2. The first six months of this year have been remarkably
satisfactory as far as the city of Amsterdam’s retail sector
is concerned. For demand for retail space has been quite
substantial. Take-up levels have been moving in a positive
direction as international retail chains in particular were
interested in retail property located in the Dutch capital’s
city centre. Lessees were not only very interested in the
city’s A locations such as Kalverstraat and Leidsestraat,
but also in Nieuwendijk and Rokin. The latter streets
have managed to attract attention anyhow due to a
number of substantial retail projects. On Rokin, which
is about to become the fancy shopping street in the city
centre, two department stores are scheduled with Marks
& Spencer being one of the lessees, while on Nieuwendijk
construction has begun to realise a large establishment
for Zara that is part of the C&A complex on Damrak.
In addition to A locations, a number of B locations, such
as Haarlemmerstraa˙t and Utrechtsestraat, attracted a
great deal of attention as well. Outside the city centre
area lessees were also quite interested in retail property,
judging by the high turnover rate on e.g. P.C. Hooftstraat.
As a result, luxury stores in particular decide to settle on
this street. What’s more, this exclusive shopping street
benefits from increasing tourism in the city of Amsterdam.
Also quite remarkable has been the intensified activity
at the new shopping centre known as Oostpoort on
Linnaeusstraat, which by now is almost fully let.
One typical feature of Amsterdam’s retail market was that
vacancy - 5.7% - remained fairly steady in the first six
months of this year. After all, most retail units on offer are
located outside the main shopping area. For instance, due
to disappointing demand for stores on Beethovenstraat,
now more stores are unoccupied. One of the key factors is
that shopkeepers believe rents on this street are simply
too high given the volume of trade. The less appealing part
of Van Baerlestraat is also home to a number of vacant
premises. Furthermore, the city of Amsterdam is coping
with substantial unoccupied floor area in Magna Plaza
and shopping centre Osdorpplein. More popular locations
in the city centre however are still characterised by tight
supply, although more retail space is expected also because
department store Maison de Bonneterie has decided to call
it a day.
Despite good demand for retail space and the proportion
ally limited supply thereof, rents hardly budged on most
shopping streets. Rents did climb on P.C. Hoofstraat and
also in the first section of Leidsestraat.
AMSTERDAM
0 500 1,000 1,500 2,000 2,500 3,000
Osdorpplein
Amsterdamse Poort
Beethovenstraat
Boven 't Y
Van Baerlestraat
Rokin
Nieuwendijk
Leidsestraat
P.C. Hooftstraat
Kalverstraat
€
TYPICAL RENTAL BANDS MID 2014
Source: NVM
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
2014 E20132012201120102009200820072006
m2
TAKE-UP OF RETAIL SPACE
Source: NVM
0
2
4
6
8
10
12
2014 H120132012201120102009200820072006
%
SUPPLY OF RETAIL SPACE
Source: Locatus
NVM BUSINESS LARGE CITIES RETAIL MARKETS IN 2014
3. The Hague’s retail market showed its good side in the
first six months of 2014, reporting healthy demand both
inside and outside the city centre area. But despite
climbing transaction volumes and even though several
retail chains are still on the lookout for suitable locations,
demand for large floor areas is expected to drop bearing
in mind that most large-scale users already have found
new accommodation. This is particularly true for The
Hague’s downtown area, where retail market seems to be
stabilising due to major projects realised only recently such
as De Markies, Amadeus and the Nieuwe Haagse Passage.
Meanwhile the substantial construction – particularly in
and near Grote Marktstraat – has allowed the A1 shopping
area to become a lot more attractive in the past year.
Nevertheless retail traders remain slightly more reluctant
to accept market offers because they are not entirely sure
yet how this new development might interfere with the
pedestrian flow. Market experts do believe that the launch
of the Nieuwe Haagse Passage is good news for the walking
route from Spuistraat to Grote Marktstraat. This positive
impact will also pay off as far as De Passage is concerned.
The number of visitors coming to see this shopping centre
had gone up already after an Apple Store decided to step
in. As for developments taking place outside the inner city
area, it is interesting to report that Frederik Hendriklaan
has become increasingly popular among lessees, partly
because of a large number of expats with great purchasing
power living in this part of The Hague. Also interesting
is that the situation at the Leyweg shopping centre has
slightly improved, despite V&D’s decision earlier this year
to close its doors in this part of the city.
