TOM 2025 01

T
TOPS
M
OF THE MONTH
TOMO
RETAIL REAL ESTATE
TOPS
OF THE
MONTH
Essential News About The Players In In
The Retail Real Property Estate Market In in Germany
THE HOTTEST DEALS +++
INTERVIEWS +++ STATEMENTS
+++ PARTICULARS +++
ANALYSES +++ PROJECTS
presented by HI-HEUTE.DE
January 2025
The high street volume in Düsseldorf is top.
Investment market for
retail sector regains strength
JLL: industry is back on a growth trajectory
More large deals, more shopping
center transactions, more
international players: according
to JLL, the German investment
market for retail
real estate closed the 2024 financial
year with a result of
almost 5.6 billion euros – an
increase of 15 percent compared
to the previous year.
The final quarter of 2024 was
the strongest single quarter,
with more than 1.7 billion euros,
just ahead of the second quarter.
This means that the market is taking
a step back towards its old
strength, but with the current
volume it is still 37 percent below
the five-year average. The
number of transactions also increased
in 2024, rising from 194
to 209. In particular, the number
of deals with a volume in excess
of €100 million rose significantly
again, from six to ten – they
accounted for a total of €2.6 billion.
Sarah Hoffmann, Head of Retail
Investment JLL Germany: “Last
year, many eyes were on the
comeback of shopping centers,
but retail warehouse products
and commercial buildings on
the high street were also in high
demand again. It was observed
that prices are rising again and
that in the segment between 50
and 100 million euros, the number
of transactions skyrocketed
from seven to 16 year-on-year.
More than one billion euros
were thus transacted in this category
alone. This reflects the
generally good prospects for
retail. After years of realignment
due to online retail and
the pandemic, retail received a
tailwind again in 2024: footfall
in city centers increased again
in 2024, and with it retail sales.
Retail is thus benefiting from
the increased purchasing power
in Germany.”
In a comparison of types of
use, department stores achieved
the largest share at 30 percent.
They were followed by shopping
centers at 17 percent and
commercial buildings at 14 percent.
Specialist retail products
together account for 39 percent,
with retail parks accounting for
16 percent, specialist stores for
13 percent and supermarkets
for ten percent. “In addition,
we see many transactions involving
mixed-use properties with
a high retail component, which,
according to our definition, fall
under mixed-use properties.
Of the transaction volume of
around two billion euros achieved
here, around 1.2 billion is
likely to be retail-dominated,”
adds Hoffmann.
Last year, core products accounted
for 54 percent of the
transaction volume, with coreplus
products accounting for 33
percent. Value-add properties
contributed 11 percent, and opportunistic
products accounted
for a further two percent. “We
Photo: AdobeStock / shokokoart
see a clear differentiation of
the market here: core properties
are being bought again at rising
prices, and we expect a yield
compression again soon for retail
parks, for example,” says
Hoffmann. ”Pricing took a little
longer for commercial buildings
in top locations, but it is
now almost complete, and high
street products in all seven German
metropolises are in high
demand.” For all product types
beyond core, Hoffmann also
sees a lot of liquidity ready for
investment, although the “fair
price level” plays a much stronger
role here, so that the asking
prices of some sellers would
have to come down a little.
In a comparison of the seven
real estate strongholds, Düsseldorf
accounted for 37 percent of
the high street volume and Hamburg
for 34 percent. In the previous
year, Cologne (33 percent)
and Berlin (32 percent) still led
the way. A balanced field.

Page 2 T O M
ANALYSES January 2025
AI is increasingly influencing
purchasing decisions
Capgemini highlights consumer trends in retail
The latest Consumer Trends
Report 2025 from the Capgemini
Research Institute
highlights significant developments
in retail. The representative
study, based on a survey
of around 12,000 consumers
in twelve countries, shows
that generative AI will play a
central role in the shopping
experience in the future.
