TOM 10 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
October 2025
The Gropius Passagen in Berlin was one of the biggest deals since the third quarter of 2024.
Demand for shopping centers
is rising across Europe
BNP PARIBAS analysis: Retail real estate back in vogue
Photo: URW / Nils Krüger
The European market for
retail real estate is currently
experiencing a significant
upswing. According to a recent
analysis by BNP Paribas,
the retail segment recorded
a year-on-year increase of 26
percent, reaching a transaction
volume of around €38.2
billion. This means that retail
grew more strongly than all
other types of real estate.
The market share of retail real
estate now stands at 23 percent
of the total European investment
volume. The sector has
thus recovered significantly
from its low of 16 percent in
2021, when the aftermath of the
coronavirus pandemic was still
being felt. The market continues
to be led by the United Kingdom,
Germany, and France.
With transaction volumes of
€10.5 billion, €5.6 billion, and
€3.1 billion, respectively, they
dominate the European market.
Their combined share of total
retail investment volume is 73
percent—a slight decline from
the long-term average of 80 percent.
Italy is catching up with
around €3 billion and growth
of 24 percent, while Spain (up
37 percent to €2.5 billion) and
Poland (up 124 percent to €1.4
billion) have seen particularly
strong growth.
However, there are significant
differences within the retail segment.
While investments in high
street properties declined by 18
percent – mainly due to large
transactions in cities such as
Milan and Berlin in the previous
year – the mood for shopping
centers is extremely positive.
Since the third quarter of 2024,
a volume of around €8 billion
has been achieved, representing
an increase of 53 percent.
Among the largest deals were
the Oriocenter in Bergamo, an
Italian triple portfolio worth
€410 million, Brent Cross in
London, and the Gropius Passagen
in Berlin. Retail parks
also remain stable. With a transaction
volume of €10.5 billion,
this segment grew by 13 percent.
Their crisis resistance and
broad price structure continue
to make them attractive to investors.
In Germany, this sector
accounted for €5.6 billion.
Yields are also increasingly developing
in favor of the retail
sector. In Germany, prime yields
for retail parks fell by ten
basis points, and in the UK by
25. Shopping centers in premium
locations in the UK even
recorded declines of 50 basis
points. In contrast, yields in the
high street sector in cities such
as Paris, Milan, London, and
Madrid declined slightly. In
Paris, market activity continues
to focus heavily on luxury locations,
with more than half of
the deals there accounted for by
central A locations.
Experts expect a further upturn
in the coming months. A more
stable interest rate environment,
improved economic prospects,
and a resurgence in tourism—
especially within Europe—are
leading to increased footfall and
higher retail sales. According to
Eurostat, these rose by 1.1 percent
in August. While the number
of Asian tourists is declining,
Europe remains attractive
for other source markets. Consumer
confidence has recently
strengthened, particularly with
regard to income expectations.
This development is supported
by largely stable geopolitical
conditions – despite continuing
risks.
The upward trend is also clearly
evident in the luxury segment.
Prime rents in premium
European locations rose by an
average of nine percent. Bond
Street in London leads the way
with over €36,700 per square
meter per year (up 16 percent).
Prime rents rose by 13 percent in
Milan and 17 percent in Rome.
Cities such as Vienna, Warsaw,
and Lisbon also recorded significant
increases. In Germany,
prime rents range from €2,880
in Hamburg to around €3,720 in
Munich – a solid result by European
standards.

Page 2 T O M
ANALYSES October 2025
Department store segment
dominates the retail market
Repurposing of former Galeria properties yields good results
According to BNP Paribas
Real Estate, the positive leasing
momentum of the first
half of the year continued in
the third quarter on the inner-city
retail market. The
ongoing consolidation processes
continue to ensure lively
market activity. Many prominent
players are renting very
large flagship stores in prime
locations, but are significantly
thinning out their branch networks
overall.
BNP Paribas cites the international
corporations Inditex and
TK Maxx, as well as German
players such as C&A and Thalia,
with the market leader in
brick-and-mortar book retailing
currently repositioning itself in
the top locations of the largest
cities. At the same time, there
are an increasing number of retailers
who are once again seeking
to enter the German market
– including Arc‘terix and
Nordic Nest – or are pushing
ahead with their targeted expansion
plans.
