market survey commercial - grossmann-berger.com€¦ · market in 2013. neuer wall, hamburg’s...

Retail

Market Survey Commercial

Hamburg 2013 / 2014

Market transparency.Grossmann & Berger’s promise:

Hamburg continues to offer an excellent business environment to national

and international retailers and they are very keen to be part of the scene in

Hamburg’s top locations. International chains are particularly eager to use

Hamburg as their point of entry into the German market. However, there

is a shortage of available space in the sought-after city locations. In 2014,

therefore, the market for city centre properties is once again dominated by

too much demand chasing too little supply.

There is extremely little fluctuation, especially in the eastern part of the

city centre, so that lettings were concentrated on the City West sub-

market in 2013. Neuer Wall, Hamburg’s luxury-goods mile, was the front-

runner here, registering twelve new leases. H&M, for example, decided to

rent the former Windsor shop (Neuer Wall 20) in order to launch its latest

brand ‘& Other Stories’ in Hamburg. Bringing the total to four, three other

major names in retailing - Swiss watch label Patek Philippe, which is

taking over the Porsche Design store space (Neuer Wall 3), the luggage

specialist Rimowa and Michael Kors, which are both taking parts of the

space once occupied by Görtz (Neuer Wall 10) - decided to rent space on

the section of the street between Jungfernstieg and Poststrasse in the last

quarter of 2013.

There was also movement in the middle section, between Poststrasse and

Bleichenbrücke. Italian luxury leather goods and fashion company Prada

will take the Escada shop (Neuer Wall 32) when Escada moves into the Kai-

sergalerie (Grosse Bleichen 23-27). Two houses further on, Neuer Wall 36

is the new address of British cult brand Burberry, which has transferred

from Neuer Wall 71. Italian fashion company Moncler has also opened

a new store (Neuer Wall 43). The previous tenant, Wolford, has already

moved into premises on Neuer Wall 55 previously rented by Alessi. In Feb-

ruary 2014 another new tenant moves in - Rockberries. The jeweller from

Munich is renting the small shop where the Cravatterie Hamburg used to

be (Neuer Wall 42).

Space - supply and demand

Commercial Market Survey Hamburg 2013 / 2014 Retail

RetailKey figures retail Hamburg

Take-up of space City 2013 by industry (in %)

Source: Grossmann & Berger Research

Source: Grossmann & Berger Research

Source: Michael Bauer Research GmbH, Nürnberg (at 2013)

Take-up of space City 2013 by size (in m²) and number of lettings

6%959

35%5,248

59%8,956

0%0

0%0

10 18 13 0 0

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

up to150

up to500

up to1,000

up to2,000

over2,000

53.0%

7.0%

7.0%

6.0%

27.0%

ClothingJewellery/accessories

Sportingarticles

Furniture

Other

Retail purchasing power (in € bn.).......11.9

Retail purchasing power per capita (in €)..................................6,877

Retail purchasing power index*........108.7

Retail turnover (in € bn.) ......................12.6

Retail turnover per capita (in €)..................................7,313

Retail turnover index* ........................125.8

Retail centrality index* ......................115.7* Germany = 100

These two sections of Neuer Wall have always belonged to the most ex-

clusive, best shop locations in the city. The section of the street between

the two bridges Bleichenbrücke and Stadthausbrücke has changed in ap-

pearance over recent years. Many of the furniture and home furnishings

firms that used to be located here have given way to labels such as GANT, St.

Emile, Marc Cain, Bally, Stefanel, Lacoste and Bottega Veneta. CHANEL’s

move to Neuer Wall 73-75 finally tipped the balance in establishing this

part of the street as a luxury location: CHANEL was joined in 2013 by other

international luxury brands such as Eres (“Bürgermeisterhaus”, Neuer

Wall 73-75), the Italian luxury fashion outfitter Brioni (Neuer Wall 84) and

Mulberry, British retailer of exclusive leather goods, which moved into the

new building project “Wallhaus” (Neuer Wall 69). Overall, luxury labels are

now considerably more interested in the location than before. The latest

new lease, signed by Dolce & Gabbana for premises at Neuer Wall 80, for-

merly the Joop shop, serves to underline this trend.

