MIPIM remains the daddy of property shows, of course, but nothing better captures the globalisation of ?the property industry than the ?retail-only MAPIC.
With approaching 9,000 delegates, MAPIC is little more than half the size of MIPIM. But while Cannes in the spring affords isolationists the opportunity to exist in a UK bubble, there is no escape in the autumn.
The statistics unfurled at this week’s bash in Cannes prove the point: all performance is comparative. Countries, cities and even streets get judged across timezones. Leeds not only has to prove itself against Liverpool or London but against Leipzig, Lille and Luzhou too.
From a UK perspective, much of the talk at the event was comforting.
Jones Lang LaSalle research showed that, by rents, London had pipped Paris to the post to be named the most expensive luxury retail destination.
London also has the highest presence of global retailers, with 235 different international brands. Its nearest rival, Paris again, has 217. Moscow, in third place, has 196.
And while London remains a focus, of course, Land Securities had perhaps the biggest UK presence in Cannes, promoting Trinity Leeds.
But London, Leeds and other western and southern European cities should feel vulnerable. As well as Moscow, St Petersburg is also in the top 10 cities for international brands. Prague is up there too and Istanbul is rising fast. Retailers are looking to eastern Europe for growth; indeed, most are also looking to the east of Europe as well.
Even among western European markets, the UK risks losing pace. Germany has five cities in the top 20 international brands ranking. And, according to CBRE research, Germany is the most popular EMEA target for retailers next year. Austria is next and the Netherlands is in third place. Only then do you find the UK.
damian.wild@estatesgazette.com