The good thing on The Hague’s retail market is that supply
levels did drop in the first half of this year. By year-end
2013 approximately 10.5% of retail stock was still vacant,
going down to 9.5% halfway through this year. One of
The Hague’s shopping streets with high vacancy rates
is Noordeinde, or at least the street section between the
Noordeinde Palace and Mauritskade. In the A1 shopping
area the number of shops on offer is limited indeed,
although Venestaat and Spuistraat clearly have more
space available.
Because at the moment the more popular locations in the
inner city area ’s also have slightly more retail space to
offer, pressure on rents has disappeared to some extent.
However so far this had not led to serious price cuts.
Indeed, rents are influenced by a downward trend on most
B and C locations. One exception is Frederik Hendriklaan,
where in fact rents have reasonably gone up.
THE HAGUE
0 250 500 750 1,000 1,250 1,500 1,750 2,000
Frederik Hendriklaan
De Passage
Vlamingstraat
Noordeinde
Wagenstraat
Nieuwe Haagse Passage
Venestraat
Hoogstraat
Grote Marktstraat
Spuistraat
€
TYPICAL RENTAL BANDS MID 2014
0
10,000
20,000
30,000
40,000
2014 E20132012201120102009200820072006
m2
TAKE-UP OF RETAIL SPACE
0
2
4
6
8
10
12
2014 H120132012201120102009200820072006
%
SUPPLY OF RETAIL SPACE
Source: NVM
Source: NVM
Source: Locatus
NVM BUSINESS LARGE CITIES RETAIL MARKETS IN 2014
4. ROTTERDAM
Rotterdam’s retail market made a strong impression in
the first six months of 2014 as take-up volumes rocketed
after some fairly substantial lease transactions. True to
tradition, a significant role was claimed by the inner city
area that was highly dominated by the lease of impressive
floor area to H&M. The latter plans on moving into a
4500 square metre store property on Beursplein. Also
large retail space was let out to bookstore Donner as
well Calvin Klein. But even though lessees seem quite
interested in the downtown area of Rotterdam, A location
stores in particular have been less successful in welcoming
new owners. Interestingly, lessees paid more attention
to shopping street Meent. It is mainly because quite a
number of retail traders believe settling on this location is
a good alternative to Lijnbaan. Because of Markthal (which
opened up very recently) Hoogstraat and the Markt area
are also expected to welcome more visitors in the future.
A less positive development however has been Media
Markt’s decision not to join the Cool63 project which is
currently under construction. This consumer electronic
retailer, already boasting a major store in the city centre,
previously considered taking up approximately 10,000
square metres. For the record, the inner city area is not the
only part of Rotterdam where major lease transactions took
place this year. For instance, Primark claimed 4400 square
metres at the Zuidplein shopping centre. And except for
Alexandrium III, major shopping centres outside the inner
city area are doing fine for sure.
The fact that supply levels in the city of Rotterdam went
up unmistakably in the first half of 2014, from 9.2% to
no less than 9.9% speaks volumes. More premises were
abandoned on B and C locations, including Nieuwe
Binnenweg, Korte Hoogstraat, Zwart Janstraat and Groene
Hilledijk. Increased vacancy on less popular locations did
not stop some of the A location retail premises in the city
centre from becoming vacant as well (e.g. Korte Lijnbaan).
But despite rising supply levels, the city of Rotterdam
is planning to expand its retail floor area, including the
Forum Rotterdam project on Coolsingel.
Generally speaking rents were fairly steady across the city
although A2 locations failed to maintain their price levels
and therefore, rents on these locations did drop in the first
half of this year. Rents charged at the Alexandrium III
shopping centre are also under pressure.
0 250 500 750 1,000 1,250 1.,500 1,750 2,000
Oude Binnenweg
Alexandrium I
Zuidplein
Beursplein
Binnenwegplein
Hoogstraat
Korte Lijnbaan
Lijnbaan
Beurstraverse
€
TYPICAL RENTAL BANDS MID 2014
0
10,000
20,000
30,000
40,000
2014 E20132012201120102009200820072006
m2
TAKE-UP OF RETAIL SPACE
0
2
4
6
8
10
12
2014 H120132012201120102009200820072006
%
SUPPLY OF RETAIL SPACE
Source: NVM
Source: Locatus
Source: NVM
NVM BUSINESS LARGE CITIES RETAIL MARKETS IN 2014
5. Although retail space demand in the city of Utrecht has been
fairly under pressure, take-up volumes remained reasonably
steady in the first six months of 2014. The main reason is
that quite a number of transactions have taken place so
far and not so much because of the substantial floor areas
involved. But despite a relatively healthy demand for stores,
fewer transactions took place on the so-called A locations
(Steenweg, Voor Clarenburg) compared to previous years.
