机构研究报告-Shopping centers in the United Kingdom (UK)-外文版培训课件

INDUSTRIES

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MARKETSShoppingcentersintheUnitedKingdom(UK)CHAPTER

01OverviewPrimeyieldsofshoppingcentersinselectedEuropeancountriesin3rdquarter2023Europe:shoppingcentersprimeyieldsQ32023,bycountry9%8.25%8%7%6%5%4%3%2%1%0%7.5%6.25%6%5.5%5%UnitedKingdomItalySpainPolandGermanyFrance3Description:Inthethirdquarterof2023,theUnitedKingdomregisteredthehighestshoppingcenterprimeyieldofthecountriesdisplayed,at8.25percent,followedbyItalywithaprimeyieldof7.5percent.ReadmoreNote(s):Europe,France,Germany,Italy,Poland,UnitedKingdom;Q32023Source(s):BNPParibasRealEstateSelectedleadingshoppingcentersintheUnitedKingdomin2024,bysize(insquaremeters)SelectedleadingshoppingcentersintheUK2024Sizeinsquaremeters100,000050,000150,000200,000250,000WestfieldLondon,London236,400LiverpoolOne,LiverpoolWestfieldStratfordCity,LondonBluewater,Kent234,000188,500174,000Bullring,Birrmingham160,0004/statistics/319446/top-shopping-centres-by-size-united-kingdom-ukAsof2024,WestfieldLondonwasthelargestshoppingcenterintheUnitedKingdom.AccordingtoalistcompiledbyStatista,WestfieldLondoncovered236,000squaremeters,whileLiverpoolOne,insecondplace,spannedover234,000squaremeters.ReadmoreNote(s):UnitedKingdom;January17,2025Source(s):VarioussourcesYear-on-yearchangeinretailfootfallinshoppingcentersintheUnitedKingdom(UK)fromJanuary2019toDecember2024UnitedKingdom:retailfootfallchangeinshoppingcenters2019-202420%0%-20%-40%-60%-80%-100%5Description:Duetothecoronavirus(COVID-19)crisisandsocialdistancingmeasurestheUKgovernmenttook,retailfootfallafterMarch2020sawanunprecedentedfall.Notunexpectedly,visitornumberstoshoppingcenterstookthebiggesthit,decliningbyalmost85percentinMay2020.MostrecentlyreportednumbersshowedthatinDecember2024,thesituationinshoppingcenterswasslowerthanexpectedovertheholidays,recordingadecreaseof3.3percentinfootfallpercentcomparedto[...]

ReadmoreNote(s):UnitedKingdom;January2019toDecember2024;*DecemberisChristmasnumbers(Monday23rdDecembervsSaturdayDecember21).**FromApriltoJuly2021,figuresarecomparisonsto2019data.2022dataisYo3Ycomparisons.[...]

ReadmoreSource(s):BritishRetailConsortium;InsightDIY;InternetRetailing;RetailGazette;RetailInsightNetwork;Sensormatic;Springboard;TheIndependent;TheIndustry.fashionRetailinvestmentinEuropefromthe1stquarterof2023tothe4thquarterof2024,byassetclassRetailinvestmentinEurope2023-2024HighstreetShoppingcenter12.8Retailwarehousing16141210815.213.614.511.39.811.28.67.18.16.48.14.17.87.87.367.264.543.7420Q12023Q22023Q42023Q12024Q22024Q32024Q420246Description:RetailinvestmentinsixEuropeancountriestotaledat20.2billioneurosbythelastquarterof2024.Highstreetretailinvestmentamountedto8.6billioneuros,whileretailwarehousingamountedto7.1billioneuros.Investmentinshoppingcentersreached4.5billioneuros.ReadmoreNote(s):Europe;Q12023toQ42024Source(s):BNPParibasRealEstateRentalgrowth,capitalgrowth,andreturnoninvestmentforecastforshoppingcentersintheUnitedKingdom(UK)from2024to2028ReturnoninvestmentforecastforshoppingcentersintheUK2024-2028CapitalvaluegrowthRentalgrowth8%Totalreturnoninvestment7.7%10%8%6%4%2%0%-2%7.2%5.8%1%0.8%0.7%0.6%0.4%20250.1%-0.2%2024-1.3%2026Fiveyears(2024-2028)7Description:RentalratesforshoppingcentersintheUnitedKingdomareforecasttoseeanannualizedgrowthof0.7percentintheperiodbetween2024and2028,accordingtoaMay2024forecast.Rentsareexpectedtogrowthefastestin2026,at1percent.Overthefive-yearperiod,shoppingcenterswereforecasttogenerateanannualizedtotalreturnof7.2percent.ThatwasslightlylowerthantheaveragereturnoninvestmentforallcommercialpropertytypesintheUK.

