TOM 03 2025

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
March 2025
Small moments of pleasure while shopping help get through times of crisis.
Symbolpicture: Depositphotos / Igor Vetushko
How Germans shop in times of crisis
Study reveals psychological connections
The world is in crisis mode –
and people in Germany are
looking for ways to deal with
it. A recent depth-psychological
study by the Cologne-based
rheingold institute,
supported by a quantitative
survey, shows that a glance
at the shopping cart reveals
more about a person‘s state
of mind than one might initially
suspect. Stephan Grünewald,
managing director of
the rheingold institute, commented
on this in the Kölner
Stadt-Anzeiger.
In the face of global uncertainties,
many people are focusing
more and more on their private
lives. 93 percent of those surveyed
describe their home as
a safe haven. Leisure activities
and hobbies are also becoming
more important: 86 percent of
Germans distract themselves by
going shopping, to the movies
or to a restaurant, for example.
At the same time, many people
use work as a distraction.
Around 44 percent report consciously
immersing themselves
in their daily work in order to
block out worries and unresolved
issues. Another common
coping strategy is to create order
on a small scale: 83 percent
do volunteer work, are part of
citizens‘ initiatives or tend to
their allotment garden.
The shopping behavior of Germans
reflects this mix of precaution
and enjoyment. Many
people are stocking up on supplies:
toilet paper, shower gel,
pasta or coffee are being hoarded
– a reaction to the ongoing
uncertainty. At the same time,
however, shopping is also a way
of treating oneself. Small moments
of pleasure from special
products help to brighten up the
daily grind. Today, singles and
older people in particular spend
more time shopping than they
used to. The supermarket offers
a kind of social safety net: there
is a familiar order there, and
in contrast to the often divided
world outside, you feel less isolated
in the community of shoppers.
Products with
new meaning
According to Grünewald, it is
interesting to see how the meaning
of certain products is changing.
Skin creams are not only
used as care products, but also
as symbolic protection against
a harsh, stressful environment.
“A thick skin is essential for
survival,” the study puts it. Deodorants
are also undergoing a
change in meaning: they create
a kind of bubble of well-being
through their scent. Ice cream is
a particularly comforting product.
Its consumption is described
as an almost ritualistic act
– the cracking of the chocolate
shell as a moment of relaxation,
the melting on the tongue as a
little “sweet nirvana”. Readymix
products such as packet
soups are also experiencing a
renaissance: they symbolize
quick self-care and simple solutions
in uncertain times.
The study shows that Germans
are balancing the need for security
with the desire for little
escapes from the crisis of everyday
life. Shopping is much
more than a mere act of consumption
– it is an expression of
a deep-psychological strategy
for dealing with the challenges
of the times. The study was conducted
on behalf of Unilever
Germany.

Page 2 T O M
GUEST CONTRIBUTION
March 2025
Can shopping centers outside
of metropolitan areas be successful?
Guest article by Christine Hager, Director Property Management at Sonae Sierra Germany
Retailers in Germany are
competing for the top locations,
but the EUROPA-Galerie
Saarbrücken shows that
attractive retail locations can
also be created outside of the
major cities. With a new leasing
concept, the inner-city
shopping center is increasingly
becoming a magnet for the
region and shows how high
location quality can be achieved.
Demand for retail space in A-locations
remains high in Germany.
Many retailers are currently
exercising patience and waiting
for a suitable expansion opportunity
to arise at the best place-to-be.
Rising costs for shop
fitting, personnel and energy are
reinforcing this urge to move
into the absolute top locations.
Because it is primarily there
that sales can be reliably realized,
supposedly, to cover the
growing expenses. At the same
time, retailers are losing interest
in locations without the very
highest ratings. This is shortsighted,
because retail potential
is not only to be found in metropolitan
areas such as the Big
Seven (Berlin, Hamburg, Munich,
Cologne, Frankfurt, Stuttgart
and Düsseldorf).
Sonae Sierra is currently doing
a lot to show the retail sector
that good prospects can also
be found elsewhere. Sierra is
implementing this in several
stages: first, attractive locations
are identified, including those
away from the major cities. The
next step is to win over the owner
for the leasing strategy, define
the budget, set up a team and
create an excellent network.
Saarbrücken, state capital:
not one of the big seven, but
economically powerful
A good example is Saarbrücken.
