MAPIC Keynote speach

FUTURE OF RETAIL INRUSSIAMAPIC 2012

FUTURE OF RETAILIF YOU DON‟T KNOW RUSSIA… IN RUSSIA CUSHMAN & WAKEFIELD 1

FUTURE OF RETAILIF YOU THINK YOU KNOW RUSSIA… IN RUSSIA CUSHMAN & WAKEFIELD 2

FUTURE OF RETAIL…AND IF YOU KNOW RUSSIA IN RUSSIA Moscow stores have the HIGHEST SALES globally $300,000 sales THE FIRST week-end of their store CUSHMAN & WAKEFIELD 3

FUTURE OF RETAILIS RUSSIA PART OF EUROPE? IN RUSSIA RETAIL SALES GROWTH FORECAST 2012 – 2014 • 1/7 of total earth surface • 9 time zones • 142,000,000 inhabitants • 49 cities with more than 500,000 inhab.80% OF THE POPULATION LEAVE IN EUROPE CUSHMAN & WAKEFIELD 4

FUTURE OF RETAILIS RUSSIA A BRIC? IN RUSSIARETAIL SALES REAL GROWTH 2011, YoY % SHARE OF HOUSEHOLDS EARNING IN 2011 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Brazil China India Russia BRIC total Less than $15,000 $15,000 to $25,000 $25,000 to $50,000 Above $50,000 Source: CEEMEA Business Group 2012 CUSHMAN & WAKEFIELD 5

FUTURE OF RETAILTHE LARGEST RETAIL MARKET IN EUROPE IN RUSSIA Croatia 16.605 RETAIL SPENDING IN EUROPE Slovakia 18.36 Hungary 31.86 France 556.875 Romania 32.535 Ireland 36.45 Czech Republic 42.12 Germany 548.1 Share of retail spending in tot Greece 50.895 Country Portugal 53.595 private spending Finland 54.675 Denmark 60.21 Others** 60.615 Russia 80% Norway 61.155 Russia 534.6 Austria 66.15 Czech Republic 40% Sweden 94.5 Poland 38% Belgium 97.875 France 35% United Switzerland 108.27 Kingdom Germany 28% 459.54 Poland 110.025 Netherlands United Kingdom 31% Spain 264.195 Italy 332.505 130.275 Turkey 170.1 Source: ROSSTAT, GFK GeoMarketing RETAIL SALES IN 2011, USD BN CUSHMAN & WAKEFIELD 6

FUTURE OF CONSUMER CREDIT RETAIL IN RUSSIA CONSUMER CREDIT/GDP RATIO120.0%100.0% 80.0% Czech Bulgaria Germany 60.0% Spain France Italy 40.0% Russia UK 20.0% WITH THE BOOM OF CONSUMER CREDIT 0.0% RUSSIAN RETAIL MARKET HAS A STRONG UPS 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Source: EUROSTAT CUSHMAN & WAKEFIELD 7

FUTURE OFMOSCOW, MORE THAN A CAPITAL RETAIL IN RUSSIAMoscow retail sales account for USD112bn Luxembourg Switzerland Norway 10,161 9,628 11,840That is… Denmark Austria 9,435 8,947 Moscow 7,874• 1/2 of retail sales in Spain France Belgium 7,829 7,715• More than all sales in Poland Great Britain 6,297 Italy 5,850 Germany 5,501• Twice as much as in Denmark Portugal 4,852 Russia 4,457• 3 times as much as in Portugal Spain Hungary 3,215 2,699• Almost 4 times as much as in Hungary 0 2,000 4,000 6,000 8,000 10,000 12,000 RETAIL SALES PER CAPITA FOR EUROPEAN COUNTRIESSource: ROSSTAT, RegioData Research CUSHMAN & WAKEFIELD 8

RUSSIAN‟S DO VISIT SHOPPING CENTERS FUTURE OF RETAIL IN RUSSIA Moscow Shopping Centers Paris Shopping Centers Footfall FootfallEVROPEISKIY LES 4 TEMPSGLA – 63,000 sq m GLA – 130,000 sq mFootfall (per year) – 55m visitors Footfall (per year) – 44m visitorsMEGA KHIMKI LE FORUM DES HALLESGLA – 177,000 sq m GLA – 65,000 sq mFootfall (per year) – 32m visitors Footfall (per year) – 41m visitorsMETROPOLIS CARROUSEL DU LOUVREGLA – 82,000 sq m GLA – 11,000 sq mFootfall (per year) – 22m visitors Footfall (per year) – 17m visitorsATRIUM VELIZY 2GLA – 45,5000 sq m GLA – 65,000 sq mFootfall (per year) – 18m visitors Footfall (per year) – 16m visitors MOSCOW SC‟S DEMONSTRATE FOOTFALL FIGURES SIMILAR TO PARIS SC‟S. CUSHMAN & WAKEFIELD 9

FUTURE OFCURRENT SUPPLY RETAIL IN RUSSIA . UNITED KINGDOM RUSSIA GATESHEAD KHIMKI GLA - 190,400 sq m GLA - 174,700 YEAR OF OPENING- 1986 YEAR OF OPENING – 2004 SPAIN RUSSIA LA CORUÑA MOSCOW GLA - 177,000 sq m GLA - 170,000 YEAR OF OPENING– 2010 YEAR OF OPENING– 2009 UNITED KINGDOM LONDON GLA – 175,000 YEAR OF OPENING - 2011 CUSHMAN & WAKEFIELD 10