In this context, Uniqlo and the
Bestseller Group, among others,
are very active with their concepts
that are still new to brickand-mortar
retail, such as Only
& Sons and JJXX, but also with
their established brands such as
Only. However, the good result
was made possible above all by
the numerous re-lettings in Galeria
properties.
BNP Paribas Real Estate has
identified these and other important
trends and drivers based
on lettings and openings in city
center locations.
Overall, a leasing volume of
around 363,000 square meters
was recorded in German city
centers in the first nine months
of the current year. This puts the
interim balance at the end of the
third quarter around five percent
above the five-year average. Taking
into account the leases and
openings within the new Westfield
shopping center in Hamburg‘s
Überseequartier, the result
would even be in the region
of 400,000 square meters.
Despite challenging market conditions, the retail market is performing solidly.
Photo: AdobeStock / mertingen
The main driver of the very
good result is the high level of
re-letting activity in former Galeria
department stores: with
around 66,000 square meters
and a share of almost 20 percent
of sales, this segment is currently
at a record level.
Given that the comparative figures
for 2020 and 2024 are
expected to be around 30,000
square meters and an average
market share of seven percent,
the great importance of the department
store factor for the
current balance sheet is once
again underlined. The large
number of almost 40 deals that
have been included in the space
turnover is also remarkable.
Compared to previous years,
there has also been a fundamental
rethink, which is reflected in
several observations: „On the
one hand, partnerships were
formed, for example with Decathlon,
in order to avoid simply
re-letting space and often finding
short-term interim tenants,
but rather to place users who
have what it takes to fulfill longer-term
leases and strengthen
the perception of the property
within the shopping street.
On the other hand, leasing activity
in department stores has
been more fragmented overall
in the current year. In many
cases, the aim was to attract
several retail users for a former
department store branch instead
of leaving a large multi-story
space to a single tenant,“ explains
Christoph Scharf, Managing
Director of BNP Paribas
Real Estate GmbH and Head of
Retail Services.
In each individual case, it is
also necessary to clarify for
which property in which location
retail space above or below
the ground floor could actually
work and how this could be integrated
into the overall utilization
concept for the respective
property. Across all contracts
included in the calculation, the
average rental area of the re-letting
deals was only 1,700 square
meters instead of 2,500 square
meters as in previous years.
The fact that the second wave of
re-letting of former Galeria properties
is significantly different
from the first is also reflected in
the industry analysis of the underlying
space turnover. Players
in the leisure sector, which
include Decathlon as well as
operators of fitness studios and
Intersport branches, are generating
by far the highest share
of re-letting in the current year
at 43 percent, compared to six
percent between 2020 and 2024.
Supermarkets and discounters
have also gained ground once
again, always representing an
important component and footfall
generator in new concepts,
with a 14 percent share (eight
percent between 2020 and
2024).
Fashion retailers also remain an
important group of subsequent
users, contributing only around
22 percent in 2025 (64 percent
between 2020 and 2024), but
maintaining second place in the
ranking of the most important
players. Notable examples include
outlet concepts such as
Wöhrl in Nuremberg and Peek
& Cloppenburg in Oberhausen,
as well as the Swedish fashion
label Lager 157 in Essen.
In addition, non-food discounters
Woolworth, Tedi, and Action
are still on the lookout for
new stores, appreciating the
excellent micro-locations of
former department stores and
their ability to transfer their
floor space layout to their own
concept (11 percent share in Q1
to Q3 2025).

Page 4 T O M
INTERVIEW
October 2025
„We see great potential in urban areas”
Interview with Vanessa Hegele (Lidl Germany)
Vanessa Hegele is Head of
Real Estate Portfolio Management
for Germany at the discount
supermarket chain Lidl.
In this role, she is responsible
for the strategic development
and optimization of the store
and logistics network. Her focus
is on implementing sustainable
and economically stable
real estate concepts and integrating
stores into urban locations.
