with standalone outlets close to on the domestic sale of goods purchased
F&B is still a major driver of activity, with various
key commercial and residential markets along overseas, as mainland Chinese tourists have
new types of cuisines and food concepts
major roads. The short-term outlook is upbeat, been a major driver of inbound spending. On a
emerging, notably from international franchises.
with rents expected to edge up in the major high positive note, the market has been buoyed by the
Payment systems such as Gopay, Ovo and Dana
streets where supply remains constrained. forthcoming Olympic Games in Tokyo in 2020,
are helping to boost the growth of on-the-go food,
while the news that Osaka will host the World
snacks and drinks concepts, while lifestyle coffee
Expo in 2025 is also encouraging.
shops Kopi Kenangan and Fore have been
expanding quickly. The growth of online has
impacted most adversely on department stores,
although digitally native brands – notably fashion &
accessories – are expanding through physical
stores. With a number of major schemes
undergoing refurbishment and the moratorium on
new development in Jakarta, rents are expected to
increase marginally over the coming year.

Cushman & Wakefield | Main Streets 2019 34

MARKET SUMMARIES
ASIA PACIFIC

MALAYSIA VIETNAM PHILIPPINES

The retail market is polarised in that demand for Recent rental performance has varied across Rental rates in the key retail areas of Makati City
the best shopping malls in the Greater Kuala the top cities. Rents in Ho Chi Min turned in a and Taguig City have increased in response to
Lumpur area is much stronger than for less flat performance resulting from a flood of new the continuous influx of foreign brands into the
prime or neighbourhood malls, many of which entrants in the suburbs, while rents in Hanoi market. Stronger growth would have been seen,
continue to face the challenge of empty units. A rose on the back of strong demand for new had it not been for a steady supply of new
number of these schemes have successfully mixed retail and residential schemes in the schemes and extensions to existing ones.
repositioned themselves, with a greater focus on Secondary and Western areas.
The thriving retail markets in Makati CBD and
F&B, edutainment and families. Landlords of
F&B and entertainment such as cinemas and Bonifacio Global City (BGC) in Taguig City result
prime schemes meanwhile are busy refurbishing
children’s zones are active and are now major largely from the high concentration of upper-middle
and improving tenant line-ups, with the aim of
drivers of footfall. Online continues to take a and middle-income consumers in these areas.
enhancing the shopping experience to attract a
growing share of retail sales, with consumers F&B brands dominate the retail scene, with
wider pool of shoppers and ultimately boosting
becoming more familiar with internet shopping, approximately 60% of shopping mall space
rental income. Nevertheless, overall rents are
given improvements to payment methods and devoted to them. Indeed, the majority of new
expected to remain stable through to 2020,
service delivery. More retailers have developed market entrants over the last twelve months have
given the uncertainty in the global economy and
online channels such as transactional websites, been F&B operators, a trend expected to continue.
the growth of online.
mobile apps and a social media presence,
Online sales are growing but still only account for
helping to make the retail market more
around 2% of the total, with consumers generally
competitive. Demand for prime locations is still
preferring to search online for product information
high but further expansion is likely to focus on
and availability, before travelling to the store to
residential areas with developed infrastructure
complete purchases. With the Philippines
rather than the CBD.
expected to reach upper-middle income status by
the end of 2019, the retail sector looks set to
remain buoyant due to favourable demographics
and rising disposable incomes.