This city of 183,500 inhabitants
has a centrality rating of 146.5,
making it clearly an attractive
shopping city. Its catchment
area includes 1 million people
who can reach Saarbrücken
within 30 minutes. In addition,
it has about 70,000 commuters
Christine Hager is Director Property Management at Sonae Sierra
in Germany.
Photo: Sonae Sierra
from the region and from neighboring
France. The sales volume
per inhabitant has an index
of 136. That is impressive. All
these parameters suggest a dynamic
development as a retail
location.
And the profitable center
locations in the C-cities do exist
The task of the Sonae Sierra onsite
team was to show retailers
that Saarbrücken is a strong retail
location.
The EUROPA-Galerie is Saarbrücken‘s
largest shopping
center, with a tenant mix that
includes fashion, consumer
electronics, food, restaurants
and services. The center, with
the historic façade of the former
mining directorate, is located directly
next to the state capital‘s
main train station. It was reopened
in 2010 after an expansion
and revitalization on the site of
the former Saar Galerie.
When Sonae Sierra took over
the management and leasing of
the center twelve years later,
an interdisciplinary team from
the international real estate specialist
developed a tailor-made
concept. While the goal at the
macro level was to show that the
shopping center is a worthwhile
retail location under the right
conditions, a specific leasing
concept was developed for the
EUROPA-Galerie at the micro
level.
The three-pillar model of
leasing
The Sierra team‘s leasing concept
for the center rests on three
pillars: the aim was to attract
major international retailers that
would draw customers from a
wide catchment area and generate
high footfall. It was important
that the brands had clear unique
selling points and potential
as anchor tenants. The aim was
to persuade them to open large
stores in the center and be the
first in the region to be represented
there.
Furthermore, it was important to
serve the current trend towards
price-conscious shopping. Even
though a few years ago it was
still frowned upon to have these
as tenants in centers, today there
is a clear demand for price-sensitive
concepts. The third pillar
was to persuade strong tenants
in the center to open new or
larger flagship stores in the center.
A clear clustering of suitable
product ranges ensures a sensible
structure and improved
control of visitor numbers. This
means that retailers can find a
suitable neighborhood for their
concept. Other success factors
include excellent relations with
the owner, an outstanding local
network, a large dealer network
for top brands, a clear marketing
strategy and a marketing
concept tailored to the location.
All of this formed the basis for
the realignment of the EURO-
PA-Galerie.
Bang! The Inditex Group is in
the center with three brands
and Action is also renting new
The plan worked, and contracts
were signed with, among others,
the Inditex fashion brands
Stradivarius, Pull & Bear and
existing tenant Bershka, which
is increasing its space, as well
as Action, Woolworth, Royal
Donuts, Holiday Land, Veganland
and other new tenants. In
addition, existing tenant JD
Sports will expand and operate
a flagship store. As a result, the
EUROPA-Galerie achieved a
satisfactory occupancy rate earlier
than planned. The quality of
the experience also increased
significantly thanks to the many
well-attended performances,
sporting events and exhibitions.
Sonae Sierra has thus shown
that there are also high-quality
retail locations away from the
sought-after metropolitan areas
that enjoy stable demand and
can therefore be repositioned.

Page 3 T O M
TOP STATEMENT OF THE MONTH March 2025
March
TOP STATEMENT
„The city centers are
in a fateful decade.
They will only continue
to be important if
they are places of experience
with cultural
and retail offerings.“
Claus Kaminsky, Lord Mayor
of the Hessian city of Hanau, in
a statement to the trade journal
„Textilwirtschaft”

Page 5 T O M
ANALYSES March 2025
Shopping Places in the European Context
Study on the Performance Measurement of gif and German Council of Shopping Places
The gif Gesellschaft für immobilienwirtschaftliche
Forschung and the German
Council of Shopping Places
(GCSP) have successfully
completed the awarding of
the study on the performance
measurement of shopping places
in the European context
and signed the corresponding
contracts with their cooperation
partners. The official start
of the study was initiated with
a kick-off meeting in Frankfurt.
Shopping centers and shopping
places have been an established
asset class within retail real estate
for decades and are of central
importance for institutional
investors. Due to the dynamic
development of e-commerce
and new concepts in retail, gastronomy
and the world of experience,
they are increasingly coming
under pressure in terms of
competition, returns and value.
As often formative components
of cityscapes and urban centers,
shopping places are also the focus
of social debate.
The initiators at the contract signing.
