TOM December 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
December 2025
According to Cushman & Wakefield, the European retail sector has had a good start to the new year. Photo: AdobeStock / EdNurg
European retail market starts
the new year with momentum
Prime locations, experiential formats and investor confidence shape the picture
The European retail property
market is looking ahead to
2026 with renewed optimism.
According to the latest ‘European
Outlook 2026’ report
from Cushman & Wakefield,
prime locations and innovative
store concepts in particular
are benefiting from a noticeable
improvement in sentiment
among consumers, tenants
and investors.
‘Market sentiment has changed
significantly ahead of the turn
of the year 2025/2026,’ explains
Kevin Thorpe, Chief Economist
at Cushman & Wakefield. ‘Confidence
in the commercial real
estate sector is growing again,
capital is flowing back into the
market, and stable to declining
interest rates are creating better
conditions – including for the
retail sector.’
Retail sales are picking up again
in European cities such as Madrid,
Milan and Paris. Increased
consumer confidence and higher
footfall in prime city centre locations
are reviving brick-andmortar
retail. Retailers are investing
more in their spaces to
make brands more tangible and
clearly differentiate themselves
from online retailers. The traditional
salesroom is increasingly
evolving into an experience
space: flagship stores, showrooms
and hybrid concepts with
events, catering or digital elements
are gaining in importance.
This development is particularly
strengthening high-quality
city centre locations with a high
quality of stay.
Cushman & Wakefield expects
average rents for prime retail
locations in Europe to rise by
around 1.9 per cent per annum
over the next two years. The
main growth drivers are prime
locations in large cities and innovative
usage concepts that
increase footfall and brand loyalty.
Secondary locations and less
high-profile shopping formats,
on the other hand, remain in
selective demand. The gap between
prime products and average
properties is widening –
quality, location and flexibility
are becoming decisive factors
for lettability.
According to the study, investor
interest is also rising noticeably
in parallel with the operational
recovery. Retail now accounts
for 16 per cent of total European
real estate investment volume,
up from a low of 12 per cent in
2021. Larger transactions with
volumes of €250 million and
above are increasing in particular,
especially in Southern and
Central Europe. Prices are stabilising
in several markets, while
retail parks and selected shopping
centres have recently seen
a slight compression in yields.

Page 3
TOP STATEMENT OF THE MONTH December 2025
TOP STATEMENT
December
„2026 brings both, momentum
and direction:
new regulatory impetus
and technological
possibilities are creating
a unique window
of opportunity for
retail, the real estate
industry and local authorities.
It is crucial,
that we embrace innovation
and modernise
the framework conditions
– rather than
clinging to structures
that no longer reflect
reality. Retail, the real
estate industry and
the public sector need
courage, direction and
joint solutions.“
Marc Föhrer, Managing Director
of the consulting firm
Stadt + Handel (Dortmund), in
a statement for the HI HEUTE
digital magazine “What‘s new
in 2026?”

Page 4
TOM: Mr Schmitz, with
around 100 shopping centres
under management and more
than 60 years of experience,
ECE Marketplaces is the
largest operator of shopping
centres in this country. From
your perspective, how has the
operating business changed in
recent years?
Ulrich Schmitz: The changes
are enormous and affect almost
the entire spectrum of our activities
as a service provider
for the holistic management of
shopping centres and the properties
themselves. This starts
with the ongoing changes in the
tenant market and tenant mix,
continues with new service offerings
and the digitalisation of
the customer journey, and does
not end with the increased ESG
requirements and the control
options offered by modern building
services.
This comprehensive transformation
process is a challenge,
but also a great opportunity –
for us as a holistic operator and
for the individual assets to position
themselves for the future
and compete in the market.
Ulrich Schmitz, Director of Centre Management Operations at
Photo: ECE
just a few years ago.
TOM: What are the reasons
for these changes?
Ulrich Schmitz: The reasons
are as varied as the effects – but
one key aspect is digitalisation.
A key driver of change is changing
customer behaviour, which
is also largely due to the increasing
digitalisation of all areas
of life. Customers are shopping
online more frequently, which
is leading to adjustments in the
tenant mix and must continue to
do so. At the same time, customers
expect more digitalisation
in the services offered throughout
the entire customer journey,
so we as centre managers
have also made many changes
in this area in recent years. We
are also taking advantage of the
opportunities offered by digitalisation
in the management of
building technology and in our
back-office processes in order
to become even faster and more
efficient overall. Added to this
are other aspects such as in-
ECE Marketplaces
creased legislative requirements
in terms of energy efficiency
and climate neutrality, and investors‘
growing demands for
reporting and KPI-based decision-making
processes.
TOM: How are you, as an
operator, adapting to these
changing requirements?
Ulrich Schmitz: We are constantly
and consistently changing
our company, our tools
and processes, our products and
services in order to respond to
changes and proactively anticipate
future market requirements.