One of the reasons is that retail traders today have become
more critical about the asking price. B locations too are
struggling to dispose of their retail space, judging by the
course of events on Oudkerkhof and Lijnmarkt among
other streets, where high rents are also forcing shopkeepers
to adopt a slightly more reserved attitude. C location
stores however have become slightly more popular (e.g.
Nachtegaalstraat). In addition to the A and B locations
in the city centre, shopping complex Overvecht is also
experiencing hesitant demand for retail space.
One of the factors with positive consequences for Utrecht’s
retail market has been the declining vacancy level.
Halfway through this year only 4.3% of retail stock was
available compared to 5% by year-end 2013. However,
appearances can be deceptive. For instance, a number of
premises were released in the inner city area (Steenweg)
and also supply levels continued to climb on Oudkerkhof.
The city of Utrecht will see its vacancy rates go up in
any case after the construction of a number of shopping
centres in the Leidsche Rijn district. Only half of shopping
mall Terwijde that is still under construction was let out
by mid-2014, while lessees were quite reluctant to take
up retail space at the Leidsche Rijn Centrum shopping
centre, the construction of which has started only recently.
Many major retail chains are not keen on settling down
at the new downtown area because the inner city too is
given a serious impulse, for instance by the modernised
Hoog Catharijne, the planned expansion of De Bijenkorf
department store and redevelopment of shopping centre
De Planeet.
As far as prices are concerned there have been no
significant changes in the first six months of this year;
most locations succeeded in maintaining their price levels.
Nevertheless, retail space rents on A2 and B locations
were slightly under pressure. And also, the prices of
slightly older shopping centres such as Overvecht and
Smaragdplein required downward adjustments. The retail
project known as The Wall which is being tormented by
high vacancy rates had to seriously push down rents
already in 2013.
UTRECHT
0 250 500 750 1,000 1,250 1,500 1,750 2,000
Kanaleneiland
Oudkerkhof
Overvecht
Choorstraat
Vredenburg
Bakkerstraat
Oudegracht
Steenweg
Hoog Catharijne
Lange Elisabethstraat
€
TYPICAL RENTAL BANDS MID 2014
0
10.000
20,000
30,000
40,000
2014 E20132012201120102009200820072006
m2
TAKE-UP OF RETAIL SPACE
0
2
4
6
8
10
12
2014 H120132012201120102009200820072006
%
SUPPLY OF RETAIL SPACE
Source: NVM
Source: Locatus
Source: NVM
NVM BUSINESS LARGE CITIES RETAIL MARKETS IN 2014
6. EINDHOVEN
Eindhoven’s retail market clearly had no reason to jump
for joy. During the first six months of 2014 the city was
unable to maintain the high take-up levels reported in
previous years. Indeed lessees were sufficiently interested
in A location stores in the downtown area, however they
were reluctant to take up substantial retail space. But
despite modest transaction volumes, business was not
quite too bad after all at the Heuvel Eindhoven shopping
centre, partly because fashion chain H&M had decided to
take up more floor area, thus providing a solution for some
of the vacant retail units in Eindhoven’s shopping centre.
It is also interesting to know that the shopping centre will
see some impressive changes in order to welcome more
international chains in the future. In addition, during the
first six months of 2014 lessees paid more attention to
Hermanus Boexstraat, mainly due to the positive impact
of Primark’s new establishment. In fact after welcoming
this retail chain, the number of visitors rocketed not only
on this street but across the city centre. When it comes to
demand for stores, it turns out that both the city centre and
the major shopping malls outside this area must settle for
modest transaction volumes.
The fact that vacancy, e.g. due to limited transactions,
reached 9.6% during the first half of 2014 was something
of a let-down for the retail market. Although finding decent
retail property on the city’s primary locations is not easy,
considerably more options do exist in other inner city
areas, including Vrijstraat and also in the final section of
Rechtestraat. Also many stores are empty in Admirant
Shopping Eindhoven. Also typical of the vacancy problem
in Eindhoven’s inner city is shopping mall Piazza, which is
located between Bijenkorf and Media Markt. After Toys XL,
Men at Work and Mexx moved out, vacancy rates went up
enormously. In fact, rates could have been much higher if
Zara had decided not to take up 1500 square metres after
all, thus doubling the amount of space it has been using so
far. Last year shopping centre construction projects were
limited to the expansion of the Haagdijk shopping centre.