It is noteworthy that while 78
percent of German consumers
and 71 percent worldwide express
a desire to see Gen AI
integrated into their shopping
experience, actual use of the
technology falls short of expectations:
Only 37 percent of
respondents were satisfied with
its use in 2024, down from 41
percent the previous year. At the
same time, seven in ten companies
in the consumer goods and
retail industry consider Gen AI
to be a transformative technology,
a significant increase over
the previous year.
Creating seamless
experiences
“Consumers today want personalized
shopping experiences,
and AI – especially generative
AI – is making them even better,”
said Achim Himmelreich,
Head of Consumer Engagement,
Consumer Products &
Retail at Capgemini. ‘To stay
competitive and increase customer
loyalty, it is essential for retailers
to use AI to create seamless
and exceptional shopping
experiences.’
Another trend is the increasing
demand for fast online deliveries,
known as quick commerce.
Globally, 70 percent of customers
are willing to pay extra for
fast deliveries, with an average
of nine percent of the order value
accepted for delivery within
two hours or even ten minutes.
In Germany, 73 percent of consumers
consider delivery within
two hours to be a crucial criterion
when shopping.
AI is playing an increasing role in consumers‘ purchasing decisions.
Symbolpicture: AdobeStock / Best
Sustainability remains a key
concern for consumers. While
70 percent of German consumers
shop with sustainable
brands and 63 percent would
change retailers due to a lack of
sustainability, the willingness to
pay a higher price for sustainable
products is declining. The
share of consumers willing to
pay between one and five percent
more rose slightly from
30% to 38%, while the willingness
to pay more than five
percent extra has fallen steadily
over the past two years.
Trust in influencers
Social media is becoming a significant
driver of consumption.
AI-generated influencers are
gaining influence: 25 percent
of consumers worldwide trust
their recommendations. Among
Generation Z, 69 percent of respondents
in 2024 learned about
new products from influencers,
a significant increase from 45
percent the previous year. In
Germany, 49 percent of consumers
now discover new products
via social media, compared
to 28 percent in November
2022. Internationally, this figure
rose from 32 to 51 percent over
the same period.
Online advertising is increasingly
influencing purchasing
decisions – worldwide in almost
a third of online purchases. In
Germany, 63 percent of consumers
notice advertising on
retailers‘ websites or in their
apps. By contrast, customers
are less satisfied with advertising
in brick-and-mortar stores.
The main points of criticism are
a lack of personalization and
general content: 59 percent of
consumers worldwide find the
content too imprecise, while
53 percent would like to see
targeted and personalized ads,
for example on smart shopping
carts or interactive mirrors.
T
TOPS
O M
OF THE MONTH
TOM
TOPS
OPS F THE ONTH
OF THE
RETAIL REAL ESTATE
Essential News About The Players In In
The Retail Real Property Estate Market In in Germany
IMPRINT
MONTH
Publisher:
Business News Group GmbH
Address:
Alexanderstraße 16
45130 Essen
Germany
Tel. 0049-201-874 55 28
Web: www.hi-heute.de
Mail: tom@hi-heute.de
Frequency of publication:
monthly
Circulation: approx. 5000 copies
sent by e-mail
Editorial team: Susanne Müller,
Thorsten Müller
Responsible in terms of press
law: Thorsten Müller
Layout: K4-PR, Essen
THE HO
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ANALYS
present
Marc

Page 3 T O M
TOP STATEMENT OF THE MONTH January 2025
TOP STATEMENT
January
„I expect the shakeout
in the fashion
market to continue
in the coming years.
But there are winners
in crises, too.
