Retail Market Study 2015: Global Retail Real Estate Trends and 3,000+ Store Openings

Retail Market Study
2015
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7
EUROPE
AMERICAS
ASIA & PACIFIC
MIDDLE EAST & AFRICA
FULL EDITION/DIGITAL
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150 GLOBAL CITIES
500 SHOPPING MALLS
800 HIGH STREETS
1,300 RETAILERS
1,700 PAGES, 3,000 STORE OPENINGS
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Alexander McQueen
Tokyo
Apple
Istanbul
Tesla
Vancouver
Bally
London
Hublot
Zurich
Colette
Cape Town
Shang Xia
Shanghai
Fashion District
Dubai
Charlotte Olympia
Hong Kong
Givenchy Seoul
Vacheron Constantin
Sao Paulo
Forever 21
Santiago
John Varvatos
New York
Tod's
Sydney.

Plazza da Scuola, St.Moritz
Dsquared
Maximilianstrasse, Munich
Gucci
Andrassy ut, Budapest
Gucci
Schutterhoofstraat, Antwerp
Moncler
Storchengasse, Zurich
La Perla
Promenade, Gstaad
Louis Vuitton
Rue du Rhone, Geneva
Moncler
Americana Manhasset, Long Island
Moncler
Ginza, Tokyo
Moncler
PeutereyMoncler Prada
Storchengasse, Zurich
Celine
Via Serlas, St. Moritz
Armani
Via Serlas, St.Moritz
Billionaire
The Location Group
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Retail Market Study
2015
locationgroup research

4 locationgroup research | Retail Market Study 2015
Publisher:
THE LOCATION GROUP, Hanoi | Vietnam
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Press date:
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of accessible information. The ideas and opinions expressed herein are those of THE LOCATION
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Copyright © 2015:
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Visit us on the Internet: www.retail-study.com, eLocations.com or www.location-group.com

5locationgroup research | Retail Market Study 2015
In the last ten years THE LOCATION GROUP became one of the
leading international Retail Real Estate Boutique Agencies for te-
nants, owners, and investors of retail properties and shopping cen-
tres worldwide.
THE LOCATION GROUP wishes you an enjoyable reading experi-
ence and we do hope you will find this year’s report both informative
and enjoyable.
Marc-Christian Riebe
CEO, President and Founder
All data compiled in the Retail Market Study is the fundamental base
for eLocations.com, which changes the retail real estate landscape
from the bricks to clicks. eLocations.com brings the today’s offline
retail real estate world online, due to the high demand of retailers,
investors and brokers for transparent retail real estate data. Actually
there is no competition worldwide and retailers, landlords and agents
will get the chance to buy a subscription to access the database very
soon.
For the seventh time in succession THE LOCATION GROUP publi-
shes its unique Retail Market Study. The last year’s edition had a size
of 1,500 pages. This year we cover the retail development of the 150
most important cities for fashion retail worldwide. It is reflected in the
size of 1,500 pages and covering more than 3,000 store openings.
The book is split into three parts: In the first book we cover the retail
development in Europe. Additionally we included the development
in the Holiday resorts worldwide. The second book includes Midd-
le East, Asia and Pacific, and Africa. Information on North and Latin
America is available in book three with two specials, the Retail M&A
Deals and the Retailers’ Expansion Plans. All three books together
form the Retail Market Study 2015.
For this fourth worldwide report of its kind, THE LOCATION GROUP
again scouted all highly frequented retail locations and shopping
malls worldwide. The previous reports reached 250,000 readers so
far. The very positive feedback and numerous requests we received
on the 2012, 2013 and 2014 reports prompted us to extend our study
to cover over 1’000 high streets and more than 500 shopping malls.
Foreword

Table of Contents
Foreword Page 9
01 Overview Europe Page 10
02 Overview Switzerland Page 13
03 Zurich Page 16
04 Geneva Page 27
05 Lucerne Page 32
06 Lugano Page 36
07 Swiss Department Stores Page 40
08 Swiss Shopping Mall Page 42
09 Swiss Retail Real Estate Investments Page 51
10 Swiss M&A Deals Page 56
11 Overview Germany Page 60
12 Berlin Page 63
13 Munich Page 79
14 Hamburg Page 93
15 Cologne Page 106
16 Frankfurt Page 114
17 Stuttgart Page 123
18 Düsseldorf Page 129
19 German Shopping Malls Page 137
20 German Retail Real Estate Investments Page 142
21 German M&A Deals Page 150
22 Overview Austria Page 156
23 Vienna Page 158
24 Salzburg Page 169
25 Innsbruck Page 173
26 Austrian Shopping Malls Page 176
27 Overview United Kingdom Page 184
28 London Page 190
29 Dublin Page 256
30 Edinburgh Page 265
31 Glasgow Page 274
32 Overview Western & Southern Europe Page 280
33 Paris Page 286
34 Brussels Page 329
35 Antwerp Page 336
36 Amsterdam Page 344
37 Milan Page 356
38 Roma Page 390
39 Florence Page 408
40 Venice Page 418
41 Barcelona Page 424
42 Madrid Page 438
43 Lisbon Page 452
44 Overview Northern Europe Page 462
45 Copenhagen Page 467
46 Oslo Page 474
47 Stockholm Page 480

48 Helsinki Page 486
49 Overview Russia Page 492
50 Moscow Page 496
51 St. Petersburg Page 510
52 Overview Eastern Europe Page 514
53 Kiev Page 518
54 Tallinn Page 522
55 Riga Page 525
56 Vilnius Page 532
57 Warsaw Page 535
58 Prague Page 540
59 Budapest Page 547
60 Bucharest Page 552
61 Almaty Page 558
62 Baku Page 562
63 Overview Southeastern Europe Page 568
64 Athens Page 575
65 Belgrade Page 578
66 Skopje Page 582
67 Zagreb Page 584
68 European Shopping Malls Page 588
69 European Retail Real Estate Investments Page 600
70 Overview Holiday Resorts Page 620
71 Monte Carlo Page 623
72 Nice Page 627
73 Cannes Page 631
74 Saint-Tropez Page 635
75 Chamonix Page 639
76 Courchevel Page 641
77 Cortina d‘Ampezzo Page 645
78 Porto Cervo Page 646
79 Forte dei Marmi Page 650
80 Capri Page 656
81 St. Moritz Page 659
82 Gstaad Page 662
83 Andermatt Page 667
84 Zermatt Page 670
85 Crans-Montana Page 674
86 Kitzbühel Page 677
87 Sylt Page 680
88 Balearic Islands Page 682
89 Aspen Page 692
90 The Hamptons Page 700
91 Hawai Page 706
92 Overview Middle East Page 716
93 Istanbul Page 721

Table of Contents
94 Tel Aviv Page 732
95 Beirut Page 742
96 Abu Dhabi Page 751
97 Dubai Page 774
98 Riyadh Page 774
99 Jeddah Page 786
100 Kuweit Page 794
101 Doha Page 801
102 Amman Page 814
103 Muscat Page 817
104 Overview India Page 821
105 Mumbai Page 832
106 New Delhi Page 840
107 Overview Asia & Pacific Page 849
108 Hanoi Page 856
109 Ho Chi Minh City Page 861
110 Bangkok Page 870
111 Kuala Lumpur Page 881
112 Singapore Page 894
113 Jakarta Page 914
114 Manila Page 923
115 Overview China Page 934
116 Beijing Page 944
117 Shanghai Page 959
118 Hong Kong Page 974
119 Macau Page 1008
120 Chongqing Page 1014
121 Wuhan Page 1018
122 Chengdu Page 1022
123 Xi‘an Page 1032
124 Shenyang Page 1035
125 Harbin Page 1040
126 Nanjing Page 1043
127 Guangzhou Page 1046
128 Qingdao Page 1051
129 Seoul Page 1053
130 Taipei Page 1066
131 Tokyo Page 1071
132 Yokohama Page 1091
133 Osaka Page 1093
134 Nagoya Page 1103
135 Sapporo Page 1108
136 Kobe Page 1112
137 Sydney Page 1116
138 Melbourne Page 1129
139 Brisbane Page 1144

140 Overview Africa Page 1154
141 Casablanca Page 1161
142 Marrakech Page 1165
143 Algiers Page 1170
144 Cairo Page 1173
145 Accra Page 1181
146 Lagos Page 1186
147 Windhoek Page 1190
148 Johannesburg Page 1193
149 Cape Town Page 1200
150 Overview North America Page 1210
151 Vancouver Page 1219
152 Toronto Page 1230
153 New York Page 1247
154 Boston Page 1306
155 Chicago Page 1318
156 Washington D.C Page 1332
157 Atlanta Page 1345
158 Miami Page 1354
159 Houston Page 1371
160 Dallas Page 1380
161 Denver Page 1390
162 Las Vegas Page 1396
163 San Francisco Page 1410
164 Los Angeles Page 1424
165 San Diego Page 1454
166 Overview Latin America Page 1461
167 Mexico City Page 1468
168 Panama City Page 1475
169 Bogota Page 1479
170 Lima Page 1484
171 Santiago Page 1489
172 Sao Paulo Page 1495
173 Rio de Janeiro Page 1510
174 50 Biggest I Retail investments
I
Page 1518
175 50 most popular store openings in 2014 Page 1520
176 Top Prime Shopping Centres Opened In 2014 Page 1528
177 Most Expensive Retail Locations Worldwide Page 1532
178 Appendix Special expansion plans & new retail concept Page 1533
179 Appendix M&A Deals Worldwide Page 1548
180 Shopping Streets and Shopping Malls Page 1579
Index Page 1582

ContinentalEurope
Rank Country 2014 per capita European
purchasing power € index*
1 Liechtenstein 54,840 418.3
2 Switzerland 37,153 283.4
3 Norway 30,560 233.1
4 Luxembourg 28,851 220.0
5 Denmark 22,044 168.1
6 Austria 21,891 167.0
7 Germany 21,579 164.6
8 Sweden 21,320 162.6
9 France 19,643 149.8
10 Finland 19,379 147.8
Europe 13,112 100.0
Source: © GfK Purchasing Power Europe 2014/2015
*index per inhabitant (European average = 100)
Europeans’ purchasing power recovering
Most European countries saw a nominal increase in their average
per capita purchasing power in 2013. The strongest growth rates, of
over 5% each, were registered in the Baltic States: Albania, Romania,
Iceland, and Russia. Decreases were registered in 10 countries.
Many European countries have managed to stop the downward trend
in purchasing power. However, there are some exceptions, particu-
larly Cyprus and Greece. Cyprus was again faced with a nominal de-
crease of -7.1%, and Greece -8.1%. The Greeks’ average purchasing
power has thus fallen back down to just below 10,000 Euros per capi-
ta, the same level as in 2007. Slight decreases of between -0.1% and
-2.0% were also registered in Ireland, the United Kingdom, Spain,
Hungary, Italy, Portugal, Slovenia, and the Czech Republic.
Various factors are responsible for these decreases; whereas in the
United Kingdom and the Czech Republic the declining figures are a
result of exchange rate fluctuations, the other countries are still figh-
ting with the fallout from the economic crisis. In some countries, un-
employment increased sharply between 2012 and 2013, for example,
in Cyprus, Slovenia, and Italy.
01

