TOM 08 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
August 2025
The retail investment market remains at a very high level.
Photo: Adobe Stock / CStock
Retail market remains at a very high level
Textile trade leads the way overall
The textile trade remains ahead
overall, but food is in first
place in terms of large spaces.
Gastronomy dominates in the
small-scale sector. Once again,
more than half of all lettings
are accounted for by the top
locations.
The availability rate in the Big 9
indicates that the situation is easing
in the majority of markets.
Only three shopping metropolises
are still seeing an increase in
space availability. The transaction
volume for retail properties
in the first half of the year was
around ten per cent higher than
in the same period last year, with
64 per cent of this relating to specialist
retail properties. Yields remain
largely unchanged.
JLL forecasts an investment volume
of up to €6.5 billion for
2025. The first quarter already
showed an increase of 33 per
cent year-on-year to £1.25 billion.
This development was driven
in particular by portfolios
of local convenience stores and
supermarkets.
In the first half of the year, the
investment volume totalled £2.9
billion, ten per cent more than in
the same period last year. Around
two-thirds of this was accounted
for by specialist retail products.
The focus was particularly on
non-food-based specialist retailers.
Large transactions, such as the
takeover by the Porta Group and
XXXLutz, amounted to more
than €1.5 billion.

Page 2 T O M
ANALYSES
August 2025
Germans are European champions when it
comes to saving money while shopping
NIQ Geomarketing has examined continental trends in the retail sector
Of all 27 member states of the
European Union, Germans
spend the least amount of money
on shopping in percentage
terms. The share of private
consumption spent on retail
rather than savings, services
or leisure is only 25.1 per cent
in Germany. Across the EU,
the figure is 32.6 per cent, but
here too the downward trend
is continuing for the third
year in a row. This is shown by
the new study from NIQ Geomarketing,
which provides a
comprehensive overview of
retail trends in Europe.
Although purchasing power and
retail sales are rising across Europe,
the proportion of consumer
spending that goes to retail
has been declining steadily for
three years. In 2024, retail accounted
for only 32.6 per cent of
total private consumption. However,
there are still significant
regional differences: consumers
in Eastern European countries
in particular spend a significantly
larger proportion of their purchasing
power on retail.
Eastern Europe has
a desire to buy
Among all EU member states,
Croatia leads the way with a retail
share of 48.0 per cent, even
recording an increase of 0.5 percentage
points compared to the
previous year. Bulgaria (46.3
per cent) and Hungary (45.3
per cent) follow, although both
countries recorded slight declines
year-on-year. The reason
for this is increased purchasing
power, which has enabled consumers
to spend more money
on savings or non-retail-related
expenditure. Germany ranks
last, with only 25.1 per cent of
consumer spending, or just one
in four euros, being spent in the
retail sector.
Consumer confidence
fragile
NIQ Geomarketing has examined the shopping habits of Europeans. Photo: AdobeStock / George Lou-
‘Retail remains a key component
of consumption in the EU,
even though its share continues
to decline,’ explains study di-
ris
rector Philipp Willroth. ‘Consumer
confidence has remained
fragile since the pandemic, as
many Europeans are concerned
about the economic situation in
their country. Inflation, rising
living costs and climate change
are among the biggest concerns
and are leading to more cautious
spending behaviour.’
Purchasing power
continues to rise
Purchasing power in Europe
continued to rise in 2024, but at
a much slower pace than in the
previous two years. Average per
capita purchasing power in the
EU stood at €21,008, representing
a nominal increase of 3.0
per cent compared to the revised
figures for 2023. In total, the
inhabitants of the 27 Member
States had around €9.5 trillion at
their disposal for expenditure on
food, retail, housing, services,
energy costs, private pension
provision, insurance, holidays
and mobility.
After a significant increase of
5.5 per cent in 2023, retail sales
growth in the EU slowed to 3.0
per cent in 2024. The strongest
growth was recorded in Eastern
Europe, led by Romania (+14.9
per cent), followed by Bulgaria
(+9.9 per cent), Croatia (+9.3
per cent) and Slovakia (+9.2 per
cent). In Estonia, on the other
hand, there was a decline of 1.3
per cent due to political uncertainties
and increasing consumer
scepticism.