We are focusing on
a strong personalization
of our offers
and on building an
emotional bond with
our customers. We
want to create places
where our customers
enjoy spending
time and, ultimately,
shopping. Time is the
new currency.“
Holger Blecker, CEO of
Breuninger

Page 5 T O M
GUEST CONTRIBUTION
January 2025
Generation Alpha and the Future Store
Guest article by Wolf-Jochen Schulte-Hillen, experienced retail expert and brand consultant
In a world that is constantly
evolving, shopping behavior is
also changing. On my most recent
trips, I was able to observe
the increasing numbers of
young people, who, in my opinion,
show a different behavior
than previous generations
when visiting and shopping,
especially when visiting the
recently opened Future Store
in London and when making
side trips to the Dream Mall in
New Jersey, to the Mega Mall
at “The Sphere” in Las Vegas,
but also in Daikanyama
in Tokyo and in some other
districts around the world, I
have observed an increasing
rush of young people who, in
my opinion, exhibit a different
behavior when visiting and
shopping than previous generations.
Real immersive experiences,
such as those created by Turkish-American
media artist
and architect Refik Anadol, for
example, are true storytelling
events. With the help of artificial
intelligence and large amounts
of data, he blurs the boundaries
between reality and fantasy; the
viewer feels like part of an overall
narrative.
How does this new emerging
generation influence our shopping
behavior?
In any case, I go to McDonald‘s
and hang out with my digital
device at Starbucks while I wait
for my coffee to go, just like the
younger generations. I buy my
sneakers at Snipes and my summer
T-shirt at Kult or Titus. In
short, I don‘t see any significant
difference in my shopping behavior,
except when it comes to
business outfits.
We boomers have shaped the
zeitgeist for years and adapted
our actions to the respective
zeitgeist. As brand and retail
professionals, we have placed
a great deal of emphasis on value,
product variety, authentic
brands and personal appeal.
Today, however, much has
changed. Gone are the days of
standard product ranges and
areas that essentially served the
purpose of merchandise transactions.
Department stores, in particular,
had to learn this the hard
way. Currently, we are talking a
lot about retailment, ambiance,
The German retail expert Wolf Jochen Schulte-Hillen
Photo: SH Selection
theatricalization, community
hubs and experiences. The role
of brick-and-mortar stores has
undergone a rapid evolution: the
product and the purchase have
almost become a minor matter.
When customers enter a store
today, they attach particular importance
to the following:
Curated stores and product
ranges: this is the credo of my
many lectures and workshops.
In other words, small, thematically
coordinated product ranges
tailored to the needs of the
desired target group. For example,
concept stores.
Communities: visitors to a
store want to feel welcome and
included. Pioneers like Lululemon
and Rapha Bikes have
fascinated me from the very
beginning. Many brands have
developed internationally, pushed
by influencers in social
networks. Increasingly, fitness,
bike and fashion brands are setting
up experience areas in their
stores to offer their community
space to develop or to rent out
the location to a target group
that matches the brand for meetings
and events.
Storytelling: Experiences not
only sell products, but also create
stories in physical spaces. A
pioneer in this field was Rachel
Shechtman with her “Story”
store in Chelsea: the founder
regularly changed the range of
goods in her store to reflect a
new theme: love, travel, holiday,
health, etc. Unfortunately,
skillfully staged brands that tell
their stories in physical spaces
have not yet achieved the same
status in Germany as, for example,
my favorite eyewear brand
“Gentle Monster” in Korea.
Based on my brand and expansion
experience, I would have
little desire to join the ranks of
arbitrary cheap ranges with this
great brand.
Entertainment experiences:
Thankfully, there are successful
examples of this in Germany
too, such as L&T in Osnabrück:
indoor surfing, climate and fitness
chambers, along with a
market hall and opulent gastronomy,
give visitors the feeling
of experiencing something
unique. The same applies to the
House of Rituals and Gymshark.
The new Future Store and
the Xperion also set standards
for the journey of the Gen@.
The main drivers of the leisure
movement are the leading trade
fairs ISPO in Munich and FIBO
in Cologne. Such events should
be a must for decision-makers
in the retail sector in order to
understand upcoming trends
and communicate competently
with their customers on an equal
footing.
- Pop-up stores: In 2024, the
fatigue of many luxury brands
in China has prompted them to
set up many particularly creative
pop-up stores in malls or central
locations. This has greatly
improved both brand awareness
and sales. Changing pop-ups
create surprises and arouse curiosity
about further presentations.