In 2013 more than 15,000 m² of space was let in the core area of the City

market, 28% more than the year before. At the same time the number of

registered new leases for retail and restaurant space rose by 11%. Year

on year the average amount of space let per lease (including ancillary

space) rose from 320 m² to 370 m². The rental agreements concluded in

2013 in the inner city were divided exclusively among the three size cate-

gories up to 1,000 m², whereby the 501 to 1,000 m² segment alone totalled

around 9,000 m² and accounted for more than half of take-up. As was to

be expected, no agreements to lease space measuring over 1,000 m² were

noted, because none was available. Clothing and fashion concepts formed

the biggest group of new tenants in 2013, as they have done in other years

too.

Above all, faced with huge demand for retail space in the absolute top lo-

cations, the lack of such properties has driven rents up in recent years.

The premium price now being paid has risen to 280.00 €/m²/month for

shops with 80 to 120 m² of sales floor. In view of the present situation on

the market, rents for retail and restaurant/bar space in the city centre are

set to rise further during the next twelve months. Increasing rentals will

become appreciably more apparent in locations where rents used to be

quite moderate.

Online traders’ growing share of the market is one of the biggest chal-

lenges facing “bricks and mortar” retailers. Owner-managed multi-brand

concepts are feeling the pressure especially hard. Chain stores have bene-

fited most from changing structures. Numerous mono-label and flagship

stores have opened in Hamburg in recent years, with the aim of placing the

brand in a location that flatters the image.

The lack of space in the 1A locations will drive the process of enhancing the

less busy, trendy or high-end locations. The city centre is profiting from

this development, because Hamburg’s range of shops will be far more in-

ternational in future.

Retail business barometer survey of retailers in Hamburg (balance of positive and negative answers)

Source: Handelskammer Hamburg

Retail turnover HH 2009 - 2013 (in Mio. €) of which in city centre (in %)

Source: Michael Bauer Research GmbH, Nürnberg

Take-up of space and rents

Outlook

11,499 11,381 11,924 12,362 12,627

14.7%

14.9%

15.6%

15.8%

15.5%

14.0%

14.2%

14.4%

14.6%

14.8%

15.0%

15.2%

15.4%

15.6%

15.8%

16.0%

10,600

10,800

11,000

11,200

11,400

11,600

11,800

12,000

12,200

12,400

12,600

12,800

2009 2010 2011 2012 2013

-17.0

19.0

-1.3

4.0

-2.4

0.8

27.4

15.8

4.6 5.4

-25

-20

-15

-10

-5

0

5

10

15

20

25

30

35

2009 2010 2011 2012 Q3,2013

current business situation/retailfuture business situation/retail

good / favourable

poor / unfavourable


Jungfernstieg

Neu

er

Dam

mto

rstr

aße

EsplanadeGorch-Fock-Wall

Colonnaden

Colonnaden

Jung

fern

-

stie

g

Stadthausbrücke

Ballindam

m

Hermannstr.

Ferdin

andstraße

Raboisen

Rosen-

Gerhart-Hauptmann-

Platz

Meßberg

Burchard-platz

Deichtor-platz

Willy-Brandt-

Straße

AlterFisch-markt

Adolfs-platz

Rathaus-platz

Gänse-markt

Axel-Springer-

Platz

Stephans-platz

Alter

Wall

Wall

Neuer

ABC-

straße

Bleichen

Große

Hoh

eB

leic

hen

Kaiser-Wilhelm-Str.

Wexstraße

An der S

tadthausbr.

Adm

iralit

ätss

tr.

Valentinskamp

Caffam

acher-reihe

Neuer Wall

Rödi

ngsm

arkt

Rödi

ngsm

arkt

Steintordamm

Steintorw

all

Steintor-

wall

Ernst-

Holz-

damm

St. Georgstr.

St. Georgs KirchhofRautenberg

str.

Alstertwiete

Merck-Straße

Speersort

Gr. Reichenstr.

twiete

Brands-

Kl. Reichenstr.

Schopenstehl

Gr. Reichenstr.Neß

Hopfenmarkt

Graskeller

Altenwallb

r.