ReadmoreNote(s):UnitedKingdom;2024;19organizationsSource(s):IPFChangeinaveragehighstreetandshoppingcenterrentsintheUnitedKingdom(UK)from1stquarter2020to4thquarter2023ChangeinaveragehighstreetandshoppingcenterrentsintheUK2020-2023HeadlinerentNeteffectiverent20%15%10%5%0%-5%-10%-15%-20%-25%Q12020

Q22020

Q32020

Q42020

Q12021

Q22021

Q32021

Q42021

Q12022

Q22022

Q32022

Q42022

Q12023

Q22023

Q32023

Q420238Description:RentalratesofhighstreetandshoppingcenterpropertiesintheUKincreasedin2023,exceedingthe2019levels.Inthefourthquarterof2023,theneteffectiverentincreasedby10.2percentfrom2019.Thatendedanearlythree-yearperiodofadeclineinrents.ꢀHeadlinerentreferstotherentalratewritteninthelease,butthisoftendiffersfromtheeffectiverentpaidduetorent-freeperiodsorotherinducementsofferedbythelandlord.PrimeretailrentsinEuropeareforecasttoriseby[...]

ReadmoreNote(s):UnitedKingdom;Q12020toQ42023;ExcludingLondonandSouthEastEnglandSource(s):SavillsInvestmentyieldsofshoppingcentersintheUnitedKingdom(UK)from2019to2024,bytypeShoppingcenteryieldsintheUK2019-2024,bytypeRegionalscheme11.5%Sub-regionalschemeLocalscheme(successful)Neighbourhoodscheme*10.5%9.5%8.5%7.5%6.5%5.5%4.5%2019202020212022202320249/statistics/1027786/retail-yields-for-shopping-center-united-kingdomInJune2024,investmentyieldsforshoppingcentersintheUKwerethelowestforregionalschemeproperties,at8.25percent.Incomparison,neighborhoodschemeshadaprimeyieldof9.25percent.Overall,primeyieldshaveincreasedsince2019.ReadmoreNote(s):UnitedKingdom;2019to2024;asofJuneofeachyearSource(s):KnightFrankShareofretailinvestmentinEuropeinthe4thquarterof2024,byassetclassShareofretailinvestmentinEurope2024Retailwarehousing36%Highstreet42%Shoppingstreet22%10Description:RetailinvestmentinsixEuropeancountriestotaledat20.2billioneurosbythelastquarterof2024.Highstreetretailinvestmentamountedto43percent,whileretailwarehousingamountedto35percent.Investmentinshoppingcentersreached22percentofthetotalinvestmentamount.ReadmoreNote(s):Europe;Q42024Source(s):BNPParibasRealEstateCHAPTER

02WestfieldshoppingcentersMarketvalueofshoppingcentersownedbyUnibail-Rodamco-Westfield(URW)in2023,bycountry(inbillioneuros)World:marketvalueURWshoppingmalls2023,bycountry1412.52129.710864.953.5843.22.562.492.151.6220FranceUnitedStates

CentralEuropeSpainGermanyNordicsUnitedKingdomAustriaTheNetherlands12/statistics/1198485/unibail-rodamco-westfield-shopping-centers-market-valueIn2023,themarketvalueofshoppingcentersownedbyUnibail-Rodamco-Westfield(URW)inFrancestoodatroughly12.5billioneuros.Meanwhile,themarketvalueforthecompany'sshoppingprecinctsintheNetherlandsreached1.6billioneuros.

