Developers need to be more daring with their shopping centre concepts to attract and keep the interest of the public, a leading retail specialist has suggested.
Events and high-quality entertainment offer immense opportunities for shopping centres to differentiate themselves, according to Frédéric Fontaine, chief development officer of Corio told PropertyNL's Retail Forum in Amsterdam recently.
'We have to find new ways to interest consumers' said Fontaine. He pointed at how the internet and social media, the rising importance of leisure and other trends such as market saturation and standardisation are changing the way retail is being done. 'Our mission is to pick up on this theme and create favourite meeting places,' he added.
Fontaine believes a new mindset is key to developing or redeveloping shopping centres. 'The creation of a centre with a strong identity or DNA is a priority.' he said. Especially events and high-quality entertainment offer immense opportunities for shopping centres to differentiate themselves. He pointed that 'The life cycle of entertainment is shorter than retail, you must constantly adapt and change.'
In Italy, Corio has developed a high-quality entertainment policy over the past few years in a bid to create stronger links with local consumers. Citing the Gru Village Festival at Corio's Le Gru shopping centre in Turin, Fontaine said the festival attracts both international and national artists. ‘It has become one of the most important events in Turin’s nightlife. The sixth festival, which was held in 2010, attracted a total of 100,000 visitors or 6,000 a night. 'Thanks to sponsoring by the local retailers association, entrance costs are kept low with tickets costing about €10-15, he added. 'Normally tickets for this type of event would cost €60-80.'
As part of its 'adapt and change' approach, at the end of 2010 Corio announced that it is investing EUR 42 mln in Markethal in Rotterdam. The Markethal is a covered market accommodating about 100 stalls providing fresh products, together with 15 permanent retail units and eight catering outlets. 'What is daring is the management. Managing 100 stalls is what's really challenging; it's very different to managing a shopping centre. But we believe Corio has to go into such a project to widen our scope of activity.'
While Corio has a reputation as a specialised investor in retail property, it is now visibly becoming more active as an investor engaged in the development as well as the management of shopping centres as part of its aim to gain access to quality assets.
The full article appears in the June edition of PropertyEU Magazine. Click on the link below to subscribe. | 
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