Overview Continental Europe
.
Source: Regio Data Research, Purchasing Power Data Europe Edition 2014, data status: 2013
map created with RegioGraph Planning
RegioData Purchasing Power Europe
Edition 2014

ContinentalEurope
Average purchasing power in Europe ranges from 1,000 Euros per
capita per year in the Republic of Moldova to 32,000 Euros in Luxem-
burg. In 17 European countries, average purchasing power is above
10,000 Euros per capita per year.
How much are Europeans spending on retail?
The share of retail-relevant purchasing power differs considerably in
Europe from country to country. In wealthier countries, people spend
an average of around 30% of their purchasing power on consumer
goods including food, whereas in less well-off countries, this share
stands at around 60%.
These differences can be explained by the relative level of wealth
on the one hand, and by the general propensity to consume on the
other. The wealthier a country is, the more money will be spent
on retail. However, in percentage terms, this spending will appear
lower than in a poorer country. In prosperous countries, fixed costs
and consumer goods represent less of the overall budget so that,
after these are paid, there is still money left over for education,
travel or cultural offers – areas which are not considered a part of
retail. In other words, one could say that the more money a person
has, the more opportunity they have for intellectual and spiritual
goods.
Another factor is a population’s general propensity to consume.
It is striking that even if one compares countries with very similar
purchasing power levels, some of them are characterised by con-
siderably higher retail-related spending; for example, the Danish
population spends more money on retail than the German popu-
lation, the Maltese more than the Portuguese, and the Finns more
than the Icelanders. This is partly a result of varying price levels
(Denmark is more expensive than Germany), as well as different
consumer attitudes.
Income inequalities have shrunk in most European countries
The Gini coefficient fell or stayed the same in 19 out of 31 European
countries in the period between 2004 and 2012. Only 12 countries
saw income inequalities increase.
The Gini coefficient is a statistical measure for representing unequal
distributions. Gini coefficients can take on any value between 0
(when a state’s wealth is distributed perfectly equally among all of
Source: Regio Data Research, Purchasing Power Europe Edition 2014, Date: 2013
Map created with RegioGraph Planning
RegioData Purchasing Power Europe
Proportion of retail-relevant purchasing power
of absolute purchasung power (per cent)

ContinentalEurope
its residents) and 100 (when the state’s entire wealth is held by a
single resident). The closer a Gini coefficient is to 100, the greater the
inequality of the distribution (with reference to income, in this case).
According to these figures, Europe’s lowest level of income inequality
was registered in Norway (22.6), and the highest in Latvia (35.7).
Russia was not included in this ranking. Inequality levels are also
low in Slovenia, Iceland, Sweden, the Czech Republic, Slovakia, and
the Netherlands. Relatively high levels are found in Spain, Portugal,
Greece, Bulgaria, and the United Kingdom.
In the period between 2004 and 2012, the Gini coefficient fell or
stayed the same in most of the
31 countries analysed. It rose
in only 12 countries, with the
largest increases being regis-
tered in Spain, Bulgaria, and
Denmark.
Shopping climate beco-
ming overcast throughout
Europe
For the first time in a while, con-
sumer climate figures have re-
gistered slightly negative deve-
lopment simultaneously in both
Eastern and Western Europe.
Despite some slight improve-
ments in the consumer clima-
tes in Greece and Spain, both
countries’ shopping climate
index (SCI) values have remai-
ned at levels similar to those in
the second quarter of 2014. Fol-
lowing a longer period of slow but steady improvements, Bulgaria has
managed to register for the first time an SCI value above 90. After a
brief increase in the second quarter, Hungary’s SCI value for the third
quarter has dropped back to a level similar to the first quarter of 2014,
but, with a score of 83.6, it remains above not only the CEE average,
but also above the general European average.
The German-speaking region has also been affected by a worsening
consumer climate. Although the SCI recently improved considerably
in Germany, it has now fallen back to a value below 100 in the third
quarter. Further mild decreases can be expected in light of the rather
modest economic development in Germany at this time. The negative
developments in the shopping
climates of Austria and Swit-
zerland have been even more
pronounced. Nonetheless, the
Swiss SCI figure remains far
above the 100 point mark. In
contrast, the Austrian consu-
mer climate has sunk to its lo-
west level in 2014 with a value
of 96.3, a result of steadily in-
creasing unemployment.
In Russia, the SCI has fallen
below a value of 100 for the
first time since the beginning of
2012. Due to political and eco-
nomic turmoil, a positive turna-
round of the SCI is not expec-
ted for the time being. Similarly
negative developments have
also been registered in Ukraine,
Croatia, Bosnia, and France,
among other countries.
Income Inequalities in European Countries © Regio Data Research GmbH Vienna,2014
Source: Regio Data Research GmbH
Source: Regio Data Research

ContinentalEurope
Switzerland: Top 10 cantons in 2014
Ranking City Population Purchasing Euros
by size power in per
Euros capita*
(millions)
1 Zug 116,575 55,394 148.8
2 Schwyz 149,830 49,910 134.0
3 Nidwalden 41,584 45,324 121.7
4 Geneva 463,101 42,222 113.4
5 Zürich 1,408,575 41,990 112.8
6 Basel-Landschaft 276,537 38,809 104.2
7 Basel-Stadt 187,425 38,662 103.8
8 Vaud 734,356 37,003 99.4
9 Aargau 627,340 35,938 96.5
10 Solothurn 259,283 35,720 95.9
Source: GfK Purchasing Power Switzerland 2014; *index per inhabitant
(100 = national average)
02

Overview Switzerland
.
Switzerland is the preferred destination of expatriates
Switzerland is ranked as the number one country by expats looking
for a well-balanced, high-quality lifestyle, according to the 2014 Ex-
pat Explorer survey findings. The participants surveyed based their
rankings on their financial situation (salary, savings, the country’s
economic situation), on their quality of life, and on their family life
(particularly the pre-school and education conditions for children).
Taking these diverse criteria into account, Switzerland is the highest
ranked country, combining comfortable salaries (a quarter of the ex-
patriates in Switzerland said they earn more than 169,000 Euros per
year) and a high quality of life. Switzerland is also the country whose
economy inspires the most confidence.
9% of Switzerland’s retail turnover flows abroad
The Swiss do much of their shopping abroad – as much as around 7
billion Euros’ worth in 2012. Purchases close to the country’s borders
account for more than half of this spending.
The favourable Euro–Swiss Franc exchange rate and the VAT refund
are the main reasons why the Swiss are benefitting from relative price
advantages, and consequently choose to do a lot of their shopping
The Matterhorn

ContinentalEurope
abroad. According to a study by the Swiss Retail Association and
GfK, approximately 7 billion Euros (8.9 billion Swiss Francs) were
spent abroad in 2012. Out of the 7 billion Euros the Swiss spent on
retail outside Switzerland, around 5 billion Euros (or about 6 billion
Swiss Francs) were spent online.
This represents about 9% of the total turnover generated by the
Swiss retail sector, according to the latest calculations by RegioDa-
ta Research. Purchases made near the country’s borders account
for more than half of this figure (3.7 billion Euros/4.5 billion Swiss
Francs). It is estimated that around half of these purchases are made
in Germany, around 20% each in France and Austria, and the remai-
ning 10% in Italy.
Swiss independent luxury watchmakers expected growth
in 2014
Swiss luxury watchmakers predicted the market would grow in 2014,
expecting rising demand from North America and Europe to more
than offset slowing sales to China. Independent watchmakers Aude-
mars Piguet, Parmigiani, Greubel Forsey and Richard Mille said that
they were expecting higher sales in 2014 than last year.
The Chinese government’s crackdown on the use of luxury goods as
bribes and illegitimate gifts has hurt sales of luxury watches in main-
land China, the third largest market for Swiss watch exports.
Hong Kong and mainland China together accounted for about a quar-
ter of Swiss watch exports. The total market was worth 20 billion Swiss
Francs (22 billion US Dollars) in the 11 months until November 2013.
Swiss watchmakers turn to jewellery
Around the industry, watchmakers are boosting their presence in
high-end jewellery as their timepiece businesses slow. In the first 11
months of 2013, growth in Swiss watch exports slipped to 1.7%, a
sixth of the previous year’s rate, according to the Swiss Watch Indust-
ry Federation. By contrast, jewellery sales soared by 9.3%, according
to figures from Euromonitor International.
Over the last 18 months, Piaget has renovated its retail network, boos-
ting the presence of its jewellery lines, as compared with its famous
ultra-flat mechanical watches, at stores in shopping meccas like Paris
and London. The luxury brand has given makeovers to almost a third
of its 89 locations, which now carry products like Piaget’s Rose line of
earrings, necklaces and pendants, which cost from 850 Euros.
Geneva-based Piaget, owned by Cie. Financière Richemont SA,
has also recruited a specialist team of jewellery salespeople and
overhauled displays to create an atmosphere that attracts women
shoppers.
Jewellery is still less susceptible to economic ups and downs than
watches, because rings and other pieces are always in demand for
weddings, engagements and anniversaries.
Swiss brands – Watchmakers are still leading the field
Within the luxury industry, the watchmaking sector continues to hold
its own better than any other. The proof is found in the “Best Swiss
Brands 2014” rankings, which lists the strongest Swiss brand names,
among which are 17 watchmakers.
Of these watchmakers that enjoy high brand value, some have even
recorded a sharp increase over the past year. This is the case for
Hublot and Swatch in particular, even though they both slipped down
the rankings due to the arrival of several influential newcomers in the
top 50 (ABB, Swiss Re, Syngenta, Sandoz and Sulzer). Hublot fell
from 37th position in 2013, with a brand value of 302 million Swiss
Francs, to 40th this year (with a value of 349 million Swiss Francs).
Swatch, worth 853 million Swiss Francs this year compared to 756
million in 2013, was situated
in 26th position last year, and
now finds itself in 30th place.
In addition to Hublot and
Swatch, Vacheron Constantin
(+12% year-on-year), Lon-
gines (+11%) and Breguet
(+10%) saw their brand values
increase significantly. Rolex,
which is fifth in the rankings
with a brand value of 7.2 bil-
lion Swiss Francs (+9%), and
Omega, in ninth place with
a value of 3.7 billion Swiss
Francs (+11%), were able to
maintain their excellent po-
sitions in the top 10. Omega
even gained a place, while
Rolex was a non-mover which,
given the particularly compe-
titive context and the influx of
newcomers, can be conside-
red a success.
© Regio Data Research GmbH, 2014
Source: Interessengemeinschaft Detailhandel Schweiz, GfK
9% of Switzerland´s Retail Turnover Flows Abroud
Data as of 2012; without expenditures for cars, restaurants and services