ReadmoreNote(s):Worldwide;December31,2023;valuationincludingtransfertaxesSource(s):Unibail-Rodamco-WestfieldGrossLeasableArea(GLA)ofUnibail-Rodamco-WestfieldshoppingcentersintheUnitedKingdom(UK)in2024(insquaremeters)UnitedKingdom:WestfieldshoppingmallsGLA2024250,000200,000150,000100,00050,0000236,400188,500LondonStratfordCity13Description:WestfieldLondonshoppingcenter,locatedintheUnitedKingdomandownedbyUnibal-Rodamco-Westfield(URW),hadaGrossLeasableArea(GLA)ofover236thousandsquaremeters,significantlymorethantheStratfordCitylocation.

ReadmoreNote(s):UnitedKingdom;June30,2024Source(s):Unibail-Rodamco-WestfieldNetrentalincomeofshoppingcentersownedbyUnibail-Rodamco-Westfield(URW)from2019to2023,bycountry(inmillioneuros)World:netrentalincomeURWshoppingmalls2019-2023,bycountryNetrentalincomeinmillioneuros202320222021300202020194000100200500600700UnitedStatesFranceCentralEuropeSpainNordicsUnitedKingdomGermanyAustriaTheNetherlands14Description:In2023,thenetrentalincomeofshoppingcentersownedbyUnibail-Rodamco-Westfield(URW)inFrancestoodatjustover525.5millioneuros,anincreaseonthepreviousyear.Thismadeitthecountrywiththesecond-highestnetrentalincome,aheadoftheUnitedStates.ReadmoreNote(s):Worldwide;2019to2023Source(s):Unibail-Rodamco-WestfieldVacancyrateofshoppingcentersownedbyUnibail-Rodamco-Westfield(URW)in2023,bycountry(inbillioneuros)WorldwidevacancyrateURWshoppingmalls2023,bycountryVacancyrate0%1%2%3%4%5%6%7%8%9%UnitedStatesUnitedKingdomNordics8.5%6.9%6.9%France3.8%Germany3.6%3.5%NetherlandsAustria2.6%Spain1.5%1.5%CentralEurope15Description:In2023,thevacancyrateofshoppingcentersoperatedbyUnibail-Rodamco-Westfield(URW)intheUnitedStatesstoodat8.5percent.Meanwhile,thevacancyrateofmallsinCentralEuroperestedat1.5percent.

ReadmoreNote(s):Worldwide;December31,2023Source(s):Unibail-Rodamco-WestfieldNumberofstoresinWestfieldshoppingcentersintheUnitedKingdom(UK)in2024UnitedKingdom:numberofstoresWestfieldshoppingmalls2024500450400350300250200150100504762170LondonStratfordCity16/statistics/512398/westfield-number-of-retail-outlets-united-kingdom-ukWestfieldStratfordCityshoppingcenter,locatedintheUnitedKingdomandownedbyUnibal-Rodamco-Westfield,hadwellover200storesin2024.In2023,StratfordCityhadaGrossLeasableArea(GLA)ofmorethan180thousandsquaremeters.

ReadmoreNote(s):UnitedKingdom;2024Source(s):Unibail-Rodamco-WestfieldCustomervisitstoWestfieldshoppingcentersintheUnitedKingdom(UK)from2021to2023(inmillions)UnitedKingdom:numberofvisitstoWestfieldshoppingmalls202390807080.0975.456051.775040302010020212022202317Description:UnibalRodamcoWestfieldownstwoshoppingcentersintheUK,LondonandStratfordCity.In2023,thewerejustover80millioncustomervisitsintotaltothesetwoshoppingcenters.Thiswasanincreasecomparedtothepreviousyear.