OPS F THE ONTH
Photo: GCSP
THE HO
INTERV
+++ PAR
ANALYS
present
Marc
The variety of international
shopping center concepts is
large, but there is a lack of uniform
evaluation standards that
go beyond pure returns. Different
stakeholders, including
investors, banks, operators, tenants,
customers and the public,
each apply their own criteria,
such as risk and return, sales and
costs, brand impact, shopping
experience, social functions or
urban development aspects. A
holistic evaluation therefore
requires a comprehensive consideration
of these different perspectives.
The challenge for the industry is
that many of the relevant factors
are difficult to quantify, as they
often include non-public information
or information that is
difficult to quantify.
Results of
the Expo Real
Two renowned partners from
the industry were entrusted with
conducting the new study: GMA
Gesellschaft für Markt- und
Absatzforschung mbH and the
University of Applied Sciences
in Mainz. Under the direction of
Birgitt Wachs and Markus Wagner,
GMA works closely with
PlaceSense Ltd. At the same
time, the University of Applied
Sciences in Mainz contributes
its scientific expertise with the
team of Professor Dr. Andreas
Link and Professor Dr. Stephan
Ruhl as well as their practice
partner imtargis GmbH.
Together, these partners are
conducting a well-founded
study for gif and the GCSP.
The results will be presented at
Expo Real and will be presented
in advance on September 11th
at an exclusive expert forum in
Hamburg at HIH.
Professor Dr. Verena Rock, President
of gif, emphasizes the
high level of expertise of the
partners involved and is pleased
with the strong response to the
call for tenders.
GCSP board member Harald
Ortner also emphasised that
the budget for the study has
been increased to 20,000 euros
to ensure an in-depth scientific
analysis. „Our goal is to substantiate
the practical feasibility
of the study and to carry out initial
tests at selected centers in
advance,” says Ortner.
The aim of the study is to comprehensively
record and critically
discuss measurable evaluation
criteria for shopping centers.
The intention is to develop a
theoretical performance model
that takes into account the measurability
of relevant factors, incorporating
the perspectives of
key stakeholder groups.
The focus is particularly on investors,
retailers, customers and
municipal decision-makers.
Basis for
discussion
The study aims to create a sound
basis for the discussion of performance
measurement and
evaluation models in the real
estate industry. In addition, the
theoretical model is to be subjected
to a critical practical test
on the basis of five specific properties.
The results will be compared
with existing benchmarks to
verify the model‘s applicability
and validity. With this study, gif
and GCSP are making a decisive
contribution to the standardization
and practicality of valuation
approaches for shopping
places in a changing market environment.
T
TOPS
O M
OF THE MONTH
TOM
TOPS
OF THE
MONTH
RETAIL REAL ESTATE
Essential News About The Players In In
The Retail Real Property Estate Market In in Germany
IMPRINT
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

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
ANALYSES March 2025
Retailers are increasingly
expected to be sustainable
New study: consumer demands are changing
Renting instead of buying, second-hand
instead of brand
new, regionally harvested instead
of shipped across the
world. Sustainable consumption
in the food and non-food
sector is associated with numerous
buzzwords in both
sales communication and the
environmental and socio-political
debate.
But are these options for action
really being demanded by consumers
and becoming a relevant
fac-tor at the point of sale?
BearingPoint presents data and
conclusions from the Sustainable
Retail Ob-servatory. While
citizens are convinced of the
advantages of sustainable retailing,
end customers often remain
price sensitive.
Potential in
Germany
For years, a discrepancy has
been observed between the intentions
expressed in surveys
and actual purchasing behavior.
This alienation has led
many brands and manufacturers
to scale back the scope
of their sustainable initiatives
without considering expansion.
To better understand consumer
motivations, management
and technology consultancy
BearingPoint, in collaboration
with French polling firm ODO-
XA, conducted a Europe-wide
survey. The focus on German
customers, com-pared to other
European countries such as the
United Kingdom, France, the
Netherlands and Italy, shows
that there is still potential for
more sustainable consumption
decisions in Germany.
The survey results show that 59
percent of consumers in Germany
take sustainability aspects
into account when making purchasing
decisions. This figure
puts Germany well below the
European average of 66 percent.
Self-efficacy in decisions
for sustainable consumption
is also estimated to be lower
in Germany: while just under
three quarters (72 percent) of
Sustainable purchases, for example second hand, are becoming more relevant.
Symbolpicture: Pixabax / Hans
respondents in the five-country
European average consume in
the awareness that their decisions
can influence sustainability
issues, in Germany the figure is
67 percent. On the other hand,
the values for trust are exactly in
line with the European average.