ContinentalEurope
Swiss rejected world’s highest minimum wage
Swiss voters have rejected the world’s highest national minimum
wage, striking down a proposal for an hourly rate of 22 Swiss Francs
(25 US Dollars). Rejection of the Swiss measure, which called for
a full-time worker to be paid at least 4,000 Swiss Francs a month,
breaks with a series of plebiscites – including ones on excessive exe-
cutive compensation and immigration – that companies said make
Switzerland a less desirable place to do business.
While nine out of 10 Swiss full-time workers already earn more than
the proposed minimum, trade unions argued the pay of those least
well-off needed to reflect the country’s high cost of living. By cont-
rast, companies and the government opposed the measure, saying it
would hurt the economy by increasing joblessness and pushing wa-
ges up across the board.
Traditionally, wages in Switzerland have been negotiated by collec-
tive bargaining. The median monthly wage in the Swiss private sec-
tor was 6,118 Swiss Francs in 2013. Many small- and medium-sized
businesses, which generate two thirds of employment, could not af-
ford to pay employees more. Switzerland’s unemployment rate, as
measured by the International Labour Organization, was 4.1% in late
2013, compared with 11.8% in the overall Euro area.
Top Prime Rents Switzerland 2015
Shopping street Swiss Francs/sqm per year Euros/sqm per month
Zürich, Bahnhofstrasse 14,065 1,172
Genf, Rue du Rhône 9,673 806
Luzern, Schwanenplatz / Grendel 6,262 522
Bern, Marktgasse / Spitalgasse 6,075 506
Basel, Freie Strasse 5,224 435
St. Moritz, via Serlas 4,533 378
Winterthur, Untertor/Marktgasse 4,393 366
Lausanne, Rue du Bourg 3,944 329
St. Gallen, Multergasse 3,907 326
Lugano, via Nassa 3,692 308
No end in sight to Swiss Franc’s strength
Three years after a surge attributed to fears the Euro zone was about
to implode, the Swiss Franc is still riding high and the barriers for it
returning to earth are enormous. To many analysts, the “safe haven”
currency has looked ripe for a reversal for more than a year as the
economic trauma that drove investors to buy an estimated 400 billion
Francs in 2009–2010 eased.
Emboldened by the Swiss National Bank‘s cap on any further gains
against the Euro, hedge fund investors made a handful of efforts
in 2013 to dislodge the Franc from levels against the Euro that are
around 25% higher than in 2008.
But each of those has failed in the face of net inflows into Switzer-
land of around 20 billion Francs every three months, and Swiss fund
managers’ unwillingness to put any of that money to work abroad, as
they had in the past.
However, if currencies at the end of the day are a measure of the
underlying economic strength of an economy, then the balance since
2008 has clearly changed. Recovery in the Euro zone broadly re-
mains fragile while Swiss exporters have surprised many by mana-
ging to swallow the hit to their competitiveness from the Franc’s gains.

ContinentalEurope
03

Zurich
.
ZURICH is one of the most beautiful cities, not only in Switzerland,
but in the world. The municipality has over 398,000 inhabitants, and
the Zurich metropolitan area has 1.83 million inhabitants. The city is
known for its high standards and quality of life, as well as the highest
purchasing power worldwide. The highest registered rent on Bahn-
hofstrasse is now 15,000 Swiss Francs per square metre annually,
including the key money depreciated over 10 years.
Tyler Brûlé, an authority in marketing and design, discovered long
ago the potential of this city and says, “Zurich Switzerland is eve-
rything except provincial”. Well-known international fashion, jewellery
and watch designers are at work here. Numerous young and innova-
tive artists surprise the city with unusual and attractive ideas.
Top Prime Rents Zurich 2015
Location Average prime Average prime
rents/sqm/year rents/sqm/month
(Euros) (Euros)
Bahnofstrasse 14,065 1,172
Rennweg 4,252 354
Storchengasse 3,430 286
Limmatquai 3,206 267
Löwenstrasse 3,159 263
Niederdorfstrasse 3,065 255
Strehlgasse 2,963 247
Bellevue/Stadelhofen 2,215 185
Skyline, Zurich

ContinentalEurope
Tissot, Bahnhofstrasse, Zurich
BAHNHOFSTRASSE
Tissot joined the luxury hub
Tissot launched its first Swiss boutique entirely dedicated to the
brand’s products, situated on one of the most prestigious streets in
Europe, the Bahnhofstrasse. The 56-square-metre boutique at Bahn-
hofstrasse 94 benefits from an exceptional location. Taking over the
former space of its sister brand Swatch, it is situated next to the flag-
ship stores of the most prestigious fashion clothing brands, leather
goods stores and jewellery boutiques.
Location Average prime Average prime
rents/sqm/year rents/sqm/month
(Euros) (Euros)
Bahnhofstrasse 10‘576 881
Rennweg 2‘781 232
Storchengasse 2‘195 183
Feldpausch announced new name and new store
Swiss PKZ Group has begun a new chapter: after 133 years of serving
men only, the retailer has opened up to the world of women’s fashion
PKZ Women, Bahnhofstrasse, Zurich

ContinentalEurope
by re-branding all of its Feldpausch stores into PKZ Women. As a first
step, the former Feldpausch flagship store at Zurich’s Bahnhofstrasse
88 was re-opened under the name PKZ Women in March 2014.
The new PKZ Women flagship store in Zurich is Switzerland’s lar-
gest fashion house for women. It offers 2,300 square metres of re-
tail space, spread over four different floors, where women can find a
range of well-established fashion brands (including names such as
Diesel, G-Star, Hugo Boss and Michael Kors) and a shoe department.
A further 10 former Feldpausch stores in Bern, Basel, St. Gallen, Lu-
cerne and Zug will also be re-branded. By concentrating on the PKZ
Victorinox, Rennweg, Zurich
brand and the group’s private label, Paul Kehl, as well as dissolving
other brands such as Feldpausch and Burger, PKZ Group wants to
unite “more competences under one roof”.
Modissa strengthened
Fashion retailer Modissa chose the chic and luxurious Bahnhofstras-
se 79 to locate its third store on the street. The new Salon Modissa,
formerly occupied by Ex Libris and the pop-up store BIG Bazar, ope-
ned on 12th
August 2014.
Modissa will also renovate its flagship store at Bahnhofstrasse 74,
which is due to re-open in March 2015. The store spans five floors
and will be re-designed by famous architect Matteo Thun.
Victorinox’s important flagship finally opened
On 3rd October 2014, Victorinox celebrated its second flagship store
in the home country of the original Swiss Army Knife, in an attractive
location at Rennweg 58 on the corner of Bahnhofstrasse, next to the new
Zara flagship store in Zurich. In an optimal location at the Herkules Buil-
ding, this is the brand’s fourth store in Switzerland and is just a stone’s
throw from Ibach-Schwyz, where Victorinox was first established.
The store spans more than 500 square metres over three floors. The net
selling space on the ground floor is 220 square metres, plus a showroom
and offices on the first floor and in the basement. The Location Group
managed to buy out the former tenants Kookai and Maje with a substan-
tial key money and presented this prime location to Victorinox.
Thomas Sabo moved store
In the spring of 2014, the exclusive charm and watch jeweller opened
at Bahnhofstrasse 65, marking the signature presence of its flagship
store in Zurich. Replacing the former tenant, Bernie’s, Thomas Sabo
now fills 450 square metres over three floors and further increases
their brand awareness in the Swiss market.
Thomas Sabo, Bahnhofstrasse, Zurich

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Hublot opened at legendary location
The new boutique that opened in Switzerland’s largest city has be-
come Hublot’s 70th boutique worldwide. The shop is located in the
city’s most prestigious street, the legendary Bahnhofstrasse. Hublot
took over the boutique from local jeweller, Les Millionnaires, in the
same building of the Burberry flagship store at number 44. Set over
70 square metres, the boutique re-interprets the concept of fusion
with a combination of materials.
Prada to create its own empire
The Italian fashion label Prada will be moving into the Burger House
in Zurich. It has taken over the lease at Bahnhofstrasse 42 for 600
square metres of retail space over three levels, after the previous
owner, Olivier Burger, had finished with his fashion house. Burger has
handled the deal with CEO Patrizio Bertelli directly. Prada is estima-
ted to pay rent of three to four million Swiss Francs annually.
It will be the first directly owned Prada branch in Switzerland, and will
not be operated by the fashion entrepreneur Trudie Goetz and her
company Trois Pommes, as Prada wants to manage all business in
Switzerland itself in the future. This is a heavy loss for Trudie Goetz
when Prada’s six boutiques in Zurich, St. Moritz and Gstaad were the
core of her fashion empire. Also, Trudie Goetz will lose Miu Miu, the
daughter brand of Prada.
Hugo Boss re-opened BOSS flagship store
After extensive renovation, the BOSS store has again opened its
doors at Bahnhofstrasse 39. In October 2013, the construction work
began with an expansion of retail space and re-design of the interior.
The Zurich BOSS store is now among the few flagship stores in major
cities around the globe with a completely new interior. In the extended
area of 600 square metres, the collections are ideally presented in an
Hublot, Bahnhofstrasse, Zurich

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accurate and clear store design, emphasising the high demand for a
luxurious shopping experience.
Van Cleef & Arpels set footprints
Following the renovation of its Geneva boutique in late 2013, Van
Cleef & Arpels has opened a new boutique on Zurich’s most exclusive
avenue, Bahnhofstrasse. The 285-square-metre boutique, situated at
number 37, replaced Zett Meyer. Van Cleef & Arpels showcases its
jewellery and watch collections at an exclusive address on this presti-
gious street in the heart of the influential international city.
Maje with new store
After leaving Rennweg 58, the French chic label Maje opened its new
store at number 36 on the same street in the spring of 2014. The new
store took over the former Claudie Pierlot space on Rennweg, near
the prestigious street, Bahnhofstrasse.
Leica’s first Swiss store
Leica opened its first store in Switzerland on 23rd January 2014. The
new premises are located at Kuttelgasse 4, between Bahnhofstras-
se and Rennweg, just a few steps away from the famous headquar-
ters of FotoPro Ganz. The Zurich store is operated by Leica long-time
specialist Ivo Crivelli, offering the entire product range of Leica’s ca-
mera systems, along with expert advice.
Jaeger-LeCoultre’s new inauguration
On 15th
January 2014, Carmen Chaplin, a friend of the brand and the
granddaughter of Charlie Chaplin, presided over the ribbon cutting of
the new Jaeger-LeCoultre in Zurich’s golden shopping mile, Bahn-
hofstrasse. Having taken up residence at number 32, which was pre-
viously used by Douglas, the new boutique symbolises the ongoing
expansion of Jaeger-LeCoultre and its stature as an acknowledged
reference in the field of fine watchmaking.
James Bond’s favourite tailor, Brioni, replaced Boutique
Laredo
The Italian tailoring firm Brioni travelled to Zurich, with a new store
opened in the summer of 2014. With neighbours such as Patek Phi-
lippe, Breguet and private bank Julius Baer, the brand replaced pre-
vious tenant Boutique Laredo in the prestigious luxury location at St.
Peterstrasse 11, just steps away from Bahnhofstrasse. The Location
Group consulted on the 200-square-metre store and the rental fee
costs around 600,000 Swiss Francs annually.
Marionnaud moved out, Loro Piana moved in
Italian luxury label Loro Piana, which is famous for its elegant, un-
showy look and its fine manufacturing traditions, has arrived at
Bahnhofstrasse. The new store is located at number 26, which once
housed Marionnaud. Neighbouring Jimmy Choo and Tommy Hilfiger,
Maje, Rennweg, Zurich

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BOSS, Bahnhofstrasse, Zurich
Leica, Kuttelgasse, Zurich

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Diane Kruger, Jaeger-LeCoultre’s Brand Ambassador