After sharp price increases in
previous years, inflation in the
EU showed further signs of stabilising
in 2024, averaging 2.6
per cent. The highest inflation
rates were in Romania (5.8 per
cent), Belgium (4.3 per cent)
and Hungary (4.0 per cent).
Price increases were lowest in
Lithuania, at only 0.9 per cent.
Inflation of 2.3 per cent is forecast
for the EU in 2025.
In Europe, generation-specific
differences in consumer behaviour
can be observed. Generation
X, aged 44 to 59, has the
highest purchasing power and
is relatively open to new products
– more open than baby
boomers (60+), but less so
than millennials aged 28 to 43.
Millennials prefer experiences
at home, such as cooking and
entertainment, which has been
reinforced by the pandemic. Generation
Z (under 28) is strongly
convenience-oriented and
frequently buys takeaway food.
Baby boomers remain the most
cautious consumers: they prefer
own brands, focus on basic
needs and often buy products on
offer to save money.
Comprehensive
trend analyses
In its free study ‘Retail Europe’,
NIQ Geomarketing examined
the key indicators for the European
retail sector for the year
2024. The study offers comprehensive
trend analyses for
numerous European countries,
making it an important guide
for retailers, investors and project
developers.

Page 3 T O M
TOP STATEMENT OF THE MONTH August 2025
TOP STATEMENT
August
„Price reductions are
not a question of willingness,
but of ability!“
Guido Zöllick, President of the German
Hotel and Restaurant Association
(DEHOGA)

Page 5 T O M
ANALYSES August 2025
How urban development and clothing
purchases are connected
New EHI study on developments in brick-and-mortar retail
The German retail sector is
facing fundamental changes,
as the latest EHI study
‘Brick-and-mortar Retail in
Germany 2025’ shows. While
the food trade continues to dominate
with over 63 per cent
of total stationary retail sales,
the textile trade is struggling
with structural challenges and
changing consumer habits.
The fashion and accessories
sector accounts for 6.5 per
cent of sales with its 19,074
outlets. The food trade operates
58,014 shops.
Despite declining figures, the
fashion trade remains a key
driver of footfall in German
city centres, but online retail is
bringing about lasting changes
to market structures. ‘It is widely
recognised that shopping for
clothing, shoes or leather goods
is the main reason for visiting
city centres,’ explains Marco
Atzberger, member of the EHI
management board: ‘The fashion
trade plays an outstanding
role in attracting customers.’
However, the textile trade is coming
under increasing pressure
in this role. Brick-and-mortar
fashion retailers will see a 0.6
per cent decline in sales in 2024,
following weaker developments
in 2023. Smaller specialist retailers
are particularly affected,
while market concentration is
increasing among a few large
players. The top ten sales channels
in the fashion and accessories
industry are led by H&M
(€2,265 million), Deichmann
(€1,900 million) and C&A
(€1,600 million).
Digitalisation is
changing retail
A key finding of the EHI analysis
is that digitalisation has
long since reached the fashion
retail sector – with serious
consequences. 70.4 per cent of
fashion and accessories retail
chains already have an online
shop. This puts the industry in
second place behind technology
retailers (78.9 per cent) and ahead
of hobby and leisure goods
suppliers (67.1 per cent). The
Retailers who combine brick-and-mortar with digital have the best chances of success.
Photo: AdobeStock / miss irine
food retail sector, with only 6.8
per cent of online shops, still
lags significantly behind.
Market challenges
Within the fashion and accessories
industry, full-range fashion
retailers – i.e. fashion shops and
clothing stores – generate 56.7
per cent of sales.
Specialised shoe and leather
goods retailers generate 15.6
per cent, and price-oriented
textile discounters account for
17.7 per cent. Aggressive international
online platforms such
as Shein and Temu are further
increasing the competitive pressure
on established brick-andmortar
retailers. ‘These new
market players are not only
changing price structures, but
also customer expectations in
terms of product range and delivery
speed,’ Atzberger describes
the situation.