In Germany, as well as across
Europe, 64 percent of consumers
trust retai-lers and brands
when it comes to implementing
sustainability measures.
Driven by the debate about working
conditions in low-wage
countries and in view of the fragility
of global supply chains,
the view of the second-hand
sector has also changed. It is
no longer only rational economic
reasons that led 67 percent
of Germans to actively choose
second-hand goods, as indicated
in the survey conducted for
the study. The exploitation of
repair potential is increasingly
being observed in Germany (74
percent) and across Europe (77
percent).
At the same time, the purchase
of new products is decreasing
proportionally. 20 percent of
those surveyed stated that they
had purchased new products
less often in 2024 than in the
previous year. According to the
study authors, these two trends
represent more than just frugality
and a growing awareness
of the finite nature of certain
resources. Supported by popular
second-hand platforms in
the digital space, the increasing
demand for durable products is
also an indication of a consumer
in the toy/games and DIY/
garden sectors least willing to
buy new products, i.e. in sectors
where the community spirit and
social aspects of exchange and
networking are essential to the
product experience.
Sustainability in
the food sector
In this country, sustainable food
and beverage packaging, i.e.
large containers or reusable systems,
are the first choice for 80
percent of people when shopping
for food – and thus even
more popular than the European
average (73 percent). The Germans
also exceed the European
average when it comes to organic
products, regional purchasing
and the avoidance of animal
products. Organic food is widespread
in Europe, with three out
of four consumers buying these
products; Germany is slightly
ahead of the average with 78
percent. Short supply chains are
the most developed practice,
with 84 percent in Germany and
89 percent in Italy, and are growing.
Some European countries,
such as the Netherlands
or the United Kingdom, are
lagging behind. Overall, however,
the con-sumption of animal
products is still not widespread:
only 28 percent of respondents
in Germany say they consume
fewer or no animal products
(Europe 27 percent).
Nikolaos Sioulvegas, Partner at
BearingPoint and retail expert,
comments: “The results of our
study clearly show that consumers
in Germany are increasingly
making sustainable purchasing
decisions, in particular,
an increase in the purchase of
second-hand and organic products
can be observed. Trust in
brands‘ sustainability promises
is becoming a decisive factor.
Consumer demands are changing,
and retail companies need
to adapt their strategies accordingly
to not only offer products
but also demonstrate a credible
commitment to sustainability.
This development represents
a signifi-cant opportunity for
brands to position themselves
for the long term and build
strong relationships with their
customers.”

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Page 9 T O M
GUEST CONTRIBUTION March 2025
The opportunities of increased leisure and
entertainment offers for shopping centers
Guest article by Olaf Ley, Director Business Development of the Eurofund Group
At a time when leisure behavior
is changing rapidly, shopping
centers are faced with
the challenge of ensuring their
attractiveness and relevance
in competition with online
retailing and basically also
with all other leisure options.
Shopping destinations must
provide arguments to attract
a large number of people –
and these arguments must go
beyond simply meeting needs.
One promising strategy is the
integration of leisure and entertainment
offerings. This expansion
offers long-term opportunities
for the positioning
of shopping centers as destinations
for a complete experience.
Eurofund pursues this approach
very consistently with the concept
of establishing shopping
resorts.
The change in shopping
behavior
The traditional concept of a
shopping center as a place for
shopping alone has become
obsolete. Today, customers are
looking for added value and
experiences that go beyond just
buying goods. Both modern
shop concepts and innovative
leisure and entertainment offerings
appeal to emotions, create
memories and offer what digital
commerce cannot provide:
physical experiences and social
interactions.
Leisure and entertainment
as crowd pullers
Leisure and entertainment offers
can significantly increase
the footfall of a shopping center.
One example of this is cinema
or bowling centers, which attract
additional visitors, especially
in the evenings and at
weekends. Innovative concepts
such as escape rooms, virtual
reality experiences or indoor
playgrounds have also proven
to be crowd pullers. Such offers
not only attract regular customers,
but also draw new target
groups into the center, including
families, young adults and tourists.
In the Rhein Ruhr-Zentrum,
Eurofund‘s latest acquisition
in Germany, these elements
include the Cinemaxx cinema,
Olaf Ley has recently been appointed Director of Business Development at Eurofund Group. Photo:
Eurofund
which has been established for
decades, and, in the future, a
new type of kids‘ entertainment
from tenant Adventica.
