A RETAILER’S PERSPECTIVESPRIng 2012

The world is interconnected like never before, and the free flow of capital, which so

many retailers are dependent upon, is challenged on many fronts. Take the e-commerce

threat to brick-and-mortar retailing, spiced with a minimal job recovery and flat housing

growth and sales, topped off with an upcoming U.S. Presidential election, and you have

all the ingredients to cause the markets to pause.

Yet, in the face of global uncertainty retailing continues to look for opportunity in real

estate as well as new concepts, e-tailing, store format, sustainability and international

expansions. The reality is that if you are not growing you are dying.

In the following pages all of the aforementioned topics are given an updated perspective.

Additionally, I wanted to share with you my conversations with some retail friends.

I asked about business and what they think will affect their brands now and in the

future. We discussed a variety of issues and what follows are some of the highlights

from those conversations.

Q: How has technology impacted your brand or overall industry in the last couple of years?

As we are well into the prime of the “iGeneration,” technology is constantly affecting how business is executed. Most retailers said that technology has given them the opportunity to target consumers in ways that were not possible before.

Doug Greenholz, with IKEA, pointed out that various technological tools allow customers to shop in a smarter, more efficient way. Further to that statement, Will Ander, with McMillanDoolittle, noted that as “showrooming” (a trend where shoppers

Retailing is a creative enterprise that requires an entrepreneurial discipline if it is to thrive and grow.

scope out merchandise in stores, but buy online at a lower price) continues to grow, new experiences and formats in retail will be critical.

Peter Berkowitz, with 24 Hour Fitness, mentioned a cutting-edge technology in the world of fitness. He said that they are the first major chain to offer card-less check in, which allows members to check in with a scan of their finger and 10-digit code!

Q: What do you think about e-commerce, particularly as it relates to your

company, the industry, and current trends?

Home Depot’s Mike LaFerle said as online sales continue to grow and handheld devices become more advanced, it is critical that brick-and-mortar stores are inter-connected with online capabilities. Will Ander (McMillanDoolittle) pointed out that mobile, website and social media are all powerful technology enablers. A number of the retailers that I spoke with mentioned how they use social media tools such as Facebook, Twitter, Groupon, Living Social, FourSquare and member loyalty programs to target consumers and generate interest in their brand and products. Doug Greenholz (IKEA) stated that e-commerce is a huge opportunity for IKEA. The company is constantly adding items to its online product catalog. Peter Berkowitz (24 Hour Fitness) made a good point by saying that only a few years ago people asked, “Who would ever buy a fitness club membership online?” Today, online sales are a significant portion of new member sales.

1

Q: Is there a part of the country that you are optimistic about and

why? Is there a part of the country that you are less optimistic about and why?

Speaking to the retailers, overall, they are optimistic about Texas. After all, as they say, everything is always bigger and better in Texas, right? In addition, most seem to be hopeful for the Northeastern part of the United States. Retailers showed less optimism towards formerly “booming” states like California, Florida, Arizona and Nevada; these areas are experiencing slower signs of recovery.

Q: Have you seen anything innovative in retail that excites

you about the future?

Val Richardson, with The Container Store, said that many retailers are developing different forms of interactive retailing technology – QR codes for product information, body scans for apparel sizing, virtual experiences for sporting goods. The challenge for the retail industry, as a whole, is to create an environment that supports new and emerging concepts. We need to identify and nurture young merchants, entrepreneurs and restaurateurs in markets across the country so that our industry stays fresh and appealing to our collective customers.

The increasing presence of customer loyalty programs and the new addition of the IKEA FAMILY program provides Doug

Greenholz and IKEA a great opportunity to better understand a customer’s preferences and behaviors, while also creating additional offers for those customers. As Peter Berkowitz (24 Hour Fitness) said most frankly, ‘at the end of the day, the primary product or service that you’re selling has to offer superior value, regardless of your retail innovation.’

Q: What commitment has your company made towards

sustainability? How do you think that will change over the next decade?

Mike LaFerle said that Home Depot is pursuing numerous sustainability / energy saving initiatives as long as they are financially viable. He believes alternative energy sources such as solar will continue to become more affordable and more widely accepted. That also is the case with fellow big-box retailer 24 Hour Fitness as Peter Berkowitz said the company has made a strong commitment to sustainability in its new club and remodel construction. Recently, 24 Hour Fitness opened two LEED-certified clubs in L.A.