‘Cities, property owners and,
of course, local retailers should
work together locally to re-establish
fashion retail as an anchor
for experience and shopping enjoyment.’
This statement underlines
the close connection between
the textile trade and urban
development.
Successful strategies
for the future
The EHI study shows that the
German retail sector is in a
phase of upheaval in which
traditional structures need to
be readjusted. While the food
retail sector is in a more stable
position due to its logistically
demanding products and customers‘
desire to inspect fresh
goods before purchasing them,
the textile retail sector must face
the challenges of digitalisation,
changing consumer habits and
consumer reluctance. Successful
strategies for the future require
an intelligent combination
of brick-and-mortar and digital
retail – an approach that many
leading textile companies are
already pursuing. Companies
with the relevant expertise, the
necessary infrastructure and an
extensive customer base have a
better chance of surviving in the
changed market environment.
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
INTERVI
+++ PAR
ANALYS
present
Marc

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 August 2025
There are around 700 unmanned mini-markets in Germany – and new ones are constantly being added.
Symbolic image: AdobeStock / Viktorius
Boom in unmanned mini supermarkets
More and more smart stores are opening in Germany
A relatively new shopping
concept is rapidly spreading
in Germany: smart stores –
small, unstaffed supermarkets
that are open around the
clock, seven days a week. According
to the Baden-Württemberg
Cooperative State
University (DHBW), there
are now more than 700 of these
stores nationwide, and the
trend is rising sharply. ‘We
are currently seeing a new
store opening almost every
day,’ reports Stephan Rüschen
from the DHBW.
The way it works is simple:
customers usually gain access
by registering and pay cashless.
There are no staff on site – employees
only come by at irregular
intervals to restock goods, clean
and perform maintenance.
The concept is particularly widespread
in Bavaria and Baden-
Württemberg, where there are
around 180 locations each. In
central Germany, the trend is
still in its infancy: Saxony has
13, Saxony-Anhalt ten and Thuringia
nine such shops.
Convenience
counts
According to a DHBW survey,
over 80 percent of users appreciate
the convenience – especially
the opportunity to shop on
Sundays. This day of the week
is economically crucial for
many operators, as it accounts
for around 30 percent of sales in
some cases.
Advocacy
and criticism
The German Trade Association
(HDE) sees digital mini-markets
as a sustainable response to
staff shortages and rising costs.
Critics such as the ‘Alliance for
a Free Sunday’, an association
of church organisations and the
Verdi trade union, warn against
distortion of competition and
the gradual displacement of
small and medium-sized retailers.
Regulations
in preparation
The model is also causing a stir
in the political arena: Saxony-
Anhalt has already passed a law
allowing Sunday opening as
long as no staff are employed.
Saxony is considering a similar
regulation, and Thuringia
is planning legislative changes
to replace the exemptions that
have been necessary up to now.

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Page 9 T O M
ANALYSES August 2025
Straightforwardness and authenticity are today‘s guiding principles in luxury shopping.
Photo: AdobeStock / Denis MArt
Luxury in transition: buyers demand
authenticity instead of hype
Brands must fit into reality
The luxury industry is facing
profound change. A study by
Highsnobiety and the Boston
Consulting Group shows that
the old model of exclusivity
and artificial hype is losing its
appeal. More than 66,000 consumers
in eleven key markets
– including China, the USA,
Germany and Switzerland –
were surveyed.
‘The efforts of luxury fashion to
become mainstream have worked
– but that is precisely what
has disillusioned many buyers.
Today, they are more educated,
more critical and more discerning.
They expect brands to fit
into their reality, not the other
way around,’ says Highsnobiety
editor-in-chief Noah Johnson.
New values in demand
Spending on luxury products
continues to rise: last year, 94
per cent of Gen Z and 97 per
cent of baby boomers spent
more on clothing, shoes and accessories.
Millennials and Generation Z
are also investing more in jewellery
and watches. But what
matters is what the money is
spent on. Logos and glossy
campaigns are losing importance;
authenticity, cultural sensitivity
and craftsmanship are in
demand. ‘The dream built on
exclusivity and artificial hype
is crumbling,’ warns Swiss
merchandising consultant Luigi
Bernasconi. Instead, demand
for timeless products is growing
– whether from niche labels,
vintage finds or the archives of
major brands.