Cushman & Wakefield | Main Streets 2019 35

MARKET SUMMARIES
ASIA PACIFIC

SINGAPORE SOUTH KOREA

Prime rents continue to rise because of limited Rents have softened marginally in Seoul’s main
supply, albeit at a gradual pace. Secondary high streets such as Myeong-dong, Hongdae and
rents meanwhile have fallen steadily – reflecting Gangnam Station. The market is heavily in favour
the challenging operating environment – of occupiers, with online having a significant
although the rate of decline has slowed and impact and sales notably suffering at the big SPA
there are signs that these rents may soon reach brands which are steadily reducing their physical
their floor. Luxury and F&B operators are among footprint. The footwear and luxury sectors have
the most active and Singapore continues to be a somewhat bucked the trend, with store numbers
key target for international brands seeking increasing year-on-year, while concepts which
flagship locations. These brands, many of whom bring together online and offline are also
are new-to-market, continue to expand across expanding. However, downsizing looks set to be
the Asia Pacific region, which includes a a key feature of the market for the foreseeable
presence on Orchard Road or Marina Bay. future, with a dwindling number of large space
users leading to the sub-division of units, in order
Online is having an impact but the proportion of
to maintain or increase rental levels.
online sales to overall retail sales remains low at
around 5.1%. However, the retail environment is
changing and retail landlords are experimenting
with new concepts. These include bringing in co-
working operators into malls, increasing the
proportion of entertainment and F&B and working
with e-commerce players to bridge the online-
offline experience. Despite the more uncertain
global economic outlook, prime rents are expected
to remain resilient, supported by limited supply,
while record tourist arrivals and low unemployment
will bolster consumer confidence.

Cushman & Wakefield | Main Streets 2019 36

MARKET SUMMARIES
ASIA PACIFIC

THAILAND AUSTRALIA
Rents have remained unchanged in Bangkok The retail market is currently favourable to
due to the highly competitive market, especially occupiers and landlords are more predisposed
in the Non-CRD (Non-Central Retail District) to capital contributions and rent-free periods. As
area, where little new supply is coming through. a result, rents in some locations have fallen,
Land prices in prime areas have risen particularly in CBD strip retail areas. In contrast,
dramatically and suitable sites for shopping rents on some of the higher footfall pitches have
centres are difficult to find. In recent years, the increased, including Sydney’s George Street
government has invested significantly in the which will benefit from the new light rail project.
capital’s public transport system, in the city itself Online sales continue to take an increasing
and the wider suburban area. Developers are share of the market and, with a degree of
now focusing on new developments in uncertainty about the medium-term outlook, new
Bangkok’s suburbs, ranging from community entrant retailers are asking for break clauses
malls to larger regional shopping malls. F&B is and/or more flexible terms, while many small
the most active sector, with many new local and businesses are also opting for more temporary
international operators entering the market, pop up activations. However, there is strong
supported by social media and an increasing demand for flagship stores and double height
amount of devoted to it in shopping centres. frontages and the concept of ‘click and collect’
mixed with retail experience is growing. Sectors
While online sales are seeing double-digit
which are notably active include technology,
annual growth, Thai retail developers continue to
cosmetics, F&B, convenience stores and luxury
enlarge their footprint, with more than 1 million
retail – with the latter receiving a boost from the
sq.m of new space in the pipeline. However,
decline in the Australian dollar.
some retailers have been scaling back their
physical presence to focus more online.
Generally, the retail market is in good health,
supported by a strong economy and improving
tourist numbers.