When it comes to large-scale edge-of-town retail trade,
much reluctance is displayed in the city of Eindhoven.
It means that Hornbach’s new outlet should move to the
adjacent town of Best.
Due to rising vacancy levels and poor demand, rents inside
but also outside Eindhoven’s city centre are seriously under
pressure.
0 250 500 750 1,000 1,250 1,500 1,750 2,000
Admirant Shopping
Woensel
Hermanus Boexstraat
Vrijstraat
Heuvel Eindhoven
Marktstraat
Piazza
Rechtestraat
Demer
€
TYPICAL RENTAL BANDS MID 2014
0
10,000
20,000
30,000
40,000
2014 E20132012201120102009200820072006
m2
TAKE-UP OF RETAIL SPACE
0
2
4
6
8
10
12
2014 H120132012201120102009200820072006
%
SUPPLY OF RETAIL SPACE
Source: NVM
Source: Locatus
Source: NVM
NVM BUSINESS LARGE CITIES RETAIL MARKETS IN 2014
7. A positive spirit has taken control of the city of Groningen’s
retail market. This is also reflected in the number of
lease and sale transactions that have taken place so far
and which clearly have climbed in the first six months of
the year 2014. And even though lessees were interested
in small floor areas in the first place, a number of major
transactions were realised as well (e.g. America Today,
Laif & Nuver, mijnTafel). A striking role was claimed by
Burger King who managed to find a location on Grote
Markt after a serious quest. Like in previous years demand
for retail property has been strongest in the downtown
area, although some of the transactions involved shopping
locations that are considered to be less appealing. It is
because the owners of these properties are willing to
push down rents. Also, in some of the C districts activities
are shifting from retail trade to services. At the moment
demand for A1 location stores, such as those on Herestraat
and Grote Markt, can be met without too much fuss. In
fact Herestraat has a number of retail premises to offer.
Particularly major retail chains are adopting a much more
reserved attitude than they have in previous years. One of
the changes that has kept the city of Groningen preoccupied
is the decision of the German BAUHAUS to realise a 21,000
square metre DIY market right behind IKEA. Opponents
fear the city might be facing an oversupply of DIY markets
in the future.
One eye-catching detail is that intensified demand for retail
property did not help push down vacancy rates. In fact
rates went up in the first half of 2014 and as a result, 7.9%
of retail stock was available halfway through the year. In
the city centre most retail properties still available are to be
found on secondary streets with Oosterstraat, Zwanestraat,
Steentilstraat and Nieuwe Ebbingestraat attracting the
greatest amount of attention in terms of supply levels. On
Zwanestraat stores are now let out temporarily to provide
something of a solution. Relatively many vacant premises
are also to be found at the Westerhaven shopping centre on
the outskirts of the inner city area.
In the first six months of this year retail property rents
were under even more pressure. Due to the proportionally
high availability maintaining the same price level was quite
a challenge, urging B and C locations in particular to adjust
rents downwards. In fact, downward adjustments were
inevitable on A locations as well. The market senses that by
now rock-bottom has been reached as far as the secondary
streets are involved.
GRONINGEN
0 250 500 750 1,000 1,250 1,500 1,750 2,000
Carolieweg
Zwanestraat
Paddepoel
Waagstraat
A Kerkhof
Vismarkt
Guldenstraat
Grote Markt
Herestraat
€
TYPICAL RENTAL BANDS MID 2014
0
10,000
20,000
30,000
40,000
2014 E20132012201120102009200820072006
m2
TAKE-UP OF RETAIL SPACE
0
2
4
6
8
10
12
2014 H120132012201120102009200820072006
%
SUPPLY OF RETAIL SPACE
Source: NVM
Source: Locatus
Source: NVM
NVM BUSINESS LARGE CITIES RETAIL MARKETS IN 2014
8. In the first six months of 2014 Zwolle’s retail market
made a lively impression due to healthy demand for retail
space. One of the major transactions involved 4000 m2
that
were taken up by fashion chain Zara. The latter plans on
transforming the city’s former library in the final section of
Diezerstraat, which is one of the most important shopping
streets in Zwolle, into a ‘full concept’ store. And on the
very same street Bershka also took up quite a number of
square metres. The decision of both Zara and Bershka to
join Diezerstraat will make this part of the main shopping
area slightly more interesting, after becoming rather
unpopular in recent years. Besides Diezerstraat, other
shopping streets in Zwolle’s downtown area have also been
attracting lessees’ attention. For instance, an agreement
has been reached about a retail complex yet to be built
on Melkmarkt, probably on behalf of Primark. Stores on
Luttekestraat are also quite appealing, however due to
lack of supply only a few transactions can be realised. Yet
another positive change involves major shopping centres
such as Zwolle Zuid and Stadshagen. And also, progress
which the city of Zwolle has made at the development of
large-scale retail outlets is also remarkable. Negotiations
about a sizeable piece of land to be sold to Hornbach in
the Voorst A region were completed only recently, while on
Hessenpoort initial steps have been taken towards building
an IKEA store of no fewer than 30,000 square metres.