We have already made
great progress in this regard, but
we are not standing still; we are
constantly evolving.
This flexibility and adaptability,
along with a constant process
of innovation, are ECE‘s great
strengths, which have distinguished
us and made us successful
over the past decades. We have
been operating shopping centres
for over 60 years, but today we
do many things very differently
than we did 60 years ago, and
even differently than we did
INTERVIEW
„We have been operating centres
for over 60 years, but today
we do many things very differently“
ECE Director Ulrich Schmitz on changes in centre management
TOM: How do you implement
this organisationally?
Ulrich Schmitz: Networking
between disciplines and departments
at ECE has increased
again in recent years. Close
cooperation between asset management,
centre management
and leasing is essential in order
to successfully operate and
develop properties and prepare
them for the future.
To this end, our Asset Management
team usually works with
the investor to develop a portfolio
and asset strategy, which
is then implemented in close
cooperation with Centre Management,
our leasing experts,
architects and ESG managers in
the form of concrete measures,
continuously optimised and reported
on. In this way, we ensure
that the necessary change and
development process is optimally
managed and implemented.
TOM: Let‘s take a closer look
at the changes you mentioned.
Let‘s start with the tenant
mix...
December 2025
Ulrich Schmitz: The success
of a centre depends largely on
the continuous development of
its offering. A tenant mix that is
appropriate for the location and
offerings that are tailored to the
changing needs of visitors are
crucial. In Germany, on the one
hand, the importance of mixeduse
concepts is growing, combining
retail as the essential core
with services and complementary
uses from the areas of leisure,
entertainment and health. Shopping
centres are thus increasingly
becoming the central shopping,
service and supply centres
that we have always seen them
as. Examples include the establishment
of medical centres,
public institutions such as city
libraries, and gastronomy and
experience concepts that create
additional incentives for visitors.
TOM: And on the other
hand ...?
Ulrich Schmitz: ... there are
also changes within the retail
sector mix. The much-cited
transformation in the retail sector
has intensified and accelerated
in recent years. As landlords,
we have had to deal with
numerous retailer insolvencies
and continue to do so.
This is mostly due to the aftermath
of the pandemic and inflation,
ongoing online competition,
rapidly changing customer
preferences in terms of brands
and products, and, in some cases,
internal problems or strategic
misjudgements regarding
brands and product ranges.
As a result, some retailers have
significantly reduced their portfolios
or disappeared altogether.
On the other hand, there are
concepts that are highly successful,
growing and expanding,
opening new and larger shops in
the centres. Our job as operators
and landlords is to understand
these changes in the tenant mix
and to address foreseeable changes
at an early stage in order to
actively show owners possible
perspectives.
Continued on page 6

PROPERTY MANAGEMENT
SOFTWARE FOR RETAIL
Retail Property Management
Has Never Been Easier
Simplify the commercial management of retail properties for you and your tenants.
Whether you’re managing long-term or short-term, specialty leases, our solutions ensure
accurate and efficient calculations, eliminating manual errors, reducing time spent on
admin and improving transparency.
Effortless multi-tenant management
Streamline operations and efficiently manage
retail spaces with ease.
Real-time portfolio insights
Access real-time data to make smarter
decisions across retail portfolios.
Streamlined lease processes
Simplify lease negotiations and renewals
for lasting tenant relationships.
+49 (0) 6131 4909007
yardi.de/products/elevate
(800) 866-1144
Learn with us at yardi.com/webinars
Scan QR
code to
learn more
©2025 Yardi Systems, Inc. All Rights Reserved. Yardi, the Yardi logo, and all Yardi product names are trademarks of Yardi Systems, Inc

Page 6
INTERVIEW
December 2025
„We have been operating centres for over 60 years,
but today we do many things very differently“
Continued from page 4: Interview with ECE Director Ulrich Schmitz
TOM: Department stores,
some of which occupy huge
spaces, have also disappeared
from various locations and
need to be re-let.
Ulrich Schmitz: We have been
very successful in re-letting the
former Galeria spaces in the
centres. Several locations are
already fully let, and we are in
the final stages with the others.
The successful transformation
of these large spaces is a very
good example of how flexible
and adaptable shopping centres
are. This clearly shows that not
only can large spaces be easily
reoccupied, but that we can ultimately
even make the centres
more attractive, either by dividing
up the space and attracting
several new tenants to the centre
or by creating a completely new
offering for the centre, as we
did with the Food Garden in the
Main-Taunus-Zentrum. In this
respect, insolvencies always
present a great opportunity to
bring the tenant mix up to date
and further develop the centre in
a positive way.
TOM: In addition to individual
concepts, are there entire
sectors that are particularly in
demand?
Ulrich Schmitz: In fact, there
is also another shift taking place
in the sectors: for example,
the importance of discount concepts
has increased significantly
due to customer demand and
because this segment is often
less easily replicated online.
