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Synthèse
By 2020, the global shopping mall market sees Asia as a dominant force in terms of retail space, as evidenced by the "New South China Mall" in Dongguan, which is the largest in terms of usable retail space. Worldwide, the market is booming, with consumer spending on the rise, and shopping malls being developed and renovated in parallel. In France, which has the second largest number of shopping centers in Europe after the UK, the market is facing a decline in revenues despite a significant number of projects underway (117), scheduled for completion by 2023.
The COVID-19 pandemic has severely impacted the sector, with French shopping center sales plummeting by 94%, as reported by Procos. In addition, investment in the sector has been temporarily curbed, with zero investment in shopping centers among retail-related asset classes in Q1 2020, according to Knight Frank. Despite the challenges, France remains a strong player in Europe, but must navigate a landscape of increased competition, changing consumer behavior and the aftermath of the pandemic.
The changing dynamics of the French shopping center market
The French shopping center market has undergone a substantial evolution, signaled by significant changes in consumer behavior and the impact of global trends. With a strong historical presence characterized by the opening of American-style shopping centers such as "Parly 2" and "Cap 3000" in 1969, France now boasts between 1,200 and 1,300 shopping centers, placing it in a strong position in the European context, just behind the UK. However, while the number of centers continues to rise, the sector's overall sales have fallen from around 134.6 billion euros in 2015 to around 130.2 billion euros.
A notable trend in consumer preference is the gravitation towards experiences rather than products, probably influenced by the rise of e-commerce, with physical shopping centers competing not only with each other, but also with the online retail market. Nevertheless, shopping centers remain an essential part of French consumer culture, with a significant proportion of the population - almost half - expressing a preference for these complexes over other outlets, particularly among young people and residents of the Paris region. In response to this competitive market, new retail models have emerged, such as business parks and hybrid structures, which mix traditional shopping centers with open-air retail spaces, innovating the shopping experience and services on offer.
Despite growth in numbers and diversity, the market has been put under pressure by the COVID-19 pandemic, which has led to a staggering drop in shopping center sales of up to 94% between April 2019 and April 2020. The largest shopping centers in terms of capacity, notably La Part-Dieu, Aéroport Paris CDG Terminal 2, and Les Quatre Temps, are located mainly on the outskirts of major cities, and they remain key to attracting significant consumer traffic, accounting for a considerable portion of shopping center sales, particularly in the personal goods category.
Investment in the sector remains stable, with a strong domestic presence accounting for around 65% of investment volume, complemented by foreign investment from countries such as Norway, the UK, the USA and Italy. Nevertheless, the trend seems to be towards renovation rather than new construction, with a significant percentage of commercial projects authorized over the past five years having been caught up in legal proceedings or having had difficulty obtaining bank financing.
Overall, the French shopping center market is undergoing a period of transformation, reconciling the appeal of traditional shopping with the demands of modern retail innovation and the ever-present challenge of online commerce.
Key players shaping the French shopping center landscape
The French shopping center market is not only vast, it's also highly competitive, with several key players dominating the scene, each bringing their own flavor to the retail experience. Here's a brief overview of the main entities shaping the hive in France:
- Unibail-Rodamco-Westfield Unibail-Rodamco-Westfield is one of the sector's leading figures, with a portfolio that includes some of the most iconic and visited shopping centers in France and beyond. Their properties are renowned for combining high-end shopping with leisure and dining experiences, often located in prime locations that attract both locals and tourists.
- Klépierre Another titan of the shopping center sector, Klépierre offers a wide range of retail destinations. Its strategic presence in every region ensures that it is an omnipresent presence in the lives of French consumers. With a focus on enhancing the customer experience, Klépierre's centers are designed to be more than just shopping spaces - they are social and leisure centers.
- Altarea-Cogedim Altarea-Cogedim combines its real estate prowess with its passion for retail, resulting in a conglomerate that not only owns but also manages multi-purpose shopping centers. Its properties are designed to meet the evolving demands of retailers and consumers alike, offering a harmonious blend that nurtures the ecosystem of commerce and community.
- Les Quatre Temps We can't talk about French shopping centers without mentioning Les Quatre Temps. Located in the bustling business district of La Défense, near Paris, it's a shopper's paradise that attracts large numbers of visitors every year. Its size and diversity make it a benchmark for the country's shopping centers.