About 1.5 million visitors are expected annually.
On the supply side a modest decline presented itself despite
national trend. As a result, 5.3% of Zwolle’s retail stock was
vacant halfway through this year. Most vacant premises
are located in or nearby the city centre. Most abandoned
properties are to be found on the city’s secondary streets
including Oude Vismarkt, Sassenstraat and Gasthuisplein.
Yet another source of worry is the shopping centre known
as Het Eiland, reporting even more availability after
bookstore Waanders among other stores decided to take off.
Vacancy at shopping centres located outside the city centre
has been modest so far, although some of the retailers are
struggling to make ends meet.
Rents charged for most B and C locations were under
even more pressure last year. With the exception of
Luttekestraat, where stipulating higher rents is possible.
Except for secondary streets in the city centre, some of
the shopping centres might also be facing downward
adjustments in the future. Nevertheless, rents were steady
on the prime shopping streets of the city of Zwolle.
ZWOLLE
0 250 500 750 1,000 1,250 1,500 1,750 2,000
Zwolle Zuid
Het Eiland
Weeshuisstraat
Luttekestraat
Broerenstraat
Roggenstraat
Spiegelstraat
Diezerstraat
€
TYPICAL RENTAL BANDS MID 2014
0
10,000
20,000
30,000
40,000
2014 E20132012201120102009200820072006
m2
TAKE-UP OF RETAIL SPACE
0
2
4
6
8
10
12
2014 H120132012201120102009200820072006
%
SUPPLY OF RETAIL SPACE
Source: NVM
Source: Locatus
Source: NVM
NVM BUSINESS LARGE CITIES RETAIL MARKETS IN 2014
9. Even though Enschede’s retail market is not yet optimal,
there can be no doubt that market sentiment has been
slightly better indeed. Such is evidenced by the fact that
during the first six months of 2014 more retail space
was let out or sold compared to the same period a year
ago. One of the main reasons for having these relatively
good retail sales figures is the letting of department
store De Bijenkorf’s former establishment on Van
Heekplein to Primark. This fashion chain also known
as the fashion discounter has taken up approximately
7,500 square metres only recently. Also in the first six
months of this year substantial retail floor area was let
out to Mango. The latter is planning to move into newly
developed property on Kalanderstraat. Interestingly, Zara
might be considering a second store in the city centre
in addition to its existing store on De Klomp. Except for
healthy demand for retail space in A (primary) locations
such as Kalanderstraat and Van Heekplein, retailers
also seem slightly more interested in stores located
on Haverstraatpassage, even though the number of
transactions on this secondary street is still limited. What
is also interesting is that the city centre is not the only part
of Enschede where retail space is required. For instance,
last year quite a number of lease transactions took place
on the east side of the city at the updated MiroCenter. The
latter has been expanded significantly.
But despite positive demand for stores, vacancy levels
rocketed in the first six months of this year, currently
representing 11.5% of Enschede’s total retail floor area. As
for the downtown area, many premises are still available
in Haverstraatpassage, De Heurne and Marktstraat.
Illustrative examples of the course of events in this area
are the alarming vacancy rates at the Zuidmolen shopping
mall, which came into being back in the 1980s and today
is desperate for some change. In fact the complex’s owner
was about to welcome Primark, however transaction was
dismissed eventually. The problem of having vacant stores
at the heart of Enschede has become quite serious as
many premises have been available for a very long time.
But despite climbing vacancy rates in general, hardly any
vacant buildings are to be found in the city’s A districts.
Another positive fact as far as Enschede’s retail market is
concerned is that the number of initiatives for building or
expanding shopping centres are limited.
Limited availability of and healthy demand for primary
retail space means that rents in this segment are keeping
steady. Rents on B and C locations however remain under
downward pressure.