Catering continues to be an important
aspect of the quality of
a centre‘s atmosphere and experience.
And last but not least, tenants
with new service offerings
from areas such as health, wellness
and beauty are growing.
TOM: The services offered by
centres are a good keyword,
as they are considered one
of the hallmarks of shopping
centres. What changes are you
observing here?
Ulrich Schmitz: Just observing
is not the right approach. Rather,
we are actively working to
comprehensively digitise the
range of services along the customer
journey.
This starts with centre marketing,
with digital information
An example of the successful transformation of a former department store: the new Food Garden at
the Main-Taunus-Zentrum.
and contact at home, through to
personalised offers and real-time
digital communication with
customers and tenants at the
POS in the centres through our
Digital Centre News Club. But
it also applies to services such
as parking, which is becoming
easier and more convenient with
automatic number plate recognition
on entry and automated
billing of parking fees on exit.
TOM: To what extent have
events and activities in the
centres also changed?
Ulrich Schmitz: Live events
continue to be highly relevant
in our centres and for local customers,
precisely because such
experiences are not possible online.
However, we have noticed
that the nature of the experiences
has changed and the attention
span of the target group has
decreased. However, exciting
events and topics that are relevant
to customers are still very
important for the centres and
their community management,
provided they are accompanied
by social media. Content and
community management – these
are new and essential terms
in centre management that are
essential for successful centre
marketing today.
TOM: What is community
management?
Ulrich Schmitz: First and foremost,
community management
refers to the classic concept of
the centre networking with its
followers – i.e. the interested
community in the catchment
area – sharing information, inviting
people to events and offering
incentives. However, this
has now gone a decisive step
further: our shopping centres are
now much more than just places
to shop, as we have developed
them into social community
hubs. As public, multifunctional
spaces, they combine various
offerings, uses and functions
such as supply, exchange and
experience for all visitors and
the entire neighbourhood. This
also includes making the centres
available as supply hubs and
contact points for local people
in public emergencies and crisis
situations. This is another important
change in recent years
that contributes significantly to
our social impact strategy.
TOM: Which brings us to the
topic of ESG – another area
full of change.
Ulrich Schmitz: Here, too, we
are dealing with a number of
changes, but these offer many
opportunities for us as centre
managers.
The framework conditions have
changed in that, on the one
hand, the legal requirements for
energy standards have become
increasingly stringent, even for
existing properties, and thus the
pressure from the market side
is also continuously increasing.
At the same time, the new standards
for monitoring and reporting
are ensuring ever greater
transparency, meaning that the
energy standard of the property
is becoming visible.
It is therefore becoming increasingly
important, sensible and
urgent for owners to take action
and invest in the sustainability
and climate neutrality of their
assets – and thus in their value
stability. As centre and asset
managers, we have developed a
range of ESG products for owners
– from taxonomy checks
and ESG and climate risk analyses
to comprehensive renovation
roadmaps.
TOM: To what extent is modern
building technology also
part of this approach?
Ulrich Schmitz: Consumption
data, measured values and control
options have become much
more important, as they form
the basis for the transparency
and reporting requirements of
investors, tenants and banks,
and are also needed for monitoring
and reporting ESG targets.
Modern building services with
the latest sensor technology
and significantly refined measuring
points are one of the keys
to this. Today, they also enable
us to control building services
in a more targeted and therefore
more efficient manner, i.e. in
particular in a more energy-efficient
manner, while increasingly
focusing on the entire
building with its functions and
interactions, thereby optimising
its operation.
TOM: What role does ‘green
lease’ play in this context?
Ulrich Schmitz: Green lease
is a very important factor here.
In addition to the obligation to
consistently use LED lighting
and green electricity, our green
lease agreement includes the
disclosure of tenant consumption
data. This is the only way
to measure and analyse the total
consumption data and the entire
carbon footprint of a centre.
Here, too, we are working consistently
on the digitalisation of
data collection and reporting for
tenants and investors.

Page 8
ANALYSES
December 2025
NextGen Shoppers: the future of retail
What consumers want in the coming years
The German retail sector is
on the cusp of a comprehensive
transformation that extends
far beyond the often-discussed
competition between
online and brick-and-mortar
retail. In its ‘NextGen Shoppers’
study, JLL examines
consumer demands on the retail
sector in the coming years.
The survey of 10,000 consumers
confirms that what, where and
how people shop is increasingly
determined by multiple factors,
including age structure, type of
settlement, geographical origin
and individual lifestyle. The ten
most important retail markets,
the Big Ten, stand out with their
specific characteristics.
The realities of life and expectations
of consumers in Germany
are not homogeneous – neither
regionally nor across generations.
