Shopping Centers Today International

APR 2016

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

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Page 45 of 63

was triple what it had been in 2000, according to World Bank figures. Despite the slide in oil revenue, the government is still running a surplus. And the re- cession has not hurt the Russian worker: Unemployment remains at about 5.8 percent, according to government figures — among the lowest rates in Europe. The average income is about 512,000 rubles per year, still near the all- time high, in ruble terms. The World Bank does not expect any recovery until at least 2017, but analysts are forecasting an essen- tially flat year this year, with the Russian economy shrinking at a fairly manageable 0.7 percent. In Western Europe, mean- while, most of the development focus will be on sprucing up ex- isting properties. The Westgate Oxford Alliance's £440 million (about $550 million) renovation of the Westgate Shopping Centre, in Oxford, England, is a case in point. This mall, completed in 1972, is being rebuilt over the next two years for a new life as a mixed-use project that is to include some 80,000 square meters of retail space. The lineup will include a John Lewis department store anchor and a five-screen cinema, as well as some shops, restaurants and cafés. The renovation is scheduled for comple- tion by Christmas of 2017. In London, meanwhile, Westfield and Hammerson are planning to transform the 1960s- era Whitgift Centre, in Croydon, into a 200,000 square-meter mixed-use project called Westfield Croydon, with shop- ping, dining and entertainment space. Completion there is set for 2020 or 2021. In the long run, however, perhaps the most important trend is the shift in the ways consumers spend their time once they get to the shopping center. The shopping experience has included eating and drinking since the days of the ancient Romans, but this has not been a major focus in the modern shopping center until comparatively recent times. Even 10 years ago a food-and-beverage space allocation of about 7 percent was hardly atypical in some European mar- kets. Today some planned shopping cen- ters have allocations as high as 20 per- cent for such uses, according to CBRE. All over Europe shoppers are finding more food-and-beverage options at the mall. Trinity Leeds, a shopping center in the north of England renovated by Land Securities in 2013, devotes about 20 percent of its 93,000 square meters to food-and-beverage outlets. The Glòries shopping center, in Barcelona, Spain, has a 3,200-square-meter food hall with 750 seats, according to CBRE. And Wroclavia, the new mall in Wroclaw, Poland (like the Glòries center, a Uni- bail-Rodamco production), will dedicate roughly 18 percent of its space to food and beverage when it opens in 2017. Even in France (where four years ago the only food court was located in Uni- bail-Rodamco's tourist-focused Carrousel 46 S C T / A p r i l 2 0 1 6 Intu Málaga British developer intu properties is investing some €425 million in a new shopping center in Mál- aga, on Spain's Costa del Sol. intu Málaga, part of an ongoing multicity push into Spain on the part of the company, will serve a catchment area of about 3 mil- lion within a 90-minute radius. Forum des Halles, Paris After five years of construc- t i o n , a s p r u c e d - u p F o r u m des Halles is scheduled to re- open this month, with 16,000 square meters of new retail space and a dramatic canti- levered canopy designed by paris-based architects patrick Berger and Jacques Anziutti. This €918 million Unibail- rodamco face-lift is expected to be a substantial aesthetic improvement on a 1970s-era property that parisians used to call le trou des Halles (the hole of Halles).

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