In fact, they’ve always made decisions to design for sustainability, including energy-efficient lighting, low-flow water fixtures and recycled rubber flooring. Additionally, they implement recycling programs for bottles and cans in the clubs, add sky lighting where possible, and have centralized utilities management.

In support of our retail community’s commitment towards sustainability, CBRE too, has much to be proud of with regard to our efforts. We were recently awarded a 2012 ENERGY STAR Sustained Excellence Award in recognition of our continued leadership in protecting the environment through energy efficiency. Additionally, Newsweek, has ranked CBRE the “greenest” real estate company in its 2011 Green Rankings. The list measures the environmental performance of the 500 largest U.S.-based publicly traded companies.

nAVEEn JAggI

Senior Managing DirectorRetailer Representation – The Americas

One thing is undeniable: Retail is fun. The emotional connection to the shopping experience is universal. From the high streets to the suburban lifestyle and power centers the energy of the creative retailer is equally matched by the zeal of the shopper looking for that one “thing”. That is what makes ‘retailing’ such a powerful enterprise.

We hope you like our 2012

version of Shop Talk and

find it informative!

Thank you.

VIEWThE ImPACT of ThE InTERnET on bRICk-And-moRTAR SToRES IS undEnIAbLE.

Over the past couple of years, beginning at the start of the consumer recovery (end of 2009), year-over-year growth has been close to or at double-digits each month. Now, certainly, internet sales were hurt by the recent Great Recession, just as the other retail segments were, but since that time levels have not only gotten back to previous peaks, but have surpassed them. (Currently, levels are 40% above the previous peak.). Certain retailers are feeling the effect from e-commerce more than others and in most cases retailers have come up with a way to supplement their brick-and-mortar stores with online sales; it isn’t enough for those retailers being affected to ignore the impact and stay offline. What might the future hold for retailers and online shopping?

oVERVIEW

According to the U.S. Census Bureau, with the exception of the period from 4Q08 through 4Q09, e-commerce sales have been growing each quarter consistently since the series began in late 1999. Bolstered by increases in retailer exposure on the web and increasing amounts of online promotions, year-over-year growth in e-commerce sales have grown between 14% and 18% each quarter since the holiday shopping season of 2009. As displayed in the neighboring chart, the growth of e-commerce sales prior to and following the recession has well surpassed the growth of other segments (even with a similar decline magnitude during the recession). With such a growth pattern it is certainly hard to ignore online sales and their impact on the retail industry.

E-CommERCE SALES

hAVE gRoWn bETWEEn

14% And 18% EACh

QuARTER SInCE ThE

hoLIdAy ShoPPIng

SEASon of 2009

Q4 ‘09

Q4 ‘10

Q4 ‘11

2

-2 0 2 4 6 8 10 12 14 16 18

E-CommERCE gRoWTh CoRE RETAIL SALES gRoWTh

E - C o m m E R C E g R o W T h

SouRCE: boC

yR/yR gRoWTh (% )

3

30%

25%

20%

15%

10%

5%

0%

-5%

-10%

-15%

-20%

E-CommERCE

fuRnITuRE And homE fuRnIShIngS

ELECTRonICS And APPLIAnCE SToRES

buILdIng mATERIAL And gARdEn EQuIPmEnT And SuPPLIES dEALERS

food And bEVERAgE SToRES

hEALTh And PERSonAL CARE SToRES

CLoThIng And CLoThIng ACCESSoRy SToRES

SPoRTIng goodS; hobby; book; muSIC SToRES

gEnERAL mERChAndISE SToRES

3

2005 2006 2007 2008 2009 2010

Not only has the growth of online sales been above average over the past several years, so has the amount of core (total retail sales excluding auto and gas sales) retail sales being captured by e-commerce sales. Granted the share of e-commerce sales remains low compared to other, larger segments (such as General Merchandise and Food and Beverage stores) but the improvement in the share from 2005 to 2011 cannot be ignored.