Another advantage is the increased
length of time visitors stay.
These synergy effects can lead
to a significant increase in sales
for the businesses located in
the center. However, as already
mentioned above, it is essential
to ensure that the shopping,
gastronomy and entertainment
areas are not considered and designed
in isolation from one another,
but form a coherent unit
– the food court/cinema area in
the Rhein-Ruhr-Zentrum is a
good example of this, where the
individual areas are seamlessly
connected to one another by
stairs. We will create additional
offers in the transition areas that
will lead customers from the
food court to the cinema or kids‘
entertainment via these respective
offers.
Differentiation from the
competition
Shopping centers that offer unique
leisure facilities stand out
from the competition and create
a strong brand identity. This is
particularly important in urban
areas, where competition between
shopping centers is fierce
and the need for differentiation
is all the more important. Eurofund
has already demonstrated
this in major shopping resorts
such as UBBO Lisbon and Puerto
Venecia Zaragoza, and is
now setting a new benchmark
with the concept for the NEW
Rhein-Ruhr-Zentrum Mülheim.
While traditional retail sales are
often dependent on Christmas
or sales periods, leisure and entertainment
concepts generate
year-round appeal.
The role of gastronomy
Restaurants, cafés and food
courts are not only points of
attraction, but also an integral
part of a holistic range of experiences
that can significantly increase
the length of time people
spend in the center. The right selection
of food concepts can not
only help to retain visitors, but
also to encourage them to come
back.
To ensure an optimal concept,
it is important to integrate the
food and beverage offerings
spatially and conceptually into
the shopping and, above all, the
entertainment offerings – this is
how synergies can be optimally
exploited.
Challenges and success factors
A central point is space planning.
Leisure facilities often
require large areas that are not
always easy to integrate into
existing centers. Careful planning
is therefore essential.
Operators of entertainment facilities
or restaurants should
be selected carefully to ensure
high quality, attractiveness and
long-term operation. Ongoing
maintenance and management
of the facilities is another area
to focus on in order to guarantee
consistently high customer
satisfaction.
Conclusion
The integration of leisure and
entertainment offers provides
enormous opportunities for
shopping centers. They create
experiences that online retail
cannot offer, increase visitor
frequency and length of stay,
and help to differentiate themselves
from the competition.
By closely linking shopping,
entertainment, and gastronomy,
shopping centers become vibrant
meeting places that go far
beyond mere consumption.

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Page 11 T O M
NEWS March 2025
„The HI industry has now made
significant progress in terms of digitalization”
Interview with Dennis Kasch, Sales Manager for the D-A-CH region at the software company Yardi
The software company Yardi,
which also has numerous
well-known companies in the
retail real estate industry as
customers, was once again
present with its own stand at
the MIPIM real estate fair in
Cannes. TOM editor-in-chief
Thorsten Müller spoke with
Dennis Kasch, Regional Sales
Manager D-A-CH, about the
latest developments.
TOM: How does Yardi differentiate
itself from other real
estate technology providers in
today’s competitive market?
Dennis Kasch: Yardi distinguishes
itself from competitors
through its commitment to delivering
a fully integrated, end-toend
platform that encompasses
every aspect of real estate operations.
This approach ensures
that critical processes, ranging
from marketing and leasing to
operations, financial management
and compliance, are seamlessly
connected within a single
system. By unifying these functions,
we can enhance efficiency
and provide clients with real-time
data visibility, empowering
them to make informed, datadriven
decisions.
A further key differentiator
is scalability. Our platform is
designed to serve real estate
businesses of all sizes and asset
types. Whether managing
commercial assets or residential
portfolios, or a combination
of both, our software includes
solutions to meet each client‘s
specific needs. With a global
reach, Yardi supports real estate
operations across multiple
geographies, ensuring localised
solutions that adhere to regulatory
requirements and market
conditions. Through a focus on
continuous innovation, we have
remained at the forefront of real
estate technology for over four
decades.
TOM: You have mentioned
that Yardi offers solutions for
various real estate sectors,
such as residential, commercial
and industrial. How do
you ensure your platform remains
adaptable to these different
markets?
Dennis Kasch, Sales Manager for the D-A-CH region at software
company Yardi
Dennis Kasch: Yardi’s ability
to serve a wide range of real
estate sectors is driven by our
unwavering commitment to research
and development. We
invest significantly in understanding
the unique needs, trends
and regulatory requirements
of each market – whether it is
commercial, retail, industrial or
coworking and flex spaces. This
focus allows us to continuously
evolve our platform, ensuring it
remains adaptable and relevant
across diverse real estate operations.