ENSCHEDE
0 250 500 750 1,000 1,250 1,500 1,750 2,000
Twentec
Langestraat
Haverstraatpassage
Raadhuisstraat
De Heurne
Klanderij
H.J. van Heekplein
Kalanderstraat
€
TYPICAL RENTAL BANDS MID 2014
0
10,000
20,000
30,000
40,000
2014 E20132012201120102009200820072006
m2
TAKE-UP OF RETAIL SPACE
0
2
4
6
8
10
12
2014 H120132012201120102009200820072006
%
SUPPLY OF RETAIL SPACE
Source: NVM
Source: Locatus
Source: NVM
NVM BUSINESS LARGE CITIES RETAIL MARKETS IN 2014
10. At the moment Arnhem’s retail market is all about being
prudent, judging by the amount of space rented out or
sold in the first six months of 2014 compared to same
period last year. Although it should be noted that last
year’s demand for stores was to a great extent influenced
by the lease of nearly 9000 square metres to Primark in a
building previously used by department store De Bijenkorf.
Nevertheless, Arnhem’s city centre has managed to keep its
distance rather well from the disappointing sales of retail
space and interestingly, it is mainly these more popular
streets – A locations and some of the B districts in the first
place – that are holding up well. This is particularly good
news for Ketelstraat and Vijzelstraat, however due to lack
of suitable availability the number of transactions on these
streets has been limited indeed. Bakkerstraat too is popular
among lessees, also judging by the recent lease of Polare’s
former store to bookstore Het Colofon. One eye-catching
detail is that especially independent retailers seem to be
more interested in B locations. And also the course of events
at the Kronenburg shopping centre in Arnhem South has
been a positive one, as different retail chains have opened
up in the renewed section.
Sales volumes are slightly below expectations but also,
Arnhem’s retail market is disappointed about today’s very
high vacancy levels which went up from 6.5% in late 2013
to 8.7% by mid- 2014. Rise presented itself particularly in
less popular districts. In the downtown area streets such
as Gele Rijdersplein, Looierstraat and Jansbinnensingel
are suffering the most. When it comes to take-up, the size
of stores on offer is the main issue. But despite all this, the
city centre is not the only area with vacant premises. The
once quite modern, but today a rundown shopping centre
known as Presikhaaf is also home to quite a number of
vacant stores. One of the problems at this shopping centre
is that many retailers believe rents are too high. In spite of
ample availability, the city of Arnhem is planning to further
expand its retail floor area. For instance, the owner of the
Kronenburg shopping mall wants to add 15,000 square
metres in order to welcome more visitors.
Notwithstanding price cuts in the B and C segments,
rents hardly budged in Arnhem’s downtown area. Still,
many retailers clearly wish to negotiate rents. Another
phenomenon is the fact that particularly on secondary
streets, independent retailers prefer short-term leases.
ARNHEM
0 250 500 750 1,000 1,250 1,500 1,750 2,000
Presikhaaf
Musiskwartier
Kronenburg
Koningstraat
Bakkerstraat
Jansstraat
Roggestraat
Grote Oord
Ketelstraat
Vijzelstraat
€
TYPICAL RENTAL BANDS MID 2014
0
10,000
20,000
30,000
40,000
2014 E20132012201120102009200820072006
m2
TAKE-UP OF RETAIL SPACE
0
2
4
6
8
10
12
2014 H120132012201120102009200820072006
%
SUPPLY OF RETAIL SPACE
Source: NVM
Source: Locatus
Source: NVM
NVM BUSINESS LARGE CITIES RETAIL MARKETS IN 2014
11. In the city of Maastricht – the second tourist destination
by far in the Netherlands – retail market has shown
a remarkably firm tendency with lessees being very
interested in retail properties on A (primary) locations,
except that not too many transactions took place in
the A1 district due to limited turnover rate. But even
though possibilities for establishing a business on one of
the city’s main shopping streets are limited indeed, last
year some relatively sizeable transactions did take place
nevertheless. For instance, substantial floor area was taken
up by Zara at the Entre Deux shopping centre. And on
Grote Straat transactions with Mango and G-Star were
impressive achievements. What’s more, real estate brokers
identified serious attention for Wolfstraat, also because
of the luxurious stores it comes with. In addition to A1
locations in the city of Maastricht, A2 districts also gained
more popularity, although letting stores on Maastrichter
Brugstraat has been slightly more challenging compared to
previous years.
