Business Wire

ICSC Releases Socio-Economic Impact Report for European Retail Real Estate

Del

The International Council of Shopping Centers (ICSC) today releases its biannual Socio-Economic Impact Report for European Retail Real Estate at MAPIC. The report summarises the power that retail real estate creates for the local economies, from GDP to jobs, as well as the benefits for consumers.

  • ICSC estimates that in Europe, the retail real estate industry directly supports over 27 million jobs or one out of every eight people.
  • Total EU retail real estate turnover reached €2,789 billion in 2016.
  • Retail sales in the EU generated €1,727 billion in tax revenues in 2016 of which approximately 27% occurred in shopping centres.
  • More than 90% of 2016 retailing in the EU happened in a physical store. Including those stores’ online contribution, that number reached 94% for a total of €2.394 trillion.

“Retail real estate is thriving in Europe, as it does around the world,” said Tom McGee, President and CEO of ICSC. “The industry continues to keep up with the wants and needs of the consumer and takes on a variety of shapes and sizes. It will continue to be an essential pillar of social and economic growth and commerce, and one that benefits the vitality of its local communities.”

ICSC predicts that by 2022 Millennials are expected to increase their spending on goods and services by 110% from €10,047 in 2012 per person to €21,053, the biggest increase of any age group. By 2022, Millennials will have also shifted the proportion of how they spend their money. They will spend a marginally greater proportion of their discretionary income on things like groceries, leisure and recreation, hotels and restaurants as well as other goods and services. They will spend relatively less on housing (30% to 25%).

McGee continued: “By 2025, Millennials are set to overtake Baby Boomers to become the largest demographic group in Europe and, as they move into their prime spending years, will be a significant consumer group and a key driver of demand for retail real estate. This generation is different than their predecessors and crave experience at their convenience, from interacting with a physical product before purchase to enjoying a meal with friends and family. Retail real estate provides that touchpoint for consumers that cannot be replicated from home or anywhere else.”

Trends highlighted in the report include:

Physical Retail Remains Dominant Sales Channel, Online Growth Slowing

Total 2016 retail spending in the EU was €2.544 trillion, up from €2.491 trillion in 2015. €2.394 trillion, or 94.4% came from store-based retail sales and the online contribution of bricks and mortar retailers. Pure play online retail sales only accounts for 4.4% of total EU retail sales in 2016. The remaining 1.5% comes from other non-store sales.

Flexible Employment and Economy Driven by Retail Real Estate

Retail real estate, in total, provides more than 27 million jobs, accounting for 12.4% of all EU employment. With the retail industry offering flexible work policies, 49% of Europe’s wholesale and retail trade workforce in 2016 were women. This flexibility also reduces “excess” labour and allows retailers to match peak days and hours. It’s also a boon to the younger generation, as nearly 20% of 15-24 year olds work in the wholesale and retail trade sector.

Per the report, tax rates from retail and shopping centres also prove the value these facilities provide to their community beyond retail. While each country has different sales and VAT rates, EU 2016 retail sales generated €1,727 billion in tax revenue, with 27% of those sales occurring in shopping centres. These billions are then reinvested in the community in local municipalities such as schools, government and emergency services.

Redevelopment and Diversification Remain Key Tool to Attract Consumers

As cities continue to grow, the existing bricks and mortar locations are being redeveloped and refurbished to ensure the space is properly equipped to meet the needs of today’s contemporary tenants and consumers continue to spend more of their discretionary income on recreation and services. Property owners are diversifying their tenant mix to include non-retail tenants, such as food and beverage operators, fitness and spa amenities and a wide range of educational, cultural and entertainment facilities.

ICSC members can download the report for free from www.icsc.org.

About ICSC

ICSC serves the global retail real estate industry. We provide our 70,000+ member network in over 100 countries with invaluable resources, connections and industry insights, and actively work together to shape public policy. For more information about ICSC visit www.icsc.org.

Contact information

ICSC
Stephanie Cegielski, 1 646-728-3572
scegielski@icsc.org

Om Business Wire

Business Wire
Business Wire
24 Martin Lane
EC4R 0DR London

+44 20 7626 1982http://www.businesswire.co.uk

(c) 2018 Business Wire, Inc., All rights reserved.

Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.

Følg saker fra Business Wire

Registrer deg med din epostadresse under for å få de nyeste sakene fra Business Wire på epost fortløpende. Du kan melde deg av når som helst.