Q1 Q1 Q1 Q1 Q1 Q1 Q1

EConomIC gRoWTh SouRCE: boC

20%

18%

16%

14%

12%

10%

8%

6%

4%

2%

S h A R E o f S A L E SSouRCE: boC

2011

2005

ThE ShARE of E-CommERCE SALES REmAInS LoW Com-PAREd To oThER, LARgER SEgmEnTS (SuCh AS gEnERAL mERChAndISE And food And bEVERAgE SToRES) buT ThE ImPRoVEmEnT In ThE ShARE fRom 2005 To 2011 CAnnoT bE IgnoREd.

For the majority of the brick and mortar retailers the share of core retail sales captured over the past six years has declined. Some notable

exceptions to this were the food and beverage stores (i.e., grocers) and the health and personal care stores (drug stores, etc.). General

merchandise stores (department stores, discounters) did manage to increase their large share slightly; this is most likely due to the impact

from the recession as consumers relied more heavily on purchases of discounted merchandise. However; the e-commerce segment, albeit with

a smaller share, did record an increase in its share of 3% in 2005 to 6% in 2011. Most likely the gain in share of e-commerce sales was not

the only direct contribution to the loss of share from some of the other segments (i.e., clothing and accessories stores) but some contribution

from online sales must have been present.

General merchandise stores

sportinG Goods; hobby; book; music stores

Food and beveraGe stores

clothinG and clothinG accessory stores

buildinG material and Garden eQuipment and supplies dealers

Furniture and home FurnishinGs

health and personal care stores

electronics and appliance storese-commerce

4

According to the U.S. Census Bureau’s annual E-Stats study, the two retailer segments which seized the largest share of e-commerce sales in 2009 were clothing and accessories and electronics and appliances. This only proves what has been suspected; the 2010 and 2011 results, when published, will most likely show a similar trend. Some of the other segments that captured an above average share of e-commerce sales (7% and above) were computer hardware and furniture and home furnishings items. The items which will most likely record an increase in share of e-commerce sales in 2010 and 2011 should be books and magazines as well as music and videos given the increasing popularity of tablets and e-readers.

It is hard to expect that growth in e-commerce sales will diminish in the coming years; particularly as retailers improve upon and expand their online presence. There should continue to be competition between brick-and-mortar sales and online sales particularly in the categories already seeing increased online sales activity.

5

SA

LE

SSALES PERfoRmAnCEThere is no denying the effect that the recent recession had on the retail industry. Consumers pulling back on spending to the extent that year-over-year core retail sales growth declined consistently for several quarters in 2008/2009; this is the first time in the 20 years worth of Census data that this occurred. The historic nature of the recession meant that most retailers were negatively affected in regards to their sales; there were a couple of exceptions. With consumers keeping a tight watch on their spending/budgets their focus was mainly on deals (for discretionary items) and daily necessities. In terms of comparable store sales, discounters (such as Target and TJ Maxx), Wholesale Clubs (such as Costco) and drug stores (such as Rite Aid and Walgreens) managed to keep sales growth in positive territory in 2009, even when some other retailer segments were deep into the red. Coming out of the recession, the luxury segment (Saks, Nordstrom) have recorded the strongest growth; part of which has to do with the fact that this segment fell the most. Wholesale clubs and discounters continue to record strong (and accelerating) growth as well.

6

AV

ER

Ag

E m

on

Th

Ly y

R/y

R g

Ro

WT

h (%

)

10

8

6

4

2

0

-2

-4

-6

-8

-10total apparel department luxury discount druG Wholesale

excludinG Fuel

C o m P A R A b L E S T o R E S A L E S

SouRCE: ICSC

SouRCE: InTERbRAnd. “bEST RETAIL bRAndS 2012” ThE moST VALuAbLE u.S. RETA IL bRAndS 2012