- Trend towards sustainability:
Not only Fridays for Future,
but also an increasingly conscious
and healthy lifestyle has
taken hold of the Gen@. Eating
vegan, living healthy and buying
second-hand goods are all
on trend. Retailers such as Globetrotter
and Ecoalf are even
building their new stores in an
environmentally friendly way,
using recycled materials.
- Analog advice: digital natives
are enthusiastic about digital
systems. However, they also
like to get analog advice, especially
in running stores, fashion
stores and at cosmetics suppliers.
However, the service employee
must be able to exchange
information competently with
his customer at eye level.
To summarize, I would like to
note that especially the GenZ
and the Gen@ have contributed
greatly to the revival of the stationary
retail trade, with Kieze
and new locations outstripping
the previous classic shopping
locations. Their arbitrary assortments
are becoming less
and less popular, especially since
more and more shopping is
being done in web shops. The
direct sales boom triggered by
Shein and Temu and now also
by Amazon‘s low-price concept
Haul will not stop and will challenge
retailers even more.
So there is little point in continuing
to invest in low-cost
chains and striving for the highest
possible scalability. In Germany,
there is too much retail
space anyway, and it makes sense
to use it for new retail worlds.
But there is another task that
brick-and-mortar stores will
have to face: service! Especially
when buying online, the Gen@
looks at the selection of goods
in retail-as-a-service stores like
the Future Store and then orders
from the showroom online.

URBAN CREATORS.
Architecture | Development & Project Management
European Council of Shopping Places (ECSP) Awards: Commendation for Best Renovation/Expansion for centres between 15.000 – 45.000 sqm

Page 7 T O M
GUEST CONTRIBUTION January 2025
„Multi-Use for the retail real estate
sector – opportunities and challenges“
An article by Torsten Janke, Managing Director of Real Estate & Expansion at ALDI North GER
Multi-use has long been much
more than just a trend for the
real estate sector. The mixed
use of properties is designed
to promote vibrant and sustainable
urban development:
it can revitalize metropolitan
areas or urban transportation
hubs that have lost important
infrastructure in the past. The
advantages for people: a “city
of short distances” in which
the relevant infrastructure
is easily accessible in every
neighborhood. For retail players
such as the ALDI North
Group, this development
brings new challenges – but
it also represents an opportunity.
Not only to develop new
locations, but also to actively
participate in the design of
modern urban spaces.
As a basic supplier, the ALDI
North Group has one primary
goal: to reach people where they
live and work and to offer them
easy shopping options there.
The topic of mixed use has become
more important in urban
areas in particular in recent years.
Because in times when people
are talking about the death
of city centers, new opportunities
for “revival” are also emerging.
The best example is the
ALDI North store in the traditional
“Königshof” in Essen: the
former Kaufhof was revitalized
after its closure and now houses
an ALDI North store alongside
other retailers
ALDI North branch
Torsten Janke, Managing Director Real Estate & Expansion at ALDI North Germany
Photo: ALDI NORD
What is special about this is
that ALDI North does not rely
on smaller city-center branches
with a focus on convenience
and freshness, but instead offers
around 1,860 items from 18
product groups at all locations.
This means that customers do
not have to settle for a limited
range, even in inner-city stores,
but can find the same range of
products they know from the
stand-alone stores at all ALDI
North stores – true to the motto
“Goods for everyone”.
Multi-use has various advantages:
spaces that would normally
be difficult to let due to
their size or layout can be divided
up among different users.
This is not only an opportunity
for companies to open stores
in premium central locations.
It also helps to counteract the
continuing high vacancy rate
for retail space. In addition, it
revitalizes neighborhoods whose
infrastructure has suffered in
the past.
The industry and the further use
of the properties concerned are
of secondary importance: for
a discount retailer like ALDI
North, office and hotel space
or doctors‘ surgeries are also
possible, in addition to living
space or kindergartens. What
is important is that the property
blends into the neighborhood,
meets the individual requirements
of the location and offers
added value in terms of urban
development. On the one hand,
the surrounding infrastructure
brings potential customers to
the retail outlets; on the other
hand, the retail outlets have a
knock-on effect that attracts
people. These synergies can revitalize
locations that may previously
have been affected by
vacancies.