Siste saker fra Business Wire

AIDUS Coin Successfully Raises Investment from CoinBene, the World's Leading Exchange13.12.2018 00:00Pressemelding

AISYS GLOBAL PTE. LTD. announced that it has received investment from CoinBene, one of the world’s leading crypto assets exchanges. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20181212005153/en/ Investment contract ceremony between CoinBene and AISYS GLOBAL. Left: CoinBene CMO Daniel Lee. Right AISYS GLOBAL Founder Ted Min (Photo: Business Wire) AISYS GLOBAL is building the AIDUS Decentralized Fund Platform (ADFP), where users can subscribe to funds only via AIDUS coin. ADFP is the platform to connect investors and asset management companies with AIDUS coin without barriers of borders, language, currency. The most important part of the ADFP is the Smart QTS (Quant Trading System), which boasts an annual average return of 100% (as of December 1, 2018). Smart QTS is an automated trading program that has been validated through more than 15 years of development and over four years of operational performance. The weekly returns

The Epic Showdown Against the Black Mage Begins Now in MapleStory12.12.2018 22:12Pressemelding

MapleStory, the iconic free-to-play global MMORPG from Nexon, has launched the final chapter of the war with the game’s long-awaited villain, the Black Mage. The most anticipated clash event in Maple history brings two brand new Tenebris areas, an epic duel against Black Mage’s leading Commander Verus Hilla, and the monumental battle against the Black Mage himself. Players level 200 or higher who have completed the 5th job advancement can access the Labyrinth of Suffering, Tenebris’ second area. At the end of the quest, players will find Verus Hilla, one of the Black Mage’s leading Commanders, ready to fight. Limina, Tenebris’ final area, is also available as players must help the Tenebris expedition escape dangerous situations inside to complete the Journey of Destiny. In addition, every class will receive a new 5th job skill to fight the Black Mage and once the Maple Alliance gathers enough Determination to power up the Spark of Determination, all out war breaks loose as the highly a

Pacific Drilling Announces Relisting on NYSE12.12.2018 22:11Pressemelding

Pacific Drilling S.A. (OTC: PACDD) (the “Company”) today announced that it has received approval to relist its common shares on the New York Stock Exchange (“NYSE”) under the ticker symbol “PACD.” The Company expects that its common shares will commence trading on the NYSE at the market open on December 18, 2018. About Pacific Drilling With its best-in-class drillships and highly experienced team, Pacific Drilling is committed to becoming the industry’s preferred high-specification, deepwater drilling contractor. Pacific Drilling’s fleet of seven drillships represents one of the youngest and most technologically advanced fleets in the world. Pacific Drilling has its principal offices in Luxembourg and Houston. For more information about Pacific Drilling, including our current Fleet Status, please visit our website at www.pacificdrilling.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20181212005880/en/ Contact information Investor Contact: Johannes

IFF Declares Dividend for Fourth Quarter 201812.12.2018 21:20Pressemelding

Regulatory News: International Flavors & Fragrances Inc. (NYSE:IFF) (Euronext Paris:IFF) (TASE:IFF), a leading innovator of scent, taste, and nutrition, announced that its Board of Directors has declared a regular quarterly cash dividend of $0.73 per share of its common stock, payable on January 7, 2019 to shareholders of record as of December 28, 2018. Meet IFF International Flavors & Fragrances Inc. (NYSE:IFF) (Euronext Paris: IFF) (TASE: IFF) is a leading innovator of scent, taste, and nutrition, with over 110 manufacturing facilities, 100 R&D centers, and 33,000 customers globally. At the heart of our company, we are fueled by a sense of discovery, constantly asking “what if?”. That passion for exploration drives us to co-create unique products that consumers experience in more than 150,000 unique products sold annually. Our 13,000 team members globally take advantage of leading consumer insights, naturals exploration, research and development, creative expertise, and customer inti

Allied World Announces Fairfax WorldWideSM Multinational Initiative12.12.2018 21:06Pressemelding

Allied World Assurance Company Holdings, GmbH announces the development of a new multinational platform, called Fairfax WorldWideSM, that operates across the portfolio of insurance companies of Fairfax Financial Holdings Limited (“Fairfax”). The platform, which will be rolled-out in phases, will enable the issuance of locally admitted insurance policies using Fairfax subsidiary licensing capabilities and other strategic partners. Fairfax WorldWideSM, which will be modelled after Allied World’s existing Allied WorldWide® multinational platform, will consist of a global cross-functional group of dedicated people and a future leaning IT system. The platform will facilitate collaboration across the entire Fairfax network to deliver global policy placement services. Karl Jordan, Senior Vice President of Fairfax WorldWideSM, said, “Once fully implemented, Fairfax WorldWideSM will provide us with the ability to collaborate across the Fairfax group of companies to seamlessly and reliably issue

Dubai’s Meydan One Takes Shape12.12.2018 14:58Pressemelding

Meydan One, a pioneering, next-generation lifestyle and retail destination, has announced that the project is on track for its launch in early 2020 with 60 per cent of structural work already completed. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20181212005508/en/ Meydan Masterplan (Photo: AETOSWire) The Meydan One project is Dubai’s latest centrepiece development aimed at enhancing the Emirate’s mall landscape through a wholly reimagined approach that combines retail, hospitality, entertainment and leisure experiences. A sprawling, next-generation destination, Meydan One offers immersive lifestyle experiences, world-class design, entrepreneurship and technologies, reaffirming Dubai’s vision to become the preferred global hub for tourism and shopping. Meydan One offers a unique business proposition for global and local investors eyeing investments in Dubai. As a free-zone entity, the destination offers unmatched advantages