Above all, international investors need data to orient themselves on the market. The latest photograph on Italian retail is by Jones Lang LaSalle with the study on the 'Shopping Center Market'. 2003 had already been a record year with 715 thousand m2 of new developments for 30 openings and five extensions. 2004 confirmed the trend, closing with a total surface area of 8.5 million m2 developed across 547 centres. Forecasts give a further 45% increase between 2005 and 2007, for a new 3.8 million m2.
In all this dynamism, the m2/inhabitant ratio remains below the European average: for every thousand inhabitants, 146 m2 versus 180. The national average figure, however, hides heavy differences between areas: the North is aligned with Europe, the Center is growing rapidly and closed 2004 with a density of 126 m2, the South does not exceed 61 m2.
Italy is a little late, but oriented towards the latest fashions: very large centers are emerging - between 20 and 40 thousand m2 - which enhance the marriage between commercial and leisure activities, for example with cinema multiplexes (think of the Viale Sarca center in Milan).
No structure over 40 thousand square meters has been inaugurated in the last two years: currently there are 17 for 10% of the total surface area (Gla). The m2 ranking is led by Le Gru in Turin with 70 thousand m2, I Gigli in Florence with 68 thousand, Orio al Serio in Bergamo with 60 thousand and Villorba in Treviso with 55 thousand. The factory outlets, which represent only 2% of the total stock, are keeping their promises of growth, but are growing at a good pace. Although, according to Jll, new openings and expansions will lead to adding 340 thousand square meters of Gla to the current 160 thousand, thus covering the market. A belief shared by the investors themselves. Jacopo Mazzei, CEO by Fingen Re (partner of the European big McArthurGlen, pioneer in Italy with Serravalle Scrivia) thinks that after the novelty effect.
Meanwhile, McArthurGlen is scheduled to open Barberino di Mugello in October (72 million invested), which is already working on an opening in Naples (80 million); Fashiondistrict starts in June with the doubling of Bagnolo San Vito and works on the new appointments of Molfetta (Ba, 340 thousand m2 for 135 million, with multiplex) and Santhià (Vc, 130 thousand m2 in total, 35 million investment for the development of the first 14,500 m2); the Spanish Neinver is busy in Vicolungo (No) on a 75 million project. New commercial parks can also be seen in Italy's near future. .
The gaze of investors is turning towards the Central and Southern regions, which in 2004 attracted 48% of investments. Among the most significant operations we remember the acquisition by ING of the Megalò center in Chieti and the centers in Pomezia and Aprilia. German open-end funds were very active in shopping last year, with 41% of investments against a timid 6% represented by Italian closed-end funds.
Giovanna Guercilena
source: Real Estate Observatory
Grimaldi Padua
Padua - 35137 - Via G. Matteotti, 27
e-mail: padovacentro@grimaldifranchising.it
Tel. +39 49 663 033 - VAT number 05301660287
Grimaldi Cadoneghe
Cadoneghe (PD) - 35010 - Via G. Franco, 2/A
e-mail: cadoneghe@grimaldifranchising.it
tel. +39 049 88 736 56 - VAT number 05322440289