TOM Editor-in-Chief
Thorsten Müller interviewed
her on precisely this topic.
TOM: The retail real estate
industry is currently looking
for economically stable and
sustainable ways to establish
new properties. What factors
are important to Lidl when
deciding on new locations or
property types?
Vanessa Hegele: At Lidl, we
are continuously developing our
store portfolio in terms of both
quality and quantity. The expansion
of our store network is
one of the key drivers for Lidl‘s
sustainable growth in Germany.
We want to continue to fill in the
last blank spots on the map of
Germany so that every customer
can shop at Lidl quickly and
conveniently. Whether we build
a store in a particular location
depends on a variety of factors.
Every new local store has an impact
on the quality of life in the
area—we are aware of this responsibility.
When developing
our real estate projects, we place
particular emphasis on creating
socially and environmentally
compatible solutions and positioning
ourselves as a reliable
partner for local communities
and regions. That is why we focus
on sensitive urban integration
and are constantly looking
for ways to further optimize our
store network through targeted
location selection. We see great
potential in urban areas in particular.
The ideal size for a new store is
1,400 square meters, so that we
can present our extensive range
of around 4,300 individual
items to customers in an appealing
way. At the same time, we
always keep an eye on space
efficiency. This is becoming
increasingly important, especially
in redensification projects.
Vanessa Hegele
Depending on the location and
individual requirements, we
develop tailor-made solutions
in the form of flexible store
concepts: whether it‘s a freestanding
standard store with an
attached parking lot, a compact
city center store, or integration
into existing building structures
such as a train station or department
store.
In addition, we are constantly
working to implement the latest
efficiency systems in our
real estate projects and to keep
central sustainability goals in
mind at all times. One example
of this is the ecological timber
Photo: Lidl
construction of our branch in
Wangen im Allgäu. Combined
with modern building services,
the timber construction saves
energy and enables a permanent
saving of around 705 tons of
CO2 over the entire life cycle of
the branch.
Essentially, we are currently
focusing primarily on mediumsized
cities and metropolitan
areas. There, we can not only
further develop our branch network
in a targeted manner, but
also actively contribute to the
revitalization of city centers.
City center locations are particularly
important to us: they
enable us to combine local
supply with sustainable urban
development – a goal we aim
to achieve through flexible concepts
and open dialogue with all
stakeholders. Because one thing
is certain in every project: we
want to implement the best possible
real estate concepts for all
parties involved.
TOM: Can you briefly describe
the main differences between
your individual retail
real estate formats?
Vanessa Hegele: Our real estate
concepts are always based on
local conditions. We don‘t have
one right way, but many. However,
there are basically two
strategic approaches: the proven
standard for optimal space
utilization and tailor-made solutions
for complex locations.
Our freestanding standard store
offers a modern feel-good atmosphere
with efficient technology
and a clearly structured sales
area. This type of store meets
our customers‘ requirements for
a modern shopping destination
and is easy and convenient to
reach by car for weekly shopping.
Our city center stores are
just as easy to reach, ensuring
local supply in highly frequented
central locations. Here, we
deliberately focus on existing
buildings and architecturally
sensitive integration into the
existing surrounding structure.
This is because we see food retail
not only as a supplier, but
also as a contributor to urban
quality of life.
The metropolitan branch is our
answer to the challenges of inner-city
land scarcity: to save
space, the parking spaces at these
locations are on the ground
floor and the sales area is on
the upper floor. Mixed-use properties
are a sensible alternative
for combining local supply
with daycare centers, residential
construction, or offices and hotels
in a space-saving manner.
Last but not least, we are also
represented in retail parks. The
decisive advantage of such centers
is that they offer our customers
a convenient shopping
experience with short distances
and good accessibility. The
diverse range of products in a
retail park, from food and drugstore
items to electronics and
furniture, creates a comprehen-

Page 5 T O M
INTERVIEW
October 2025
OPS F THE ONTH
The Lidl store in Albstadt-Ebingen stands out thanks to its environmentally friendly construction and energy efficiency throughout its entire
life cycle.