The differentiation begins
with the settlement structure:
while consumers from rural regions
often rely on classic retail
park formats and personal advice,
urban target groups embrace
the full range of digital and
brick-and-mortar channels. Generation
Z, i.e. 18- to 29-yearolds,
is considered the pioneer
of the ‘experience economy,’
linking consumption more closely
with social experiences and
digital efficiency – 77 per cent
are price-sensitive, while 44 per
cent use app-based discounts
and 58 per cent visit restaurants
as social meeting places. The older
generations – such as baby
boomers (aged 50 to 64) and seniors
(aged 65 and older) – are
more attached to advice and service
in brick-and-mortar retail,
at 61 per cent and 59 per cent
respectively.
JLL has shed light on shopping behaviour in the future.
Photo: AdobeStock / djile
The survey shows a clear differentiation
in the choice of shopping
location by product category,
but there are some significant
differences in the habits of
respondents from the Big Ten,
the ten largest shopping cities in
Germany – Berlin, Düsseldorf,
Frankfurt am Main, Hamburg,
Hanover, Cologne, Leipzig,
Munich, Nuremberg and Stuttgart
– compared to the national
average. While electronics are
primarily purchased online both
nationwide (42 per cent) and in
the Big Ten (41 per cent), the
habits of the remaining consumers
differ depending on their
place of residence. Around 38
per cent of respondents nationwide
prefer specialist stores
when shopping for electronics
and telecommunications, and 12
per cent prefer shopping centres.
In the Big Ten, specialist stores
account for only 34 per cent,
while shopping centres account
for 16 per cent. Shopping streets
are slightly ahead in the Big Ten
with eight per cent compared
to six per cent nationwide. But
there are also significant differences
within the ten most important
retail metropolises. In
Stuttgart and Düsseldorf, almost
half of respondents prefer to
buy electronics online, while in
Leipzig, specialist stores and retail
parks are ahead with 39 per
cent. In Munich and Frankfurt,
shopping centres account for
an above-average share (19 and
18 per cent respectively), and
the share of shopping streets is
particularly high in Leipzig and
Cologne (13 per cent each).
Similar differences can also
be seen in other product categories
such as sports/outdoor
equipment, health and beauty
products, home and household
goods, and textiles/fashion and
shoes/leather goods. In the latter
category, the online share is significantly
higher than in other
shopping locations, at 38 per
cent nationwide. In the Big Ten,
however, shopping centres are
just ahead of the online market
(35 per cent) with 38 per cent
(32 per cent nationwide). But
here, too, there are significant
differences between the shopping
metropolises. Stuttgart
has the highest proportion of
online shoppers at 44 per cent,
Munich leads with 14 per cent
for specialist stores, and Leipzig
achieves the highest figure
for shopping centres at 47 per
cent. In contrast, Düsseldorf (25
per cent) and Cologne (21 per
cent) play to their strengths in
the shopping streets.
In addition to regional preferences
for different product categories,
there are also significant
differences in the requirements
for the retail trade of the future
depending on the age of the
consumers. This makes it clear
that successful retail is a combination
of various core elements
that vary from generation to
generation. Younger generations
are already living the digital
omnichannel future and use
restaurants as a social anchor
point, while older generations
continue to rely on traditional
retail structures with personal
advice and optimal accessibility.
Between these two poles,
Generation X (40 to 49 years
old) acts as a balanced bridge,
appreciating both digital and
traditional shopping experiences.
As pioneers of the experience
economy, Generation Z
consumers are already living
the omnichannel future. 77 %
are price-sensitive but tech-savvy.
They lead the way in their
willingness to use app-based
discounts (44 %) and online ordering
with collection (40 per
cent). Particularly noteworthy:
58 % use restaurants and cafés
for social gatherings – for them,
gastronomy is becoming the
social anchor point of the shopping
experience.
Millennials (aged 30 to 39)
value the ability to combine
shopping with other activities
the most (29 %). They demand
more catering (22 %) and digital
networking (29 % for digital
integration at future shopping
locations). This generation is
actively shaping modern retail.
Baby boomers are service- and
quality-focused and define quality
standards with the highest
appreciation for product selection
(61 per cent) and personal
advice (58 per cent in specialist
stores). With their focus
on transport accessibility (40
per cent), they are among the
main users of traditional retail
formats. Senior citizens are the
strongest advocates of traditional
shopping experiences (56
per cent in favour of ‘preserving
traditional shopping’) and, with
the highest appreciation for personal
advice (59 %), they form
the foundation of established
retail structures. All these differences
have a variety of causes
and can be attributed to local
offerings, established structures
and habits, as well as the accessibility
of individual shopping
locations within cities and the
choice of transport.
When it comes to future wishes
for food shopping, there are
clear differences in preferences
between age groups.
A clear generational difference
is already evident in online
grocery shopping: while young
adults between the ages of 18
and 29 (24 %) and 30 to 39-year-olds
(23%) rely heavily on digital
channels, this figure drops
to only eight per cent among
the over-65s. Conversely, older
consumers increasingly prefer
specialist stores and retail parks,
whose popularity rises from 20
per cent among the youngest to
37 per cent among the oldest.

