Retail Asset Optimisation

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Your journey towards transforming your retail property starts here.

OPTIMISATION FOR TOMORROW

ASSET SERVICES EMEA

INTRODUCTION

ADDRESSING ESG RISK & OPPORTUNITY PAGE 07

PAGE 01

ADDRESSING CUSTOMER LOYALTY PAGE 21

ADDRESSING THE COST CONUNDRUM PAGE 31

CONTENTS

STRATEGIES TO MAXIMISE INCOME/VALUE PAGE 41

CONCLUSION PAGE 49

ABOUT ASSET SERVICES

PAGE 53

INTRODUCTION

Then came the pandemic-forced lockdowns through 2020 and 2021, which arguably served the sector its biggest-ever stress test. Once again, the resilience of the sector was proven. Now, as the retail sector continues to evolve, it is doing so while simultaneously facing cyclical headwinds of high inflation, rising interest rates, and slowing growth. However, building owners should continue to adopt a strategic approach to managing their assets to set it on the path to success as the global economy inevitably rebounds. Here, we address how retail asset managers and owners can overcome the challenges faced in the current environment to protect and enhance asset value. We also examine the levers available to optimise retail assets.

INTRODUCTION

RETAIL ASSET OPTIMISATION FOR TOMORROW

The retail sector has endured a period of sustained pressure. Firstly, through structural change which challenged traditional brick and-mortar stores. Retailers adapted to these changes and embraced omni channel approaches. and the growth of e-commerce

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TOP CHALLENGES FOR RETAIL ASSET MANAGERS & OWNERS

CHANGING TRENDS IN RETAIL MANAGEMENT

TOP TRENDS IN RETAIL 2010

TOP TRENDS IN RETAIL 2024

RETAIL ASSET OPTIMISATION FOR TOMORROW

INFLATION & IMPACT ON DISCRETIONARY SPEND

LACK OF CUSTOMER LOYALTY

MAJOR ANCHORS

RETAIL IS MORE THAN “SHOPS”

CREATING A COMMUNITY DESTINATION

E-COMMERCE

MIXED USE DEVELOPMENT

SOCIAL SHOPPING

INCREASING OPERATING COSTS

ESG RISK & OPPORTUNITY

POP-UP STORES

HEALTH AND WELLNESS ZONES

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DISCOUNT CHAINS

PHYSICAL SHOPPING

CREATING THE RIGHT TENANT MIX

AVAILABLE CASHFLOW TO REPOSITION/RETHINK THE ASSET

CENTRE EXPANSION / DEVELOPMENT

SUSTAINABILITY

DWELL TIME

SUBURBANISATION

SENSE OF EXPERIENCE

SENSE OF PURPOSE

ADDRESSING ESG RISK & OPPORTUNITY

ADDRESSING ESG RISK & OPPORTUNITY Environmental, Social, and Governance (ESG) considerations have become critical for This is against a backdrop of mounting regulatory pressures across Europe to achieve not only environmental performance standards but to also generate social value. The latter remains an acute area of focus for shopping centres due to the direct connection between retailers, space, and community. This intersection is shifting focus from purely retail commercialisation to recognising the opportunity to increase dwell time and loyalty by creating a destination that is sustainable, integrated into the community, and supports the personal health and well-being of customers. retail asset managers and owners in order to effectively manage investor, tenant and customer demand.

AS SUCH, THE FOLLOWING FIVE AREAS SHOULD BE CONSIDERED BY RETAIL ASSET MANAGERS AND OWNERS WHEN SEEKING IMPROVEMENT IN ESG CREDENTIALS FOR OPERATIONAL ASSETS:

Ensure excellence in accessibility options

Implement energy management and HVAC optimisation programmes to the asset as efficiently as possible, including

RETAIL ASSET OPTIMISATION FOR TOMORROW

for customers and ensure alternative or sustainable transport options are available.

the introduction of on-site renewable energy options.

Introduce variable lease options to ensure a diverse mix of tenants onsite (anchor tenants vs. social enterprises, charities and start-ups).

Implement governance and reporting standards, this could be linked to ISO, building certifications or social value frameworks to measure and improve performance against and over time.

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Maximise green space and enhance biodiversity where feasible to improve customer experience and interaction.