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in a spot with high pedestrian traffic, the new store is expected to be
of great interest to fashionistas.
Shamballa Jewels forayed further
Shamballa Jewels continued to increase its presence in Europe by
opening its first mono-brand boutique in Zurich on 26th
November
2014. The Shamballa Jewels boutique in Zurich is in collaboration
with La Serlas, one of Switzerland’s finest jewellers. Styled with
Shamballa Jewels’s identity and respect for craftsmanship in mind,
the boutique, located at Bahnhofstrasse 25, will provide visitors with
an authentic experience of the Shamballa Jewels universe.
Trois Pommes replaced Alfred Day
The traditional fashion business Alfred Day, located at Bahnhofstras-
se 12, closed at the end of November 2013. The premises were taken
over by Trudie Goetz, the owner of Trois Pommes, which already has
Brioni, St. Peterstrasse, Zurich
32 stores in Zurich, Gstaad, St. Moritz, and Basel. The opening of the
new Trois Pommes store took place on 1st February 2014.
Dolce & Gabbana occupied former Weinberg space
Weinberg departed from its upmarket location at Bahnhofstrasse
10 in the spring of 2014 to make room for a newcomer, none other
than Dolce & Gabbana. With the new opening, Dolce & Gabbana
has strengthened its presence in Switzerland, where it now has five
stores. The recent change in tenants has made the shopping street
even more luxurious.
STREHLAGSSE
Furla took over Liu Jo’s space
Furla, the renowned Italian label which stands for timeless, trendy,
quality products, has arrived in Zurich with a bright and spacious bou-
tique at Strehlgasse 19. Situated strategically in the former space of
Furla, Strehlgasse, Zurich

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fellow brand Liu Jo, the chic Furla boutique offers something for every
taste from the middle to the higher price range.
Peuterey to replace Patrizia Pepe
Little more than a year after debuting the store in Zurich in 2013, Pat-
rizia Pepe had left the space at Strehlgasse 9. The prominent location
in the heart of the old town will, in turn, be occupied by Peuterey, the
luxury Italian casualwear company. Peuterey will offer its full range of
products in a surface area of 140 square metres. The store is sche-
duled to open its doors in 2015.
STORCHENGASSE
Céline to boast new arrival
The prime street Storchengasse in Zurich, between Weinplatz and
Münsterhof, is going to welcome a new flagship Céline boutique. The lu-
xury French fashion house will open its doors at number 23 in the former
space of Les Trois Pommes, which boasts a retail area of 150 square
metres. Opening doors in the spring of 2015, the Zurich store will be the
house’s second Swiss setting, following the first store in Geneva.
Jil Sander increased presence
German sophisticated fashion and accessories brand Jil Sander has
strengthened its presence in Switzerland by planning to open a new
store in a prime location in Zurich. The new store, which is located at
the former site of the Miu Miu store at Storchengasse 16, is supposed
to launch during 2015. Covering more than 140 square metres across
the basement and ground floor, the new store will boast the latest Jil
Sander collections.
La Perla, Storchengasse, Zurich
Les Millionnaires celebrated new boutique
On 23rd November 2014, a grand opening took place at Storchen-
gasse 13, in the heart of Zurich. Les Millionnaires unveiled its new
boutique in part of Trois Pommes’s former space. The 81-square-
metre store is an ideal location for Les Millionnaires to also celebrate
its 30th anniversary.
La Perla presented Italian essence
La Perla has been launching a series of mono-brand boutiques in the
major fashion streets of the world. As part of this expansion, the Ita-
lian lingerie and clothing company opened a new and exclusive bou-
tique at the end of March 2014 right in the historic centre of Zurich,
at Storchengasse 6. The two-level store is seductive and welcomes
guests with the most beautiful collections.
MORE STORE OPENINGS
Moreschi’s first arrival
For the first time in Switzerland, Moreschi has brought all of its hand-
crafted collections into a standalone store in Zurich. The boutique is
centrally located at Postrasse 10, one of the most elegant streets in
Zurich. The store, which includes two large windows and spans 120
square metres over two floors, was part of a major expansion in distri-
bution policy to strengthen the brand’s presence in Europe.
Etiqueta Negra debuted flagship store
The Italian sportswear brand Etiqueta Negra Polo & Sportswear laun-
ched its first Swiss flagship store in Zurich on 7th
April 2014. The boutique
boasts an area of 72 square metres, located in a 13th-century building

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Moreschi, Postrasse, Zurich
at Weggengasse 3, in the heart of the city. The new store continues to
present two of the main themes that inspire the brand, polo matches and
classic car races, and offers menswear, womenswear and accessories.
Replay opened its first store
Italian streetwear brand Replay has debuted in Zurich with the opening
of a mono-brand store at Uraniastrasse 4 on 14th
August 2014. The
new two-floor 250-square-metre store, which used to be occupied by
G-Star Raw, includes denim, leather jackets and various accessories.
Founded in 1981 by Claudio Buziol, Replay is now represented
worldwide in more than 50 countries, with its men’s, women’s and
children’s apparel, as well as accessories and shoes.
Gerry Weber’s new shopping destination for fashionistas
German fashion retailer Gerry Weber has added another shopping
space for Zurich citizens with a new store at Löwenstrasse 65. The
high-profile retail site, which was once occupied by Ochsner Sport,
has housed Gerry Weber since October 2014.
With the new store, Gerry Weber has strengthened its position in Zu-
rich in particular, and worldwide. It is one of the most famous and
successful German fashion and lifestyle companies, with around 700
official distributors and mono-label stores worldwide.
Accessorize made Swiss debut
After a period of consolidation, the British retail chain Accessorize
has chosen Switzerland as the new market to re-start its expansion
strategy. The store covers 90 square metres and is nestled in the
shopping area of Zurich’s Main Station. The first store in the country
opened its doors to the public in June 2014.
New Strellson store in the city centre
On 17th
October 2014, the internationally renowned menswear label
Strellson opened its latest store in the heart of Zurich. The shop is
prominently located at Limmatquai 58, with the side window over-
looking Marktgasse. The 220-square-metre store replaced the for-
mer space of Credit Suisse and spreads over two floors, presenting
Strellson’s entire lines, from business outfits to sportswear.
Rituals arrived
The Dutch brand Rituals, specialising in home and body cosmetics,
has opened its first standalone store in Switzerland, after previously
only being available in Douglas stores. The new shop is centrally loca-
ted at Marktgasse 20 in Zurich, replacing a former Sisley store. Open
since mid-November 2014, the Zurich store adds to the brand’s current
network of 350 shops and more than 1,000 shops-in-shops worldwide.
COS finally arrived
COS, the premium brand of Swedish fashion group H&M, has finally
found a home in Zurich. Two years after the first contact with the
landlord, COS opened its Swiss flagship store, and also one of the
world’s biggest flagship stores, with 750 square metres, at Marktgas-
se 14 in Zurich, between Guess and Desigual. The opening, which
followed the first one in Geneva which opened in the autumn of 2013,
was celebrated on 5th
September 2014.

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The deal, which represents an estimated annual rent of more than
500,000 Swiss Francs, was guided by the Location Group.
Guess re-opened
Jeans, clothing and accessories brand Guess re-opened its flagship
store in Zurich on 27th
February 2014. Located at Marktgasse 12 in
the Niederdorf district, the store now offers the brand’s different lines
across two floors and over 400 square metres of retail space. With
the re-opening, Guess now operates nine stores in Switzerland: six in
the German-speaking territory; two in the French territory and one in
the Italian-speaking territory.
Pandora highlighted concept store at RailCity
The Danish jewellery company Pandora opened its new concept
store in Zurich’s RailCity in June 2014. This third concept store in
Switzerland measures 52 square metres and is located in a promi-
nent location in the newly opened Löwenstrasse passage in RailCity.
The new opening underlines Pandora’s goal to further the qualitative
expansion in Switzerland.
Fashion jewellery chain Pompidou opened shop
The fashion jewellery chain Pompidou opened its first own store in Zu-
rich on 3rd May 2014. With the new shop right on Bellevue, at Torgas-
se 1, the distribution network of Pompidou AG has now reached six
outlets. By the end of 2015, the fashion jewellery chain will open more
stores, thereby creating an extensive network across Switzerland.
YellowKorner finally came
The photo gallery concept from France, YellowKorner, has finally come
to Zurich. It has found a suitable location at Oberdorf Strasse 15, bet-
ween Raemistrasse and Grossmuenster. The company’s first gallery in
Zurich, and its third in Switzerland, opened on 28th
August 2014.
COS, Marktgasse, Zurich
YellowKorner presents a portfolio of over 300 artists, exhibited in
more than 60 galleries located in the most prestigious cities around
the world, including Paris, New York, London and Barcelona. It first
arrived in Switzerland last year in Geneva’s Old Town. The second
gallery in Switzerland opened in Basel on 31st July 2014.
Vaude debuted
The outdoor specialist Vaude now offers its franchise concept in
Switzerland. The brand is managed by Spatz Camping and Outdoor
Equipment AG, who built a retail store of 1,400 square metres in
the Richti Areal and integrated the Vaude shop into the new home.
This first Vaude store in Zurich opened in mid-October 2014. The
company also created the sustainable store design concept for this
220-square-metre shop.
Vans launched
Vans, the US action sports brand retailer, has announced its launch
into Switzerland with the opening of its first standalone retail store in
Zurich. The shop is located at Brunngasse 1, at the Hirschenplatz in
Niederdorf, which was previously the home of G-Vision. The grand
opening ceremony took place on 8th
November 2014.
Suitsupply pushed international growth
Following recent successful openings in Phoenix, Moscow and Singa-
pore, Dutch brand Suitsupply debuted in Zurich on 13th
December 2014.
The brand, which now occupies retail premises at Nüschelerstrasse 26,
brings a new menswear style to Zurichians. The new Zurich store contri-
butes to Suitsupply’s existing 55 stores in 15 different countries.
NEW HOTEL
Swiss Prime to convert office building into Motel One hotel
Munich-based economy hotel chain Motel One secured another
hotel in Zurich,
following its an-
nouncement of
a first hotel in
downtown Basel.
The plan is for the
conversion of a
partially listed of-
fice complex into
a 380-room hotel
at the corner of
B r a n d s c h e n -
kestrasse and
Dianastrasse.
Swiss Prime Site
is the developer,
investing 50 milli-
on Swiss Francs
in the project. The
hotel’s opening
is scheduled for
2016.

