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FEATURES Table 6-6 Shopping Centers in the Announced Italian Pipeline Macro Region North


Center North North North North North


South and Island South and Island North North


Center North North


South and Island Center


Municipality


Villesse Roma Vinovo Parma


Castelli Calepio Venezia Jesolo Bari


Salerno Segrate Brescia Roma


Verona Milano


Partinico Roma


Source: UrbiStat (www.urbistat.com)


to come onstream in 2013, representing nine newly opened centers. (See Table 6-5.) The Italian pipeline of new shopping centers is difficult


to estimate due to several announced projects that were either canceled or postponed due to financing difficulties. Most announced projects are in the North or Rome. Foreign investors remain willing to develop large or very


large shopping centers, including new entrants such as InterIkea and Westfield. By the end of 2013, InterIkea will open the first IKEA-anchored shopping center in Italy, in the Northeastern region. The company has two more large projects in the pipeline. Westfield partnered with local investor Percassi to develop Westfield Milan. The project, just outside Italy’s fashion capital in Segrate, next to Linate Airport, showcases some 170,000 sq m of GLA with more than 500 shops for a total investment of more than €1 billion,9 as seen in Table 6-6.


Trends in the Italian Shopping Center Industry Expansion and Refurbishments Although the pipeline of new shopping centers was


significantly reduced following the recession, local and institutional investors are still willing to strengthen their presence by expanding or refurbishing their existing


9 Westfield.


10 Corio. 11 Data on expansion of Città Fiera from the center’s Web site.


INTERNATIONAL COUNCIL OF SHOPPING CENTERS 30 4 RETAIL PROPERTY INSIGHTS VOL. 20, NO. 2, 2013


assets, as seen in Table 6-7. According to Sonae Sierra, 149 expansions of shopping


centers took place in Italy during the last 10 years. Moreover, 69 expansions or refurbishments are planned to be delivered in the next two to three years, adding some 300,000 sq m of new GLA to the existing stock. Among these expansions, the most significant is taking


place at Citta’ Fiera, a shopping center in the Northeastern region, which is jointly owned by Corio and local developer Bardelli Group, boasting about 94,500 sq m of GLA and generating an annual traffic of 6 million visits.10 Among other destinations,11 the nearly 80,000-sq-m expansion project includes a fashion outlet of some 30,000 sq m and a large area entirely dedicated to home furnishing. One example of successful expansion and refurbishment


is Valecenter (see Figure 6-1), a shopping and leisure center in the Northeastern region in Marcon, a suburb of Venice. The shopping center, built in 1993 and acquired by Sonae Sierra in 2005, comprises about 40,000 sq m of GLA and 80 shops. Its 3,500-sq m expansion in 2007 added approximately 40 tenants, bringing the total to 124. The €37-million project created 363 new jobs. The center’s performance improved dramatically both in terms of traffic and sales, leading to the prestigious ICSC European


Name


Villesse Shopping Laurenino Mondojuve


Parma Urban District Castelli Calepio Marghera


Jesolo Magica


Barinova Shopping Center Le Cotoniere


Westfield Milan Brescia Shopping Aurelia


Verona Porta Sud Cascina Merlata Partynico


Pescaccio Corio


Gross Leasable Area (Square Meters)


90,000 60,500 58,000 49,600 39,347 38,800 38,000 37,545 31,732


170,000 85,000 50,000 42,385 40,000 35,711


220,000 Year


2013 2014 2014 2014 2014 2014 2014 2014 2014 2015 2015 2015 2015 2015 2015 2017


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