Photo: Lidl
THE HOT
INTERVIE
+++ PART
ANALYSE
presente
March
sive shopping experience that
covers a wide variety of customer
needs and makes the location
attractive to a broad target
group.
TOM: What has changed in
the interior and exterior design
of your classic stores over
the last three to five years?
Vanessa Hegele: The requirements
for modern stores have
changed significantly, and we
at Lidl are actively shaping this
change. We are continuously
developing our store architecture,
both inside and out, with the
aim of harmonizing sustainability,
technology, and customer
experience. In the interior, we
focus on adapting to changing
customer needs such as a feelgood
atmosphere, clarity, and
comfort. The wide aisles and
low shelves are indispensable
for people with disabilities and
older people, contribute to clarity,
and create a pleasant shopping
atmosphere. The fresh produce
range in particular is being
given more space to accommodate
an even wider selection of
fresh fruit and vegetables, baked
goods, fresh meat, and dairy
products. Additional services
such as self-service checkouts
are also worth mentioning as
innovations. The store layout
is also tailored to the processes
and needs of our colleagues.
This includes bright, modern
staff rooms as well as rooms for
training and e-learning applications.
Sustainability is at the heart of
the exterior design. We are implementing
the latest technology
and ecological construction
methods in our new buildings.
Components such as a photovoltaic
system on the flat roof of
the store are part of the concept.
Another focus is on promoting
sustainable mobility solutions
through direct connections to
public transport or charging stations
for electric vehicles.
The Lidl stores in Albstadt-
Ebingen and Wangen im Allgäu,
which are constructed from
wood, are examples of innovative
and sustainable building.
Both have been awarded the
DGNB Platinum Certificate by
the German Sustainable Building
Council, the highest level
of this renowned seal of approval
for sustainable real estate.
Among other things, they feature
a detachable and dismantlable
wooden structure without
composite materials, efficient
building services with heat recovery,
and electrochromic,
self-tinting glass for glare and
heat protection on the ridge side
windows in the entrance area.
TOM: What else do you have
planned for this year in terms
of expanding your branch network?
Vanessa Hegele: Our goal remains
clear: we will continue
to develop our branch network
consistently this year, in a targeted
and responsible manner. The
focus is on urban densification
areas and fast-growing mediumsized
towns where we see potential
for better local supply. In
addition to opening new stores,
we are also committed to further
developing our existing portfolio
through relocations, modernizations,
and expansions. The
decisive factor is always that
we take local conditions and developments
into account. Every
location is unique, and that is
precisely what makes our work
so exciting.
TOM: Do you have a personal
wish, a specific goal that
you would like to achieve this
year?
Vanessa Hegele: My personal
goal is to actively drive forward
Lidl‘s expansion in Germany together
with my team – with projects
that are successful in the
long term and create real added
value for the local community. I
am particularly looking forward
to locations where we can show
how urban development quality,
sustainability, and an excellent
shopping experience go hand in
hand. Because I am convinced
that food retail has the potential
to be a driving force for livable
cities. And that is exactly what I
want to help shape.
T
TOMO
M
RETAIL TOPS OF REAL THE ESTATE MONTH
TOPS
OF THE
MONTH
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
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sent by e-mail
Editorial team: Susanne Müller,
Thorsten Müller
Responsible in terms of press
law: Thorsten Müller
Layout: K4-PR, Essen

Page 7 T O M
TOP STATEMENT OF THE MONTH October 2025
TOP STATEMENT
October
„For me, restaurants
in city centers are extremely
important.
I‘m open-minded, quickly
strike up conversations
with people
everywhere I go, and
always find my favorite
pizzeria or bakery.
What matters is that
the service is good
and the food tastes
good. If I feel comfortable,
I‘ll be a regular
customer.“
Lukas Podolski, 2014 soccer
world champion and, for some
time now, co-owner of a successful
and rapidly expanding kebab
chain, in an interview with HI
HEUTE
Photo: Gero Meyerdierks

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 9 T O M
NEWS October 2025
Shaping cities, winning people over
Homeira Amiri in an interview on the role of gastronomy
Gastronomy is much more
than a plate of food or a visit
to a café. It is a social meeting
place, an identity-forming
element in the neighborhood,
and an important location
factor for real estate development.