Substance instead
of spectacle
According to the study, paradigms
are shifting: aspiration
is becoming relevance, fantasy
is becoming reality, hype is
becoming quality, and novelty
is becoming legacy. Buyers are
placing more value on design
philosophy, sustainability, and
transparent production processes.
Many are taking on the role
of trendsetters themselves, instead
of being influenced solely
by advertising.
Luxury is therefore not coming
to an end, but is being redefined.
Brands that want to survive
in the future must be less loud
– and deliver substance instead
of spectacle. Craftsmanship,
consistency and cultural sophistication
could become the new
currency of luxury.

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Page 11 T O M
PROJECTS August 2025
Tishman Speyer is developing the mixed-use Ajour property from the Klöpperhaus on Hamburg‘s Mönckenbergstraße.
Visualisation: Tishman Speyer / No Architects
Project Ajour: Hamburg‘s new flagship
With shopping and culinary delights
Hamburg is getting a new
urban flagship: with Project
Ajour, Tishman Speyer
is transforming the historic
Klöpperhaus on Mönckebergstraße
into a vibrant quarter
for working, living, shopping,
enjoying and experiencing.
At the heart of the transformation
is the opening of the
first Hamburg location of the
fitness and lifestyle company
Fitseveneleven, which will
occupy 2,175 square metres
on the ground floor and first
basement level from 2026.
This will give Hamburg‘s city
centre a modern lifestyle anchor
that underlines the diversity
of the location.
The Ajour, currently undergoing
renovation in the former
Kaufhof building, will have a
total of 34,000 square metres of
rental space upon completion in
mid-2026. In addition to around
28,000 square metres of highquality
office space and 19 new
city apartments, approximately
4,900 square metres will be
created for retail and gastronomy.
Hamburg Commercial Bank
will be the main tenant, occupying
around 13,400 square metres,
and will move its new headquarters
to this central location.
Special attention is being paid to
sustainability: both WELL and
LEED Platinum certifications
are being sought for the project.
Wide range of
offerings
Ajour will also offer a wide range
of offerings for visitors to
the city centre in the future. In
addition to modern office space
and exclusive apartments, it is
primarily retail and restaurants
that will make the area even
more attractive.
A variety of concepts are planned,
from high-quality shopping
to culinary experiences ranging
from vegan cuisine and international
burger variations to
upscale restaurants and elegant
bars. In addition, there will be
cafés and delicatessens, which
will make the location a lively
meeting place.
History meets
modernity
The location could hardly be
more central: situated directly
at the main railway station and
at the entrance to Mönckebergstraße,
one of Germany‘s busiest
shopping streets, Ajour fits
perfectly into the heart of Hamburg‘s
city centre.
The historic architecture of the
Klöpperhaus will be preserved,
but complemented with modern
elements such as a light-flooded
atrium, a garden courtyard and
a roof terrace with views of the
Alster and the harbour.
Lease confirms
concept
For Tishman Speyer, the arrival
of Fitseveneleven is an important
step in bringing the concept
of a mixed-use property
to life. ‘This lease is excellent
confirmation that our concept
for Ajour is working,’ explains
Nils Skornicka, Managing Director
of the company. Markus
Fritz, CEO and founder of Fitseveneleven,
adds: ‘We are delighted
to be represented in one
of the best and busiest streets
in the city centre with our first
Hamburg location. The Ajour
not only offers us an attractive
space for our community, but its
stylish and striking architecture
also fits perfectly with our design
requirements.’

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Page 13 T O M
PROJECTS August 2025
Construction begins on
Munich‘s Sugar Valley urban quarter
With public amenities such as restaurants, shops and a market hall
With the start of the first construction
phase, the visionary
Sugar Valley urban quarter in
Munich‘s Obersendling district
is taking shape. On the
former site of the Sendlinger
Betonwerk ‘Katzenberger’
concrete plant and the Siemens
site, Munich-based Salvis
Consulting AG is constructing
the first three of eleven
planned buildings with a total
of over 160,000 square metres
of rental space.