FUTURE OF STILL VERY LIMITED RETAIL IN RUSSIA Europe 2011, sq.m of quality retail per „000 Moscow stock and new construction, „000 inhabitant sq.m Norway Sweden Luxembourg 4,000 Estonia Ireland 3,500 Moscow Retail Stock Slovenia Netherlands 3,000 Finland New construction Austria 2,500 Moscow Denmark 2,000 Lithuania Latvia Portugal 1,500United Kingdom France 1,000 EU-27 Average Switzerland 500 Croatia Spain 0 Italy Poland Slovakia Czech Rep. Malta Germany Hungary Romania Belgium Russia Turkey Bulgaria Moscow region Ukraine Greece Serbia Bosnia Herz. 0 100 200 300 400 500 600 700 CUSHMAN & WAKEFIELD 11

SO, WHAT IS NEXT…? FUTURE OF RETAIL IN RUSSIA www.cushmanwakefield.com• NEXT LOCATIONS• NEXT FORMAT RESEARCH DEPARTMENT Moscow Denis.Sokolov@eur.cushwake.com• NEXT PLAYERS• NEXT CUSTOMERS CUSHMAN & WAKEFIELD 12

FUTURE OFLARGE PIPELINE UNDER DEVELOPMENT RETAIL IN RUSSIACurrent market size Shopping Centers construction pipeline, mn COUNTRY TOTAL STOCK, 000 SQ M sq.m Russia FRANCE 16,500 Turkey France UK 16,400 Ukraine Italy Germany 13,360 Poland Germany Russia 13,270 Romania Spain Italy 12,970 Czech Rep. Croatia Spain 10,474 Bulgaria Netherlands Finland Poland 8,095 Norway United Kingdom Turkey 6,470 Bosnia Herz. Sweden Netherlands 5,770 Switzerland Portugal Sweden 3,770 Austria Norway 3,400 0.0 0.5 1.0 1.5 2.0 2.5 CUSHMAN & WAKEFIELD 13

FUTURE OFSUPPLY/SATURATION RETAIL IN RUSSIA CUSHMAN & WAKEFIELD 14

FLY TO SMALLER CITIES FUTURE OF RETAIL IN RUSSIA Stock distribution 2011 (inside chart) to 2013 (outside chart) sq m 450Other cities 400(<1 m inhabitants) Moscow 350 300 250 23% 31% 200 27% 26% 150 100 50 0 4% 6% Moscow Region 30% 13% 13% Stock per 1,000 inhabitants 27% Millionniki St. Petersburg (≥1 m inhabitants) = CUSHMAN & WAKEFIELD 15 15

FUTURE OFAND TO THE NEW MOSCOW RETAIL IN RUSSIA CUSHMAN & WAKEFIELD 16

FUTURE OF NEW INFRASTRUCTURES RETAIL IN RUSSIA• 2011-2015 – Central Ring Road (CRR)• Massive residential development in Moscow Region• Quality retail is being developed on areas up to 50 km from MKAD.• Open markets will continue to dominate outside 50 km border. CUSHMAN & WAKEFIELD 17

FUTURE OFNEW FORMAT OUTSIDE CITIES RETAIL IN RUSSIA Fashion House Outlet CentreALMOST 100 000 SQ MOF OUTLETS ARE TO BEOPENED IN MOSCOW BYEND 2013 Outlet Village Belaya Dacha Vnukovo Outlet CUSHMAN & WAKEFIELD 18

FUTURE OFNEW FORMATS INSIDE CITIES RETAIL IN RUSSIACOLUMBU S THE MOST EXCITING RETAIL PROJECT IN MOSCOW! CUSHMAN & WAKEFIELD 19

FUTURE OFUNIQUE FORMAT RETAIL IN RUSSIAAVIA PARK ONE OF THE LARGEST PLANNED RETAIL SCHEMES IN EUROPE CUSHMAN & WAKEFIELD 20

FUTURE OFRETAILERS KEEP ON COMING RETAIL IN RUSSIANEW RETAILERS 2010 NEW RETAILERS 2011 COMING SOON CUSHMAN & WAKEFIELD 21

FUTURE OFNEXT CUSTOMERS RETAIL IN RUSSIA• 38% of population use Internet every day (34% social networks)• Smartphones account for 27% of total mobile phone sales• Online retail market is 10.5 billion USD…• …and grows 25% each year » “connectivity” is boosting mutation in consumers‟ habits » Russian consumers expect to find locally what they enjoy globally CUSHMAN & WAKEFIELD 22

FUTURE OFFUTURE OF RUSSIA RETAIL IN RUSSIA• A new consuming culture• Russia continues its mutation• A unique opportunity CUSHMAN & WAKEFIELD 23

www.cushmanwakefield.comRESEARCH DEPARTMENTMoscowDenis.Sokolov@eur.cushwake.com

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MAPIC Keynote speach

by Denis Sokolov on Nov 15, 2012

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