This often starts with their supply chain, including eliminating negative social impacts, moving towards ethical sourcing of materials, and promoting living wages throughout their manufacturing locations. Most of this happens upstream from physical retail assets. highly relevant, particularly where retail property is concerned. A low carbon building is a more appealing proposition to occupy and tangible sustainability activities can be used to bring in customers. Therefore, when it comes to creating attractive retail destinations for shoppers, it pays not to overlook sustainability. The highest-performing retailers, such as luxury goods, will expect the highest levels of sustainability from their real estate. retailers are some of the most progressive organisations when it comes to sustainability. However, reducing carbon and environmental impacts is still It may seem surprising in a sector driven by consumption, but

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CASE STUDY

SC KOOPGOOT SHOPPING CENTRE ROTTERDAM, AMSTERDAM The Koopgoot Shopping Centre in Rotterdam has a strong social impact and community engagement position that has resulted in increased customer loyalty and demand. A range of initiatives have been implemented in line with the United Nations Sustainable Development Goals. These include a focus on attracting retailers with ESG goals that are aligned with the centre. One such retailer, Wear, whose ethos is built on a sustainable production chain, offers customers refurbished sneakers. The partnership with Wear not only attracted a new target audience to the centre but also created new employment opportunities for untapped labour sources.

Another area of focus was activating the asset in partnership with social enterprises. Examples include an open-air art exhibition focused on health, with an objective of attracting students who might be interested in building a career in the health sector and partnering with retailers who are in or adjacent to the sector. Other engagement programs with local schools were implemented, as well providing special birthday experiences to children of economically disadvantaged families. All of these activities have forged stronger ties between SC Koopgoot, the local community and municipality Koopgoot Sc organized the Job Shop (job fair) to support retailers in finding new employees. Together with the municipality and local employment agency we recruited potential candidates with an off- and online marketing strategy. With this partnership (25 retailers) we recruited more than 100 collegues.

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Asset Services provided by Cushman & Wakefield.

MEASURING ESG IMPACT

THE ‘ORIGEN’ PLATFORM OPERATES ACROSS THE FOLLOWING FIVE AREAS OF RETAIL MANAGEMENT:

Inspired by the 17 Sustainable Development Goals created by the United Nations, ‘Origen’ provides the opportunity to combine social, economic and environmental impact objectives into a single project to create a clear link with the local community. programme created by Cushman & Wakefield in Spain that offers the ability to put value and measurement to the sustainable actions and initiatives that we carry out. ‘ORIGEN’ is a sustainable operating

GENERAL INITIATIVES Certifications and codes of ethics

SERVICES Active services and the promotion of digitalisation

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FACILITIES/TECHNICAL UPGRADES Operational savings and reduction of environmental impact

MARKETING AND COMMUNICATION Communicate best practices and commitments

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AGREEMENTS AND PARTNERSHIPS Promoting social responsibility and its link to community

ORIGEN BY THE NUMBERS 11 SHOPPING CENTRES AND RETAIL PARKS PARTICIPATING

+245 PARTICIPATING NGO, SOLIDARY AND PUBLIC ENTITIES

+870 PROJECTS AND INITIATIVES DEVELOPED

+260K VISITORS TOOK PART IN OUR ACTIONS

+90K KG OF SECOND HAND CLOTHES COLLECTED

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+87K PLASTIC BOTTLES AND CANS RECYCLED

+2K KG OF CO 2 SAVED

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¤600K EQUIVALENT RETURN GENERATED FOR ENTITIES

¤3.5M ECONOMIC VALUE EARNED ON SOCIAL MEDIA

+9M TOTAL PEOPLE REACHED ON SOCIAL MEDIA

Source: Cushman & Wakefield Origen platform 6 months of data to October 2023

CASE STUDY

ISLAZUL SHOPPING CENTRE MADRID, SPAIN Isazul is a unique retail experience with its own microclimate featuring 180 stores, restaurants and entertainment areas. Over the past two years, this asset has been repositioned by restructuring the hypermarket precinct into five units with an improved tenancy mix, a new supermarket anchor and a refurbishment of the entire food court. A Photovoltaic Plant system was also installed that has generated a 30% reduction in energy costs. The aesthetic appeal of the centre was also improved as a result of an updated exterior façade, additional car parking facilities and a unique vertical garden. As a result of this optimisation strategy, footfall has improved consistently. In addition, the Spanish Shopping Centre Council awarded Isazul Best Environmental Campaign and Best Marketing Campaign. The shopping centre has attracted high-profile tenants including Primark, Zara, H&M, Mango, as well as offering the first Yelmo Junior Kids room in Europe, the new flagship ToysRUs store in Spain, the first Lidl and Dealz stores in a Spanish shopping centre and the first Kiabl and Snipes stores in a shopping centre in Madrid.

