29 September, Milano Finanza
Food&Beverage is the main driver of investors in commercial properties. Big commercial spaces are a very dynamic market in Italy. There are currently 43 projects, 16 of which for openings scheduled by 2021 involving international players (Westfield and Falcon Mall to name a few) as well as retailers that have recently entered the Italian market (Primark, Starbucks, Uniqlo, and the Chinese Xiaomi). These are the numbers of the real estate industry in Italy that will be presented in occasion of the upcoming Mapic fair in Cannes. The event will see the participation of over 1,000 Italian representatives that will have the chance of networking with the community of international investors and retailers.
This year’s edition, organised by Reed Exhibition, will take place at the Palais de Festival from 16th to 18th November. It’s the main event for the retail property market sector targeting professionals and experts interested in the newest mix of retail and leisure to transform shopping centres in a total experience. “Italy has a central role in the event, being second concerning the number of participants in the Cannes event”, explains Francesco Pupillo, Deputy Director Mapic Markets, Real Estate Division, for Reed Midem. “The Italian market offers interesting opportunities for international investors. Last year, it attracted capitals from abroad for 80% of the total transactions, providing more attractive returns than other European core markets such as France and Germany.”
Italy’s dynamic market has led Reed to invest in the country, organising, besides Mapic Cannes, also Mapic Italy. Pupillo adds, “the two events are complementary. Mapic Cannes is an international showcase offering great visibility to the Italian players. Moreover, the participation at such an international context allows the national market to grow and develop, attracting an increasing number of capitals and retailers in Italy. Mapic Italy is a complementary event, as it provides the local platform enabling national and international players to precisely identify the business opportunities offered by the Italian market. Mapic Italy will take place in Milan, the gate to the international markets, as operators intending to enter the national market had been able to do so thanks to Mapic Italy”.
“Despite the growth of online shopping, consumers are still looking for tangible experiences that cannot be found on the internet”, continues Pupillo. “In the newest shopping centres, an increasing portion of space is destined to activities such as playgrounds, waterparks, virtual reality, laser games, climbing walls, movie theatres and gyms just to name a few”. Among the various leisure activities, Food&Beverage has a key role, and it has become an essential part in the retail mix of commercial spaces (shopping centres, transit areas, high streets). “In the last ten years, the spaces dedicated to food have doubled in Europe”, says the manager, “occupying at present 10-15% of the surface on average. In Asia, such space has reached 40% of the total surface”. This trend considerably influences the market, as consumers’ choices are more and more based on the Food&Beverage offer. Once at the shopping centre, those consumers that stop there for a bite or a drink tend to spend on average over 27 minutes with an expense higher by 18%.
Source: Milano Finanza
Translator: Cristina Ambrosi