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GENEVA is the smallest metropolis in the world. It is a wealthy city
and has the highest density of billionaires in the world. Today the
city’s population counts over 195,000 inhabitants. Moreover, of all the
Swiss cities, Geneva hosts the most foreigners: around 45%, with
around 180 different nationalities. It also ranked second, after Zurich,
in the Quality of Living Survey conducted by American global human
resource and related financial services consulting firm, Mercer.
04

Geneva
.
Skyline, Geneva
Location Average prime Average
rents/sqm/year prime rents/sqm/month
(Euros) (Euros)
Rue du Rhône 7,800 650
Rue du Marché 6,734 561
Giorgio Armani, Rue du Rhône, Geneva

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Jessica Biel at Tiffany & Co. 2014 Blue Book Collection

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RUE DU RHÔNE
Armani opened second Swiss store
The immediate success of Giorgio Armani’s Zurich boutique led to
a second opening on the famous shopping street Rue du Rhône in
Geneva. Housed at number 19, on the corner with Pont de la Machi-
ne, the brand’s store is close to many other world-renowned names,
such as Graff, Chopard, Harry Winston, Dior, Jimmy Choo, Bulgari
and Hermès. Armani took over the lease contract of the Jean-Paul
Gaultier franchise. The store opened its doors in late 2014.
Prada has unveiled its largest store
In early May 2014, Prada officially inaugurated their largest Swiss
store in Geneva. Situated at Rue du Rhône 49–51, the new store, ac-
quired from Anita Smaga, covers 1,000 square metres and is spread
over two floors. The two entrances on Rue du Rhône invite customers
into two very different spaces: one for the women’s collection and the
other for the men’s.
Tiffany & Co. announced new store opening
Tiffany & Co. has announced it will open a new store on Rue du
Rhône, Geneva in May 2015. As the third Tiffany store to be opened
in Switzerland and measuring approximately 550 square metres, the
store concept will be designed to create an atmosphere reflective of
Tiffany’s founding roots in New York in 1837. The presence in the
city’s preeminent shopping area reinforces Tiffany’s reputation as a
global luxury brand, as well as its commitment to develop and grow
the business throughout Europe.
MORE STORE OPENINGS
George Hakim debuted
From a boutique in the famous gold souks of the Ottoman Empire, a
then-major trading centre in the Middle East, to region-wide shows and
an internationally recognised presence and clientele, heritage brand
George Hakim now finds a natural home in the city of Geneva. The lea-
ding Lebanese jeweller celebrated the opening of its new boutique in
Geneva, located at the Grand Hotel Kempinski, on 30th January 2014.
Fabergé announced new boutique
Fabergé unveiled a new luxurious boutique at the Grand Hotel Kem-
pinski in Geneva in September 2014. The new boutique underlines
Fabergé’s commitment to its vibrant Geneva client base, bringing the
unique Fabergé experience to the distinctive international clientele of
the Kempinski.
Located in the heart of the city, with unparalleled views over Lake
Geneva, the Kempinski attracts a very sophisticated international tra-
veller and, as Europe’s oldest luxury hotel group, is the perfect retail
partner for Fabergé.
Campo Marzio arrived
Campo Marzio Design, the Italian leather goods brand, has brought
its fashion and stationery industry, with its colourful stylish pens, to
Geneva, after the recent re-branding of the company. The store is
settled in the luxurious and exclusive Quai des Bergues, offering a
big customised space with a mature offering of products.
Michael Kors strengthens
The US affordable luxury label Michael Kors is promoting its expansi-
on in Switzerland and planning a new store in Geneva. After opening
the first Swiss store in St. Moritz, the brand will open the second store
at Place du Molard. The store, which took over the former site of
Buzzano, will be the first outing for Michael Kors in Geneva.
J.M. Weston revamped
In September 2014, J.M. Weston brought a French touch to Geneva,
Switzerland, by re-opening its emblematic and elegant store at 29
Rue de la Croix d’Or. Geneva now has a temple of masculine ele-
gance; men can find the latest collections by J.M. Weston in a sort of
“curiosity cabinet”, designed by Michel Perry himself.
Vacheron Constantin revamped
On 17th September 1755, the youthful watchmaker, Jean-Marc Vache-
ron, hired his first apprentice, thereby laying the very foundations of
Grand Hotel Kempinski, Geneva

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Vacheron Constantin, Place de Longemalle, Geneva
Tesla Motors, Cours de Rive, Geneva
the house. The company naturally chose the
symbolic date of 17th September 2014 to re-
open its boutique located in the very heart of
Geneva at 1 Place de Longemalle.
The 278-square-metre boutique on the Place
de Longemalle has been given a makeover
to provide the perfect setting in which to wel-
come discerning collectors and devotees of
fine watchmaking. Two watchmakers are per-
manently on hand in the boutique, in which
the ground floor displays the entire range of
Vacheron Constantin collections.
Tesla opened flagship centre
Tesla Motors officially opened a new flagship
store in the centre of Geneva on 4th Novem-
ber 2014. The new flagship store is located
right on the famous Cours de Rive and fea-
tures a full showroom along with the Tesla
Design Studio, where customers can configu-
re their Model S and learn about the award-
winning vehicle.

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The opening of the new facility in Geneva further underlines Tesla’s
commitment to the Swiss market. In addition to the new store, Tesla
operates four retail stores and service centres in the country – in Zu-
rich, Winterthur, Basel and Geneva.
Bershka conquered with its new store
Inditex-owned brand Bershka has opened its new store in Geneva at
9 Rue du Marché. The store, which is a well-organised place divided
into nail and makeup corners, was launched with a very cool and suc-
cessful party. Guests had the fantastic opportunity to try out the new,
exclusive Bershka beauty products. The event marked the transforma-
tion of the location from Pimkie’s old store to the new Bershka shop.
New opening for Vero Moda
Bestseller’s own brand, Vero Moda, has expanded its presence in
Geneva with a new store opening in the centre city. The store is loca-
ted at 12–14 Rue du Marché and showcases the trendiest collections
for women and young ladies. The store is Vero Moda’s third estab-
lishment in the city.
Calida unveiled boutique
Balexert Centre, the largest shopping centre in western Switzerland
with over nine million visitors per year, has welcomed the lingerie
brand Calida with its new store. Located on the first level, with large
windows and prestigious neighbours, the location is a perfect address
for Calida. The store opened its doors to the public in June 2014.

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05

Lucerne
.
LUCERNE is arguably the prettiest Swiss city. It is the most visited of
the Swiss cities, with a thriving tourism industry, owing mainly to its
status as a gateway to Central Switzerland. The city has become the
centre of Swiss history and legend. The population of greater Lucerne
is around 205,000 and approximately 59,000 people live in central
Lucerne.
Location Average Average
prime rents/sqm/ prime rents/sqm/
year (Euros) month (Euros)
Schwanenplatz/ 5,794 483
Grendel
Hertensteinstrasse/ 5,713 476
Weggisgasse
RETAIL STORE OPENINGS
Longines and Piaget replaced restaurant Grendel 19
The Grendel 19, which was previously a Mövenpick restaurant,
closed in late 2013, making way for Longines and Piaget’s new stores
at Grendelstrasse 19. These are the first Longines and Piaget own
stores in the city. The Piaget boutique is operated by Bucherer, like
the stores of Omega, Jaeger-LeCoultre, TAG Heuer, and Zenith. The
parties did not disclose the amount of key money Bucherer paid to
the restaurant operator.
Skyline, Lucerne
Tommy Hilfiger took over the Jack Wolfskin store
The American fashion brand opened its second Swiss flagship bou-
tique at Weggisgasse 28, between Bonita and Navyboot, in 2014.
The store has a size of approximately 450 square metres. Jack Wolf-
skin was not able to compete with the new rent offered by Tommy
Hilfiger and left the street after 10 years of successful operations.
New home of Schweizer Heimatwerk
The popular Swiss gift and souvenir brand Schweizer Heimatwerk has
opened a new branch in Lucerne. Centrally located at Kapellgasse
3, the old home of watch retailer Kienzle 1882, the shop targets local
customers and tourists alike by offering a unique variety of “Made-
in-Switzerland” gifts. Open since 30th September 2014, the Lucerne
shop added to the existing stores in Zurich, Basel and Geneva.
House of Chronoswiss opened its doors
In the city centre of Lucerne, the exclusive watchmaker Chronoswiss
– a specialist in the manufacture of mechanical watches – has ope-
ned its new headquarters. One unusual aspect about the House of
Chronoswiss at Löwenstrasse 16b, which was built with an architec-
ture designed to be as transparent as possible, is that it is not simply
open to visitors – they are expressly invited.
BoConcept launched second Swiss store
Lucerne has been chosen to host the second BoConcept store in

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Kate Winslet, Longines ambassador
Tommy Hilfiger Fall/Winter 2014 campaign

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Switzerland, after the existing store in Zurich. The two-level shop is
located at Kasimir-Pfyffer-Strasse 2, at the corner of Hirschengra-
ben. The former venue of Nespresso is an ideal location for BoCon-
cept as it is strategically nestled right in the heart of the city’s modern
and design furniture retailers.
MAC created its own shop
On 6th November 2014, the first MAC free-standing store in Switzer-
land opened its doors to the public in Lucerne. The new shop is cen-
trally located inside the Main Station. The opening is a further reason
for beauty lovers to make a visit to Central Switzerland.
Schweizer Heimatwerk, Kapellgasse, Lucerne
Chronoswiss, Löwenstrasse, Lucerne
Burgenstock Resort in renovation
Nestled 1,600 feet up from the shores of Lake Lucerne in Switzer-
land, a luxury resort is re-creating itself – the Burgenstock Resort,
scheduled to re-open in 2017. When all is said and done, there will
be three hotels: the Burgenstock Hotel; the circa 1906 Palace Hotel;
and the Waldhotel, a medical wellness destination. Added to that will
be a spa the size of a football field, a conference centre, residences,
and several dining options.
The Burgenstock Resort is being developed by Katara Hospitality,
who are also presently transforming the Royal Savoy Lausanne. Ka-

ContinentalEurope
BoConcept, Kasimir-Pfyffer-Strasse, Lucerne
MAC, Main Station, Lucerne
tara has again retained London-based MKV Design to take on the
interiors of the Burgenstock Hotel, as well as the Palace Hotel reno-
vation and the mega Alpine Spa.
The Burgenstock Hotel is not easily recognisable as a hotel. Conceived
by Lucerne-based Russli Architekten GA in a design competition for the
resort, the hotel sits on the edge of the slopes abutting Lake Lucerne.
Access could not be more convenient than from the Burgenstock Rail-
way that runs alongside the hotel, and is connected by a dramatic ter-
race.

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06

Lugano
.
LUGANO is a Mediterranean-style city. It ranks after Zurich and Ge-
neva as the third largest financial centre in Switzerland. The populati-
on of the city is nearly 62,000 and the population of the metropolitan
area is over 145,000. It is the ninth largest city in Switzerland by po-
pulation, the largest city in Ticino, and the largest Italian-speaking city
outside of Italy.
RETAIL STORE OPENINGS
Prada strengthened its Swiss presence
Prada expanded its presence in Switzerland with more store ope-
nings. Following its first store in Geneva, on the prestigious Rue du
Rhône, designed by Italian star architect Roberto Baciocchi, the fa-
shion house further increased the total number of its stores in the
country with an opening in Lugano.
Skyline, Lugano
The Lugano store, which can be found at Via Nassa 44, was laun-
ched at the end of June 2014. This store has a retail space of 860
square metres, spread over two floors. It houses Prada’s women’s
and men’s ready-to-wear, accessories, leather goods and footwear
collections.
By Kilian strengthened in Europe
2014 was the year of niche fragrance brand By Kilian, having opened
three stores in Europe and the Middle East. Following a new store
opening in Paris, it launched the first Swiss standalone store in Lu-
gano on 28th November 2014. All fragrances and scented jewellery
collections are showcased in the new retail space at Via Nassa 28.
The brand also popularises its trademark by opening corners, such
as the recent one in Zurich International Airport.

