Global Cities Retail guide. Cushman & Wakefield 2012/2013. milan

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1 Cushman & Wakefield 2012/2013

2 Overview Milan is both Italy s financial and fashion centre, home to several major retail chains and luxury brands including Giorgio Armani, Gucci, Prada and Versace. Although not untouched by the current climate of uncertainty, the retail market in Milan has held up well, with rents and key money remaining stable in top locations. The concentration of luxury brands is in the so called Quadrilatero della Moda, represented by Via Montenapoleone and adjacent streets, featuring approximately 300 top domestic and international brands. Recognized worldwide, these streets have achieved brand status. Competition among retailers to secure and maintain a presence in this area has resulted in both exceptionally high rents and key money. Milan is the province with the largest retail offer of the region of Lombardy, with more than 1 million sqm across 47 schemes and more than 2,000 shops. The density stands at 329 sqm per1,000 inhabitants, above the national averages (248 sqm per 1,000 inhabitants). Though there are five (5) large schemes above 40,000 sqm, Milan still lacks super-regional shopping centers (GLA in excess of 80,000 sqm). However, there are some large scale retail developments in the pipeline, such as the important Westfield/Percassi project: this new shopping center will occupy a 60-acre site close to Linate airport, just 10 km from the city center. Branded Westfield Milan, the first phase will total 170,000 sqm.

3 Overview 3.3million The number of inhabitants comprising the traditional trade area, 40% of which live within Milan itself (nearly 1.3 million inhabitants) More than19,000 /year Consumption per capita in the trade area, which is approximately 34% above the national average 5.7million The number of tourists in the province of Milan in 2010, representing nearly 11.6 million nights spent, with an average of 2.0 days. Foreign tourists account for 51% of total arrivals.

4 Key Retail Areas & Streets Quadrilatero della Moda The concentration of luxury brands is in the so called Quadrilatero della Moda, represented by Via Montenapoleone and adjacent streets (Via Verri, Via Sant Andrea, Via della Spiga, Via Manzoni), featuring approximately 300 top domestic and international brands. Corso Vittorio Emanuele Close to the prestigious Quadrilatero della moda, Corso Vittorio Emanuele represents the main mid-upper-marketshopping area. Pedestrian-friendly and running 400 meters from Piazza San Babila to Piazza Duomo, it comprises about 50 shops and is dominated by multiple operators, both national and international (60% and 20% respectively). Via Torino Via Torino, another of Milan s main shopping streets, connects Piazza Duomo with the characteristic Ticinese district along some 400 meters. It comprises about 100 shops and in recent years the street developed with many shops geared mainly to the young set and the casual style is sporty. Via Dante Via Dante is an important mid-market pedestrian-only retail street connecting two important historic sites, the Duomo and Castello Sforzesco. There are brands the likes of Sephora, Foot Locker, Aldo Shoes, Celio, Geox, Guess, Petit Bateau, Benetton and Levi s. Corso Buenos Aires Corso Buenos Aires is Milan s longest retail street (1.4 km) and is detached from the very centre of the city, connecting Porta Venezia with Piazzale Loreto; it represents the main communication artery connecting the city centre with the small business and large scale industrial district to the north of Milan. It includes over 300 shops and is characterized by middle-low range fashion and very high pedestrian and vehicular traffic.

5 Key Retail Areas & Streets market overview Data as of August 2012 KEY AREAS/ STREETS/SHOPPING CENTERS CONSUMER PROFILE MAJOR RETAILERS PRESENT NEW ENTRANTS TYPICAL RENT FOR UNIT OF 200 SQM ( /SQM/YEAR)* RANGE OF UNIT SIZES (SQM)** Quadrilatero della Moda Via Montenapoleone World famous luxury high street, features about 80 shops Louis Vuitton, Polo Ralph Lauren, Dior, Cartier, Rolex, Mont Blanc, YSL, Hogan, Bulgari, Armani, Prada, Damiani, Iceberg, Corneliani, Valentino, Ferragamo, Bottega Veneta, La Perla, Ermenegildo Zegna, Loro Piana, Aspesi, Versace, Gucci. Panerai, Breguet 6,000-7, Quadrilatero della Moda Via Sant Andrea Comprises some 30 shops including top luxury fashion brands Church s, Hermès, Missoni, Cesare Paciotti, Ballantyne, Chanel, C N C, Moschino, Fendi, Trussardi, Antonio Fusco, Gianfranco Ferrè, Miu Miu 4,000 5, Quadrilatero della Moda Via della Spiga Comprises some 70 shops with nearly half of which representing national fashion brands, whilst international brands account for 15%. Chopard, Juicy Couture, Tod s, Vilebrequin, Tiffany & Co., Moncler, Stuart Weizman, Dolce & Gabbana, Bulgari, Harmont & Blaine, Allegri, Borbonese, Krizia, Byblos, Malo, Cavalli, Blumarine Longchamp, Lanvin 4,000 5, Quadrilatero della Moda Via Manzoni Some 80 shops including top brands Kenzo, Wolford, Frey Wille, Paul Smith, Dirk Bikkemberg, Manila Grace, Armani, Les Copains, Lori Blu, Moreschi, Gallo, Coccinelle, Pal Zileri, Patrizia Pepe. Hackett London, Twin Set, E-Go 2,500-3, *Please note that rents vary greatly according to the position on the street, the size of the shop, and the internal layout, as well as the number of windows facing the street; therefore rental values may be much higher than those reported above. **General indication of the exiting range of unit size.