Hahntrapp

Börsenbrücke

Adolphsbrücke

Bleichenbrücke

Poststraße

straße

Jungfernstieg

Post-

Kl. Theaterstr.

Kalk

hof

Gerhofstr.

Drehbahn

Dammtorwall

Welckerstr.

Büsch

stra

ße

Fehlandstr.

Große

Theaterstraße

Schleusenstr.

Große Bleichen

Amelungstr.

Heuberg

Neue

ABC

-Straße

Schauen-

Große Johannisstr.

GroßerBurstah

burger- straße

Pelz

er-

stra

ße

Ida-

Ehre

-Pla

tz

Burchardstr.Altstädter Straße

Kattrepel

Springeltw

iete

Kl. Rosenstr.

Mohlenhofstr.

Jakobi-kirchhof

Burchardstr.

Niedern-

Klingberg

Dep

enauKat

tr. B

r.

Buc

eriu

sstr

aße

Kleine Johannisstr.Gr. Bäckerstr.

Bro

dsch

rang

en

Tros

tbrü

cke

Neue B

urg

Kl. B

urstahH

olzbrücke

Hermannstr.

Reesendamm

Plan

Bergstraße

Bergstr.

Schm

iede-

straße

Rathaus- straße

Str.

Pumpenstraße

Burchard-Jo

hann

isw

all

Klo

ster

-

wal

l

Dom

str.

Willy-

KennedybrückeAn der A

lster

Kirchenallee

Lombardsbrücke

Brandt- Straße

Dom-

str.

Bugenhagenstraße

Steinstraße

Mönckebergstraße

Mönckebergstraße

straße

Spitalerstraße

Lilie

nstr

aße

Raboisen

Alstertor

Gertrudenstr.

Glockengießer-

wall

Glockengießer-

wall

Brands-

ende

Kurzee M

ührenLange M

ühren

Gertruden-

kirchhof

Georgs-platz

Willy-Brandt-Straße

Hopfensack

Dovenfleet

Jako

bikirchhof

Curiens

tr.

Dornbusch

Mönkedamm

Deichstr.

Ferd

inan

dstor

Ferd

inan

dsto

r

St. Georgs Kirchhof

Düst

ernstra

ße

Heiligengeistbr.Ludwig-Erhard-Str.

Staatsoper

Justizbehörde

Finanzbehörde

Behörde für KulturSport u. Medien

Klinik ABC-Bogen

BSU

Behörde für Stadtentwicklung

und Umwelt

Oberfinanz-direktion

KlinikFleetinsel

Rathaus

ThaliaTheater

Ev.-Ref. Kirche

KunsthalleHamburg

OhnsorgTheater

Dreieinigkeits-kirche

Finanzamt

MoscheeK.D.

Brecht-Sch.

St.-Petri-Kirche

St.-Jacobi-Kirche

Finanzamt

Haupt-bahnhof

Polizei

Bezirksamt Mitte

Kunstverein

Markt-halle

Bücherhalle

Deichtorhallen

HSH-Nordbank

Handelskammer

Börse

HSBA

Polizei

Wallringtunnel

Wal

lrin

gtun

nel

Steintortunnel

StreitsFilmtheater

Schule

Handels-Schule

PassageKino

Binnenalster

Alster-

fleet

Kleine Alster

Bleichen-

fleet

ddammm

ddaddammddamm

mddamm

m

StStStSStenenbeerrg

s

teeteeennberg

s

ennberrgs

beergbeerg

nbs

rgs

teetetetee

terrer

Holz-HolzHolz

ddd

RauteRautRauteRauteRauteRRRaRa

Alstertwiet

Alstertwie

Alstertwiet

Alstertwie

Alstertwiet

An der Alster

AAn der A

AA

andels-HananndelsndelsuleSchuleulee

1a-Lage

1b-Lage

U-Bahn

S-Bahn

Parkhaus

Einkaufspassage

öff. Gebäude

Grünflächen

Quality of locations in Hamburg City

Selected top lettings 2013

CHANEL (G&B) Neuer Wall 73-75 700 m2

& Other Stories Neuer Wall 20 700 m2

Brioni S.r.l. Neuer Wall 84 610 m2

Prada Neuer Wall 32 350 m2

Woolrich (G&B) Hohe Bleichen 17 330 m2

Mulberry (G&B) Neuer Wall 69 310 m² Escada Große Bleichen 23-27 260 m² Patek Philippe Neuer Wall 3 110 m²