ReadmoreNote(s):UnitedKingdom;2023Source(s):Unibail-Rodamco-WestfieldCHAPTER

03LandsecshoppingcentersShoppingcentersownedbyLandSecuritiesintheUnitedKingdom(UK)asofSeptember2024,bysize(in1,000squarefeet)UnitedKingdom:shoppingcentersownedbyLandSecurities2024,bysizeSizeinthousandsquarefeet02004006008001,0001,2001,4001,6001,8002,000Bluewater,GreenhitheStDavid's,Cardiff1,8771,488WhiteRose,Leeds882TrinityLeeds,Leeds786779WestgateOxfordSouthside,WandsworthSW18BuchananGalleries,GlasgowOneNewChange,LondonGunwharfQuays,PortsmouthLewishamShopping,LewishamTheO2Centre,NW3628592557555490310BraintreeVillage,BraintreeClarksVillage,Street204203BuchananStreet,Glasgow11819Description:AsoftheendofSeptember2024,BluewaterinGreenhithe,avillageinKent,wasthelargestshoppingcenterownedbyLandSecuritiesGroupintheUnitedKingdom,withanareaofapproximately1.9millionsquarefeet.StDavidsinCardifffollowed,withanareaofalmost1.5millionsquarefeet.ReadmoreNote(s):UnitedKingdom;September30,2024Source(s):LandSecuritiesMarketvalueofshoppingcentersownedbyLandSecuritiesintheUnitedKingdom(UK)fromfinancialyear2014tofinancialyear2024(inmillionGBP)UnitedKingdom:marketvalueLandsecshoppingmalls2014-20244,0003,6633,5583,5003,0002,5002,0001,5001,0005002,871.32,8012,5932,410.32,025.71,6641,22620241,19620231,1412022020142015201620172018201920202021*20Description:Asof2024,themarketvalueofshoppingcentersownedorpartlyownedbyLandSecuritiesGroupintheUnitedKingdomreached1.2billionBritishpounds.Ayearearlier,themarketvalueforsuchsegmentwasbarelyshyofthisnumer.Thisfigure,however,comprisesLondonretailandregionalshoppingcentersandshops.Londonretailismadeofretailspaceinoffices,OneNewChange,TheO2Centre,Southside,Lewisham,andShepherd'sBush.Meanwhile,regionalretailshoppingcenters[...]

ReadmoreNote(s):UnitedKingdom;Financialyear2014tofinancialyear2024;*FigurecalculatedbyStatistabasedontheinformationprovidedbythesource.FinancialyearsendonMarch31steachyear.Figuresforyearspriorto2024weretakenfrom[...]