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Asset Services provided by Cushman & Wakefield

ADDRESSING CUSTOMER LOYALTY

This can be done in a number of ways and the positive contribution the centre makes to the local community should not be ignored but rather be celebrated. Adding elements such as libraries, sports courts and exercise areas can help embed the centre as part of the fabric of the community. Positioning the asset in this way will also assist in increasing foot traffic, though asset managers also need to ensure that they curate the right tenant mix to increase dwell time. As a result, retail should no longer be viewed as just “shopping”. Amongst larger centres, the evolution towards expanded and more sophisticated food & beverage offerings has been a longstanding trend. More recently, the rise of cosmetic and beauty services tenancies is becoming more prevalent, as is the growth of medical services – “med-tail”. Lastly, competitive socialisation has been rapidly embraced as friends and families seek interactive, physical gameplay. Additional benefits flow to asset owners as these activities typically occupy larger tenancies, which traditional anchors are either vacating or downsizing, thereby helping to maintain overall centre occupancy. Furthermore, these use types are typically active at different times of the day, such as in the evenings, which can help expand trading hours across the whole centre.

RETAIL ASSET OPTIMISATION FOR TOMORROW

ADDRESSING CUSTOMER LOYALTY

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Customer loyalty remains a significant challenge, especially as consumers have a myriad of ways to shop. Building an authentic narrative around the asset that resonates with customers is essential.

This clearly has connections to placemaking, and while placemaking has always been a core part of asset management, it needs to be viewed and acted on as a core priority to enable the asset to become a community destination, which drives experience and interaction. Asset managers and owners need to create an experience that recognises consumers’ search for purpose, and a shift to brand engagement and creation, rather than just adopting a transactional focus. The changes in the way people shop and enjoy shopping centres are driving numerous initiatives aimed at gaining a deep understanding of centre visitors. The implementation of Smart Data tools assists asset managers and owners in the collection of information that reveals behavioural insights, which then allows for the customisation of communications, spaces, and strategies for each centre. This, in turn, boosts foot traffic and sales and enhances customer engagement. The immediacy in data analysis provided by these custom applications results in an increased average visitor’s stay in the centre and a higher success rate in cross-selling.

Ultimately the attractiveness of the centre, regardless of size, needs to be viewed through the eyes of the customer to identify what resonates with them. Adopting such a customer-centric approach will help identify which improvements should be prioritised and help inform the longer-term strategy for the asset.

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AFTER IMPLEMENTING INFINITY IN THE SPANISH MARKET, THESE ARE THE RESULTS THAT WERE GENERATED

BUILDING CUSTOMER LOYALTY

Infinity is an award-winning proprietary omnichannel marketing loyalty program developed by Cushman & Wakefield, which enables shopping centres to engage consumers through all relevant channels.

Infinity takes a customer-centric approach through a personalised experience that drives customer behaviour, enhances their shopping experience, and makes each visit unforgettable and unique, with the ultimate goal of increasing visit frequency and boosting retail sales.

RETAIL ASSET OPTIMISATION FOR TOMORROW

PARTICIPATING SHOPPING CENTRES 12

388 PARTICIPATING RETAILERS

527,909 LOYALTY CLUB MEMBERS

467,062 PARTICIPANTS IN THE

ACTIONS TRACKED AND DATA COLLECTED

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35.4% OF VISITORS AS A MEMBERS

41% MONTHLY ACTIVE MEMBERS

498

EVENTS DEVELOPED

MARKETING ACTIONS AT THE CENTRE

PERSONALIZED MARKETING (COMMUNICATIONS)

PHYSICAL

DIGITAL

INFORMATION ANALYSIS & CREATION OF MARKETING STRATEGY

VISIT TO CENTRE

INFINITY

52,432 EXCLUSIVE COUPONS REDEEMED IN STORES

71% COMMUNICATION REACH

TENANT SATISFACTION

7.5 OUT OF 10

CASE STUDY

GUILDHALL SHOPPING CENTRE LONDON, UK Following the purchase of this 302,378 sq ft asset, the Exeter City Council wanted to ensure the centre supported the vibrancy and sustainability of Exeter City Centre. A full programme of community events formed a key part of the As a result of this marketing campaign, the centre won a “Pineapples Award” which celebrates the very best in placemaking in Europe and recognises excellence in community engagement, activation and public space. In addition, The Guildhall was short-listed for four Sceptre Awards which recognise best practice in shopping centres; and took out the Community Initiative of the Year Award, in recognition of their world-class infant and toddler and indoor garden and nursing and feeding area. revised marketing strategy to position the asset at the heart of the community.

