The shopping mall market - Italy (2024)

1.2 World Market

the value of the global mall market grows steadily from **** to ****, from $*.* billion to $*.* billion. This represents an overall increase of ** percent. The increase is gradual and distributed over time, with an acceleration most visible after ****, when the value steadily exceeds $* billion.

World market value of shopping centers World,****-****,Billion dollars Grand View Research

1.3 The European market

the volume of investment in the shopping center sector in Europe shows a sharp decline from **** to ****, from €**.* billion to only €*.* billion, an overall reduction of **.* percent. After a gradual decline until ****, there is a brief recovery in ****, followed by a marked slump in ****.

In comparison with the global market, the latter's total value, on the other hand, shows steady growth over the same period, highlighting a divergence between global growth and the drastic downsizing of investment in Europe. This could indicate a mismatch between the role of shopping centers in European versus global markets.

Volume of Investment in the shopping center sector in Europe Europe,****-****,billion euros

European shopping center rents, indexed to ****, show a decline from ****, falling from a value of *** to a low of *** in ****. From **** a gradual recovery begins, bringing the index to *** in ****. Despite the recovery, final values remain below ****-**** levels, signaling a partial stabilization after declines in previous years.

European rents of shopping centers Europe,****-****,(***)

1.4 The Italian Market

Italian market value of shopping centers Italy,****-****,Billion Euros FEEDING;CNCC

The performance of shopping centers in Italy in ****, compared with the same period in ****, shows a steady decline in both mall turnover and footfall (***). The declines are most pronounced in the first months of the year, ranging from -**% to -**% in January, progressively reducing to a low of -*% for turnover and -*% for footfall in December. The trend shows a gradual recovery over the course of the year, but not enough to bring values back to pre-pandemic levels.

Performance of shopping centers in Italy, monthly changes compared to the same month in **** Italy,****,Percentage change CBRE In ****, retail investment in Italy is mainly distributed among Retail Warehouse, Retail Park and Cash & Carry, which reach the highest value with *** million, and shopping centers, which attract *** million. High Street Retail follows with *** million, while investments in Other Retail amount to *** million and supermarkets record the lowest value at *** million. Retail shows a greater concentration of resources in larger and more flexible segments than traditional formats such as supermarkets. Investments in Retail by asset class Italy ,****,million CBRE Inclusion of annual price trends for the most common goods and services ...

2.1 Demand drivers

Variety: Shopping malls offer a wide range of activities to meet the needs of all family members, such as shopping, dining, movies, entertainment, and many other activities. This makes them a convenient destination for many people, who can find everything they need in one place. In fact, in the last * months of ****, among Italians who frequented shopping malls, **% with the intent to shop, but not only that, **% also went there just to window shop and get ideas to plan future shopping, **% finally went there for the dining outlets. If in the past people went to the mall mainly to shop at the super-hyper market and then shopping, today the magnet effect is generated by the combined presence of clothing, home, shoe and fast food stores. "Driving the growth of the big malls, those at AAA, are the areas for food and non-food to the tug of clothing and personal goods," stresses Gian Enrico Buso, Reno's CEO.

Entertainment: Events such as concerts, book presentations, theatrical performances and more are common in malls.

WindowShopping: Peopleoften choose to window shop because it is an activity with no real obligations. The absence of deadlines, combined with not having to spend money, allows some individuals to ...

2.2 Turnout indices in shopping centers

September **** shows a *.*% increase over ****, but an *.*% decrease over ****. In the third quarter of ****, the year-on-year growth is smaller (***), with a decrease of **.*% compared to ****. Considering the full year to September, the increase over **** is reduced to *.* percent, while the gap over **** widens to -**.* percent. However, analysis of the last ** months shows a cumulative growth of **.* percent over ****, accompanied by a *.* percent increase over ****.