However, what initially sounds
like a simple and logical solution
also brings challenges for
project development. Each implementation
of a mixed-use
property must be considered individually
– and the respective
challenges are just as individual.
There is no universal solution.
Not every potential mixed-use
location of the ALDI North
Group is suitable for residential
space, for example: noise emissions
or early deliveries have to
be taken into account. To this
end, ALDI North is testing a
fleet of low-noise electric trucks
in high-density urban areas,
for example on Berlin‘s Dietzgenstraße,
to evaluate possible
positive effects on approval
procedures.
This leads to another factor that
has to be taken into account in
the case of mixed-use properties:
the greater complexity of
the approval procedures and
coordination. This is often the
reason why the entire process
takes longer than, for example,
for a stand-alone store. For the
future, it would be an important
step if the approval procedure
for such projects could be
simplified and the bureaucratic
complexity reduced.
After all, it is not only the building
owner who benefits from
an accelerated approval and
construction process: customers
have faster access to a modern
ALDI store and essential infrastructure
or living space.

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Page 9 T O M
INTERVIEW January 2025
„Mixed use is often
a prerequisite for successful operation”
Interview with Joachim Stumpf, Managing Director of BBE Holding and IPH Handelsimmobilien
Joachim Stumpf is managing
director of BBE Holding and
IPH Handelsimmobilien (Munich).
He has also recently
joined the ZIA‘s Real Estate
Council, where he is responsible
for the retail real estate
segment. With his extensive
expertise and strategic vision,
he develops forward-looking
strategies for the retail sector
and the further development
of retail real estate in Germany.
In an interview with TOM
editor-in-chief Thorsten Müller,
he gives his assessment of
the retail future in city centers
and shares his thoughts on the
multi-use trend.
TOM: Most large retail properties
have to reposition
themselves after numerous
changes in our society. That‘s
easy to say, but often very difficult
to implement. What are
the biggest challenges here?
Joachim Stumpf: The repurposing
of large retail properties
is an enormous challenge
because they were originally
built for very specific purposes
and needs. This is particularly
evident in the case of former
department stores. Often the
structural requirements for converting
them for new uses such
as residential or office space are
not met. They are multi-storey,
have large areas, few interior
walls, hardly any water pipes
and, apart from shop windows
on the ground floor, usually no
windows. Possible measures
such as the construction of atriums
are very expensive and
time-consuming.
There is no patent solution, as
each property has its own individual
characteristics, which
may also differ depending on
the location. In addition to
structural aspects, questions of
economic efficiency, regional
market potential and the legal
framework also play an important
role.
In addition, know-how from
many real estate sectors must
be combined. A developer who
originally specialized in the
construction of retail space often
lacks the expertise to successfully
convert a property into
an office building or a mixeduse
property. So here it depends
Joachim Stumpf, Managing Director of BBE Holding and IPH Handelsimmobilien.
Photo: BBE/IPH
on the right collaborations or
knowledge expansions.
Last but not least, legal and social
factors such as monument
protection and ESG requirements
play an important role.
These can significantly restrict
the flexibility and freedom of
action in the conversion and
bring with them additional planning
and implementation hurdles.
The smaller the catchment
area, the more limited the alternative
uses.
TOM: Mixed use is currently
a popular buzzword and a
promising approach. Is it really
no longer possible?
Joachim Stumpf: Not in most
cases. Although there are always
examples of large retail
spaces being let to a single,
large tenant, such cases tend to
be the exception. As a rule, owners
are forced to open up their
properties to multiple uses in order
to increase profitability and
keep the property attractive in
the long term. Mixed-use is no
longer “nice to have”, but often
a prerequisite for successful
operation.