Cushman & Wakefield | Main Streets 2019 37

GLOBAL RETAIL RENTS
THE KEY FIGURES

RENT RENT LOCAL RENT RENT LOCAL

RANK RANK Q2 2019 Q2 2019 RENTS RANK RANK Q2 2019 Q2 2019 RENTS
2019 2018 MARKET CITY LOCATION US$/SQ.FT/YEAR €/SQ.M/YEAR JUN 2019 2019 2018 MARKET CITY LOCATION US$/SQ.FT/YEAR €/SQ.M/YEAR JUN 2019
1 1 Hong Kong, China Hong Kong Causeway Bay (main street shops) 2,745 25,965 1,787 36 36 Serbia Belgrade Kneza Mihaila 114 1,080 90
2 2 USA New York Upper 5th Avenue (49th - 60th Sts) 2,250 21,295 2,250 37 37 Poland Warsaw Nowy Swiat 101 960 80
3 3 United Kingdom London New Bond Street 1,714 16,222 2,250 38 38 Mexico Mexico City Masaryk 97 918 87
39 35 UAE Dubai Prime – A 95 918 350
4 4 France Paris Avenue des Champs Elysees 1,478 13,992 19,000
40 39 Croatia Zagreb Ilica Street 95 900 75
5 5 Italy Milan Via Montenapoleone 1,447 13,700 13,700
6 6 Japan Tokyo Ginza 1,251 11,838 400,000 41 45 Ghana Accra 89 844 80
7 7 Australia Sydney Pitt Street Mall 1,076 10,185 16,500 42 41 Indonesia Jakarta Prime 78 733 983,600
8 9 Switzerland Zurich Bahnhofstrasse 866 8,195 9,100 43 40 Slovenia Ljubljana Čopova 76 720 60
9 8 South Korea Seoul Myeongdong 862 8,163 893,091 44 45 Ukraine Kyiv Kreschatik Street 72 686 65
10 10 Austria Vienna Kohlmarkt 513 4,860 405 44 56 Colombia Bogotá Zona Rosa (*Ex- Zona T ) 72 686 65
11 11 Mainland China Beijing Wangfujing 471 4,453 2,900 46 47 Bulgaria Sofia Vitosha Blvd 71 672 56
12 12 Germany Munich Kaufinger/Neuhauser 469 4,440 370 47 44 Brazil São Paulo Oscar Freire Jardins 69 658 240
13 13 Ireland Dublin Grafton Street 401 3,794 6,750 Calle peatonal Florida. From Av.
48 42 Argentina Buenos Aires 67 633 60
14 15 Greece Athens Ermou 361 3,420 285 Cordoba to Av. Corrientes_4 blocks
14 14 Spain Barcelona Portal de L'Angel 361 3,420 285 49 47 Cyprus Nicosia Ledras Street 63 600 50
16 17 Singapore Singapore Orchard Road 312 2,957 35 49 49 Romania Bucharest Calea Victoriei 63 600 50
17 16 Netherlands Amsterdam Kalverstraat 301 2,850 2,850 49 50 Slovakia Bratislava City Centre 63 600 50
18 19 Czech Republic Prague Na Příkopě street 298 2,820 235 52 n/a Chile Santiago
Providencia/Avenida
55 522 1
Providencia 1822-2382
19 18 Russia Moscow Stoleshnikov 288 2,728 196,000
20 21 India New Delhi Khan Market 243 2,302 1,400 53 43 Philippines Taguig (Metro Manila) Bonifacio High Street 54 513 2,500
21 20 Norway Oslo Karl Johan 240 2,268 22,000 Kalku St./Valnu St./Audeju
54 53 Latvia Riga 51 480 40
22 24 Malaysia Kuala Lumpur Suria KLCC 232 2,194 80 St./Terbatas St./Kr.Barona St.
23 27 Taiwan, China Taipei Ximen 217 2,053 20,000 54 53 Lithuania Vilnius 51 480 40
24 26 Sweden Stockholm Biblioteksgatan 210 1,989 21,000 56 52 Saudi Arabia Riyadh 43 418 1,750
25 23 Canada Toronto Bloor Street 206 1,952 270 57 57 Estonia Tallinn Viru Street 43 408 34
Luxembourg 58 51 Kenya Nairobi The Junction 40 377 340
26 22 Luxembourg Grande Rue 203 1,920 160
City 59 55 Nigeria Lagos 39 369 35
27 25 Belgium Antwerp Meir 201 1,900 1,900 60 63 Peru Lima Miraflores 36 338 32
28 28 Denmark Copenhagen Stroget (including Vimmelskaftet) 194 1,837 24,000 61 59 Macedonia Skopje Makedonija Street 36 336 28
29 31 Hungary Budapest Vaci utca 190 1,800 150 62 58 Oman Muscat High Street 35 335 12
Ho Chi Minh 63 60 Zimbabwe Harare Village Walk Borrowdale 32 306 29
30 29 Vietnam Best Achieved Shopping Mall (GF) 184 1,741 165
City
64 61 Mozambique Maputo 31 295 28
31 32 Finland Helsinki City Centre 171 1,620 135
65 65 Namibia Windhoek 28 264 25
32 33 Portugal Lisbon Chiado 165 1,560 130
65 64 Zambia Lusaka Levy Centre 28 264 25
33 n/a Israel Tel Aviv Kikar Hamedina 160 1,537 6,240
34 29 Turkey Istanbul Centre – Istiklal Street 145 1,372 130 Kwazulu-Natal Regional Shopping Centre
67 n/a South Africa 27 257 343
Central Retail District (CRD) Province (50,000 - 99,999 sq.m)
35 34 Thailand Bangkok 142 1,345 3,910 68 61 Tanzania Dar es Salaam 20 190 18
(Rajprasong/Sukhumvit street)