- La Part Dieu In the heart of Lyon, La Part Dieu's extensive offering and strategic location make it a key shopping hub in the region. Its popularity and sales figures testify to its central role in the history of urban shopping in France.
- Rosny 2 Another famous shopping destination, Rosny 2 has secured a place for itself in the French retail pantheon. Offering a multiplicity of stores and services, it embodies the convenience and diversity that today's consumers seek.
- Créteil Soleil and Val d'Europe Créteil Soleil and Val d'Europe are both major market players, with each center fostering a vibrant retail culture in their respective localities. They combine accessibility with an eclectic mix of retail options.
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Détail du contenu
Informations
- Nombre de pages : 30 pages
- Format : Version digitale et PDF
- Dernière mise à jour : 08/11/2020
Sommaire et extraits
1 Market summary
1.1 Definition and presentation of the shopping centre market
A shopping centre is a group of 20 shops in a surface of at least 5,000 m² of usable commercial area. It is designed and used as a single entity.
Gloablly, the shopping centre market is dominated by Asia in terms of m² of surface area. The market is in full bloom as consumer spending increases amid higher GDP globally, and new projects are built together with the renovation of exisiting structures to meet this demand.
In France, it was the opening of "Parly 2" and "Cap 3000" in 1969 that marked the real expansion of American-style shopping centres. The shopping centre is integrated into larger cities as a place for new districts to arise. Examples of this includes La Défense or Aulnay in the Paris region, but also La Part-Dieu in Lyon, Mériadeck in Bordeaux or La Bourse in Marseille. [Toute La Franchise]
Today, France has the second highest amount of shopping centres (1,250) in Europe after the United Kingdom, and the expansion of new centres is in full bloom. However, as competition has become more fierce, overall revenue in the sector is down. Amid a more fragmented market structure, new business models tied to shopping centres have arised, including retail parks and hybrid structures.
COVID-19 has had a detrimental effect on short-term sales; Procos reports that sales for shopping centres in France dropped by 94% between April 2019 and April 2020. The industry is yet to prove of a significant bounceback coming out of this crisis.
1.2 The global market dominated by Asia
Overview
AT Kearney's study on the future of shopping centres provides an initial overview of the current global market. It is noted that the market growth is positive in all regions of the world, but that it is largely driven by the Asia-Pacific region with a *% increase in the number of ...
1.3 France's position in Europe is robust
In Europe, the United Kingdom dominates the number of shopping centres; in **** the country had almost *** more than France which was in second plance.
Moreover, from the graph below we can confirm that there is a vast amount of shopping centres in France. The fact that the UK, France and Italy ...
1.4 French revenue is declining but investment remains strong
Overview
In France there were *** shopping centres in ****. Together, these made up ** million m* and €*** billion in revenue, and together they accounted for ***,*** employees and **,*** stores (***). Another *** projects are currently under way in France and are set to be ready by ****. [***]
Moreover, **% of shopping centres are branches and **% are held by ...
2 Demand analysis
2.1 Focus: the French consumer & shopping centres
Attendance
In ****, French shopping centres hosted *.* billion visits. [***]
A study by the Hammerson real estate showed the importance of shopping centres in the habits of the French people. Indeed, Almost one in two French people (***). [***]
Most popular shopping centres & stores
Below is an overview of the most visited shopping centres in ...
2.2 COVID-19's impact on the industry
Procos reports that sales for shopping centres dropped by **% between April **** and April **** (***). Between January and April ****, and the equivalent period in ****, sales declined by **%. Meanwhile, E-commerce demonstrated a **% increase.
Emmanuel Le Roch, General Delegate of Procos, states that rents will be the largest and most significant cost to consider for ...
3 Market structure
3.1 An overview of shopping centres in France
A shopping centre's lifespan is around ** years. [***]
On top of this, Le Figaro claims that in **** **% of shopping centre surfaces (***) were located in the periphery of larger cities. Projects in the city centre, on the other hand, are in continuous decline and represent a mere *% of the surface area planned.
Shopping ...
3.2 Distribution & revenue of shopping centres in France
Revenue is in a decreasing trend
Revenue of shopping centres France, ****-***** (***), in % Source: ****
Overall, revenue for shopping centres in France is down, as shown in the graph above. Compared to ****, revenue has decreased every year, and in **** the index value was **.*. This implies a decrease in revenue of *.*% (***).
In particular, ...