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As a result of the marketing and community engagement campaign, footfall increased by 420%.

Asset Services & Project Management Services provided by Cushman & Wakefield.

ADDRESSING THE COST CONUNDRUM

RETAIL ASSET OPTIMISATION FOR TOMORROW

INPUT COSTS

RUNNING COSTS

ASSET VALUE

Against this backdrop of structural change in the retail sector, cyclical pressures have become more acute.

It is acknowledged that budgetary discipline has always been important, but during the previous cycle undertaking capital works was financially easier. As capitalisation rates continued to compress, capital expenditure programmes could be more readily written off against the increasing value of the asset. Asset owners are now facing a reverse paradigm, where assets are becoming increasingly expensive to operate as well as potentially requiring significant capital works at a time when debt is expensive and asset values are falling. The only mitigating factor being that, in general, rents have stabilised and in some instances are increasing which is helping partially offset this decline in value.

It may be tempting to do nothing, or at least put off capital expenditure programmes until they are considered essential. Planning works in this way, however, is reactive rather than proactive and runs the risk of doing too little too late. Instead, a forward-looking schedule of capital improvements should be developed to demonstrate a commitment, both to tenants and customers, to keep the asset relevant to the local community. This does not always involve large scale works, but can be small-scale projects such as improving signage, parking flows, landscaping and integrated community artwork. All contribute to the fabric of the asset.

• RETAIL

• OPERATIONAL EXPENDITURE HAS RISEN 10-20%. • PRIME RENTS IN EUROPE HAVE FALLEN BY -9%

• COST OF DEBT HAS RISEN 350-400BPS • CAPITAL EXPENDITURE HAS RISEN 20-25%

CAPITALISATION RATES IN MAJOR MARKETS HAVE SOFTENED BY 73BPS ON AVERAGE SINCE Q1 2022

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ON AVERAGE OVER LAST 5 YEARS

CASE STUDY

PORTE DI MESTRE VENICE, ITALY

A new commercial strategy focused on the modernisation of the asset to ensure it was more aligned with consumer demand. A refurbishment was undertaken which has created an experience that is anchored in the community, has an expanded retailer mix and enhanced the food and entertainment offerings. This 55,000 sqm shopping centre was challenged by a complex governance structure and outdated customer experience and retail offering. As part of a strategic refresh across a portfolio of shopping centres, the Porte di Mestre has undergone a transformation following the Pandemic.

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Asset Services and Project & Development Services provided by Cushman & Wakefield

CUSTOMER EXPERIENCE

TECHNOLOGY

• Loyalty programs • Customer journey mapping • Personalisation • Promotions • Experiential opportunities & services • Varied tenancy mix • Incorporating omnichannel retailing into physical space • Product trials, product co-creation • Augmented reality / AI

• Consumer tracking tools • Consumer behaviour tools • Digital twins • Operational management optimisation tools • Digital lease documentation

LEVERS AVAILABLE TO OPTIMISE A RETAIL ASSET:

RETAIL ASSET OPTIMISATION FOR TOMORROW

LEASE STRUCTURE

U S

• Lease structures that allow risk sharing + co-operation • Turnover leases and hybrid models • Flexible clauses

C E

BROADEN THE OFFERING

• Mixed-use integration into shopping centres • Alignment with adjacencies in the built environment • Reposition the asset from B to A-grade • Flexibility of space to ensure customisable space to respond to changing consumer needs

ESG

R I

• Energy efficiency programs • Energy ratings for retailers • Sustainable tenancy mix (economic, environmental, social) • Capital works to future proof vacant tenancies • Solar panels, sustainable fixtures + fittings • Embodied carbon strategies • Ethical supply chains • Green leases, green financing, CFP • Inclusive design neurodiversity / dignified access • Transparent reporting

R O

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N G

INTEGRATION WITH LOCAL COMMUNITY

• Authenticity of offering to the local community • Local social enterprises built into supply chains • Community / not-for-profit space at reduced rents • Employment of community managers vs property managers • Bring the outside in