At the same time, the
industry is struggling with an
acute shortage of skilled workers,
bureaucracy, and profound
changes in the world of
work.
One person who is familiar with
both sides of the coin is Homeira
Amiri. She has been at
home in the hotel, gastronomy,
and event industries since 1999
and is now CEO of Amiri Consulting
& Hospitality GmbH,
entrepreneur, and chair of the
supervisory board of the Denkfabrik
Zukunft Gastwelt (DZG)
think tank. With her project to
attract international skilled workers,
she is developing practical
solutions that go far beyond traditional
recruitment. In an interview
with TOM, Amiri talks
about the importance of gastronomy
for urban development,
the hurdles in recruiting skilled
workers, and the opportunities
offered by a diverse industry.
TOM: Ms. Amiri, what role
does gastronomy play today
for cities, neighborhoods—
and also for the real estate
market?
Homeira Amiri: Gastronomy
is a key location factor, a catalyst
for urbanity, quality of life,
and identity. It creates places for
people to meet, exchange ideas,
and feel a sense of belonging—
in other words, a real community.
In the real estate context, it
is crucial for foot traffic, attractiveness,
and sustainable value
creation.
TOM: How is the importance
of gastronomic offerings
changing from the perspective
of urban planners, investors,
and property owners?
Homeira Amiri: Gastronomy
is no longer a “nice to have,”
but is recognized as an emotional
anchor and economic driver.
Wherever it is integrated, the
quality of life increases. Lively
places are created that attract visitors
– a win-win situation for
businesses, tenants, surrounding
industries, and locations.
Homeira Amiri has been at home in the hotel, hospitality, and event
industries since 1999.
Photo: DZG / Serkis
TOM: The shortage of staff is
noticeable throughout the industry.
What are the biggest
challenges right now?
Homeira Amiri: On the one
hand, many businesses have to
reduce their opening hours because
they can‘t cover shifts.
On the other hand, applicants
want faster processes, but the
structures are often sluggish.
It‘s not just more people that
are needed, but also new ways
of thinking and the courage to
change.
TOM: You are leading a project
to recruit international
skilled workers. What is the
core of your idea?
Homeira Amiri: With PEOP-
LE@AGENCY, we are building
a bridge between international
potential and German demand.
The goal is sustainable integration,
with a digital platform,
network, and personal support
from visa to onboarding. Starting
with trainees from Indonesia
and Tunisia, we are now also
active in the EU and in other
industries, such as the medical
sector.
TOM: How much effort does
it take to integrate international
skilled workers in a sustainable
way?
Homeira Amiri: Far too much.
Entry often takes months. Applicants
need support with language,
bureaucracy, and everyday
life. Integration means
practical support, not just forms.
Those who welcome others receive
loyalty, energy, and commitment
in return.
TOM: What does a company
need to do—beyond language
courses?
Homeira Amiri: Structured
processes, patience, and genuine
interest. Integration also
involves finding housing, culture,
and everyday life. Those
who take this seriously will gain
long-term, committed employees.
Humanity is the key.
TOM: What are the biggest
hurdles at the moment—and
what needs to change politically?
Homeira Amiri: In bureaucracy,
the legal situation, and mentality.
We need digital procedures,
faster visas, uniform rules,
and an open mindset. Language
certificates before visas slow
things down. Language is better
learned on the job. We‘re
not bringing in workers—we‘re
bringing in people.
TOM: Is the industry ready
for more diversity and cultural
change?
Homeira Amiri: Yes – it has
been embracing it for a long
time. Studies show that around
50 percent of employees in the
food service industry have a migrant
background. What is missing
are political measures such
as faster work permits to really
harness this potential.
TOM: What does a sustainable
team in the food service
industry look like?
Homeira Amiri: Diverse, purpose-driven,
human. It needs
trust, digital processes to reduce
the workload, and leadership
with attitude. Politicians must
create economically viable framework
conditions – through
training budgets, tax relief, and
balanced tax and wage structures.