3.3 Nationality of investors and investment outlook
Investors account for a significant portion of the demand as they provide capital to build new shopping centers and renovate existing ones. We present below the most common investors in shopping centers in France, by nationality.
Volumes invested by buyer's nationality France, ****, in % Source: ****
Indeed, shopping centers require heavy initial investments ...
3.4 E-McDonald's dominates presence
In particular, McDonald's is the most common store in French shopping centres; in ****, there were *,*** stores located in shopping centres.
In second place we find Crédit Agricole (***). Overall, banks prevails in terms of presence measured through number of stores.
Ten most common stores in shopping centres France, ****, in units Source: ...
3.5 E-commerce: a threat to the status quo?
Revenue for e-commerce France, ****-****, in € billion Source: ****
The E-commerce sector is growing rapidly in France as we can see in the graph above; in **** e-commerce revenue was equal to €**.* billion whilst in **** this figure had increased to €**.* billion (***). This can be viewed as a threat to shopping centres which relies ...
4 Analysis of the offer
4.1 Diversification is key in today's shopping centres
This section defines a shopping centre and looks at what is required in order to ignite success.
Defintion based on size
Super-regional shopping centres: Useful commercial area greater than **,*** m* and/or at least *** stores and services. Regional shopping centres: Useful commercial area greater than **,*** m* and/or at least ** stores ...
4.2 Cost analysis
Cost distribution of a shopping centre France, in % Source: ****
It is difficult to estimate a universal cost distribution for shopping centres as costs depend on rent agreements, investor ROI requirements, fees to tertiary partners etc. However, the graph above depicts a proxy for the distribution of costs. Here, one aspect (***) are ...
4.3 The largest shopping centres in France by capacity
Largest shopping centres in France, by number of outlets France, ****, in units Source: ****
In ****, La Part-Dieu was the largest shopping centre in France measured through number of stores (***).
The conclusion we can draw from the graph above, and as we have stated before, is that the largest shopping centres in France ...
4.4 Improvements to shopping centres going forward
The graphs presented in this section provides a credible hint of where consumers place value in shopping centres, but also which aspects are subject to the most drastic changes. In ** years, what will change the most/evolve for the stores? France and Europe, ****, in % Source: L'Observatoire Cetelem From this we find ...
4.5 Location matters
Source: ****
Finally, the table above applies for shopping centre investors who want to establish (***) a complex in the most frequented streets of France's largest cities. We find that Paris is by far the most expensive, followed by Lyon and Bordeaux.
These prices play a large part in why shopping centres are ...
5 Rules and regulations
5.1 Legislative framework and urban planning
The decree of ** June **** of General de Gaulle prohibited the refusal of manufacturers to sell to distributors, which launched the expansion of mass distribution
Commercial urban planning can be seen as an instrument to regulate the expansion of shopping centres:
The law of * December **** on the orientation of trade and crafts, ...
6 Positioning of the actors
6.1 Segmentation
- Unibail-Rodamco-Westfield
- Klépierre Groupe
- Westfield Les quatre temps
- La Part Dieu (Unibail Espace expansion)
- Marques Avenue
- SCC
- Sopic
- Compagnie de Phalsbourg
- Frey
- Groupama Immobilier
- Mercialys
- Franprix (Groupe Casino)
- Scaprim
- Socri
- Icade
- Foncière Euris
- Redevco
- Kléber Retail Real Estate
- CEETRUS Auchan
Liste des graphiques
- Répartition des dépenses dans les centres commerciaux mondiaux
- Nombre de centres commerciaux en Europe, par pays
- Densité des centres commerciaux en Europe, par pays
- Taille du marché des centres commerciaux
- Évolution du nombre de centres commerciaux
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Dernières actualités
Immobilier : Icade va transformer une partie de ses bureaux - 19/02/2024
- - En 2023, Icade a enregistré près de 5.300 réservations de logements, soit une baisse de 12,6 % par rapport à 2022.
- - Les cessions en bloc aux investisseurs institutionnels et aux bailleurs sociaux ont représenté plus de 60 % du total, soit environ 3.600 lots.
- - Icade a pu maintenir son chiffre d'affaires dans la promotion à près de 1,3 milliard d'euros.
- - Icade a signé pour 243.000 mètres carrés de baux en bureaux et locaux d'activité - pour un patrimoine de 1,8 million de m2, soit une hausse de 20 % par rapport à 2022.
- - Les revenus locatifs se sont établis à 364 millions d'euros (+2,2 % à périmètre constant).