6 Key Retail Areas & Streets market overview Data as of August 2012 KEY AREAS/ STREETS/SHOPPING CENTERS CONSUMER PROFILE MAJOR RETAILERS PRESENT NEW ENTRANTS TYPICAL RENT FOR UNIT OF 200 SQM ( /SQM/YEAR)* RANGE OF UNIT SIZES (SQM)** Corso Vittorio Emanuele Most important, mass market shopping pedestrianised street in Milan. Middle range fashion Promod, Zara, Furla, H&M, Gap, Banana Republic, Mango, Bershka, Foot Locker, Douglas, Max Mara, Moreschi, Pollini, Sephora, Replay, Stroili, Deisel, Sisley, Benetton, Disney Superdry 4,000 5, ,500 Via Torino One of Milan s main shopping streets. In recent years the street developed with many shops geared mainly to the young set and the casual style is sporty Zara, Bershka, Foot Locker, Promod, Mango, Pull & Bear, MAC Cosmetics, Pimkie, FNAC, Bijoux Brigitte, Tally Weijl, H&M, Carpisa, Yamamay 2,200 2, Via Dante Important pedestrian-only retail street Sephora, Foot Locker, Aldo Shoes, Celio, Geox, Guess, Petit Bateau, Benetton, Levi s. 1,700 2, Corso Buenos Aires longest retail street in Milan (1.4 km). Very high pedestrian and vehicular traffic. Middle-low range fashion. Levi s, Benetton, Adidas, Nara Camice, Foot Locker, Swatch, Zara, H&M, Bershka, Promod, Pimkie, Camaieu, Guess, Douglas, Stradivarius, OVS Antony Morato, Desigual 2,100 2, *Please note that rents vary greatly according to the position on the street, the size of the shop, and the internal layout, as well as the number of windows facing the street; therefore rental values may be much higher than those reported above. **General indication of the exiting range of unit size.

7 Food & Beverage According to the latest study by Fipe (Federazione Italiana Publici Esercizi), the Italian restaurant business sector makes over 30 billion Euros a year and has increased by 40% over the last 20 years. Although over the years, and especially during the recent economic downturn, families have reduced their food spending, eating out has become increasingly common. The frenetic rhythm of modern life has had an impact on consumer trends. In particular, urban food establishments cater to workers who often live far from their job and have little time for their lunch break. This has been one of the growth drivers of fast food operations. The food sector can in fact be divided in two main categories: traditional activities and modern retail food concepts (such as snack bars, fast food and sliced pizza), which now account for a third of total turnover. market overview KEY AREAS CONSUMER PROFILE FOOD & BEVERAGE OPERATOR INCLUDING Navigli e Ticinese Corso Como Isola - Corso Garibaldi - Brera Weekday customers mainly local/residential customers with few tourists, weekend movida Mixed residential and tourist clientele; high concentration of offices and the fashion sector, but also one of the most famous nightlife districts Rosso Pomodoro, Fratelli la Bufala, Califormia Bakery Princi, Rosso Pomodoro, Panino Giusto, Obikà, Eataly, Hard Rock Cafè, Data as of August 2012 RENT FOR 350 SQM UNIT N/A N/A While Italians tend to have a preference for traditional cuisine, a quarter of diners demonstrate curiosity towards toward foreign foods. The Italian restaurant sector has been successful in answering the shifting demand, giving customers mainly what they can t get easily at home. Emerging trends in new formats are restau-fashion (food and fashion), young bars (beer and trendy products) and wine bars. Many others are betting on the use of technology, such as wi-fi areas, and e-cash systems. Historic Centre Mainly tourists and workers; hosts traditional bars, restaurants and pastry shops as well as the new formats, both national and international Laduree, Obikà, Fratelli la Bufala, Califormia Bakery, Grom N/A Though there is interest on behalf of international operators to enter the Italian Food & Beverage market, difficulties could be represented by the limited number of premises available on the high streets which satisfy the national regulation requisites, as well as the strong competition represented by private local businesses. The rent requested varies greatly according to the position on the street, the size of the shop and the internal layout, as well as the number of windows facing the street.

8 JOHN STRACHAN Global - EMEA Ph: Portman Square London, England W1A 3BG john.strachan@eur.cushwake.com MATT WINN Americas Ph: Ivan Allen Jr. Boulevard, Suite 700 Atlanta, GA matt.winn@cushwake.com SANJAY VERMA Asia Pacific Ph: /F The Headquarter Building 168 Xizang Zhong Lu Shanghai, China PRCi sanjay.verma@ap.cushwake.com No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by our principals Cushman & Wakefield, Inc. All rights reserved.