CBRE-比利时的零售园区（英文）-2020.10-43页_6mb

Summary of Retail Parks in Belgium

Core Content

This report provides an in-depth analysis of the out-of-town retail market in Belgium, focusing on retail parks. It highlights the market's resilience, performance, and attractiveness to both retailers and investors, while also addressing the impact of the COVID-19 pandemic and the broader trends in retail.

Main Points

Market Overview

• Out-of-town retail is the largest and fastest-growing shopping format in Belgium, with over 8 million m² of GLA dedicated to convenience shopping.
• Retail parks are characterized by affordable rents, accessible locations, and a mix of necessity-driven retail brands, typically anchored by major food stores.

Demand Trends

• Retailer demand for out-of-town locations has been strong and increasing, with 2019 being the most active year in recent memory, totaling over 220,000 m² of take-up.
• Supermarkets, home & household retailers, and value-oriented retailers are the main drivers of demand.
• Fashion retailers saw a significant drop in activity due to the pandemic, especially in Q2 2020.

Development

• Annual retail park development averages 80,000 m², with 60 to 100% pre-leasing upon completion.
• Urban planning restrictions have slowed development but increased project quality and entry barriers.
• The development pipeline includes over 315,000 m² of new retail park space expected to open by 2022.
• Key projects include Typerpark in Menen, Place Richelle in Waterloo, and Malinas Retail Park in Mechelen.

Vacancy Rates

• Vacancy rates in retail parks are low, averaging 4.7% for large-format developments and as low as 2% for professionally managed portfolios.
• In contrast, shopping centres and city centres have higher vacancy rates at 5.6% and 16%, respectively.

Rental Values

• Out-of-town rents are more affordable and stable compared to high streets and shopping centres.
• Prime rental rates in retail parks are estimated at 175 €/m²/year, while high streets and shopping centres have prime rents of 1,800 €/m²/year and 1,200 €/m²/year, respectively.
• The stability of out-of-town rents is attributed to affordable capital values, lower operational costs, and resilience to market volatility.

Investment Performance

• Retail parks offer higher yields than other retail asset classes, making them an attractive investment option.
• They provide defensive land values, especially in peripheral areas adjacent to urban centers.

Impact of the Pandemic

• The COVID-19 pandemic caused a significant drop in retail footfall, but out-of-town locations were more resilient and experienced a stronger recovery.
• Supermarkets saw an increase in sales during the lockdown, driven by demand for daily necessities.
• Social distancing measures boosted the digital economy, with e-commerce and click-and-collect becoming more prominent.

E-Commerce Integration

• Out-of-town retail is well-suited for e-commerce integration due to its proximity to consumers and ease of access.
• It supports cross-selling and returns, aligning with the convenience-driven consumer behavior.

Most Active Retailers

• Supermarkets and home & household retailers are the most active in terms of expansion.
• Key players include Albert Heijn, Lidl, Action, Jumbo, and Jysk.
• Kruidvat, Brico Plan-It, and Burger King are also notable for their expansion efforts.

Supermarket Trends

• Supermarkets account for 44% of total grocery sales in Belgium, with discounters gaining market share.
• Supermarkets are adapting to changing consumer behavior by introducing click-and-collect, home deliveries, and fast cashiers.
• They remain resilient to economic downturns and attractive investments for long-term secure income.

Conclusion

• Retail parks have demonstrated long-term value for both retailers and investors.
• They are resilient to market changes, including the impact of e-commerce and short-term volatility like the pandemic.
• The affordability, stability, and convenience of out-of-town retail make it a strong proposition for future growth and investment.

Key Information

• Total retail park GLA: Over 8 million m²
• Annual development: ~80,000 m² (slowed to ~60,000 m² after 2015)
• Vacancy rates: 4.7% for large-format retail parks, 5.6% for shopping centres, 16% for city centres
• Prime rent (H1 2020): 175 €/m²/year for retail parks
• Most active retailers: Albert Heijn, Action, Jumbo, Brico Plan-It, Jysk
• Supermarket sales (2019): €14.89 billion (44% of total grocery sales)
• Investment performance: Higher yields and more stable returns
• Pandemic impact: Out-of-town retail showed stronger recovery and resilience
• E-commerce integration: Supports click-and-collect and returns, enhancing convenience

Market Statistics

Retailer	Total Size (m²)	Units	Average Size (m²)
Albert Heijn	46,929	26	1,805
Lidl	35,185	15	2,200
Carrefour	27,139	21	1,308
Delhaize	21,762	18	1,209
Jumbo	16,005	7	2,286

Summary

Out-of-town retail parks in Belgium are a resilient and attractive investment option, offering affordable rents, high yields, and strong demand from necessity-driven retailers. Despite the impact of the pandemic, they have shown greater resilience and faster recovery than traditional retail formats. The development pipeline remains robust, with a focus on quality projects and professional management. Supermarkets and home & household retailers are the main drivers of growth, supported by convenience, accessibility, and e-commerce integration. The market remains stable, with low vacancy rates and continued interest from investors.