ReadmoreSource(s):LandSecuritiesLeadingretailstorecustomersofLandSecuritiesintheUnitedKingdom(UK)in2024,byshareofrentUnitedKingdom:topretailcustomersofLandsec2024Shareofrent0%1%2%3%4%5%6%AccorCentralGovernmentDeloitte5.6%5.5%2.2%TaylorWessingCineworldBoots1.6%1.5%1.4%1.3%1.3%1.2%PeelQubeRTBBCSainsbury'sH&M1%1%Cheil0.9%21Description:Inthefinancialyear2024,endedMarch31,2024,thetopLandSecuritiesGroupretailcustomerintermsofrentwasAccor,aFrenchmultinationalhospitalitycompanywithhotelsallovertheworld.Inthatyear,thisretaileraccountedfor5.6percentofrent.ReadmoreNote(s):UnitedKingdom;March2024Source(s):LandSecuritiesMarketvalueofretailparksownedbyLandSecuritiesintheUnitedKingdom(UK)fromfinancialyear2016tofinancialyear2024(inmillionGBP)UnitedKingdom:marketvalueLandsecretailparks2016-20249008007006005004003002001000855834.378663646644441839739020162017201820192020202120222023202422Description:Asof2024,themarketvalueofretailparksownedorpartlyownedbyLandSecuritiesGroupintheUnitedKingdom(UK)sawavaluationdecreasecomparedtothepreviousyear.In2024,thecompany'sretailparkswerevaluedat390millionBritishpounds,downfrom418millionpoundsrecordedayearearlier.ReadmoreNote(s):UnitedKingdom;Financialyear2016tofinancialyear2024;Retailparksaretypicallylocatedawayfromtowncenters.Source(s):LandSecuritiesMarketvalueofoutletsownedorpartly-ownedbyLandSecuritiesintheUnitedKingdom(UK)fromfinancialyear2019tofinancialyear2024(inmillionBritishpounds)UnitedKingdom:marketvalueLandsecoutlets2019-20241,000871900800700600500400300200100074372268463460520192020202120222023202423Description:AsofMarch31,2024,themarketvalueofoutletsownedorpartlyownedbyLandSecuritiesGroupintheUnitedKingdomstoodat605millionBritishpounds,downfrom684millionpoundsrecordedayearearlier.Inthesameyear,retailparksownedorpartlyownedbythiscompanysawasimilarvaluationdecrease.ReadmoreNote(s):UnitedKingdom;Financialyear2019tofinancialyear2024Source(s):LandSecuritiesCHAPTER

04Retailparks&outletcentersLeading10retailparksintheUnitedKingdom(UK)in2023,basedongrossinternalarea(GIA)(insquarefeet)LeadingretailparksintheUK2023,rankedbygrossinternalarea(GIA)GIAinsquarefeet300,0000100,000200,000400,000500,000600,000700,000675,261800,000MiddlebrookRetail&LeisureParkCastlepoint645,000632,463606,500570,700585,335549,268531,514520,953CliftonMoorCentre(Phases1-4)FortKinnairdParkgateShoppingFosseShoppingParkNewMerseyTheBreweryGlasgowFortRushdenLakesShoppingPark450,00025Description:ThisstatisticshowstheleadingtenretailparksintheUnitedKingdom(UK)in2023,basedongrossinternalarea(GIA)insquarefeet.TheUKretailparkwiththelargestinternalareaisMiddlebrookRetail&LeisurePark,whichcoversover675,200squarefeet.MiddlebrookRetail&LeisureParkislocatedintheBolton-HorwichareainNorthWestEnglandandopenedin1998.ReadmoreNote(s):UnitedKingdom;2023Source(s):TrevorWoodAssociatesLeading10retailwarehouseclustersintheUnitedKingdom(UK)in2023,basedongrossinternalarea(GIA)(insquarefeet)LeadingretailwarehouseclustersintheUK2023,bygrossinternalarea(GIA)1,200,0001,112,4391,071,1521,055,7671,033,2001,028,1281,000,000800,000600,000400,000200,0000950,931946,112855,071841,850825,261WestwoodRoadMonksCross

NewcraighallWestQuayLakesideCribbsCausewayBraeheadTrittonRoad

SealandRoad

Middlebrook26Description:ThisstatisticshowstheleadingtenretailwarehouseclustersintheUnitedKingdom(UK)in2023,basedongrossinternalarea(GIA)insquarefeet.TheUKretailwarehouseclusterwiththelargestinternalareaisWestwoodRoad,whichcoversover1,110,000squarefeet.WestwoodRoadislocatedinBroadstairsinSouthEastEngland.ReadmoreNote(s):UnitedKingdom;2023Source(s):TrevorWoodAssociatesYear-on-yearchangeinretailfootfallintheUnitedKingdom(UK)inDecember2024,byshoppinglocationRetailfootfallyear-on-yearchangeintheUKDecember2024,bylocation0%0.0%-0.5%-1.0%-1.5%-2.0%-2.2%-2.5%-2.7%-3.0%-3.5%-3.3%ShoppingCenterHighStreetRetailParkTotalRetailFootfall27Description:Retailfootfallsawadecreaseof2.2percentinDecember2024intheUnitedKingdom(UK),drivenbyshoppingcenters.Comparedtothesamemonthayearearlier,highstreetssawareductioninfootfallof2.7percent.