Attainable rents* by locations (at January 2014)

* shops with 80 - 120 m2 of floor space in €/m²/mth. (net)

Spitalerstraße: 280.00Neuer Wall, BID: 250.00Mönckebergstraße: 220.00Gerhofstraße: 180.00Poststraße: 185.00Jungfernstieg: 185.00

Große Bleichen: 160.00Hohe Bleichen, BID: 120.00Bleichenbrücke: 130.00ABC-Viertel: 90.00Dammtorstraße, BID: 65.00Colonnaden: 50.00

1a location

1b location

U train

S train

Parking

Shopping mall

Public building

Green space

Source: © Grossmann & Berger GmbH

Shopping malls Gänsemarkt Passage Neuer Gänsemarkt Hanse-Viertel Hamburger Hof Alte Post Galleria Passage Kaufmannshaus Bleichenhof Mellin Passage Europa Passage HSH Passage Levantehaus Wandelhalle

Clothing / department stores

Alsterhaus SportScheck Karstadt AppelrathCüpper C & A Anson’s P & C Karstadt Sport Galeria Kaufhof Saturn

approx.

up to up to


Glossary / Definitions

Contact

Contact

Business Improvement District (BID): BIDs are usually initiated in areas dominated by retail within defined boundaries, where

property owners undertake, on a largely voluntary basis and for a specified period of time,

measures to improve the area and make it more attractive.

Retail purchasing power / Retail purchasing power index: Volume of retail spending by the population of a region measured by domicile, i.e. general

purchasing power less spending for rent, mortgage payments, insurance, motor vehicles,

travel and services.

Retail sales (POS turnover) / Retail sales index: The actual sales in local retail shops measured at the point of sale (POS).

Attainable rent: The net rent that is sustainably attainable for the re-letting of first-class sales floor in 1A

locations (80-120 m²), based on the assessment of current market developments.

Retail centrality index: Relation between retail turnover and retail purchasing power (permits statements about the

capability of local shops to attract shoppers from other areas and so add their purchasing

power to the purchasing power of the local residents).

Space productivity: Turnover per m² of shop space or sales floor per year.

Take-up of space: The total of all space let plus that sold to, or finished by or for an owner-occupier during the

period under review. The operative date for inclusion in the statistics is the date on which

the lease or purchase agreement was signed. Lease renewals are not counted as take-up.

Photo credits: Cover: Hamburg (Town Hall) © G&B, Page 2: CHANEL-Store (Neuer Wall 73-75) © G&B, Page 5: Bleichenbrücke 9 © G&B.

We draw your attention to the fact that all statements made here are non-binding. Most of the informationis based on third-party reports. The sole intention of this market survey is to provide general infomationfor our clients.

Grossmann & Berger GmbH • Bleichenbrücke 9 (Bleichenhof) • D - 20354 Hamburg Phone: +49 (0)40 / 350 80 2 - 0 • Fax: +49 (0)40 / 350 80 2 - 36 Email: [email protected] • Internet: www.grossmann-berger.de Managing directors: Andreas Rehberg, Holger Michaelis, Christoph Ringleben, Lars Seidel Chairman of the supervisory board: Dr. Jörg Wildgruber • Registered office Hamburg Registered at Hamburg no. B 25866

Sven Bechert

Prokurist (Authorized officer)

Department Manager Retail

Phone: +49 (0)40 / 350 80 2 - 50

Mobile: +49 (0)162 / 232 30 02

Email: [email protected]

Matthias Schücking

Dipl.-Kfm.

Property consultant

Phone: +49 (0)40 / 350 80 2 - 457

Mobile: +49 (0)162 / 232 30 12

E-Mail: [email protected]


market survey commercial - grossmann-berger.com€¦ · market in 2013. neuer wall, hamburg’s...

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