Shopping Centers Today International

NOV 2015

Shopping Centers Today is the news magazine of the International Council of Shopping Centers (ICSC)

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N o v e m b e r 2 0 1 5 / S C T 5 C E N T E R S T A G E A flagship launches mall of ScaNdiNavia iS uNibail-rodamco'S biggeSt yet P e r h A P s t h e n A m e " m A l l of scandinavia" is fitting, given that the project is the largest in the three countries that constitute the region: Denmark, norway and sweden — total population nearly 21 million. At 101,000 square meters (about 1.1 million square feet) over seven floors, the sweden-based mall is a mere few minutes from down- town stockholm and has drawn some of the region's biggest and best-known retail- ers, including several first-timers to swe- den. It is scheduled to open this month. Judging by statistics for the swedish and stockholm economies and the shopping cen- ter's catchment area, it may be easy to see why developer Unibail-rodamco plowed some €640 million (about $715 million) into mall of scandinavia , making it the largest in the firm's portfolio of 72 shopping centers. In- deed, sweden is seventh-richest in the world, in GDP terms. "sweden is a very hot market, and retail trade has grown — growth figures are very, very good," said lars-Åke tollemark, Unibail-rodamco's nordic managing direc- tor. "this year, for example, retail trade will grow by 3.5 percent to 4 percent. Over the last 15 years, there's never been a minute, even during the financial crisis, when this growth has been affected." Furthermore, stockholm is among the fastest-growing capital cities in europe, he says. "We have 2.3 million people within 60 minutes of our center," he said. "And within 90 minutes, a third of the swed- ish population can reach it where it's located." With 97 percent of the mall's 240 stores already preleased since June, other retail- ers are scrambling to get in. "When we launched, three and a half years ago, we de- cided the mall should be the flagship mall," said tollemark. sweden's first Disney store has signed on, plus a flagship superdry store and the first michael Kors store in any swed- ish shopping center. h&m is to occupy a 4,000-square-meter space — four times its 1,000-square-meter minimum. "It was very important to get those international names," tollemark said. "We have to compete with all the other shopping experiences and malls, so being different is really vital." Among the scandinavian flagships are Dan- ish design and furnishings store Illums Boli- ghus and swedish housewares chain r.O.O.m, and web-based design and furnishings specialist has opened its first physical store. On the leisure side, the mall will get swe- den's first Imax cinema this month, as well as roughly 20 restaurants, some of them operated by michelin star chefs. "When we launched the scheme in 2011, we gave over 5,000 square meters in the plan to leisure," said tollemark. "then in 2012, because of demand, we changed that to 10,000 square meters." Impressive tenant lineup notwithstand- ing, tollemark says he still has a retailer wish list. "there are brands we would love to have — for instance, Primark and Uniqlo, which are not in the swedish market," he said. With leases ranging from 25 years to only six months, however, there are likely to be plenty of opportunities to incorporate such stores in the future, he points out. "We also have a rotation rate," he said, "so we should always have an updated offer." SCT +1 646 728 3800 Fax: +1 732 694 1730 Editor in Chief eDmUnD mAnDer +1 646 728 3487 E D I T O R I A L Managing Editor BrAnnOn BOsWell +1 646 728 3488 Copy Chief DAVID s. OrtIZ Copy Editor KrIstInA elDreDGe Art Director JOhn D. leWIs Contributing Editors mIChAel BAKer mArÍA BIrD PIC" JOel GrOOVer mAtt hUDGIns nOellA PIO KIVlehAn Beth mAttsOn-teIG reBeCCA meIser mIst y mIlIOtO Bennett VOyles A D V E R China: UnA GAO + 86 10 5128 0868, ext. 1009 Europe: JUlIe FItZsImmIns +44 (0)20 3772 8996 Asia: CAt ChAn +852 2540 6872 Production Manager DAVID stACKhOUse +1 646 728 3482 I C S C O F F I C E R S Chair man stePhen D. leBOVItZ President and CEO thOmAs m cGee Vice Chairman elIZABeth I. hOllAnD Past Chairman rOBert F. WelAnetZ, CrX, Csm Treasurer Glen hAle Secretary GreGOry J. PetersOn Publisher rUDOlPh e. mIlIAn, CrX, CmD, Csm For article reprints, call (866) 879-9144 or contact S H O P P I N G C E N T E R S T O D A Y SCT (ISSN 0885-9841) is pub lished monthly. VOLUME 36, ISSUE 11 © 2015, International Coun cil of Shop ping Cen ters, 1221 Avenue of the Americas, New York, NY 10020-1099; phone, +1 (646) 728 3800; fax, +1 732 694 1730. All rights reserved. Periodicals postage paid at New York, N.Y., and ad di tion al mailing offces. Sub scrip- tions $70 per year; Canada and other foreign $99. Single- copy price $10 (May issue $20). For subscription informa- tion call +1 727 784 2000. POST MAS TER: Send address changes to Shopping Cen ters Today, Sawida Worley, 1221 Avenue of the Americas, New York, NY 10020-1099. Publications mail agreement No. 41482022, return unde- liverable Canadian addresses to PO Box 503, RPO West Beaver Creek, Richmond Hill ON L4B 4R6. P h o t o : U l f h i n d s

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