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 10 ANALYSES December 2025
People who shop online today have high expectations.
Photo: Depositphotos / Anton Matyukha
OPS F THE ONTH
Last mile under pressure:
high expectations from online shoppers
Consumers demand transparency and smooth returns
THE HO
INTERVI
+++ PAR
ANALYS
present
Marc
Online retail has become an
integral part of everyday life
for German consumers. However,
with the growing number
of orders, demands on
delivery, returns and sustainability
are also increasing. A
recent study by shipping communications
specialist ParcelLab,
which surveyed 1,000
online shoppers in Germany,
clearly shows that there is a
considerable need for action,
especially in the last mile of
parcel delivery.
Frustration is particularly high
high when it comes to delayed
deliveries and insufficient
shipping information. More
than half of those surveyed find
missing or delayed updates on
delivery status to be a major annoyance.
Transparent communication
and proactive notifications
are increasingly expected
as standard.
The study also highlights clear
differences between target
groups. Younger consumers
under the age of 30 and men in
particular have high expectations
when it comes to tracking
and shipping communication.
As digitally savvy users, they
expect seamless, interactive
services in real time – and any
shortcomings in this area are
viewed particularly critically.
Delays as a
disruptive factor
According to the study, delayed
deliveries are considered
the biggest disruptive factor in
online shopping. 60.4 per cent
of consumers contact customer
service after a negative shipping
experience. At the same time,
67.6 per cent of respondents see
detailed tracking and real-time
updates as a decisive lever for
increasing customer satisfaction.
Women and younger consumers
are particularly sensitive
to insufficient information. The
issue of sustainability is also
becoming increasingly relevant.
More than half of those surveyed
(57.8 per cent) attach great
importance to environmentally
friendly shipping options. The
desire for recyclable packaging
and low-emission delivery methods
is particularly pronounced
among younger consumers and
higher-income target groups.
Optimisation of
returns
Overall, there is a comparatively
high level of satisfaction with
the returns process, but consumers
still see room for improvement.
The speed and transparency
of refunds are a particular
focus. Almost two-thirds of respondents
prefer free returns. At
the same time, 58.3 per cent
say that clear size charts and fit
advice can play a decisive role
in avoiding returns in the first
place.
Further development
required
The bottom line of the study is
clear: online and multi-channel
retailers are challenged to consistently
develop their logistics
and communication processes.
Investments in transparent shipping
communication, modern
tracking technologies and sustainable
shipping solutions not
only pay off in the short term
in the form of higher customer
satisfaction, but also strengthen
customer loyalty in the long
term.
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

The art of
investing
Tailor-made investments in German supermarkets
As real estate experts, we invest in grocery stores
and retail parks throughout Germany.
The advantage?
Financially very strong tenants and crisis-proof basic
supply ensure sustainable attractive returns for
investors.
20 years of experience in food retail
Excellent network
Working in partnership
Big plans? So do we.
Talk to us:
Jörn Burghardt • Managing Director
Phone: +49 (69) 756694334 • E-mail: j.burghardt@g-pep.com
GPEP GmbH · Hamburger Allee 26-28 · 60486 Frankfurt/Main GERMANY • www.g-pep.com

Page 12 GUEST CONTRIBUTION December 2025
New retail realities require a
rethink in the light industrial segment
Guest article by Tim Rosenkohl, Director of Light Industrial at SEGRO Germany
The interfaces between brickand-mortar
retail, e-commerce
and urban production are
evolving at a rapid pace. This
is fundamentally changing
retail logistics. While traditional
distribution centres
and centralised fulfilment models
have long dominated the
market, networked, specialised
structures close to urban
areas are now emerging that
can respond much more flexibly
to different flows of goods.
The boundaries between light
industrial, logistics property
and production space are becoming
blurred.
At the same time, demands on
energy, digitalisation, cooling,
automation and sustainability
are increasing. In this complex
situation, the role of real estate
is also changing: it is increasingly
becoming the central
infrastructure for modern retail
networks, which are designed
to enable process quality, speed
and resilience.
Tailor-made
solutions
The convergence of e-commerce
and brick-and-mortar retail
has already paved the way for
this dynamic. Consumers are
distinguishing less than ever
between online and offline. The
decisive factors are reliability
of supply, combined with high
speed, accurate inventory information
and sustainable operating
models. This is resulting
in a profound transformation
of supply chains, which, after
years of standardised large formats,
are increasingly relying
on tailor-made networks. Large
regional centres continue to
form the backbone, but they
are no longer sufficient on their
own. Smaller urban logistics
units, micro-fulfilment nodes
and branches as local hubs complement
the system. Success
comes when processes are precisely
aligned with service promises
and last-mile costs. At the
same time, there has been a renaissance
in regional production
and configuration steps. Urban
Tim Rosenbohm, Director of Light Industrial at SEGRO Germany.