Sugar Valley combines stylish
architecture, consistent sustainability
and urban quality of life.
Three buildings are being constructed
in the first construction
phase: ‘THE CROWN’, ‘THE
FORGE’ and ‘THE SOUL’. All
buildings are directly connected
to the neighbourhood square –
through their open terraces and
balconies as well as public uses
such as restaurants and shops.
In addition, their location is closely
linked to the car-free footpath
and cycle path along the
former railway line. This creates
a coordinated architecture that
shapes the urban context of the
entire neighbourhood.
Profound change
The Obersendling location is
currently undergoing profound
change: numerous projects, in
particular new schools, residential
and office buildings, have
already been realised. Others
are currently under construction,
including the iPartment
boarding house, a new Kaufland
supermarket and, in addition to
the existing underground connection,
the ‘Tram-Westtangente’
public transport project,
which will further improve the
district‘s transport links. Sugar
Valley is the key project in this
dynamic development. The first
construction phase symbolises
a new beginning and growth in
the neighbourhood – a new piece
of vibrant city is emerging.
The Danish architectural firm
COBE, which collaborated on
the development of the master
Construction of Sugar Valley is beginning in Munich.
plan alongside KCAP as the
lead urban planning firm and
SLA as the landscape architects,
has consistently translated
the basic urban planning ideas
into architecture with these two
buildings.
The centrepiece is the high-rise
building ‘THE CROWN’ – named
after its wooden ‘crown’
that glows at night and dominates
the cityscape. As the first
of three high points in a future
family of high-rise buildings
in the neighbourhood, it sets a
striking accent in Munich‘s cityscape
with its sculptural terraces
and façade of anodised aluminium
and warm wood details.
The base floors open up with
green terraces and allow a wide
view of the neighbourhood.
Historical reference
The building ‘THE FORGE’
forms a deliberate contrast to
this – its robust metal façade
refers to the industrial past of
the location. As a place for research
and innovation, ‘THE
FORGE’ with its ground-floor
start-up garages will play a key
role in shaping the future-oriented
identity of the area.
The building continues the
ground-floor outdoor facility
design by landscape architecture
firm Mahl Gebhard Konzepte
with green façades. The intensively
planted roof of ‘THE FOR-
GE’ offers over 2,000 square
metres of park-like space, including
a basketball court, and is
an integral part of the climateactive
open space concept.
Staggered terraces
Caroline Nagel, Project Director
at COBE, explains the architectural
concept: ‘Our two
buildings form a coherent architectural
ensemble. Staggered
terraces create varied and green
outdoor spaces that emphasise
the human scale and at the same
time make the façades appear
lively. This principle allows
for visible public life and at the
Visualisation: Salvis Consulting AG
same time creates a gradual gradation
from public areas to private
spaces with a high quality
of stay.’
Cultural heart
The first construction phase is
completed by ‘THE SOUL’,
designed by the Berlin-based
firm J.MAYER.H as the sociocultural
centre of the quarter.
The striking market hall combines
gastronomy, gallery and
event spaces under one roof and
opens up generously to the central
quarter square. An essential
component is the integration of
active artistic elements, which
have already been positively
received with the temporary
project ‘Sugar Mountain’. Installations,
immersive art and
changing exhibitions are planned
to ensure that Sugar Valley
pulsates day and night. With
‘THE SOUL’, Sugar Valley defines
a new quality for public
space in the neighbourhood, not
only architecturally but also culturally.

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Page 15 T O M
MAP OF THE MONTH August 2025
Retail share of private consumption, Europe 2024
The Geomarketing Map of the Month for August
shows the retail share of private consumption in
31 European countries in 2024. The share of private
consumption allocated to retail – rather than
savings, services, or leisure – continues to decline
across the European Union. In 2024, this trend
persisted for the third consecutive year, with EU
citizens spending just 32.6 percent of their disposable
income in retail. Croatia recorded the
highest share, with 48.0 percent and nearly every
second euro spent in retail. At the other end of
the spectrum, Germany reported the lowest retail
share in the EU, with just 25.1 percent of private
consumption spent in retail.