However, the topic of mixeduse
is sometimes somewhat
exaggeratedly presented as an
innovation of the 2010s and
2020s. In fact, there have been
numerous examples of mixeduse
real estate in the past, especially
in city centers. Many
newer-generation shopping centers
also often had apartments
or offices above the retail uses
– so this is not a completely new
concept. What has changed, however,
due to the simultaneous
occurrence of events such as
the closure of many department
stores, hypermarkets and consumer
electronics stores, is the
intensity and extent to which
mixed-use approaches are pursued
today. This also applies to
the corresponding reporting and
media presence of the topic.
TOM: You are now also a
member of the ZIA‘s Real Estate
Council – What is your
personal concern in this responsible
position?
Joachim Stumpf: It is important
to me to promote a more differentiated
view of the current
challenges in the retail real estate
sector. By differentiation, I
mean differences in sectors, types
of business, locations, sizes
of towns and real estate classes.
I often have the perception that
many topics are generalised –
for example, that the reduction
of retail space automatically
means the “demise” of our cities
and large retail properties.
However, this view falls far
too short. In fact, there are very
different causes and developments
influencing the situation.
In smaller cities, for example,
small and medium-sized enterprises
play a much larger role
and have been struggling with
succession and profitability issues
for a long time – not just
since the coronavirus. In large
cities, on the other hand, small
and medium-sized enterprises
have often already disappeared.
The changes here are different:
fewer clothing stores, fewer department
stores, but also exciting
opportunities for alternative
uses of real estate.
My goal is to contribute to a
differentiated, expertly informed
consideration of the various
macro and micro locations.
Every city has its special features,
which must be taken into
account when developing solutions.
Only in this way can we
develop sustainable concepts
for retail real estate and urban
development as a whole.
TOM: How do you think city
centers of the future should
be designed so that retail can
flourish in them as well?
Joachim Stumpf: They have
to remain places with a surplus
of meaning, which are also attractive
and unique for visitors
from outside. This cannot be
achieved, for example, by residential
use as a subsequent
use and can therefore only be
part of the whole. City centers
need a mix of different offerings
that generate high visitor numbers
and strengthen the city as
a vibrant center of attraction.
These include sports and leisure
facilities, cultural offerings and
gastronomy. High-traffic public
facilities also contribute to this.
These elements create a dynamic
that is crucial for retail, as
they bring people into the city
and thus also support brick-andmortar
retail.
In addition to the right mix of
uses, the quality of the stay must
also remain high. People must
want to spend time in the city,
and this can only be achieved
if the cities are functional and
at the same time offer sufficient
green spaces and water.

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Page 11 T O M
RETAIL January 2025
The German INTERSPORT board with Thomas Storck, Henriette Tesch and Dr. Alexander von Preen (from left).
Photo: INTERSPORT
INTERSPORT plans
further expansion in Germany
Market share gained – new plans for locations
In the 2023/2024 financial
year, INTERSPORT Germany
once again outperformed
the market despite considerable
headwinds and generated
sales of 3.46 billion euros. On
this basis, the group, which
currently has over 1,400
stores, plans to expand further.
„We are strategically well-positioned
for the future and have
a strong financial position. We
will continue to pursue our ambitious
growth targets for IN-
TERSPORT Germany in 2025.
We will seize our opportunities
– with many new locations, attractive
concepts and additional
offers. Especially in the current
market environment, we want to
set an example and actively shape
the future of the sports retail
trade,” emphasizes Alexander
von Preen, CEO INTERSPORT
Deutschland eG.
Ten million euros in
investments
Investments by INTERSPORTbranded
retailers totaled over 15
million euros in the past fiscal
year 2023/24, and in the current
fiscal year 2024/25, they
will also invest up to ten million
euros in conversions, modernizations
and expansions under
the INTERSPORT brand.
„We have clearly defined our
expansion targets: there are already
over 400 INTERSPORTbranded
locations throughout
Germany. This means that we
already have the greatest penetration
in our market segment.