The table analyzes changes in Italian shopping center attendance by region, comparing data with September **** and ****. Compared to ****, all regions show an increase, with Calabria (***) limit losses. This suggests a recent recovery, but still far from pre-pandemic levels, with marked regional differences.

As of October ****, growth compared to **** is *.*%, a decrease of *.*% compared to ****. From the beginning of the year to October, the increase over **** is *.*%, while the comparison with **** shows a decrease of **.*%. Over the past ** months, however, the positive change compared to **** reaches **.*%, an increase of *.*% compared to ****.

Compared to October ****, almost all regions show increases, with Tuscany (***) show smaller reductions. This indicates a recent recovery that, however, has not yet restored attendance levels to pre-pandemic values.

The graph shows the percentage change in mall attendance in Italy from January to October **** compared to ...

2.3 Online interest in "Shopping Centers"

The graph shows the trend of online interest in "shopping centers" in Italy from **** to ****, based on the Google Trends index. Interest remains stable and low for most of **** and the first half of ****, with values between * and **. In September **** there is a significant peak at **, followed by a gradual decline until January **** (***). A second increase occurs between March and May ****, reaching a new peak of **, followed by another decline in the summer months, with a low at ** in August. From September ****, interest picks up again, reaching ** in October.

Online Interest for "Shopping Centers" Italy,****-****,Google Trends Index Google Trends

The map represents online interest in "shopping centers" in Italy in ****, based on a normalized index from ** to ***. Lazio has the highest level of interest (***) show lower levels of interest. Interest is mainly concentrated in regions with larger urban centers and high population density

3.1 Development of shopping centers in Italy

The graph shows the turnover trend of shopping centers in Italy from **** to ****, as a percentage change from ****. In ****, turnover shows a significant decline of -**.*%, a sign of the impact of the pandemic. A partial recovery is observed in ****, with a smaller decrease of -**.*%. In ****, the gap from **** narrows further, reaching an almost complete recovery with a marginal decline of -*.*%.

Turnover trends of shopping centers Italy, ****-****, in % change from **** Source: ****

Between **** and ****, ** projects are under development, including ** new centers and * expansions, compared to ** construction sites started in ****.

Each year, a ranking of the best shopping centers is compiled. In ****, we see in first place Il Centro di Arese (***). In fourth place is Fiordaliso, and then the circle of the top * shopping centers is closed with City life in Milan. In the Northwest, all the malls present are ranked with the best rating of triple A, with the exception of Porte di Roma. Scrolling through the rankings we see a massive number of centers in Northern Italy, * in the Center and only one in the South, the Campania shopping center in Marchianise, in the province of Caserta.

Sun**ore

Footfall Trend*, number of people entering an aera, store ...

3.2 Geographical breakdown

Small and medium-sized shopping centers (***) and typically integrated into the urban fabric account for more than ** percent of the total number of shopping centers in Italy. The prevalence of centers of this type reflects the Italian demographic configuration with the population mostly distributed in numerous medium-sized cities. The geographical distribution on the Italian territory, can be visually summarized by the following map and table.

Number of shopping centers in Italy by region Region Number Lombardy *** Emilia Romagna *** Piedmont *** Veneto ** Latium ** Tuscany ** Campania ** Sicily ** Marche ** Apulia ** Abruzzo ** Umbria ** Calabria ** Sardinia ** Liguria ** Friuli Venezia Giulia ** Trentino Alto Adige ** Basilicata * Molise * Aosta Valley * GS*

As of ****, there were *,*** shopping centers in Italy. The region with the highest number of shopping centers was Lombardy with ***, followed by Emilia Romagna and Piedmont with *** and *** shopping centers, respectively. Analyzing the data in more detail, it can be seen that most shopping centers are located in the northwestern part of the Italian peninsula.

