The European Council of Shopping Places (ECSP), the association for Europe’s retail property sector, has published a research report covering the main terms in leasing contracts used in shopping centres across 36 European countries.
The research was conducted by ECSP’s legal working group, with support from market specialists across Europe. Taking into account both legal requirements and standard industry practice, the report seeks to provide insights for retail professionals, policymakers, and government authorities to compare approaches in each market and how they differ between countries.
Joaquim Pereira Mendes, chairman of ECSP legal working group and chief legal tax and compliance officer at Sonae Sierra, said: 'The report is not only a useful tool for those looking to analyse and enter a new market, it also helps support the development of more harmonised contractual and legal arrangements in Europe.
'Despite expected differences in certain areas, we have seen an underlying consistency between European countries. We hope this will further facilitate the exchange of best practices and solutions to common problems between jurisdictions in these ever challenging and changing times.'
Peter Wilhelm, chairman of ECSP, added: 'The impact of the Covid-19 pandemic, looming economic recession, and the energy crisis are collectively challenging our industry. We also now need to play our part in addressing climate change and the move to a more sustainable way of working.
'The relationship between landlords and tenants has always been at the core of our industry, so our ability to adapt and respond to the changes ahead will continue to be essential. Flexibility and transparency are key, and we are starting to see both emerging in the majority of markets.'
ECSP’s legal working group said it would host a networking event at next week's MAPIC, bringing together legal experts and decision-makers from the retail and property sectors. The focus of the session will be green leases, flexible agreements and new models.