We work closely with our clients
and host user groups. This
helps us to ensure our products
incorporate regional regulations
and compliance that meet
our client’s specific needs. In
addition, we conducted an industry
survey to gain deeper insights
into property technology
adoption across the European
real estate sector. The findings
revealed that 67.2% of participants
sought enhanced insights
into asset and facility management,
while 49.3% expressed
a need for property technology
to better manage market data.
By leveraging this data through
our R&D efforts, we can ensure
our platform remains not only
adaptable to current market demands
but also scalable for future
growth, keeping our clients
at the forefront of technological
advancement.
TOM: On the surface at least,
AI seems to be playing an increasingly
important role in
the delivery of digital solutions.
Is this the case, or are
AI providers being a little too
euphoric?
Dennis Kasch: AI holds tremendous
potential, but it’s essential
to approach its adoption
with a measured and pragmatic
mindset. Our survey shows that
there is still hesitation in adopting
AI, however, excitement
around AI’s possibilities continues
to grow.
At Yardi, we acknowledge this
enthusiasm but focus on demonstrating
how AI can provide
tangible, real-world benefits
for real estate professionals. It‘s
about developing practical solutions
that address genuine challenges,
such as enhancing tenant
engagement, improving operational
efficiency and enabling
data-driven decision-making.
For example, we have Yardi
Virtuoso and RentCafe Chat IQ
– Virtuoso was announced last
year and is our own AI assistant
in Voyager 8. Virtuoso Assistant
enables clients to ask Voyager
for help with data in their Voyager
database so they can find the
information they need faster. In
addition, RentCafe Chat IQ is a
smart bot that can chat, email,
text, and call prospects and residents,
improving the customer
experience and freeing up teams
to focus on high-priority tasks.
While AI can streamline processes,
improve accuracy and
offer valuable insights through
machine learning and predictive
analytics, it is not a one-size-fits-all
solution. There is
certainly some market euphoria
surrounding AI, but we believe
that when applied thoughtfully
and strategically to specific use
cases, AI can have a profound
impact.
TOM: What are your business
plans and goals for the near
future?
Dennis Kasch: Yardi is celebrating
its 40th anniversary
in 2024, and we are excited to
continue driving innovation in
real estate technology. As mentioned,
a key initiative is the
launch of Yardi Virtuoso, an
AI-driven platform designed to
transform property management
and accounting.
The Virtuoso AI Assistant will
enable real-time interaction
with Voyager, allowing users
to generate reports, query data
and gain insights. We also plan
to expand this technology with
a mobile app, which will help
integrate AI-powered tools into
daily workflows for increased
productivity. This initiative is
part of our broader strategy to
deliver end-to-end solutions
that address the evolving needs
of the real estate industry.
Our focus on AI innovation ensures
that we can continue to
meet today‘s needs while anticipating
opportunities of tomorrow.

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
GUEST CONTRIBUTION March 2025
Conversion of department stores
Interview-style discussion between André Stromeyer (Managing Director HBB
Centermanagment) and Dr. Rainer Burbulla (Langguth & Burbulla Rechtsanwälte)
Dr. Rainer Burbulla (Langguth
& Burbulla Rechtsanwälte)
and André Stromeyer
(Managing Director HBB
Centermanagement) have
arranged to meet and have
a conversation in interview
style about the conversion of
department stores and the
associated opportunities and
challenges.
Dr. Rainer Burbulla: The
repurposing of department
stores is currently a particularly
exciting topic, especially
in view of the increasing number
of retail vacancies and the
challenges of urban development.
As a lawyer, I am particularly
interested in the legal
aspects of this topic. You, as
a project developer, certainly
have a lot of practical experience
in implementing such
projects. How do you go about
repurposing department
stores?
André Stromeyer: It is no secret
that more and more properties
in many city centers are
standing empty. High online
sales, multiple crises and rising
costs for retailers are causing
vacancies, especially in small
and medium-sized towns. Insolvencies
such as that of Galeria
Karstadt Kaufhof are further
exacerbating this situation.
The loss of the department store
anchor is a particular problem
for many small and medium-sized
towns, as it reduces the frequency
in the surrounding area
and can lead to a so-called trading-down
effect. So the question
is how to get a grip on this
situation. The so-called mixeduse
property has taken on a new
meaning in this context. Conversions
play an important role
here.
