Page 51 - RLI April 2019

GLOBAL RETAIL CITIES CHICAGO

INSIGHTS TO FUEL BERLIN

RETAIL AMBITION

Over the next few pages JLL present their Global Retail City Profiles, your guide to
the local climate in all the three global region’s top retail cities. The profiles below will

provide valuable insight to support your real estate strategies in 21 key retail markets
around the world.

ARCELONA ERLIN HICAGO ONG KONG
A cosmopolitan seaside city with a well- Berlin is the cultural and political centre of This city is the cultural capital of the Midwest, with Hong Kong provides some of the highest sales
established dynamic retail market, Barcelona Germany. It is the country’s largest city and its the third largest population in the US, following densities in the world. The market also boasts a
Bis Europe’s ninth most attractive location for Bservice sector is the most important driver behind CNew York and Los Angeles. Chicago is home to a Hhighly sophisticated and wealthy local consumer
international retailers. Foreign shoppers contribute up to 80 the local economy. Berlin is also a popular tourist destination, growing millennial population that are keen on experiential retail. base as well as close to 40 million tourists visiting annually. Hong
per cent of the total retail sales in the city centre. which continues to positively contribute to the retail sector. Investors and tenants alike look to the Chicago retail corridors Kong continues to be one of the most attractive locations for
High Street High Street for new urban placements given the affordability of the market international retailers globally, and many see the rental declines
Barcelona’s main shopping area is located in the Eixample Berlin is a very important location for both national and relative to other gateway cities in the US and Canada. as an opportunity to establish a presence in the city.
neighbourhood, centred on the prestigious and luxurious international retailers; although there are a high number High Street High Street
Paseo de Gracia. The area combines expensive shops, such of peripheral shopping centres, the city centre remains Chicago’s retail scene is concentrated in the Michigan Avenue Street-level retailing is the traditional form of retail provision
as Michael Kors, Tiffany & Co., Louis Vuitton and Dolce & the leading retail destination. Prime high street rents corridor, Oak Street corridor and State Street corridor. The in Hong Kong. Queen’s Road Central and Des Voeux Road
Gabbana with great architecture. Other popular streets have nearly reached the level of Munich, Germany’s most Michigan Avenue corridor is known as the primary shopping Central in Central, Nathan Road and Canton Road in Tsim
within Eixample are Rambla Catalunya, Diagonal and Portal expensive retail location. Kurfürstendamm, located to the attraction for those visiting the city and is currently experiencing Sha Tsui, Kai Chiu Road and Russell Street in Causeway Bay,
de l’Angel which have exclusive pedestrianised areas. west, is the city’s most prominent retail location. It forms southern sprawl towards Grant Park, driven by the new Apple and Sai Yeung Choi Street South in Mongkok are some of the
Major national and international brands are located on a ‘shopping mile’ with Tauentzienstrasse and houses the flagship located on the Chicago River. The Oak Street corridor, renowned prime shopping streets in Hong Kong. In general,
these streets, including Zara, H&M and MANGO. Christian globally renowned KaDeWe department store. The streets located adjacent to the northern end of the Michigan Avenue prime shops on high streets are key targets for international
Louboutin, UNIQLO, Terranova and Media Markt are some are the most sought-after locations by both international and corridor, is shifting from strictly luxury tenants like Versace and retailers when setting up flagship stores to capture high footfall
of the latest international entrants to the market. national fashion brands. Dior which recently entered the market, to luxury life and high and build brand awareness in Hong Kong.
Shopping Centres Shopping Centres priced tenants like Aritizia and Shinola. Meanwhile, the State Shopping Centres
Barcelona’s most important shopping centres include Popular brands continue to open stores in schemes across Street corridor is further solidifying itself as the discount concept Apart from high street shops, shopping malls make up
Maquinista, Splau, Diagonal Mar, L´illa and Les Glories. The Berlin. The newly developed LP12 Mall of Berlin (formerly corridor with the addition of the Banana Republic outlet and a large sector of the retail footprint in Hong Kong. Most
redevelopment and extension of Les Glories shopping Leipziger Platz 12), opened in 2014. It has more than 270 the expansion of the Zara footprint located at Block 37. malls are integrated into subway stations, office towers, and
centre completed during the last quarter of 2017, finishing shops across 645,800sq ft of retail space. Bikini Berlin, the Shopping Centres residential communities. The majority (85 per cent) of new
its repositioning, which started successfully with the opening world’s first ‘Concept Shopping Mall’, also opened in 2014 Chicago is home to one of the US’s first urban vertical malls: shopping center supply is being built in non-core locations,
of ‘El Mercat’ food market concept. Concerning current and hosts 60 units in 215,000sq ft of space. ZOOM Berlin, The Water Tower Place located directly adjacent to the Chicago’s alongside growing residential districts such as Tseung Kwan
and new development projects, the market in Barcelona a mixed-use project in Charlottenburg opened in 2018. The famed Water Tower building on the Michigan Avenue corridor. O, and Kowloon East.
is more focused on refurbishments, such as Maquinista or project is 172,000sq ft in size hosting offices, car-parking and Despite fluctuations in the mall market, the Water Tower has
Maremagnum, than new developments, four floors of retail, anchored by Primark. remained stable, with a constant stream of tourist shoppers and
the inclusion of experiential retail concepts like the American HONG KONG
BARCELONA Girl Doll Place flagship and urban food hall, Foodlife.

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