1. WALmART

2. TARgET

3. ThE homE dEPoT

4. CVS/PhARmACy

5. bEST buy

6. WALgREEnS

7. CoACh

8. SAm’S CLub

9. AmAzon.Com

10. EbAy

11. noRdSTRom

12. PubLIx

13. LoWE’S

14. CoSTCo

15. doLLAR gEnERAL

16. kohL’S

17. STAPLES

18. VICToRIA’S SECRET

19. AVon

20. TIffAny & Co.

21. AuTozonE

22. gAP

23. gAmESToP

24. bEd bATh & bEyond

25. oLd nAVy

26. ShERWIn-WILLIAmS

27. mIChAELS

Best Retail Brands

14 BEST RETAIL BRANDS 2012 by Interbrand

BEST RETAIL BRANDS

BestRetailBrands

2009

2010

2011

7

ConSTRuCTIon: SmALLER SToRESThere has been much discussion in the press and announcements by retailers about smaller store footprints. What began as a big box/power center retailer trend has now bled into other retailers as well (i.e. apparel/anchor mall tenants) with some pointing to the internet and increased online shopping as the cause for these size decreases. Best Buy has announced that they plan to open 100 smaller format stores by 2013 under the brand name “Best Buy Mobile”; some other larger format retailers such as Target, Staples, Kohl’s, Walmart and Office Depot have announced a smaller store format for their upcoming stores. For Target a smaller format store, under their “City Target” store brand, is underway in Seattle but others are planned for Portland, San Francisco and Baltimore.

These stores are about 25% to 35% smaller than their larger format stores (on average 133,500 square feet for the larger stores). An example of a non-big box tenant, Nordstrom has announced the addition of more of their “Rack” stores; these stores are well below the size of Nordstrom’s average department store format and they sell Nordstrom items at a discounted price. A more recent trend is that retailers are choosing to focus on smaller store formats when looking to develop new space.

nEW SToREfooTPRInT

25-35%SmALLER

AVg. LARgE foRmAT SToRES

133,500 Sf

28. RoSS dRESS foR LESS

29. guESS

30. bAnAnA REPubLIC

31. J. CREW

32. T.J. mAxx

33 . mARShALLS

34. PETSmART

35. ToyS “R” uS

36. RAdIoShACk

37. dICk’S SPoRTIng goodS

38. WhoLE foodS mARkET

39. doLLAR TREE

40. bATh & body WoRkS

41. uRbAn ouTfITTERS

42. AE ouTfITTERS

43. bIg LoTS

44. buCkLE

45. AbERCRombIE & fITCh

46. TRACToR SuPPLy

47. fAmILy doLLAR

48. AdVAnCE AuTo PARTS

49. mACy’S

50. REnT-A-CEnTER

At the end of the day,

the primary product or service

that you’re selling has to offer

superior value, regardless

of your retail innovation.

- PETER bERkoWITz, Vice President, Real Estate

24 hour fitness

‘‘‘‘

C o n S u m E R C o n f I d E n C E I n d E x V S . u n E m P L o y m E n T R AT E S

120

100

80

60

40

20

0

11%

10%

9%

8%

7%

6%

5%

4%

3%

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

SouRCE: buREAu of LAboR STATISTICS & ThE ConfEREnCE boARd

JAn | JuLy ConSumER ConfIdEnCE JAn | JuLy unEmPLoymEnT RATES

8

RA

TE

With an uneven and slightly tepid retail recovery, retailers are hesitant about expansion into new space. And rightly so, with store closings still present (the amount of space associated with store closings announcements in 2011 was up 40% compared to 2010, according to ICSC) rapid expansion could lead to a setback in the recovery. Most retailers are focusing on remodeling and improving current space and combining this with a small amount of new development. Kohl’s is projecting an increase of 20 stores in 2012 compared to an addition of 38 (net) new stores in 2011. Additionally, they remodeled 100 stores in 2011 and are expecting to remodel 50 more stores in 2012. Not only are retailers remodeling but retail centers are as well. Malls around the country, as they struggle to compete with the lifestyle center format, have begun renovating. Simon Property Group has been remodeling its malls, with more than 20 currently under renovation/expansion and slated for completion in 2012 and 2013. In 2011, Simon redeveloped the Great Lakes Mall in Cleveland, OH, the Town Center at Boca Raton in Boca Raton, FL and the Fashion Valley center in San Diego, CA, to name a few.

In 2011, with the exception of power centers, net absorption rates by center type have improved compared to 2010 but remain well below pre-recession rates. Power centers have been struggling with stores downsizing and vacancies left by store closings. Malls and lifestyle centers, buoyed by luxury sales, have gained the most ground in regards to net absorption in 2011. Neighborhood, community and strip centers still reeling from the

recession’s impact on their inline space, have managed to get net absorption back into positive territory, albeit a lower rate than the other center types. Going forward, absorption rates will remain positive, given the fact that retailers remain circumspect about the consumer environment, focusing on remodeling current stores rather than expanding too quickly. However, it is going to take some time for rates to return to pre-recession amounts.