T I

I T

I N

CASE STUDY

ZLOTE TARASY SHOPPING CENTRE WARSAW, POLAND This 715,197 sq ft retail complex has been strategically repositioned over the past several years. As part of this repositioning, a refreshed marketing strategy was implemented, focused on customer engagement with the target audience of 18–34-year-olds, fashion-conscious professionals as well as both domestic and international tourists. The introduction of marketing automation tools which leveraged mobile tracking and sophisticated customer loyalty programs, together with a digitally-enabled tenant relationship management program, were critical to the successful repositioning of the asset. A tenancy clustering strategy creating specific precincts within the centre saw the introduction of flagship brands including New Balance, Vision Express, Boss, Lush, Hugo, Candy Pop, Popeyes, W.Kruk, E.Wedel, Tous and Costa. 173 new lease agreements have been signed over the last five years.

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STRATEGIES TO MAXIMISE INCOME/VALUE

TO DRIVE CUSTOMER EXPERIENCE AND COMPLEMENT ONLINE CHANNELS LEVERAGE TECHNOLOGY

SELECT LONG-TERM SUSTAINABLE TENANTS

STRATEGIES TO MAXIMISE INCOME/VALUE

AS YOUR PARTNERS

RETAIL ASSET OPTIMISATION FOR TOMORROW

The metrics of retail asset management are continuing to evolve, which requires an even more rigorous and disciplined approach to maximising value. This has to start with adopting best-in class processes and reporting. Only in this way can accurate assessment of the cost and revenue flows be derived.

PARTNER WITH TENANTS

(EG AGEING POPULATION WITH DISPOSABLE INCOME) TAP INTO DIVERSE CONSUMER PROFILES

TO MAXIMISE CONSUMER EXPENDITURE

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IDENTIFY VALUE ADD OPPORTUNITIES

DRIVE OPERATIONAL EFFICIENCY

DEVELOP AND IMPLEMENT ESG STRATEGIES AND

IMPLEMENTING IN THE CENTRES WHILST USING THE S AS AN IMPORTANT COMPONENT TO

THROUGH CUSTOMER EXPERIENCE AND ADDED SERVICES INCREASE BRAND LOYALTY

EMBED THE CENTRE IN THE COMMUNITY.

Once operational efficiencies are in place, focus can then turn to higher value strategies. Over the past several years, real estate assets have generated steady cash flow and returns. This reality has changed and real estate players have been hit across the value chain through reduced operating income and a more clouded operating environment for buildings and tenants alike. While some of the impacts are temporary, others are expected to be more permanent, transforming the future of certain asset classes. Across almost every asset class, potential longer-term effects must be considered as well as the required changes that these shifts are likely to bring. This means assessment and reassessment of “risk”. A deeper understanding of existing assets and portfolios is therefore required through the analysis of upside and downside scenarios to identify assets with most operational risks and how to best position them for the changing operating environment. Business plans and capital expenditure then need to be adjusted accordingly to ensure they incorporate the relevant value add propositions. As part of this, owners of real estate need to act more flexibly by delivering an active management solution with a focus on customer experience, sustainability and wellbeing. This requires a change in mindset, from a focus on “service” to a focus on “experience”, which is built on each building’s strengths and then curating events that cater to the tenant and customer base. In turn, this creates an environment where customers want to go and are loathe to leave; driving occupier satisfaction and enhanced commercial opportunities.

Accordingly, data and analytic insights are fundamental to making strategic decisions regarding commercial lease negotiations, asset valuation and improved tenant experience and operations. Technology and digital solutions will be among critical enablers to usher in the new era of real estate, allowing not only the customisation of spaces according to meet changing needs, but also taking building management to the next level and addressing sustainability and affordability. Fundamentally, the future of asset optimisation is founded

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upon landlords and asset managers creating a more

transparent and collaborative relationship between owner and occupier to respond to global market trends.

CASE STUDY

CARREFOUR LIMBIATE SHOPPING CENTER MILAN, ITALY The 39,000 sqm Limibiate Shopping Centre has been reimagined and transformed to future proof its position within the Milan market. The shopping centre has been repositioned to be a destination for the community of Limbiate through significant refurbishment, implementation of a customer-centric placemaking strategy and enhancing the experiences offered to visitors. The refurbishment included a completely new food court with a terrace, enhancement of open spaces, restyling of the interiors and enhancement of the centre’s ESG performance.