Things are completely different on the secondary streets,
also known as the shopping streets leading to the main
shopping area, where the retail market shows a rather
varying picture. Indeed some vacant retail properties in
the emerging Jekerkwartier district did welcome new
lessees, and yet streets like Hoenderstaat, Boschstraat,
Gubbelstraat and Brusselsestraat are overlooked almost
entirely. Mind you, serious price concessions were made in
Jekerkwartier. Moreover, retailers being quite interested in
Wycker Brugstraat – which is the connecting route between
the railway station and the historic downtown – reveals
that this location is becoming very popular indeed. In
fact many retailers who now run a store in the downtown
area, are eager to join this district as well. As for shopping
centres, in general lease transactions are taking place quite
successfully, although demand for retail space is under
pressure in Mosae Forum. It is one of the reasons why
different retail units are vacant. Except for the expansion
of De Leim shopping centre, last year no lettable floor was
added to the existing stock.
Despite healthy take-up levels in Maastricht, the
amount of retail space available for rent has increased
enormously. By mid-2014 vacancy had reached 8.4% of
total stock. Secondary streets in particular are facing
rising supply levels.
Except for B and C locations, in general rents did manage
to stabilise. In fact higher rents are accepted for some parts
of A locations. And yet market reactions confirm rents paid
for Entre Deux are considered to be fairly substantial.
MAASTRICHT
0 250 500 750 1,000 1,250 1,500 1.,750 2.000
Brusselse Poort
Nieuwstraat
Wycker Brugstraat
Entre Deux
Spilstraat
Wolfstraat
Muntstraat
Maastrichter Brugstraat
Kleine Staat
Grote Staat
€
TYPICAL RENTAL BANDS MID 2014
0
10,000
20,000
30,000
40,000
2014 E20132012201120102009200820072006
m2
TAKE-UP OF RETAIL SPACE
0
2
4
6
8
10
12
2014 H120132012201120102009200820072006
%
SUPPLY OF RETAIL SPACE
Source: NVM
Source: Locatus
Source: NVM
NVM BUSINESS LARGE CITIES RETAIL MARKETS IN 2014
13. S
THE HAGUE 2 2
De Passage 400 750
Frederik Hendriklaan 400 500
Grote Marktstraat 550 1,200
Hoogstraat 800 1,150
Nieuwe Haagse Passage 400 1,100
Noordeinde 500 1,000
Spuistraat 1,100 1,600
Venestraat 900 1,150
Vlamingstraat 600 850
Wagenstraat 850 1,100
ROTTERDAM 2 2
Alexandrium I 400 800
Beursplein 600 1,000
Beurstraverse 1,250 1,750
Binnenwegplein 500 1,000
Hoogstraat 400 1,200
Korte Lijnbaan 800 1,250
Lijnbaan 1,400 1,700
Oude Binnenweg 400 800
Zuidplein 300 800
ZWOLLE 2 2
Broerenstraat 400 600
Diezerstraat 400 1,250
Het Eiland 175 325
Luttekestraat 300 500
Roggenstraat 500 700
Spiegelstraat 400 700
Weeshuisstraat 250 450
Zwolle Zuid 175 200
MAASTRICHT 2 2
Brusselse Poort 200 300
Entre Deux 700 900
Grote Staat 1,500 2,000
Kleine Staat 1,300 1,500
Maastrichter Brugstraat 900 1,250
Muntstraat 800 1,200
Nieuwstraat 350 450
Spilstraat 600 900
Wolfstraat 700 1,000
Wycker Brugstraat 400 700
NVM BUSINESS LARGE CITIES RETAIL MARKETS IN 2014
14. ANALYSING SECONDARY
LOCATIONS
In quite a number of cities the purpose of shopping streets
leading to the main shopping area – usually these are B
and C districts of the main shopping area – has been under
pressure due to consumers’ ever-changing purchasing
behaviour. This leads to vacant buildings and lower rents.
And yet, secondary streets do have a key function as far
as the main shopping areas are concerned. Being home to
specialist shops and catering establishments, means they
do add a particular colour to the character of a city.
Secondary streets must continue to make investments in
order to remain attractive. However, it depends on local
circumstances and therefore, maintaining all secondary
streets is not a realistic thing to do. There are promising
streets but also disadvantaged ones. Disadvantaged streets
also qualify for a different purpose in life, e.g. provision of
services and housing.