Photo: SEGRO
manufacturing is responding to
changing value chains, in which
assembly, fine configuration
and packaging often take place
closer to the customer.
Companies are not relocating
their production entirely, but are
creating hybrid locations where
manufacturing and logistics
processes are closely linked.
The decisive factor is space that
supports both technical production
requirements and modern
logistics processes. This increases
expectations for resilient
energy infrastructure, highbandwidth
digital networks and
flexible buildings that enable
automation and process variants
without extensive renovations.
Fresh produce and temperaturecontrolled
logistics will have a
particularly significant impact
on retail logistics in the future.
The food and health sectors
have been highly dynamic in
this area for years, as they work
with tight time windows, high
regulatory requirements and
temperature-controlled processes.
Centralised models therefore
often reach their limits.
Urban locations with powerful
cooling solutions, high-performance
power connections and
opportunities for integrating
charging infrastructure are in
demand. These requirements
are also increasingly influencing
traditional non-food retail,
which also wants to achieve
higher speeds and more precise
deliveries.
Light industrial space in the city
ring is thus becoming an indispensable
supply structure for
retailers who want to improve
their service level or implement
new omnichannel concepts.
Location qualities
redefined
These developments are giving
rise to a new understanding of
location quality. In the past,
the focus was on location, but
today, location, energy availability,
digital connectivity and
flexible building concepts must
all be convincing. Automation
and cooling significantly increase
electricity demand. The property
of the future must therefore
have sufficient grid capacity
and at the same time offer the
possibility of integrating photovoltaics,
storage systems, heat
pumps and intelligent control
systems.
At the same time, digital infrastructure
is becoming increasingly
important, as automated
intralogistics with real-time
control and modern warehouse
management systems rely on
high-performance networks.
Sustainability has also become
a basic requirement, as users are
paying more attention to CO2
reduction, recyclability and
energy efficiency.
With the increasing integration
of logistics and productionrelated
processes into urban
locations, urban planning responsibilities
are also growing.
Properties must ensure lownoise
operations, smart traffic
management, attractive design
and a high-quality charging infrastructure.
Particular focus
is being placed on the revitalisation
of brownfield sites,
which utilise existing network
infrastructure while enabling
sustainable development. Projects
that seek early dialogue
with local authorities not only
achieve greater acceptance, but
also create stable, integrated locations
that support trade, production
and logistics in equal
measure.
Intelligent
networks instead
of sheer size
All this shows that the future
of retail will be determined less
by ever-larger spaces and more
by intelligent, precisely coordinated
networks that are closely
aligned with demand. In this
context, light industrial properties
are developing into links
between logistics, trade and
production. They form the spatial
basis for fast supply chains,
urban manufacturing steps and
contemporary, flexible operating
models. Those who set the
right course today will create
properties that remain economically
viable, technologically
open and permanently relevant.

PREMIUM ECO SERIES
50% LESS
ENERGY
same look & quality
WE MAKE PEOPLE HAPPY.
-50% *
FOR
MORE
INFO
*compared to the classic LED

Page 14 INTERVIEW December 2025
„Economic recovery is
slower than after previous crises”
Interview with IREBS Managing Director Prof. Dr. Tobias Just
TOM: What particular experiences
and insights from the
last few months are you taking
with you into the new year
that might give us all a little
more confidence?
Prof. Tobias Just: The key experience
is that the economic
recovery is much slower this
time than after the financial and
economic crisis, and that more
companies in the real estate industry
are recognising this.
A wait-and-see strategy does not
work; instead, energetic work
must be done on buildings, contracts,
business models, financing
concepts and employee
qualifications, and a higher
degree of analytical ability and
willingness to implement is necessary.
At first glance, this may
seem less optimistic than it is
meant to be.
My confidence stems from the
fact that the players in business
and politics are taking action
because they have to be active.
So I draw my confidence from
the fact that success is based on
hard work and not on risky financing
ventures.
TOM: Let‘s focus primarily
on your work at IREBS: What
were the highlights for you in
2025?
Prof. Tobias Just: We have
initiated or completed many
projects that are remarkable
in terms of their analysis and
content. I would like to pick
out two that have an inner-city
focus: Firstly, we are working
on a series of research projects
on mixed-use buildings. Together
with Daniel Oeter and
Kim Schwilp, I have analysed
the success and prevalence of
mixed-use buildings.
Prof. Dr Tobias Just, Managing Director and Scientific Director,
IRE|BS Real Estate Academy.
Photo: IREBS
We want to understand how cities
are changing, how mixeduse
buildings work in an urban
context, and whether this is associated
with a loss of return.