TOM: Where is the biggest
contradiction between political
goals and operational reality
at the moment?
Homeira Amiri: In the discrepancy
between importance and
treatment. With a GDP share
of almost 500 billion euros in
2024, our industry is economically
strong – but often overlooked
politically. We must represent
our concerns together and
loudly. Change begins not only
in politics, but also in business
and in the industry – at every table
where people come together.
TOM: But what advice do you
give to colleagues who say, “I
can‘t find people anymore”?
Homeira Amiri: Offer more
than just a job. Show appreciation
from day one. Ask yourselves:
How is the onboarding process
going? How do you create
a sense of belonging? The solution
often lies within the business
itself, not just in the job
market. People stay when they
feel welcome and valued.
TOM: If you had one wish,
what would have to change to
make the restaurant industry
attractive again?
Homeira Amiri: That politicians,
the industry, and society
recognize the true value of the
restaurant world. Politicians
should treat the indu

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Page 11 T O M
ANALYSES October 2025
Fashion retailers often miss
opportunities after online purchases
Customer loyalty does not begin in the shopping cart
In the highly competitive online
and omnichannel fashion
market, clicking “buy” is no
longer the only factor determining
a brand‘s success.
What customers experience
afterwards – from shipping
to returns – has a greater impact
on their opinion than the
largest selection or the highest
discount. A recent study by
parcelLab shows that it is precisely
in this phase that many
providers are failing to exploit
valuable potential.
For the study “Fashion UNBO-
XED – Mail Order Germany
2025,” 125 real orders were
analyzed. The focus was on
everything that happens between
order confirmation and
completed returns: transparent
communication, delivery time,
unpacking service, handling
of returns, and sustainability
aspects. The results are mixed.
Only a few offer
free shipping
The delivery date alone shows
how differently retailers operate.
Only a very small proportion
communicate specifically on the
product page when a package is
expected to arrive. Many shops
remain vague even at checkout,
leaving customers feeling
uncertain. Standard shipping
costs around €4.70 on average.
Only a tiny fraction of providers
offer free delivery – and usually
only for orders above a high
minimum value of around €100.
DHL clearly dominates as the
delivery partner, while only a
tenth of companies even allow
their customers to choose the
shipping service provider. Express
options are available from
almost half of the companies,
but at an average of more than
€12, they are anything but cheap.
Many items
arrive late
There is also room for improvement
in terms of speed: on
average, orders take three and a
The service provided after a fashion order is placed has a significant impact on customer satisfaction.
Photo: AdobeStock / Przemek Klos
half working days to reach their
destination, and more than one
in five orders arrives late. Retailers
also rarely offer complete
transparency about the parcel‘s
route. Real-time tracking on the
day of delivery is the exception
rather than the rule. At least
many brick-and-mortar retailers
offer in-store pickup—a service
that is less common for returns,
however.
Hardly any emotional
connection
How a package is opened has
become an important brand experience.
But this is often where
savings are made. Around twothirds
of companies use branded
packaging and boxes that are
easy to open. Inside, however,
the shipments often appear careless:
only a small proportion
of companies design visually
appealing packaging, and tissue
paper remains a luxury detail.
A surprising number of retailers
even ship products without any
protective inner packaging – a
wasted opportunity to strengthen
emotional attachment to
the brand.
Shortcomings in
returns
Returns processing is similarly
heterogeneous. On average, refunds
are only issued after six
days, which can be perceived as
long, especially for high-priced
fashion items. A return label is
not always included and is sometimes
only provided for a fee.
Only a small number of shops
allow direct exchanges via the
returns portal. On the positive
side, more than half of the portals
make it easy to find suitable
return locations nearby.
According to the study, the customer
experience often falls
short of what is possible in
terms of communication. Until
their order arrives, buyers usually
receive several emails – but
rarely via modern channels such
as WhatsApp or SMS. It is also
striking how many retailers still
use no-reply addresses, thereby
preventing direct queries.
Reviews are usually requested
long after the purchase, when
many impressions have already
faded.
And what about sustainability?
The study shows a market
in transition. The majority of
packaging is made from environmentally
friendly materials.