dEmAnd foR SPACE: REmodELIng VS. ExPAnSIon InTo ExISTIng SPACE

3.5%

3.0%

2.5%

2.0%

1.5%

1.0%

0.5%

0.0%

-0.5%

liFestyle & mall neiGhborhood, community and strip

poWer center

9

A b S o R P T I o n R AT E

SouRCE: CbRE-EA

2006

2010

2011

TREndSU.S. economic data has turned increasingly positive beginning in the fourth quarter of 2011. Risk assets rallied significantly in the first quarter of 2012, reflecting better jobs and GDP data, as well as the continuation of accommodative Federal Reserve monetary policy and reduced tail event risk in Europe. The European Central Bank’s liquidity operations and the successful completion of Greece’s debt restructuring have rendered the sovereign debt crisis in Europe less of a threat to U.S. economic growth this year.

Our outlook for U.S. economic growth in 2012 can best be characterized by modest but sustained growth. Initial evidence for 2012 has been encouraging and has led us to lower the probability of another U.S. recession in the near term. Brief highlights of key indicators shaping retail trends are noted below:

EConomIC

TREndS

10

EConomIC gRoWTh: Real GDP growth averaged 3.0% during the fourth quarter of 2011, largely stemming from a surge in inven-tories. With rising vehicle purchases and warmer weather fueling in-creased consumer spending, we expect U.S. GDP growth to average between 2.0% to 2.5% in 2012 and 2013. This rate remains below the U.S. trend growth given uncertainties surrounding a fiscal drag later this year. A number of tax breaks are set to expire and uncer-tainty is pervasive regarding any resolution around the U.S. federal budget going forward. Geopolitical tensions and anxiety about world oil supplies has also driven up oil prices. In turn, rising gasoline prices at the pump have emerged as a key risk to consumer spending and the strength of U.S. economic growth going forward.

TREndSLAboR mARkETS: Up until March, the U.S. labor market had been doing better than most other economic indicators. U.S. firms added only 120,000 jobs in March, far fewer than the consensus expectations of 200,000. The average of the past three months, however, suggests a brighter picture for jobs. During the first three months of 2012, job gains averaged 212,000 per month and the unemployment rate fell to 8.2%.

The unusually mild winter weather may have shifted hiring forward, especially in retail and construction. We expect the labor market to continue improving this year and beyond. Many other indicators corroborate stronger job gains going forward, including declining jobless claims, a fall in job cuts as announced by Challenger, better ISM job metrics, and reported increases in the rise in demand for workers at smaller and medium sized firms. For 2012, we expect job gains to average 165,000 to 185,000 per month. Job gains should accelerate by 2013. The unemployment rate will continue to fall to below 8.0% over the next 2 years.

Recent reports from the Federal Reserve’s Flow of Funds report indicate continued improvement in household finances. Buying power has also improved given the dramatic easing in credit conditions this year. The ratio of household liquid assets to liabilities rose during the fourth quarter of 2011, given the sharp rally in stock prices. Improved household finances and easing credit conditions should support modest gains in consumer spending in 2012. The data also suggests that household deleveraging is no longer a threat to U.S. economic expansion.

The Retail figures included in this reflect: Freestanding, Outlet, Mall, Lifestyle, Neighborhood Center, Community Center, Strip Center and Power Center

* New York does not include street level retail

11

MArkeT InvenTorY ToTAl

(SF x 1000)

CoMPleTIonS YTD

(SF x 1000)

AvAIlAbIlITY rATe CUrrenT

QTr. (%)

Chicago 361,112 919 11.1

los Angeles 323,266 507 7.4

Atlanta 303,854 634 11.8

Houston 265,513 1,019 10.7

Washington, DC 229,095 1,544 6.1

Dallas 199,742 1,031 12.3

Detroit 197,965 177 13.9

boston 195,871 670 8.3

new York* 195,437 2,580 7.9

Phoenix 189,969 466 13.3

Philadelphia 188,645 752 11.3

riverside 160,041 266 11.4

Minneapolis 157,532 354 8.0

Denver 134,713 977 10.8

San Diego 131,013 340 7.0

Seattle 129,089 312 8.0

baltimore 112,610 329 8.0

las vegas 109,513 497 11.9

San Antonio 109,284 1,033 9.4

Fort Worth 108,299 392 11.3

St. louis 108,082 296 11.8

oakland 107,088 348 7.3

long Island 105,166 134 8.2

orlando 105,005 178 10.5

Tampa 104,092 207 8.9

Miami 102,523 293 5.8

Indianapolis 101,445 249 11.1

Cincinnati 99,174 544 13.0

orange County 98,235 119 8.2

Fort lauderdale 96,735 116 9.5

Pittsburgh 95,675 589 8.4

R E TA I L m A R k E T S TAT I S T I C SSouRCE: CbRE EConomETRIC AdVISoRS

ConSumER TREndS: Warmer weather trends and positive job gains in the U.S. have supported retail