At least some aspects need to exist in order to have
promising and future-proof secondary streets. These
aspects are mentioned in NVM Business’ report called
Aanloopstraten in beeld. Locational aspects such as the
proximity of a shopping centre or direct connection to a
primary district, are pivotal. Adjustment to certain aspects
might be required in order to strengthen the secondary
streets in the years to come.
Collaboration is key, for strengthening those streets is a
common interest of shopkeepers and entrepreneurs alike
as well as property owners, financiers, municipalities and
real estate agents. All parties involved must ensure optimal
accessibility at all times, a balanced distribution of the
number of parking spaces and a clean and safe shopping
area. Also one might consider changing the secondary
street concept for the better, increasing pedestrian flow by
organising interesting events, improving property and the
public spaces.
In proceeding together one should also take specific
(temporary and structural) measures in order to fight
against vacancy. Temporary measures include pop-up
stores or disguising vacant property by means of (three-
dimensional) photo prints. Structural steps include
the acquisition of premises through a special fund and
the introduction of turnover rent. It is best to opt for
strong locations and powerful concepts in order to tackle
secondary street vacancies.
NVM BUSINESS LARGE CITIES RETAIL MARKETS IN 2014
15. DEFINITIONS
A locations
Retail locations in the main shopping areas are categorised
as A, B or C. This is also referred to as classification
based on pedestrian flow or quality of the location. The
busiest part of any shopping area, which is the area with
most passers-by, is known as A1. Other locations within
a shopping area are categorised according to how the
number of passers-by compares to the maximum number
of passers-by on the A1 location (see table below). The
table below represents the bandwidth of the number of
passers-by for each type of location compared to the most
crowded part of the shopping area in question.
A1 locations 75 - 100%
A2 locations 50 - 75%
B1 locations 25 - 50%
B2 locations 10 - 25%
C locations 5 - 10%
Rent
Basic rent realised per square metre of lettable floor area,
exclusive of VAT.
Retail space
A spatial and independent unit accessible to the public,
used primarily by end consumers in order to display and
offer items that are not consumed on the spot. Hence a
retail trade purpose must be involved.
Secondary location
B or C location in the main shopping area.
Supply
Retail space immediately available for rent or sale. Supply
does not include stores at the preparatory stage and which
are yet to be constructed. Supply does include vacant stores
and stores under construction as well as spaces that are still
being used but which will be released in the near future.
Take-up
Lease and sales transactions taking place on the open
market. Take-up does not include users who provide for
their own accommodation (‘owner-occupier development’).
The same applies to sale-and-leaseback agreements and
extensions of contracts.
Vacancy
The total amount of physically vacant retail premises.
Usually vacancy is less than supply.
NVM BUSINESS LARGE CITIES RETAIL MARKETS IN 2014
16. This publication has been produced with the assistance
of: Berk & Levert Makelaardij (Amsterdam), Blok Makelaardij
(Rotterdam), Boek & Offermans Makelaars (Maastricht), Boers
& Lem (Enschede), Colliers International (Amsterdam), De Graaf
van Vilsteren Garantiemakelaars (Zwolle), Frisia Makelaars
(Den Haag), GNM Makelaardij (Maastricht), Jansen Nadorp
Weatherall (Den Haag), Kolsteren Bedrijfshuisvesting
(Eindhoven), KroesePaternotte (Amsterdam), KroeseTempert
Bedrijfsmakelaars (Zwolle), Molenbeek Makelaars (Utrecht),
MVGM (Arnhem), Ooms Makelaars Bedrijfshuisvesting
(Rotterdam), Overduin & Casander Bedrijfsmakelaars
(Groningen), Rodenburg Bedrijfsmakelaars (Zwolle),
RSP Makelaars (Eindhoven), Ruijters Groep (Maastricht),
Snelder Zijlstra Bedrijfsmakelaars (Enschede), Strijbosch
Thunnissen Makelaars (Arnhem), Van Rossum Makelaars
Bedrijfshuisvesting (Utrecht), Vos Hoving Bedrijfsmakelaars
(Groningen), Waltmann Bedrijfshuisvesting (Utrecht)
Colophon
Composition Drs. R.L. Bak and drs. G. Raven
Data source NVM Data & Research, Locatus, LMBS Retail,
Strijbosch Thunnissen Makelaars
Design Proof Studio, Amsterdam
Photography Hugo Thomassen/3W New Development
September 2014
NVM Business
Fakkelstede 1
3431 HZ Nieuwegein
Telephone: (030) 608 51 85
NVM BUSINESS LARGE CITIES RETAIL MARKETS IN 2014