3.3 Leading company in Italy by number of shopping centers owned

Among the leading companies in Italy in terms of number of shopping centers owned, it ranks first Bernnet Shopping Galleries with ** shopping centers, which recorded a turnover of **.* million euros in ****. In second place is Ceetrus Italy S.p.a, one of the leading players in the commercial real estate industry in Italy, which currently operates ** centers and * retail parks with more than *,*** stores, ***,*** square meters of leasable area (***) and more than *** million visitors per year.

Leading company in Italy by number of shopping centers owned Italy, ****-****, in absolute value Source: ****

Bennet Shopping Galleries: Founded in the ****s, Gallerie Commerciali Bennet S.p.A. is a division of the Bennet S.p.A. Group, specializing in the management of shopping centers. Currently, it owns ** shopping malls, operates ** shopping centers and houses more than *,*** stores, with more than ***,*** square meters leased and more than *** different signs. Ceetrus Italy:Formerly known as Gallerie Commerciali Italia, Ceetrus Italy is the Italian subsidiary of Ceetrus, formerly Immochan. In ****, it changed its name to reflect a transformation from a commercial real estate company to a developer of mixed-use urban projects, integrating retail, housing, office, and urban infrastructure. Klépierre Italy: Part of the French Klépierre ...

4.1 Features of the offer

The table shows the sales value indexes of retail business enterprises in Italy, calculated on a ****=*** basis, by sales form and product categories, from **** to ****. Each index represents sales trends compared to ****, with annual percentage changes (***). Among the major categories, e-commerce has high indices (***), with increases of *.* percent and *.* percent in the two years. For product groups, furniture and furnishings (***). Total sales show an overall increase of *.* percent between **** and ****, showing an overall recovery of the sector, with stronger annual changes in **** than in ****. Category **** Index Index **** Index **** Percentage Change ****/**** Percentage Change ****/**** Large retailers ***.* ***.* ***.* *.* *.* Food ***.* ***.* ***.* *.* *.* Non-food **.* ***.* ***.* **.* *.* Traditional small area enterprises **.* **.* ***.* *.* *.* Food ***.* ***.* ***.* -*.* *.* Non-food **.* **.* **.* **.* *.* E-commerce ***.* ***.* ***.* **.* *.* Food and beverages ***.* ***.* ***.* *.* *.* Pharmaceuticals **.* ***.* ***.* *.* *.* Clothing and furs **.* **.* **.* **.* *.* Footwear, leather goods and travel goods **.* **.* **.* **.* *.* Furniture, textile articles, home furnishings **.* ***.* ***.* **.* *.* Household appliances, radios, TVs and recorders **.* ***.* ***.* **.* -*.* Endowments for information technology, telephony and telecommunications ***.* ***.* ***.* *.* *.* Photo-optics, films, audio-video magnetic media, musical instruments **.* **.* ***.* **.* **.* Durable and nondurable household goods **.* **.* ***.* *.* *.* Household tools and hardware **.* ***.* ***.* **.* *.* Perfumery and personal care products **.* ***.* ***.* *.* *.* Stationery, books, newspapers and magazines **.* **.* **.* *.* *.* Games, toys, sports and camping items **.* ***.* ***.* **.* *.* Other products **.* **.* ***.* **.* *.* Total **.* ***.* ***.* *.* *.*

Istat

4.2 National averages

Due to declining sales and fewer visitors, we are experiencing a downward trend in the rental prices of retail space in shopping centers, which began in ****. This phenomenon affects mid-range centers more, with a range of ** to ** stores. This generates a downgrade effect that affects small- to medium-sized malls, which are the most affected by the downturn in visitors: here the value of rents falls the most, with even double-digit reductions compared to ****. For a store between ** and *** meters, a space among the most common, placed in a district the drop is * percent that becomes a quarter, going from *** euros per year per square meter in **** to *** in ****, when considering a small center with ** to ** stores. When it comes to larger premises, between *** and *** square meters, the average decline is around ** percent. The downward trend in fees is seen in all formats with the exception of mega shopping centers with more than a hundred stores, an average of more than ** million visitors a year, and a AAA rating. These are the hubs that are sailing in safe waters because they are innovative, offer the storefronts of leading brands, have large dining spaces, and are seeing an increase in attendance. Only here ...