However, almost every second
shipment still contains plastic,
and CO2-neutral returns are still
a rarity. At least many companies
are increasingly paying attention
to appropriate packaging
sizes in order to save resources.
The study makes it clear that the
so-called post-purchase experience
is not yet a consistently
used differentiator for fashion
retailers – even though this is
where customer satisfaction,
brand loyalty, and operational
efficiency converge. Those who
view shipping, communication,
and returns not as a cost center
but as part of the brand promise
create an experience that continues
to have an impact even
after the package has been opened.
Conclusion: Customer loyalty
does not begin in the shopping
cart. It begins afterwards.

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Page 13 T O M
NEWS October 2025
Strong performance:
Outlet centers are gaining in importance
According to Savills, the investment
volume in European
factory outlet centers (FOCs)
increased to €653 million in
the first half of 2025. This represents
a 3.2 percent share
of the total retail investment
market in Europe – well above
the ten-year average of 1.8
percent. By August 2025, the
volume had totaled over €1
billion, indicating a dynamic
second half of the year on the
market.
At the same time, demand from
brands for outlet space continues
to rise. According to Ken
Gunn Consulting, 588 new outlet
stores have opened in Europe
since July 2023.
Rituals leads the way with 14
new locations, followed by Jack
& Jones (12), Under Armour
and Swarovski (10 each), and
Skechers (9). Levi’s, Guess, adidas,
Puma, and Tommy Hilfiger
remain among the best-known
tenants.
„Thanks to high purchasing
power and a low outlet density
compared to other European
countries, Germany remains one
of the most attractive expansion
Outlets play a strong role in the shopping places business.
markets for many brands. Not
only does this open up opportunities
to tap into new stores and
customer groups, but outlets are
also becoming an important sales
channel for overproduction.
In some cases, production is
even specifically targeted at outlet
sales. We therefore expect
demand for space to continue to
rise,“ says Daniel Kroppmanns,
Director and Head of Retail
Agency Germany at Savills.
The upward trend is likely to
continue: according to a brand
survey by ecostra, many companies
plan to open an average
of 2.7 outlet stores in 2025, up
from 2.4 in the previous year
and the first growth since 2018.
In the same survey by ecostra,
brands also indicated which
Photo: McArthurGlen
countries in Europe offer the
greatest potential for FOCs. The
results show that Germany is
the preferred destination – 35
percent are interested in expanding
there in the next three years.
This is followed by Spain
(32 percent), France and the UK
with 27 percent each, and Austria
and Poland, both with 16
percent.
CC Real opens WOOP! Fun and Leisure Park in Graz
The international center company
CC Real has now celebrated
the opening of WOOP! Fun and
Leisure Park in Center West
Graz (Austria). Covering 5,800
square meters and representing
an investment of over five million
euros, it is Austria‘s largest
and most modern indoor fun
park. “Leisure and entertainment
are a key success factor
for us in the future of modern
shopping center development,”
explains Roland Pinz, Managing
Director Asset Management
CC Real. “With projects
such as Center West Graz, we
want to set new standards for
experience orientation, quality
of stay, and sustainable location
development.” WOOP! was
founded in Slovenia in 2017
and successfully operates four
locations there. Graz is the first
property outside the home market
and thus marks an important
milestone in the company‘s
international expansion.
WOOP! Fun and Leisure Park in Center West Graz.
Photo: CC Real

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Page 15 T O M
MAP OF THE MONTH October 2025
NIQ Purchasing Power, Europe 2025
The NIQ Geomarketing Map of the Month for October
shows the regional distribution of purchasing power
in Europe in 2025. The average per capita purchasing
power in Europe is rising to 20,291 euros this year.
However, there are significant differences among the
42 countries analyzed: Liechtenstein clearly leads the
ranking with a spending potential of 71,130 euros per
person. Switzerland and Luxembourg also rank well
above the European average, with 53,011 euros and
38,929 euros respectively, placing second and third.
At the bottom of the scale – as in previous years – is
Ukraine. With a per capita purchasing power of just
2,946 euros, Ukrainians fall more than 85 percent below
the European average.

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