By 2030, we want to gain over
100 locations under the INTER-
SPORT brand with our retailers
and fill the relevant white spots
on the map of Germany. We will
have already achieved 50 percent
of this goal by the end of
the year,” said von Preen.
Multi-year initiative
The INTERSPORT network‘s
future course is clearly reflected
in the objectives of the multiyear
investment offensive, with
more than 60 million euros budgeted
in the past and current fiscal
year. „We have sent a strong
signal with our investments in
digitization, logistics, the new
omnichannel store, sustainability
and personnel development,”
says Thomas Storck, CFO and
Deputy Chairman of the Management
Board of INTER-
SPORT Deutschland eG.
40 percent more
space
„Brands are showing an increasing
interest in being part of the
shop formats. In the outdoor
sector alone, we were able to increase
our presence by over 40
percent more space throughout
Germany,” emphasizes Henriette
Tesch, who has been COO of
INTERSPORT Deutschland eG
since September 1, 2024.
The strategic „shop formats”
concept is a key element of the
product range strategy. In addition,
INTERSPORT Germany
reached further milestones
in the 2023/2024 financial year
with the flagship concept launched
in 2024.
„The INTERSPORT flagship
concept is already visible at four
attractive locations with its own
exclusive branding. We also celebrated
major opening events
with the first retailers in Germany
– Engelhorn, Reischmann
and L&T – in 2024. We will
continue to move forward with
them in 2025,” emphasizes von
Preen. „We will also be expanding
vigorously in our absolute
top segment from 2025. We are
already planning more than five
locations in attractive city-center
locations,” he says.
Launch of
superstore concept
The company is now also launching
a new area-oriented concept.
‘With the INTERSPORT
superstores, we will make
sports possible for everyone and
cover even more needs. We will
cover all the high-performance
services of the CI locations,’
says von Preen about the new
concept.
„The superstores will offer everything
families and price-sensitive
customers need for their
sport on approximately 2,000 to
5,000 square meters. I‘m already
looking forward to the first
openings, which are planned for
2026.“

www.wisag.de
Your shopping centre in the best hands
Perfect cleanliness, uncompromising security and optimum service:
all this keeps not only the customers satisfied, but also tenants and
owners. With our tailored solutions and experience, you will benefit
from optimum management costs. And at all times, we have value
retention and the sustained development of your centre in mind.
We go one step further for you.
Joaquin Jimenez Zabala
Tel. +49 162 7861-324 joaquin.jimenez.zabala@wisag.de

Page 13 T O M
INTERVIEW January 2025
„The brick-and-mortar retail sector must
understand its own importance and take
advantage of its opportunities”
Interview with Dirk Völkel, founder and managing partner of Völkel Real Estate (Hamburg)
VÖLKEL REAL ESTATE has
been one of the best-known
and largest German shopping
center management companies
for many years. The
company, founded and based
in Hamburg by Dirk Völkel,
places great value on a balanced
relationship between owners,
managers and tenants
and always has the constantly
changing customer needs in
mind. In an interview with
TOM editor-in-chief Thorsten
Müller, the company founder
reveals how he views the latest
developments in the industry.
TOM: Many German shopping
centers have been rethinking
their mix of offers for
quite some time. What do you
think should be at the forefront
of this process?
Dirk Völkel: Nothing particularly
new: a satisfied customer
who gets a high percentage of
what they want and is pleasantly
surprised from time to time.
To do this, it is necessary to
consistently focus on promising
customer segments. Marketing
in the holistic and best sense.
Asking yourself the questions,
who is my customer, what do
they want, what needs do they
have? Can I generate and satisfy
demand from this? Which
customers can I win over from
competitors? This is our classic
approach in our centers and
consulting mandates.
Analysis, segmentation, clustering,
goal formulation, strategic
positioning, alignment of all
measures to these. In hard facts,
these are the optics of the center,
the appearance, i.e. the shell,
and within it the core with the
tailored branch and tenant mix,
coupled with the soft factors
such as the appropriate service
offering and marketing.