This is particularly important
for retail properties, because
conversion concepts are often
on the agenda here. Secondly,
together with Hannah Salzberger,
I have investigated how our
cities differ in terms of increased
home office use and how location
qualities prevail here. In
continuing education, we have
tried out new study formats,
for example, to bring the topic
of artificial intelligence to the
industry with an innovative seminar
approach.
One of my personal highlights
was certainly being able to give
a lecture in the grand ballroom
of Schönbrunn Palace in Vienna.
Real estate is clearly much
more than just converted cash
flow.
TOM: Can you already tell us
about some of the confirmed
publications and events for
2026 that deserve special attention?
Prof. Tobias Just: In 2026, I
will be publishing three books
together with colleagues: one on
the Turkish real estate market,
which I conceived together with
the University of Ankara, one
together with Wolfgang Schäfers
from Regensburg and Bing
Wang from MIT Sloan on innovation
topics in the real estate
industry, and then the new edition
of the real estate economics
textbook with which Karl-Werner
Schulte shaped the discipline
of real estate economics
three decades ago and which we
will now reissue in the IREBS
circle of colleagues.
I am even more excited about
the publications I am working
on with my doctoral students,
which we have submitted to international
journals. The publication
date has not yet been set,
as there is a rigorous peer review
process, and the readership is likely
to be smaller, but the topics
are important: they deal with
real estate indices, urban typologies,
real estate stock clusters
and social infrastructure.
I will be happy to report in more
detail on the individual topics
at another time. Many of them
have direct or indirect implications
for city centres and thus also
for retail property.
TOM: How do you currently
assess the professional quality
of employees working in
the retail property sector?
Are they adequately trained
for the many digital requirements?
Prof. Tobias Just: Overall, the
level of training in the real estate
industry, and thus also in the
retail property sector, has risen
noticeably over the last two decades,
during which I have been
involved in real estate education
and training. The requirements
and technical support tools have
also increased.
The world is changing rapidly,
and this is leading to a strange
tension. Employees are becoming
more and more capable,
yet the need for qualifications
is not decreasing, but rather increasing.
And because the focus
of basic training is shifting at
the same time, I believe there
is a growing need for abstract
thinking skills, a generalist perspective
and communication
skills.
We need to be able to use the
new AI tools and, precisely because
we use them, we need to
be able to evaluate the results
appropriately at a higher level
of abstraction and not place too
much trust in them. This poses
challenges not only for employees
but also for trainers, because
the balance between new
technologies and old skills is
shifting daily – and not always
in one direction.
TOM: What do you think will
be the biggest challenge for
the retail property industry in
2026 and, as an expert, how do
you see a way to overcome it?
Prof. Tobias Just: The biggest
challenge will be the lack of
overall economic momentum,
the waning of additional impetus
from immigration, and our
sinking into a slump in sentiment
that will also dampen consumer
confidence. At the same
time, in view of the major geopolitical
challenges, (national)
politics can provide more symbolic
than real support for the
transformation process in cities.
This is not a new challenge, but
ultimately the same as in 2024
and 2025. The answers must be
found at the local level. We then
need not only a willingness to
experiment, but also a platform
so that the diverse regional experiments
can be analysed, allowing
the successful ones to be
adapted and copied and the unsuccessful
ones to be avoided.

Seamless
support
for retail.
Reliable technology, thorough cleaning, visible security
and well-maintained greenery – professionally delivered.
Our efficient FM solutions create ambience, combine
profitability with environmental awareness and deliver
an unforgettable shopping experience. For centres,
markets and shops of all sizes.
www.wisag.de

Page 16 INTERVIEW December 2025
„Shopping that fits into your life.
The future starts today.“
Interview with Markus Trojansky (dm)
TOM: dm has continued its
remarkable expansion in 2025
– even if the signs were once
better. What do you look back
on with particular pleasure in
this regard?
Markus Trojansky: We are
very pleased that dm-drogerie
markt continues to expand rapidly,
even under challenging
conditions.
We are particularly pleased that
investors and landlords continue
to regard us as a trustworthy and
preferred partner. This is a direct
result of our continuous and
intensive networking, which is
paying off in the long term. It
confirms our belief that our hard
work in close cooperation with
all parties involved makes a difference
– and that motivates us
to continue to contribute to the
positive development of our
markets with full commitment.
We are also pleased to see the
successful expansion of dmdrogerie
markt into Poland. Expanding
into new countries is
not only an exciting challenge,
but also a valuable experience
that has shown how important
strategic planning, intercultural
competence and teamwork are
for sustainable success.
The positive market response
and the growth of dm in Poland
confirm that we have taken the
right path and motivate us to
continue to participate passionately
in such projects.
Markus Trojansky Foto: dm
TOM: Rent negotiations are
unlikely to have become any
easier in 2025. What is your
perception of this? What
changes, if any, have you noticed
recently?
Markus Trojansky: The conditions
of our co-relationships
have indeed become more demanding.