4.3 New trends in the Italian shopping center market

The mall market is undergoing an evolutionary phase, with several emerging trends that are redefining its landscape. Here are the main ones:

Renovations and Expansions: Instead of focusing on new openings, many operators are investing in upgrading existing facilities. Between **** and ****, expansions and renovations of existing malls are planned, with the aim of improving the customer experience and adapting to new market needs.

Mark-Up

Growth in Attendance and Stability of Turnover: In the first half of ****, some product categories showed positive performance compared to the same period in ****. In particular, the "Personal Care and Health" sector marked an increase of *.* percent, while "Catering" remained stable with +*.* percent. These figures indicate a recovery in mall attendance, with turnovers showing signs of stability.

The ** Hour Sun

Integration of Technology and Digitization: The adoption of advanced technologies, such as Artificial Intelligence, is transforming the shopping experience. Mobile devices are becoming key to customer interaction, offering personalized experiences and facilitating processes such as payment and product search.

Cegid

Focus on Sustainability and the Circular Economy: There is a growing focus on sustainable practices, with increased offerings of used products and rental services. Shopping centers are integrating initiatives that promote the circular economy, responding to growing ...

4.4 Threats to The Mall Market

The shopping center sector in Italy faces several threats from both government actions and private initiatives. Here are some of the main ones:

E-commerce growth: The expansion of e-commerce poses a significant challenge to traditional shopping centers. In the first quarter of ****, nearly **,*** retail businesses closed, an increase of about *,*** over the same period last year. Online spending is estimated to grow ** percent for the year, generating more than *** million shipments, averaging nearly **,*** parcel deliveries per hour.

Finance Bullet

Sunday Closing Policies: Legislative proposals to limit Sunday and holiday store openings may adversely affect the flow of customers to shopping centers, reducing sales opportunities and increasing economic pressure on operators.

The Sun ** Hours

Increased Operating Costs: Increased energy and raw material costs, along with possible increases in local taxes, may reduce malls' profit margins, making it more difficult for them to be economically viable.

Changes in Consumer Habits: The growing preference for online shopping and the search for more personalized and convenient shopping experiences are putting pressure on traditional mall models, requiring significant adaptations to remain competitive.

Competition from New Shopping Formats: The emergence of new retail formats, such as pop-up stores, temporary markets and direct-to-consumer platforms, offers alternatives that may ...

5.1 Regulation

Legislative Decree No. ***/** defines outlets as neighborhood outlets, medium-sized outlets and large outlets; it also provides, in Art. *, Paragraph *(***) and the shopping center.

The decree itself defines special regimes for indoor outlets and multifunctional establishments; while for the latter the Regional Council reserves the right to issue implementation methods and criteria, pursuant to Article **, paragraph * of Regional Law **/**, indoor outlets are regulated by Article ** of Legislative Decree No. ***/**.

Definitions such as "shopping park," "de facto shopping center," "shopping arcade," "progressive or serial shopping center," "set of stores or outlets," and the like, therefore, can only be traced back either to the type of single outlet or to the type of shopping center, based on the specific conditions provided for in the aforementioned Art. *, paragraph *, letter g); with the consequences that where it is a shopping center, legally, only the sum of the surfaces of the outlet (***) emerges and not the entity of the individual outlets that make it up.

Therefore, it is necessary to define the outlet as a quid facti pertaining to the physical consistency and location of the economic initiative to be evaluated, if necessary, on a case-by-case basis on the basis of the requirements provided by the ...

6.1 Segmentation

• Carrefour Property Italia S.p.a
• Klépierre Management Italia S.r.l
• IGD management società di investimento immobiliare non quotata S.p.a
• Bennet
• IPER MONTEBELLO S.P.A.
• Ceetrus
• Eurocommercial Properties