Good communication with customers
plays a key role here.
This means exchange, dialog,
not intrusive constant noise.
Dirk Völkel
TOM: How do investors view
the current situation? What is
important to them?
Dirk Völkel: The first question
is what type of investor we are
talking about. There are opportunistic
investors who are just
waiting for the opportunity to
buy shopping centers. As soon
as an opportunity arises to acquire
a promising property that
meets their expectations for a
high return on equity, they will
pounce.
For longer-term portfolio managers,
the focus is on optimization
in all areas: investment
stability, taking advantage of
opportunities to optimize the
mix, reducing operating costs
in favor of rental income, but
also of the costs remaining with
the landlord (from vacancies
or capping in anchor leases).
To this end, large investments
are also being made in the area
of energy costs, which enable
rapid amortization and better
control with a view to “demandoriented
consumption”. Finetuning
is called for, and that‘s a
good thing.
Photo: Völkel Real Estate
TOM: Visitors not only want
original shops and regular
events, but above all good service.
As an experienced center
manager, how do you succeed
in continuously improving
this?
Dirk Völkel: First of all, it‘s
worth making comparisons with
other countries. Service begins
with the right attitude, a service
mentality. Italian sales assistants,
for example, have this
attitude much more naturally
than we do. With the exception
of high-end German restaurants,
service staff in the gastronomy
sector are also much friendlier.
Waiters and waitresses take a
certain pride in their work, and
we‘re not talking about tourist
strongholds like Venice here.
There is still room for improve
ment in this regard in Germany.
At the end of the day, visitors to
the center should feel comfortable.
This kind of welcoming
culture is what we strive for.
I have always wanted to see
events that everyone who works
in a center can attend, including
training on this topic, a common
presence, a “we are the center”.
Unfortunately, this has been
pushed into the background too
much in recent years. That has
to change and come to the fore.
TOM: What else do you think
a center has to do for both
tenants and consumers to be
successful in the long term?
Dirk Völkel: The basic requirement
is constant adaptability to
new developments and needs.
You need to keep a watchful
eye on trends, recognize which
ones are sustainable, i.e. have a
longer-lasting effect, and assess
their influence. Center management
must know the customers.
The approach is offered by the
aforementioned customer communication,
which is now easier
than ever. Recognize changes
seismographically and (re)
act at an early stage. I want to
work closely with the tenants,
then “Center” can play to its
strengths overall.
TOM: Speaking of tenants:
How do you see rents developing
in the coming years? Will
there be any significant changes
compared to the current
situation?
Dirk Völkel: Rents cannot, of
course, rise significantly at the
moment. Successfully revitalized
shopping centers in the
portfolio that are now experiencing
exceptionally high footfall
growth can expect rising rents
as demand for space increases.
In consulting, we have also recently
examined a long-term
property in a good location that
actually has upside potential.
But that is not the case for the
majority of properties. Demand
and the desire for expansion
have increased noticeably, and
the old rent levels before the
pandemic are rarely achievable.
The level will gradually rise
through indexation. We cannot
expect more than that in the period
mentioned.

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Page 15 T O M
MAP OF THE MONTH January 2025
GfK Purchasing Power, Germany 2025
Our Geomarketing Map of the Month for January
shows the regional distribution of purchasing power
in Germany in 2025. The purchasing power of
Germans will increase to 29,566 euros per capita in
2025. This means that they will have a nominal 2 percent
and 579 euros more per capita available for consumer
spending, housing, leisure and savings than in
the previous year, although this will not compensate
for rising consumer prices. The front-runner among
all 400 urban and rural districts is Starnberg, where
people have a spending potential of 40,684 euros.
This puts the people of Starnberg almost 38 percent
above the national average. The rural and urban
districts of Munich follow in second and third place
with 39,779 euros and 38,138 euros respectively. As
in previous years, Gelsenkirchen brings up the rear:
Residents there have a net income of 23,425 euros,
which means they have almost 21 percent less money
available for spending and saving than the average
citizen.