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Asset Services and Project & Development Services provided by Cushman & Wakefield

CONCLUSION

For offline retail stores to play an effective role in the omnichannel retail mix, long-term transformation is required. While many efforts are under way, from investment in technology and sustainability to initiatives focused on differentiation and operational efficiency, the need to rethink the real estate component of retail is important. Retailers must rethink their approach to their store portfolio and retail network, integrating them into a rebranded omnichannel strategy. The retailers that develop this vision will be able to compete, innovate and resume growth. customer experience and additional bespoke services. There are many ways to redress the balance of use types in a centre to help drive future growth. The most successful projects, however, are those that emphasise social value, taking a whole-place perspective that includes social spaces, ‘blended living’ and offer convenience for people keen to minimise travel. Detailed planning is key, however, lastly, and most importantly these plans need to be actioned. Physical stores provide an opportunity to add value and secure brand loyalty through

The operating environment for

The way forward is rigorous analysis, with the acceptance that there is not a one size fits all approach and that not every asset may be viable into the future. This potentially means rationalising the size of the portfolio. From there, each building will require not only its own expenditure and maintenance programme, but also scheduling of works to keep the asset relevant both now and into the future.

retail asset owners continues to evolve

and while this presents challenges in the current economic environment, at the same time there are numerous opportunities to reset and rethink how retail assets should operate and become an integral part of the local community.

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ANALYSE

RATIONALISE

STRATEGISE

ACTION

ABOUT ASSET SERVICES

Our data-driven approach to asset services means that we are constantly trialling and implementing best-in-class technology for the retail assets we manage. Whether this is intelligent building systems to improve ESG performance, or customer experience technology to drive customer loyalty and revenue, digital lease documentation platforms to create efficiencies or AI, we ensure our clients have the latest insights to assist with decision making. Building customer loyalty lies at the heart of our approach to retail management. We understand how to curate the customer experience both on-site and pre- and post activities through omnichannel strategies. We deploy customer experience technology to help our clients achieve an authentic customer experience relevant to the local community in which the asset is located. This consistently results in increased footfall, retail turnover and operating income. We know sustainability plans are only as good as their ability to be executed. Our in-house ESG team not only designs sustainability strategies but has the skilled experts on the ground to execute them. We are making practical changes to existing buildings every day to improve their sustainability performance as well as their social impact in the community. From sustainability strategies, to compliance, managing climate risk, driving operational efficiency and delivering net zero, we ensure our clients are making a positive impact on our planet as well as their portfolio.

We know that the performance of a retail asset is dependent upon a symbiotic relationship between the owner, retailer and customer. Too often asset management strategies don’t take into account the requirements of these three stakeholders. We work hard to make sure we build long term, sustainable value to the asset by working closely with owners, retailers and customers.

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We offer an integrated Asset Services capability, encompassing property management, operational asset management, ESG, place-making and other value add services, that helps our clients improve their operating income and maximise asset value. We can not only develop asset optimisation strategies but can implement them across the whole real estate lifecycle. Our deep expertise in the retail sector in not only Asset Services, but also Capital Markets, Leasing, Project & Development Services means we are at the forefront of the changing retail landscape and global trends. We interpret changing consumer behaviour and translate this into advice for retail asset managers and owners to optimise value.

RETAIL ASSET OPTIMISATION FOR TOMORROW

SQM UNDER MANAGEMENT 31M

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STAFF 1,355

COUNTRIES 13

CONTACTS

T: +44 7825421977 james.woodhead@cushwake.com JAMES WOODHEAD HEAD OF ESG EMEA

SUSANA CLARKE HEAD OF COMMERCIAL STRATEGY & ACCOUNTS ASSET SERVICES EMEA

T: +34 661 767 940 susana.clarke@cushwake.com

T: +34 659 477 009 rafael.mateu@cushwake.com RAFAEL MATEU HEAD OF ASSET SERVICES SPAIN RETAIL SECTOR LEAD SPAIN ASSET SERVICES EMEA

DR. DOMINIC BROWN HEAD OF INTERNATIONAL RESEARCH

T: +61 431 947 161 dominic.brown@cushwake.com

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ABOUT CUSHMAN & WAKEFIELD Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In 2023, the firm reported revenue of $9.5 billion across its core services of property, facilities and project management, leasing, capital markets, and valuation and other services. It also receives numerous industry and business accolades for its award-winning culture and commitment to Diversity, Equity and Inclusion (DEI), sustainability and more. For additional information, visit www.cushmanwakefield.com.

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