We are observing that
rents continue to trend in only
one direction – upwards. As a
result, instead of the classic net
rent, the focus is increasingly on
rent-free periods, construction
cost subsidies or more flexible
terms. Landlords and tenants
are increasingly looking for
creative solutions to make projects
economically viable.
This development is primarily
driven by increased construction
costs and changed financing
conditions. Banks are increasingly
demanding higher equity
ratios and interest rates have
risen significantly. In addition to
increased costs for maintenance
and energy, for example, these
factors are leading landlords to
adjust their rent expectations
accordingly.
For us, this means that we have
to weigh up particularly carefully
where and how we invest
in order to remain economically
successful without compromising
on location quality.
TOM: In any case, dm continues
to enjoy an excellent reputation
and high popularity
among your customers, as recent
surveys show once again.
Is it even possible to improve
on that?
Markus Trojansky: Our customers
voted dm the most popular
brick-and-mortar retailer
in Germany‘s most important
consumer survey, the Kundenmonitor.
In the main category of
‘overall satisfaction’, dm achieved
the highest score of 1.76
among all brick-and-mortar retailers
surveyed. In the drugstore
category, dm thus confirmed its
leading position in Germany. In
this context, we are once again
investing over one hundred million
euros in the retail design of
our stores, among other things,
and are continuously rolling out
our most modern store image.
This includes optimised routing,
improved orientation in
the store and an even more comfortable
shopping experience
overall. The consistent expansion
of self-service checkouts is also
continuing.
At the same time, we see this as
both an obligation and an incentive
to continuously review and
further develop our product range
and services. Improving the
link between online and in-store
shopping plays an important
role in this. Our omnichannel
offerings are to function even
more seamlessly and be further
expanded: better availability
displays, simplified ordering
and collection processes, and
additional digital services that
make everyday shopping easier.
The dm-Express service – where
customers order online and
can pick up their goods, ready
packed, at their preferred store
at short notice – is another building
block that enables customers
to shop at dm in a way that
suits their lifestyle. Namely, instore,
online or via the pick-up
stations in the stores.
TOM: There is lively press
coverage of dm‘s activities
in the health market in connection
with its online range
of pharmacy-exclusive and
pharmacy-only items and various
health services.
Markus Trojansky: In view
of rising healthcare costs, it is
clear that our system needs a
fundamental rethink – away
from purely treating illness and
towards more prevention and
health promotion.
The growing need of many people
to maintain their quality of
life and well-being into old age,
as well as digital innovations,
are supporting this change.
It is a central concern of dm to
continuously expand our customers‘
health literacy. That is
why dm is expanding its online
offering to include pharmacyonly
products, primarily overthe-counter
(OTC) medicines
and pharmacy-exclusive cosmetics.
The mail-order pharmacy is
just one component of making
healthcare and preventive measures
accessible and affordable
for customers. As part of this
strategy, we are currently testing
a blood analysis service in
selected markets. This offering
complements the existing healthcare
system and responds to
changing customer needs. Additional
services such as skin and
eye screenings are also being
tested in the markets.
These measures are a logical
extension of our focus on health
maintenance, with the aim of offering
our customers an attractive
range of health services and
supporting them on their path
to greater prevention and wellbeing.
TOM: What are the most important
factors in your search
for locations for 2026? Is
mixed use still an important
trend for you?
Markus Trojansky: For 2026,
three factors are particularly
important in our search for locations:
location, location and
location – coupled with a suitable
catchment area that enables
sustainable customer frequency.
It is particularly important to us
to be close to the city so that we
are easily accessible to our customers.
As dm is a tenant, mixed use is
not a concept developed by dm
itself. We generally consider
mixed-use projects if they are in
a very good location. Our priority
is to find locations that are
easily accessible and have an
attractive environment.
Retail park locations, on the other
hand, are very attractive to
us because of our self-image as
the leading discount drugstore
chain and are definitely the
customers‘ favourite shopping
destination. The trend towards
individual mobility is further
reinforcing this development.

Page 17 MAP OF THE MONTH December 2025
NIQ Purchasing Power for Coffee, Germany 2025
The Geomarketing Map of the Month for December
shows the regional distribution of purchasing power
for coffee in Germany in 2025. Coffee or tea – what
do Germans enjoy with their gingerbread, speculoos,
and cookies during Advent? The latest NIQ study on
purchasing power for retail product lines for 2025 reveals:
On average, Germans spend around 50 euros
per person on coffee – almost five times as much as on
tea. However, spending potential varies significantly
by region. The biggest coffee enthusiasts are found in
the rural district of Starnberg and the urban districts
of Munich and Wolfsburg, where people invest about
61 euros per person in coffee, which is 22 percent above
the national average. At the other end of the scale
is the urban district of Pirmasens, where spending
amounts to just 39 euros per person.