Dr. Rainer Burbulla: This is
where the first legal questions
arise. You can‘t just convert a
former department store into a
mixed-use property, i.e. a building
with various uses such as
residential, retail or gastronomy.
The appropriate public-law permits
are therefore required.
Real estate lawyer Dr. Rainer Burbulla and André Stromeyer
(Managing Director of HBB Centermanagement).
André Stromeyer: The repurposing
of department stores is
indeed a multifaceted topic. It
brings with it both great opportunities
and significant challenges.
The first step in the conversion
process is usually to take
stock of the building. Department
stores are often large, multifunctional
buildings that were
originally designed for retail.
Today, we have to consider how
these spaces can be repurposed
for other uses, such as residential,
office, leisure, or cultural.
Many of these buildings are
located in valuable urban locations.
This means that we have
to take the legal framework into
account from the outset. Often,
we have to change the development
plan or obtain approval for
the conversion.
Dr. Rainer Burbulla: That
sounds like a complex task.
What legal challenges do you
see as particularly serious
when it comes to the conversion
of department stores?
André Stromeyer: The biggest
challenges often lie in the area
of building law and the protection
of historical monuments.
Department stores were built
in the 1960s to 1980s, a time
when different building regulations
applied. Today, we have
to adapt these buildings to modern
standards – for example,
in terms of energy efficiency,
fire protection or accessibility.
If the building is listed, we also
have to comply with the relevant
requirements. The question
of which parts of the building
must be preserved and which
can be altered or rebuilt requires
very precise planning. Department
stores are often defined as
pure retail space. A conversion
to apartments, offices or leisure
facilities often requires a change
to the development plan or at
least a change of use, which
must be approved by the city.
These approvals can be lengthy
and bureaucratic, which can
significantly extend the overall
project period.
Dr. Rainer Burbulla: That is a
very good point. How do you,
as a project developer, deal
specifically with these legal
and practical issues? What
steps are necessary to ensure
that all requirements are met?
André Stromeyer: First of all,
it is crucial to work closely with
the relevant authorities and experts.
We work with architects
and urban planners to develop
a design that meets current legal
and urban planning requirements.
As far as the approvals
are concerned, dialog with the
relevant authorities is of central
importance. For large existing
buildings that are being converted,
we often have to address several
levels of the administration
– from the building authority
to the office for the protection of
historical monuments to the environmental
authorities. For us
as project developers, this means
that we have to present very
detailed plans from the outset
that cover all the relevant legal
and structural requirements.
Dr. Rainer Burbulla: Close
cooperation with the authorities
and detailed planning are
therefore essential to avoid
legal uncertainties. Another
important aspect is certainly
the financing of such projects.
What role do the legal framework
and funding opportunities
play in this?
André Stromeyer: Financing
is indeed a key issue. Conversion
projects often involve high
costs, especially when it comes
to the renovation of existing
buildings. Good financing depends
not only on the investors,
but also on the legal possibilities.
Tax incentives and public
funding programs play an important
role here. In Germany,
for example, there are tax incentives
for the renovation of listed
buildings or for the implementation
of particularly sustainable
construction projects.
Dr. Rainer Burbulla: Tax incentives
and public funding
do indeed offer interesting
opportunities. But what about
the legal challenges that
can arise from the change of
use? Do conflicts often arise,
for example, when integrating
residential space into former
retail space?
André Stromeyer: Yes, integrating
residential units into former
retail space is often a challenge.
Particularly in the case of
larger department stores, converting
retail space into living
space often raises significant
structural and legal issues. For
example, we have to ensure that
the fire protection for the new
residential units meets current
requirements – and that is not
always easy in the case of older
buildings

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Page 17 T O M
MAP OF THE MONTH March 2025
Multiple-person households with children, Germany 2024
Our Geomarketing Map of the Month for March
shows the regional distribution of multiple-person
households with children in Germany in
2024. According to the latest GfK Demographics,
multiple-person households with children make
up an average of 27.4 percent of all German households.
The first place goes to the rural district
of Cloppenburg, where the share of multiple-person
households with children is 37.3 percent. The
rural districts of Eichstätt (36.4 percent) and Erding
(36.1 percent) follow in second and third
place. At the bottom of the list is the urban district
of Passau, where only 18.8 percent of all households
consist of families with children.