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Industry News

Eurobrief: Retail property headlines from around Europe

January 10, 2020

Germany

Multi Germany named Maurice Gigase head of center management, a role that requires both managing and expanding the 21-asset portfolio. Gigase was a managing director at ECE Group. Across

Amazon.com is looking at opening physical bookstores in Germany, its second biggest market after the U.S. The company already operates Amazon bookstores,  Amazon Go convenience stores and Whole Foods supermarkets in the U.S. Fashion United

Hungary

Retail development in Budapest has been close to zero during the post-economic-crisis period, with developers keeping a wary eye on the levels of consumer spending. Nevertheless, several Budapest schemes did trade in 2019, after undergoing significant upgrades and refurbishments. Budapest Business Journal

U.K.

IKEA-owned Ingka Centers will open a new-format IKEA store at the 27,000-square-meter (about 291,000 square feet) Kings Mall, in London’s Hammersmith district. The company acquired the property from Schroder UK Real Estate Fund for €170 million (roughly $190 million). Reuters

U.K. consumers want to see more family-run businesses, including bakeries and butcher shops, in their local high street and fewer vaping and betting stores, according to a survey. Retail Gazette

Investors are favoring regional U.K. retail properties over high street shops and city center malls, even as more online brands seek to open their first physical stores in such locations. Investment Week

U.K. shoppers spent more on movies and dining out than on merchandise during the recent holiday season. High street chains John Lewis, Marks & Spencer and Tesco call the season one of the least merry in years, and they caution investors to expect sluggish sales reports. Reuters

M7 Real Estate bought mixed-use property The Mailbox, in Birmingham, England, from Milligan Retail and a Brockton Capital–advised fund. The 1.8 million-square-foot asset is in the city center. Across

Tesco says its holiday 2019 sales declined at a slower pace than that of rivals Morrisons and Sainsbury’s. “We recognize that the market is subdued,” said CEO Dave Lewis, "but against that and a strong performance last year, we managed to perform very well." The Guardian

London Designer Outlet reports a 2.8 percent rise in foot traffic for the two-week Christmas period. The center's management reports that total revenue was up by 11.1 percent.  Retail Gazette

By Brannon Boswell

Executive Editor/SCT

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