Cushman & Wakefield | Main Streets 2019 38

TECHNICAL SPECIFICATION

Our representation is designed to For the purposes of this survey, the standard The information has been provided by Cushman & Wakefield,
main street unit is defined – where possible – external sources and the affiliate partners of Cushman & Wakefield:
facilitate the rapid flow of information
as a unit with 150-200 sq.m of sales area.
across borders and is supported by Typically, a unit has a frontage of 6-8 metres.
MARKET AFFILIATE PARTNER
a comprehensive database of However, an element of flexibility is needed with
marketing information and regular the definition, given that unit configuration varies AUSTRIA ÖRAG Immobilien Vermittlung GmbH
from market to market. Assumptions regarding
liaison meetings. This allows for the AFRICA Broll Property Group
ancillary space follow local practice.
exchange of local market knowledge
The format selection for each city is based on its BULGARIA Cushman & Wakefield Forton
and expertise and for the co-ordination dominance of the retail landscape and/or its DENMARK Cushman & Wakefield RED
of strategy for international investment status as the prime pitch/top destination in the
and locational decision-making. city. The rents represent our agents’ views as to ESTONIA Kinnisvaraekspert OU
what is consistently achievable for prime space; FINLAND Cushman & Wakefield Finland
Data for retail rents relates to our professionals’ indeed, we do not quote asking rents for the
opinion of the rent obtainable on a standard unit highest rent obtainable. It is assumed that the GREECE Cushman & Wakefield Proprius
in a prime pitch of 448 locations across unit is vacant and is available for letting on the ISRAEL Cushman & Wakefield Inter Israel
68 markets around the world. Service charges – open market, without any request for premium
such as building insurance, local taxes and LATVIA Kinnisvaraekspert OU
(key money). However, in many top locations
costs of repair payable by the tenant – are around the world, vacant units are rarely LITHUANIA Kinnisvaraekspert OU
not included. marketed and substantial key money to sitting
MALAYSIA IVPS Real Estate
In the dynamic international retailing sector, tenants is often payable.
local market characteristics, technological NORWAY Cushman & Wakefield Realkapital
Rents in most markets are supplied in local
advancements and the evolution of new retail currency and converted to USD and Euros for ROMANIA Cushman & Wakefield Echinox
formats are just several of the forces that affect the purposes of international comparison. Rents
the size and configurations of retail units. As in the UK, Denmark, France and Ireland are SERBIA CBS International
a result, occupation costs vary from one country originally quoted in Zone A and are converted SLOVENIA S-Invest d.o.o
to another. to an overall basis.
SWITZERLAND SPG Intercity
THAILAND Nexus Real Estate Advisory Company Limited
UKRAINE Cushman & Wakefield Ukraine

Cushman & Wakefield | Main Streets 2019 39

 CONTACTS

EMEA AMERICAS ASIA PACIFIC

DARREN YATES GARRICK BROWN JAMES SHEPHERD
Head Of EMEA Retail Vice President, Retail Intelligence Head Of Research, Asia Pacific
Research & Insight Americas Retail Services
+86 21 2208 0769
+44 (0) 20 3296 3911 +1 916 508 3410 james.shepherd@cushwake.com
darren.yates@cushwake.com garrick.brown@cushwake.com

SILVIA JODLOWSKI JADSON MENDES ANDRADE

Senior Research Analyst Head, South America
EMEA Research & Insight Market Research & Business Intelligence
+44 (0) 20 3296 4233 +55 11 3513 6783
silvia.jodlowski@cushwake.com jadson.andrade@sa.cushwake.com