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Designer Jil Sander

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Prada Spring/Summer 2014 womenswear campaign
New store of Jil Sander NAVY
Jil Sander, the minimalist German fashion designer, has announced
the opening of her second line, Jil Sander NAVY, in Lugano, Switzer-
land. The store is centrally located at Via Nassa 9. The new Lugano
shop offers the full range of ready-to-wear and accessories collec-
tions.
Läderach launched its new store
Läderach – Chocolatier Suisse has opened its new modernised store
in Ticino, in what used to be a Merkur store. The retail space is loca-
ted at Via Pessina 17 in Lugano, and opened its doors in mid-May
2014, inviting chocolate lovers to discover its world of products.
Benetton closed
Benetton closed the doors of its megastore at Piazza Dante 8 in Lu-
gano in July 2014, resulting in the dismissal of 20 employees. The
closure of Benetton has evoked a protest against the retailer. The
trade union OCST accused Benetton of ignoring its social responsibi-
lities by laying off all its old employees but hiring new people for the
newly opened store in Campione d’Italia.
The Inditex-brand Zara was rumoured to take over the three-level
Benetton store but has since denied the possibility. Benetton, in the
worst case, would be forced into the position of having to comply
with the remaining lease, which lasts more than three years. The
lease currently requires a monthly payment of about 80,000 Swiss
Francs.
NEW HOTEL
Hotel City officially opened
Hotel City in Lugano celebrated its opening ceremony in early July
2014. The Ticino canton can now boast a beautiful and stylish design
hotel, located just a short walk from the centre. The hotel is owned
by the Brunner family, of which Ferdinando Brunner is president of
Hotelleriesuisse, the Hotel Association of Switzerland.The brand also
popularises its trademark by opening corners, such as the recent one
in Zurich International Airport.

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Hotel City, Lugano

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MCM partnered with Jelmoli
After the successful opening of the Zurich flagship store, MCM found
a new place in the city to strengthen the brand’s heritage. The Ger-
man label chose Jelmoli, one of the oldest and best-known depart-
ment stores in the world, located along the famous Bahnhofstrasse in
Zurich. The shop-in-shop opened its doors in February 2014.
Karl Lagerfeld secured corner
Karl Lagerfeld, known for his monochrome designs, has opened his
first retail space in Switzerland, located in the Jelmoli department
store in the heart of Zurich’s city centre. Located on the ground
floor of the prestigious department store, the new 20-square-metre
space offers a selection of women’s ready-to-wear pieces, alongside
Lagerfeld’s full women’s accessories collection.
Jelmoli department store by Schweitzer Group
The Jelmoli department store, known as “The House of Brands”, has
opened an extraordinary new food department with a 2,000-square-
metre sales area. It is unique in Europe and features an impressive
list of tenants, with some of the region’s best and most qualified provi-
ders of food. One highlight is Switzerland’s first cheese humidor from
07

Swiss Department Stores
.
Natürli, including a cheese fondue section for take-away or immedi-
ate consumption. The design is a contemporary market hall where
food meets fashion.
Pompidou expanded
The jewellery chain Pompidou has expanded in western Switzerland
by opening a new shop-in-shop in the Globus department store at
Rue du Rhône 48, in Geneva. The retail unit, which was opened on
26th August 2014, is part of the expansion plan, contributing to the
distribution of seven outlets that Pompidou has launched throughout
2014. The other retail points also include Loeb Bern and Jelmoli Zurich.
More fashion for men in the Globus
The men’s department in Globus Zurich has refreshed its range, ad-
ding more products from internationally renowned brands such as
Ralph Lauren, Phil Petter, Michael Kors, Ted Baker, Hugo Boss and
Tommy Hilfiger. After conversion, the department now resides on the
third floor, showcasing fine and casual collections.
Loeb Group opened new stores
The Bernese department store group Loeb Group has been ex-
panding throughout Switzer-
land. Since mid-June 2014,
the company has opened a
store in Basel for Street One,
a Street One & Cecil Store in
Biel and a Maggs store in Frei-
burg.
In the late summer of 2014,
six more stores were opened,
including new Maggs stores in
Aarau, Basel, Biel and Zurich,
as well as a Hallhuber store in
Lucerne and a Tommy Hilfiger
store in Zug. Loeb’s network
of outlets now comprises four
department stores, six Maggs
stores and nine mono-label
stores.
In the first half of 2014, Loeb
Group’s lower revenues were
offset by higher sales in the
department stores and musi-
cal instrument stores. Due to
the initial cost and volatility in
the capital markets, the Loeb
Group expected a better profit
for the full year 2014.
Globus department store, Zurich

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Jelmoli department store, Zurich
Karl Lagerfeld, Jelmoli, Zurich

locationgroup research | Retail Market Study 2015
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08 Swiss Shopping Malls
.
Swiss shopping centre turnover
Shopping malls in Switzerland bigger than 20,000 square metres
Selling space Total turnover Turnover/sqm
Mall City 2013 (sqm) 2013 2013
Glattzentrum Wallisellen 43,387 620,000,000 14,290
Seedamm-Center Pfäffikon 20,103 249,000,000 12,386
Zugerland Steinhausen 22,107 218,000,000 9,861
Centre Commercial de Crissier Crissier 23,042 227,000,000 9,852
Chavannes Centre Chavannes-de-Bogis 20,810 201,000,000 9,659
La Praille Centre Commercial Carouge 20,051 180,000,000 8,977
Centre Balexert Genève 50,646 449,000,000 8,865
Emmen Center Emmenbruck 30,300 254,000,000 8,383
Sihlcity Zurich 42,466 355,000,000 8,360
Westside Bern 25,865 205,000,000 7,926
Letzipark Zurich 29,068 212,000,000 7,293
Einkaufszentrum Volki-land Volketswil 26,524 185,000,000 6,975
Shoppyland Schönbuhl 48,818 328,000,000 6,719
Pilatusmarkt Kriens 21,500 138,000,000 6,419
Avry Centre Avry-sur-Matran 34,059 218,000,000 6,401
Shopping Arena St. Gallen 36,500 227,000,000 6,219
St. Jakob-Park Shopping Center Basel 20,500 121,000,000 5,902
Marin Centre Marin-Epagnier 36,000 212,000,000 5,889
Rheinpark St. Marhrethen 20,406 118,000,000 5,783
Einkaufszentrum Hinwil Hinwil 22,836 130,000,000 5,693
Serfontana Morbio Inferiore 22,258 126,000,000 5,661
Shoppi Tivoli Spreitenbach 78,376 419,000,000 5,346
Gäupark Egerkingen 40,470 212,000,000 5,238
Centro San Antonio San Antonio 20,593 102,000,000 4,953
Stücki Shopping Basel 32,000 136,000,000 4,250
Wohncenter Emmen Emmenbruck 32,988 120,000,000 3,638
Shopping malls in Switzerland bigger than 20,000 square metres
42

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Largest shopping malls in Switzerland by size
Selling space Total turnover Turnover/sqm
Mall City 2013 (sqm) 2013 2013
Shoppi Tivoli Spreitenbach 78,376 419,000,000 5,346
Centre Balexert Genève 50,646 449,000,000 8,865
Shoppyland Schönbuhl 48,818 328,000,000 6,719
Glattzentrum Wallisellen 43,387 620,000,000 14,290
Sihlcity Zurich 42,466 355,000,000 8,360
Gäupark Egerkingen 40,470 212,000,000 5,238
Shopping Arena St. Gallen 36,500 227,000,000 6,219
Marin Centre Marin-Epagnier 36,000 212,000,000 5,889
Avry Centre Avry-sur-Matran 34,059 218,000,000 6,401
Wohncenter Emmen Emmenbruck 32,988 120,000,000 3,638
Stücki Shopping Basel 32,000 136,000,000 4,250
Emmen Center Emmenbruck 30,300 254,000,000 8,383
Letzipark Zurich 29,068 212,000,000 7,293
Einkaufszentrum Volki-land Volketswil 26,524 185,000,000 6,975
Westside Bern 25,865 205,000,000 7,926
Centre Commercial de Crissier Crissier 23,042 227,000,000 9,852
Einkaufszentrum Hinwil Hinwil 22,836 130,000,000 5,693
Serfontana Morbio Inferiore 22,258 126,000,000 5,661
Zugerland Steinhausen 22,107 218,000,000 9,861
Pilatusmarkt Kriens 21,500 138,000,000 6,419
Chavannes Centre Chavannes-de-Bogis 20,810 201,000,000 9,659
Centro San Antonio San Antonio 20,593 102,000,000 4,953
St. Jakob-Park Shopping Center Basel 20,500 121,000,000 5,902
Rheinpark St. Marhrethen 20,406 118,000,000 5,783
Seedamm-Center Pfäffikon 20,103 249,000,000 12,386
La Praille Centre Commercial Carouge 20,051 180,000,000 8,977
Largest shopping malls in Switzerland by size
43

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SWISS SHOPPING MALLS
Mall of Switzerland ready to go
After a nearly three-year planning phase, the cor-
nerstone for the Mall of Switzerland was laid on
11th June 2014 in Ebikon, Switzerland, near Lucer-
ne. The joint project from Freo Group and Halter
AG is to be a shopping centre with 46,000 square
metres of retail space and a 12-screen multiplex,
as well as fitness, wellness, and spa facilities on a
73,000-square-metre site.
Backing Freo as a provider of capital for the project,
costing an estimated 450 million Swiss Francs, is
Tamweelview European Holdings SA, a subsidiary
of the Abu Dhabi Investment Authority. The centre is
scheduled to open in the autumn of 2017. In addition
to the shopping and leisure areas, a 100-room, three-
star business hotel and 140 apartments are planned,
costing an additional 100 million Swiss Francs.
Shopping Arena ranked eighth place in the
busiest shopping malls
The Shopping Arena in St. Gallen is still on track.
With sales increasing by 1.3% in 2013 to 227 million
Swiss Francs compared with the previous year, the
Subway, St. Jakob-Park, Basel

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Kevin Costner, partner of Arqueonautas

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Shoppi Tivoli, Spreitenbach
largest shopping centre in Eastern Switzerland improved to eighth
place in the top 10 busiest shopping malls in Switzerland.
Two internationally renowned brands, Mango and Intimissimi,
which were not previously represented in Eastern Switzerland,
opened branches in the mall in the spring of 2014, allowing the
Shopping Arena to be further optimised and become more attrac-
tive to tenants.
New stores in the shopping centre St. Jakob-Park
St. Jakob-Park shopping centre in Basel tempted the Italian cos-
metics manufacturer and nail polish specialist Kiko Milano to open a
branch in May 2014. It occupies the former space of Joy Jeans Emo-
tions. The cosmetics brand is also represented in the Glattzentrum in
Wallisellenstrasse and the Emmen Centre in Lucerne.
The lingerie label Intimissimi, who opened a store on Freie Strasse
in Basel in 2013, also opened in mid-May 2014 at the St. Jakob-
Park, taking the place of shoe shop Bagatt. Meanwhile, the fast food
chain Subway, which replaced the frozen yogurt seller Magic Berry,
opened a new store to target the 8,000–10,000 shoppers that visit
the mall daily.
Arqueonautas entered
On 19th September 2014, the maritime-inspired casual fashion brand
Arqueonautas opened its first flagship store in Basel, Switzerland.
Located in the Stücki shopping centre, the brand presents the new
Arqueonautas store concept in a sales area of 107 square metres.
With the launch of the store in Basel, Arqueonautas, which has a
very famous partner, Hollywood actor Kevin Costner, continued its
international expansion.
New brands strengthened Shoppi Tivoli
Shoppi Tivoli Spreitenbach, the largest shopping centre in Swit-
zerland, has shown its true colours and extended its fashion offering.
With the opening of a Desigual store, the first Only & Sons offshoot in
Switzerland, a new 900-square-metre Bershka store, plus new stores
from Intimissimi and Snipes, the Shoppi Tivoli has brought new and
exciting fashion labels to Spreitenbach. Meanwhile, Esprit and Fa-
mous have vacated and introduced themselves to new locations in
the ShoppiMall.
With over 75 fashion specialists under one roof, the Shoppi Tivoli in
Spreitenbach is the largest “fashion super centre” in Switzerland. The
new openings re-affirmed its leading role as a faithful fashion mecca.