ReadmoreNote(s):UnitedKingdom;December2024Source(s):BritishRetailConsortium;SensormaticYear-on-yearchangeinretailfootfallinretailparksintheUnitedKingdom(UK)fromJanuary2019toDecember2024Retailfootfallyear-on-yearchangeinretailparksintheUK2019-202420%10%0%-10%-20%-30%-40%-50%-60%-70%28Description:Duetothecoronavirus(Covid-19)crisisandsocialdistancingmeasurestheUKgovernmenttook,retailfootfalldatafollowingMarch2020sawanunprecedentedfall.IntheUnitedKingdom(UK),visitornumberstoretaillocationsweregenerallyindecline,butforretailparksthedeclinewaslessdramatic.Overtheperioddisplayedhere,footfallhasslightlyrecovered,withpositiveyear-on-yearchangeinshoppernumbersacrossretailparksoccuringinAugust,September,andOctober.After[...]

ReadmoreNote(s):UnitedKingdom;January2019toDecember2024;*December2019and2020areChristmasnumbers(Monday23rdDecembervsSaturday21stDecember).**FromApriltoDecember2021,figuresarecomparisonstothesameperiodin[...]

ReadmoreSource(s):BritishRetailConsortium;InsightDIY;InternetRetailing;RetailGazette;RetailInsightNetwork;Sensormatic;ShopperTrak;Springboard;TheIndependent;TheIndustry.fashionCHAPTER

05ConsumerbehaviorFrequencyofvisitinglocalshoppingareasintheUnitedKingdomfromJanuary2023toJanuary2025FrequencyofvisitinglocalshoppingareasintheUK2023-2025Everyday32%SeveraltimesaweekAboutonceaweek31%2-3timesamonth32%Aboutonceamonth32%LessoftenNever33%35%30%25%20%15%10%5%23%23%13%22%13%22%22%14%11%13%11%13%10%12%12%10%11%4%4%3%3%3%3%3%2%0%Jan'23Jul'23Jan'24Jul'24Jan'2530Description:AsofJanuary2025,aroundonethirdofshoppersvisitedlocalshoppingareasonceaweekonaverage.About20percentvisitedseveraltimesaweek,whilethreepercentstatedtheywentshoppingeveryday.

ReadmoreNote(s):UnitedKingdom;January2023toJanuary2025;Around2,000;18yearsandolderSource(s):YouGovMostcommonusesfortownandshoppingcentersintheUnitedKingdomin2024MostcommonusesfortownandshoppingcentersintheUK202470%60%50%40%30%20%10%0%64%59%39%35%34%33%29%28%21%19%31/statistics/1551039/uk-town-and-shopping-center-usage-trendsThemajority,almosttwothirdsofUKshoppers,statedtheyvisitedshoppingandtowncentersforhospitalityrelatedfacilities,suchasrestaurants,barsorpubsin2024.Onlyaboutathirdofrespondentssaidtheyvisitednon-foodretailestablishments.ReadmoreNote(s):UnitedKingdom;2024Source(s):LambertSmithHampton;RetailEvolutionAveragetimeresidentswouldspendtowalktotheirlocalshoppingcentersintheUnitedKingdomin2023,byminutesTimeresidentswouldspendtowalktotheirlocalshoppingcentersintheUK202330%25%20%25%16%15%11%11%10%9%9%10%5%5%4%0%Upto5minut