- - La valorisation du portefeuille d'Icade a été revue de 17,5 % à la baisse par rapport à fin 2022, à 6,5 milliards - dont 5,3 milliards de bureaux.
- - Icade prévoit de se diversifier davantage et vise en priorité les locaux d'activité, les résidences étudiantes et les data centers.
- - Icade a commencé le désengagement des cliniques et maisons de retraite médicalisées et a déjà récupéré 1,45 milliard
Centres commerciaux : Klépierre signe ses meilleurs résultats depuis dix ans - 15/02/2024
- - Klépierre exploite 70 centres commerciaux en Europe dont une quinzaine en France
- - 2023 a été la meilleure année du groupe depuis dix ans en termes de résultats financiers
- - Le chiffre d'affaires des commerçants dans les complexes de Klépierre a augmenté de 6% en un an pour atteindre 1,5 milliard d'euros.
- - Le taux d'occupation des centres commerciaux est de 96%.
- - Les revenus locatifs de la société ont augmenté de 8,8 % sur un an à périmètre constant, atteignant plus de 1 milliard d'euros.
- - En 2023, Klépierre a signé 22% de baux de plus qu'en 2022 (1.658 au total).
- - Le groupe a ajouté 16.000 m2 de surfaces commerciales supplémentaires à son centre commercial de Grand Place à Grenoble, pour un total de 56.000 m2.
- - La fréquentation de ce centre a augmenté de 60% en décembre (année non précisée).
Centres commerciaux Unibail-Rodamco-Westfield : bilan positif en 2023 - 08/02/2024
- Hausse du chiffre d'affaires des commerçants de Unibail-Rodamco-Westfield (URW) de 6,4 %.
- Hausse de la fréquentation des centres commerciaux de 4,9 %.
- En France, progression du chiffre d'affaires des commerçants du groupe de 7,4 % par rapport à 2022.
- L'amélioration du taux de vacance des centres commerciaux à 5.4%, contre un pourcentage plus élevé en 2022.
- Les loyers nets des centres commerciaux pour URW se sont élevés à 2,21 milliards d'euros, soit une hausse de 8 % à périmètre constant par rapport à 2022.
- Les loyers minimum garantis pour l'année étaient de 449 millions d’euros, une augmentation de 7 % par rapport à 2022.
- L'augmentation moyenne des loyers signés après indexation était de 6.8%, et de 10.6% pour les baux de longue durée.
Marques Avenue: Les villages de marques résistent encore et toujours à la crise de l'habillement - 12/10/2023
- Le chiffre d'affaires réalisé dans les «outlets» par les enseignes textiles a progressé de 9% en 2022 par rapport à 2019.
- Les ventes globales du secteur de l'habillement ont, en revanche, baissé de 4%.
- The Village a généré un chiffre d'affaires de 215 millions d'euros en 2022, contre 135 millions d'euros en 2019.
- Les produits de marques premium dans les "villages de marques" sont vendus avec une décote de 30% minimum toute l'année, qui peut atteindre jusqu'à 80% en période de soldes.
- Les "villages de marques" représentent 4% à 5% des surfaces d'immobilier commercial en France.
- Le leader sur ce marché, Marques Avenue, possède huit "villages de marques". Il existe 28 "outlets" en France.
Immobilier : Icade va passer en revue son parc de bureaux - 25/07/2023
- Les trois-quarts des actifs bureaux de Icade sont adaptés pour répondre aux questions de centralité, de flexibilité et environnementales
- La vente d'environ deux tiers de sa foncière de santé à Primonial REIM a rapporté à Icade environ 1,4 milliard d'euros
Avec Marques Avenue, Mata Capital veut relancer les magasins d'usine - 08/06/2023
- le groupe Mata achète Marques Avenue
- Le marché du déstockage compte environ 25 centres commerciaux dédiés.
- Le groupe Mata Capital gère 2 milliards d'actifs, dont 700 millions pour le commerce.
- La transaction concerne 4 centres commerciaux Marques Avenue, plus un cinquième site à Gonesse (95)
- Marques Avenue collabore avec 600 enseignes pour un volume d'activité de 400 millions d'euros.
- Objectif de Marques Avenue : réduire la part du prêt-à-porter de 80% à 60%.
- L'entreprise souhaite se diversifier dans l'équipement sportif, la maison, les loisirs, la culture et la restauration.
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