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Nicole Kidman, Omega’s brand ambassador

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ZURICH AIRPORT
New Starbucks coffeehouse
Travel food and beverage specialist SSP has opened a new Star-
bucks store at Zurich Airport. The 125-square-metre store is located
in the departures hall at gate dock A70. Its menu features traditional
espresso specialities such as caffè latte, cappuccino and caramel
macchiato – all made from 100% Fairtrade-certified coffee beans.
Confiserie Sprüngli acquired new store
Confiserie Sprüngli opened a new and stylish store in the landside
area of Zurich Airport on 16th May 2014. Just a few metres away
from the old store, the new stylish store was designed in the form of
a free-standing cube. The interior design drew inspiration from the
flagship store on Paradeplatz, using top-quality materials to create
an attractive space.
Timebox – the airport jewellery and watch store
A new jewellery and watch store called Timebox was opened at Zurich
Airport by retail outlet operator Nuance. The concession had been
designed to showcase a comprehensive portfolio of brands, covering
the key segments in range and price architecture for fashion watches
and jewellery. Among them are designer brands Calvin Klein, Michael
Kors, Emporio Armani, DKNY, Guess, Diesel and Police.
Timebox Zurich is also tailored to stage the best of Swiss brands,
including Certina, Victorinox, Swiss Military, Mondaine, Luminox, Ha-
nowa, Cover, Wenger, Candino and Jowissa.
More H&M, more shopping fun
There was a reason for fashion fans to cheer at Zurich Airport fol-
lowing openings of two H&M stores: a larger shop for men and wo-
men, and a smaller store for children. On 7th August 2014, H&M ope-
ned its new shop covering 700 square metres on the main level of
the Airport Centre, where it presents the entire range of men’s and
women’s clothing.
One week later, on 14th August 2014, the current H&M store celeb-
rated its re-opening. It features a wide range of fashion for children
and teenagers, making H&M the first brand to offer childrenswear at
Zurich Airport.
The Nuance Group opened Boss Traveller shop
The Nuance Group has opened a Boss Traveller store at Zurich
Airport. The refurbished store opened in early September 2014 and
features the latest Hugo Boss retail concept with state-of-the-art ma-
terials, a modern feel and a design that is viable across all markets
and architectures.
Zurich Airport unveiled spectacular “The Circle”
“A new world rises at Zürich Airport.” That was the tagline as the
Swiss airport operator revealed full details of its hugely ambitious
commercial project, The Circle, at a press conference in downtown
Zurich, where it received the full support and commitment of Swatch
Group, through flagship brand Omega.
The Circle will cost one billion Swiss Francs and is a hugely important
project for Zurich Airport, set to become a premium business and life-
style destination, as well as a focal point for brands, medicine, learning,
culture and entertainment. As a commercial proposition, it will augment
the existing two major shopping locations at Zurich Airport: the Airside
Centre and the landside Airport Centre.
The airport operator aims to position The Circle as a second centre
for the city after the famed Bahnhofstrasse shopping street. There
will be a major retail square at its heart, dominated by Swiss and
international brand names.
The 180,000-square-metre development will be split into seven mo-
dules; among those of keen interest to brands and retailers will be the
“Brands & Dialogue” module, which will provide “a state of the art and
highly sophisticated platform” for brands.
Swatch Group to move into a brand house
Swatch Group is planning a two-floor brand house for its Omega
brand right on the main plaza of The Circle. This will cover an area of
around 800 square metres. Such brand houses are the core element
of The Circle’s Brands & Dialogue module.
This module gives tenants the opportunity to present a brand or pro-
duct at a prime location and create an individual experience for their
customers. With its Omega brand, Swatch Group’s presence in The
Circle will focus on innovations and Swiss watchmaking in addition to
showcasing their variety of products.
Hublot came up with first pop-up
For the very first time, Hublot was proud to present its latest and
brand new pop-up store at Zurich Airport, giving Hublot the opportu-
nity to communicate the brand spirit and know-how. The 120-square-
metre space perfectly illustrated the unique concept of “Art of Fusion”.
Located in the heart of the airport’s Airside Centre, the pop-up store
was open until 9th November 2014.
GENEVA AIRPORT
Geneva Airport to get new terminal
The Federal Department of Environment, Transport, Energy and
Communications (DETEC) has approved the plans for the construc-
tion of the east wing at Geneva Airport. The new building will mainly
handle long-haul flights. The existing facilities will be dismantled and
replaced by a new building.
The current 1970s building is outdated. It serves as a passenger ter-
minal building for large-bodied aircraft, and stands to the east of the
main terminal. Approximately 520 metres long, 20 metres wide and
19 metres high, in the future, passengers will travel directly from the
airport building to their plane.

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H&M, Zurich Airport, Zurich
The Circle, Zurich Airport

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Bar Refaeli, Hublot’s first female ambassador

ContinentalEurope
Credit Suisse acquired Swiss portfolio for 293 million
Swiss Francs
CSF Real Estate Switzerland, an investment group of Credit Suisse
Investment Foundation, has acquired a portfolio of seven buildings
in Switzerland for more than 293 million Swiss Francs. The portfolio,
comprising a total of 100,000 square metres of floor space, includes
nursing homes, retail properties, offices, and logistics properties that
are all leased on a long-term basis. The seller is Companie des Parcs
(CDP) in Luxembourg.
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Swiss Retail Real Estate Investments
.
Two assets in Etoy and Delémont are used as senior residences. The
Delémont asset also includes commercial areas on the ground floor.
Another building in Bern is assigned mainly to commercial use, while
an asset in Lausanne includes retail spaces, offices and a restaurant.
In Meyrin, CSF RES acquired three logistics properties in a prominent
location close to the motorway.
Swatch Group acquired prestigious building
Through one of its real estate companies, the Swatch Group has
Nick Hayek Jr, CEO Swatch Group

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Brady W. Dougan, CEO Credit Suisse

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purchased the property at Bahnhofstrasse 30 in Zurich from Credit
Suisse. The parties have agreed not to disclose the sale price.
The central building, one that characterises the Bahnhofstrasse like
no other building, therefore remains in Swiss hands. The six-storey
building, with a floor area of 7,435 square metres, was built in the
gothic style between 1912 and 1913 and is now let to the fashion
boutiques Grieder and Loauis Vuitton.
ACRON launched new fund and acquired Rossfeld Centre
ACRON has launched a diversified real estate fund. The first pro-
perty acquired by the fund was Rossfeld Centre shopping centre
in Sierre (in the Valais canton) for a purchase price of 25.8 million
Swiss Francs.
The Rossfeld Centre is located in a prominent shopping zone in Si-
erre, with various specialty stores in the immediate vicinity as well as
optimal connections to private and public transportation. With a total
area measuring 5,269 square metres and 166 parking spots, it offers
state-of-the-art retail, office, and warehouse space.
Coop bought 28 Marché restaurants
The Swiss retailer Coop has been expanding in the gastronomic sec-
tor. Coop agreed to buy the Marché restaurants from Mövenpick. Up
to now, no price has been disclosed. Marché Restaurants Schweiz
Marché restaurant, Zurich Airport
AG consists of 25 restaurants located along motorways and three
at Zurich airport. As the Coop group already controls around 200 re-
staurants, the takeover was subject to the agreement of the Swiss
Competition Commission.
Marché reached a turnover of almost 120 million Swiss Francs in
Switzerland in 2012. Coop wants to continue the Marché restaurants
under the same name and to take on all employees.
Migros Cooperative Lucerne bought Herti shopping centre
On 1st February 2014, Migros Cooperative Lucerne announced the
purchase of the Herti shopping centre in Zug. The property includes
retail and office space, a garage and outdoor parking. Migros Lucer-
ne still retains all tenancies in the shopping centre, including Coop,
who have the largest retail space, and Denner.
The purchase price has been confidentially agreed with the previous
owner, an investor from Lausanne. In early April 2013, NSI Management
Switzerland GmbH acquired the centre for 32 million Swiss Francs.
AXA Real Estate checked out of Swiss hotel portfolio
AXA Real Estate Investment Managers has completed the sale of a
portfolio of 11 hotels to Accor for 219 million Swiss Francs (180 million
Euros). Accor has acquired the portfolio on behalf of its HotelInvest
business.

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A Novotel hotel

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Having acquired the portfolio from Accor on behalf of its clients in 2008, AXA
Real Estate subsequently undertook a development and refurbishment plan
to support the performance of the hotels. With a hotel portfolio valued at 500
million Euros in 2007, AXA Real Estate has built up an asset base of over two
billion Euros across Europe. The portfolio includes all hotel categories, from
budget to luxury.
Accor has operated the portfolio of 1,592 rooms since 2008 under variable-rent
leases and with the following brands: Ibis New (five hotels), Ibis Budget (two
hotels), Novotel (three hotels) and MGallery (one hotel).
HIAG real estate bought Swiss Metal site
HIAG Property Streiff AG has acquired the 130,000-square-metre Swiss Me-
tal complex in Dornach from Metall AG in liquidation and the former Swiss
Metal Industries AG. Both parties have agreed not to disclose the purchase
price.
The transfer of ownership took place after fulfilment of the legally and con-
tractually specified completion conditions. The industrial park is located just
outside of Basel, within the regional development area of “Birsstadt”. The
site is currently used for existing leases, including that of Swiss Baoshida
Metal AG.
Under new leadership, Dr. Fritz Bühler Roth has been appointed to explore
the possible re-development of the area into a mixed-use park in the next few
years, under the master plan “Birsbogen”. On this basis, the area will include
residential, commercial and retail space, in addition to industrial space.
Leasinvest Real Estate acquired a high-quality retail portfolio
Leasinvest Real Estate has acquired, via its 100% Luxembourg subsidiary,
Leasinvest Immo Lux SA SICAV-SIF, a high-quality real estate portfolio in Swit-
zerland. The portfolio was acquired from European high street retail real estate
specialist Redevco.
The acquired retail portfolio consists of three very well located retail buildings in
the canton of Vaud in the west, French-speaking part of Switzerland. Two com-
mercial centres are located respectively in the well-developed retail park areas
of Etoy (Littoral Park) and Villeneuve (Pré Neuf). The third asset is located
on the main retail street in Yverdon-les-Bains alongside Lake Neuchâtel, the
second most important city in the canton of Vaud.
These three buildings were acquired for a price of 45.6 million Swiss Francs
(including registration duties and costs). The total portfolio has a surface area
of 11,649 square metres and is entirely let to international retailers such as Fust
(part of the second largest Swiss retailer, Coop Group), C&A, Casa, JYSK,
Maxi Zoo and Heytens.
CBRE Group acquired PSM Centre Management
CBRE Group announced on 30th October 2014 that it had acquired PSM Cen-
tre Management AG, a shopping centre management, leasing and consulting
company in Switzerland. The acquisition of PSM complements CBRE’s strate-
gy by allowing the company to offer retail clients a full range of strategic advice
and implementation services that are unique in the Swiss market.
Based in Zurich, PSM manages a portfolio of 11 shopping centres, totalling
133,000 square metres, on behalf of institutional clients and private investors.
Established in 2003, PSM also provides retail leasing and consulting services,
including concept advisory and shopping centre due diligence.

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Bruno Magli switched to Swiss Da Vinci Invest AG
Switzerland’s Da Vinci Invest has bought Italian luxury leather brand
Bruno Magli from London-based hedge fund Fortelus, the companies
confirmed on 9th January 2014. Bruno Magli’s new chief executive,
Manfred Ebensberger, said the new ownership would help the shoe,
bag and clothing maker accelerate plans to expand its product range
and develop its wholesale network worldwide. The companies did not
disclose the value of the sale.
L’Oréal bought 8% stake back from Nestlé
On 11th February 2014, French cosmetics and beauty company
L’Oréal sealed a deal to buy back 8% of its shares from Swiss con-
sumer goods giant Nestlé, following intense speculation about the
relationship between the two businesses.
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Swiss M&A Deals
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Korean actress Park Shin Hye for Bruno Magli A/W 2014 Collection
Nestlé has owned a stake in L’Oréal since 1974 when it bought into
the company at the request of Liliane Bettencourt, the daughter of the
founder of L’Oréal and the world’s richest woman, who was trying to
prevent the French state’s intervention in the company.
The maker of Maybelline mascara paid 3.4 billion Euros for the 48.5
million L’Oréal shares in cash and through the sale of its Swiss der-
matology pharmaceutical company, Galderma, back to Nestlé. Gal-
derma, a joint venture between the companies, was sold with an
enterprise value of 3.1 billion Euros.
Aryzta paid one billion US Dollars for two competing
bakeries
Switzerland-based bakery group Aryzta has set its sights on expansion

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Zoe Saldana, brand ambassador for L’Oreal Paris

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in North America with the acquisition of two bakeries in the region: Pi-
neridge Bakery in Canada and Cloverhill Bakery in the United States.
The company said it had agreed to pay a combined 730 million Euros
(1.01 billion US Dollars), with further post-acquisition investments of
70 million Euros anticipated.
The acquisitions are expected to generate double-digit earnings per
share growth in fiscal year 2015, the first full year the businesses will
be included in Aryzta’s results.
China Haidian acquired The Dreyfuss Group
Hong Kong-based investment group China Haidian continued to in-
vest in Swiss watch brands, purchasing 100% of shares in The Drey-
fuss Group. Comprising the Rotary, Dreyfuss & Co. and J & T Wind-
mills brands, The Dreyfuss Group has a leading position in the UK
mid-price watch market.
This acquisition by China Haidian, which already owns Corum and
Eterna in Switzerland, as well as two of the top four watch brands in
China, provided a first-class strategic fit with The Dreyfuss Group,
which has successfully implemented a strategy of international growth,
expanding its brand presence into over 45 countries in recent years.
Under the deal, The Dreyfuss Group management team, including
executive chairman Robert Dreyfuss, remain with the business to
oversee the next stage of growth and to build on the strong results
recently achieved.
Migros bought pizza chain Molino
The consolidation of the restaurant chain in Switzerland continued
when Migros Zurich bought the 18 Molino restaurants in German-
speaking and French-speaking cantons. All 450 employees will be
retained.
Molino is an ideal complement for Migros, enabling them to enter into
the served gastronomy market. So far, Migros Zurich operates self-
service restaurants, takeaways and catering establishments. The 18
Molino restaurants will continue to operate under their name. They
previously belonged to Athris Holding, a spin-off of Jelmoli Invest-
ments AG.
Dufry bought Nuance
The Swiss travel retailer Dufry has acquired its rival Nuance for 1.55
billion Swiss Francs (1.7 billion US Dollars). The acquisition confirms
Dufry as the global leader in the airport retail industry, reaching 15%
of global market share with presence in five continents, 63 countries,
and 239 airports, with close to 1,750 shops.
It also strengthens Dufry’s presence in Asia, with Nuance’s leading
presence in the region empowering the group’s positioning. Nuance’s
concessions in mainland China, Hong Kong and Macau will be com-
plementary to Dufry’s operations in mainland China, South Korea and
Taiwan.
Nuance is the world’s sixth largest duty free and travel retail group by
sales volume, operating more than 350 duty-free and tax-free stores,
brand boutiques and concept stores across 66 store locations in 19
countries.
Dufry is the leading global travel retailer, operating around 1,400 du-
ty-free and duty-paid shops in airports, cruise lines, seaports, railway
stations and downtown tourist areas.
Walgreens completed Alliance deal
Swiss-based Alliance Boots GmbH has been sold to US firm Wal-
greens. The purchase, announced on 6th August 2014, saw the Illi-
nois-based chemist chain buy the remaining 55% of shares it did not
already own.
In a complex transaction in June 2012, Walgreens bought a 45%
stake for 6.7 billion US Dollars (4 billion pounds), valuing Alliance
Boots at the time, based on 2012 currency rates, at 10 billion
pounds. The combination of Swiss-based Alliance Boots and Wal-
greens will give the US retailer some 11,000 shops in 12 countries,
and the largest pharmaceutical wholesale and distribution network
in the world.
Swiss chocolate maker Lindt bought Russell Stover Candies
Swiss chocolate maker Chocoladefabriken Lindt & Sprüngli an-
nounced that it had reached an agreement to acquire Russell Stover
Candies, the American maker of boxed chocolates, for a price of 1.4
billion US Dollars.
The deal to acquire Russell Stover, which is based in Kansas City,
Missouri, makes Lindt the third largest chocolate manufacturer in
North America. Lindt already owns the Ghirardelli Chocolate Com-
pany, whose former factory is a tourist attraction in San Francisco.
The biggest and most important strategic acquisition to date in Lindt
& Sprüngli’s history, this is a unique opportunity for the brand to ex-
pand its North American chocolate business and greatly enhances
the group’s status in the world’s overall chocolate marketplace.
Russell Stover, which acquired the Whitman’s brand of boxed choco-
lates in 1993, has an annual revenue of about 500 million US Dollars.
Russell Stover operates four chocolate factories in the United States,
employs about 2,700 people and has 35 retail outlets.

ContinentalEurope
A Walgreens store
A Nuance duty-free store

ContinentalEurope
11

Overview Germany
.
City Location Average prime Average
rent/sqm/ rent/sqm/
year (Euros) month (Euros)
Munich Kaufinger Strasse 4,268 356
Berlin Tauentzienstrasse 3,732 311
Frankfurt Zeil 3,624 302
Hamburg Spitalerstrasse 3,382 282
Düsseldorf Königsallee 3,324 277
Stuttgart Königstrasse 3,276 273
Cologne Schildergasse 3,270 273
Leipzig Peterstrasse 1,440 120
Dresden Prager Strasse 1,200 100
Germany was the most popular global market for retailers
in 2014
Germany was the most sought-after retail market in the world, with
40% of global retailers planning to open a store there in 2014. US re-
tailers dominate large-scale expansion plans, with almost half aiming
to open 40 stores or more.
Germany is by far the most attractive global retail market ahead of
France, the UK, Austria and China. Global retailers are attracted to
Germany as it offers the opportunity to target 20 large cities in one
market. More than 40% of global retailers planned to open a store
in Germany in 2014 and this figure increased to 70% for European-
only retailers. Germany is also the second most important target for
American retailers.
The amount of retailers with large-scale expansion plans increased
dramatically in 2014, revealing a renewed confidence in the global
retail market. More than one third (35%) of retailers plan to expand
their store portfolio by 40 stores or more over the next 12 months.
Among those retailers, mid-range fashion and value fashion are the
most active sectors, each accounting for one third of the total.
German retailers called for Sunday openings
Germany’s retailers sought equal rights with online retailers. In the
24-7 world of e-commerce, this means being able to stay open for
business when they want, any day they want, including Sundays.
Germany’s retailers and developers are facing widespread structural
changes, such as the shift from brick-and-mortar sales to online sa-
les, falling consumer traffic, the re-urbanisation of the retail landscape
and an overall demographic shift to city centres, an aging population,
rising energy costs and changing consumer habits and demands.
However, while the distinct online proclivities of the younger generati-
on have broadly shaped cross-channel and multi-channel retail stra-
tegies, Germany’s demographics point in another direction. In 2025,
there will be twice as many people over 60 as under 20 and, in 2035,
Germany will have the oldest population in the world.
A similar high–low divide could clearly be seen in retail real estate
locations. Prime locations remain prime, but the mid-range locations
are under more and more pressure. In addition, there is a real need
for action in rural areas. Moreover, when it comes to scale and global
trends in shopping centre design, bigger or smaller centres are gai-
ning pace, not medium-sized ones.
Chain stores’ focus on top locations became even stronger
In their search for new sites, German retail chains have become even
more eager to find prime locations. In the 2014 survey for Lührmann’s
trend barometer, 53.2% of the respondents said they want to expand
exclusively in the top cities (2013: 45.3%). A broader expansion ac-
ross large, medium and small cities was favoured by only 28.8%
(2013: 44.2%). However, as was the case in 2013, cities with 500,000
to one million inhabitants were somewhat more popular (93%) than
cities with more than one million (90.7%).
Other findings from the survey, in which 52% of the participants were
international chains, include: the most popular area for expansion
remains southern Germany (97%); prime urban locations are very
important (75%), more so than having an online presence; respon-
dents who said airports are less important climbed by about a third
(to 44%); finally, according to more than two thirds of the respondents
(67.8%), small shopping centres of under 17,000 square metres are
less important or even unimportant.
SuperGroup boss believed Germany could overtake the
United Kingdom
SuperGroup chief executive Julian Dunkerton confirmed on 6th
Feb-
ruary 2014 that the group would shift its focus towards international
expansion and expects its German business to overtake its home
market.
Dunkerton said the Superdry owner will shift some of the focus away
from the United Kingdom in order to focus on international expansion
in its financial year 2015, which started in April 2014. Approximately
80% of its new store openings will be overseas, compared with just
20% in 2014.
Europe, and in particular Germany, has been high on the agenda
for SuperGroup ever since the company took control of its franchise
partner in November 2013.
E-commerce to drive German retail in 2014 as brick-and-
mortar sales fall
Germany’s brick-and-mortar retail turnover in 2014 hit 408 billion Eu-

Retail Market Study 2015: Global Retail Real Estate Trends and 3,000+ Store Openings

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