sales. In March, same-store sales were up 4.0% versus a year ago. This marked the 31st consecutive month of positive same-store gains.

Stronger spring fashions also contributed to the gains. More colorful spring clothing attributed to solid apparel sales during the pre-Easter

season. Retail sales were solid across the shopping center spectrum. Target and Nordstrom reported equally strong numbers. Strong

performances were also reported for both mall specialty apparel (Gap, Inc. and The Limited) and off-price apparel (TJ Maxx and Ross).

Rising gas prices, however, are a risk to stronger retail sales going forward. We are cautious for the second half of 2012.

12

What is exciting in retailing today is that retailers are finding new ways to reach their customers with

the impact of omnichannel; whereby retailers are becoming smarter about their store environments, more

knowledgeable about their customers, and more sophisticated about their merchandise assortments.

- dAnA TELSEy, CEo & Chief Research officer,

Telsey Advisory group

‘‘ ‘‘

13

TR

En

dS

Longer term, retailers need to evolve to the structural changes impacting their business. Consumers continue to benefit from increased price transparency and are shifting to more online purchases. In turn, retailers have closed less productive stores and shifted to smaller format stores. In addition, a number of traditional retailers have begun to use brick-and-mortar stores as distribution centers for online order fulfillment.

CAPITAL mARkETS: Improvement in investor sentiment resulted in increased property transactions in 2011 as reported by Real Capital Analytics. Retail real estate transactions totaled $42.2 billion in 2011 representing a 91% increase over 2010 figures. This marked the largest gain among the other property types. Strip shopping centers accounted for most of the 3,400 retail transactions last year resulting in the continued compression in cap rates. Both institutional investors and REITS have huge appetites for the larger and well-anchored strip centers. Grocery-anchored strip centers have attracted most of the capital flows, leading to the sharpest decline in cap rates. Blackstone was the number one buyer of retail properties in 2011, followed by Cole, Inland, CPPIB, and TIAA-CREF.

Despite improving economic fundamentals and heightened trade activity, retail real estate performance, as measured by the NCREIF Property Index (NPI), lagged all other sectors. Retail returns totaled 13.77% in 2011, below the 14.26% for the overall NPI benchmark. Across asset size, returns were much better across the larger assets. Assets valued at over $100 million performed much better in terms of both returns and the underlying net operating income as reported to NCREIF.

14

American brands today are in demand in every corner of the world.

CBRE recently conducted a survey titled “How Global is the Business of Retail?” Results showed that more than 70% of U.S. retailers are now present in every hemisphere, and are expanding at rates never before seen in retail history.

We expect “high streets” in the world’s greatest cities to become magnets for the most interesting and prolific American brands.

This global shift has unique consequences

for owners and users of real estate moving

forward, and as always, CBRE will endeavor to keep you informed and up-to-date.

48%oF retailers tarGeted

a city in europe For expansion

Online retailing is quickly becoming a global phenomenon

#3 united states50.3%

oF retailerspresent

#4 spain47.5%

oF retailerspresent

#1 united kinGdom56.7%

oF retailerspresent

#6 France46.9%

oF retailerspresent

#9 italy42.9%

SouRCE: CbRE LTd. “hoW gLobAL IS ThE buSInESS of RETAIL?”

2012 gLobAL RAnkIngS - ToP TEn CounTRIES

73%oF american retailers have a presence in all three Global reGions

retailers frOm the america’s expanded glObal

cOverage the mOst with a 3.6% growth in footprint.

15

We hope you have enjoyed Shop Talk 2012!

80%oF luxury and business Fashion retailers have

a presence in all three reGions

#2 united arab emirates53.1%

#10 saudi arabia41.1%

#5 china47.2%

Online retailing is quickly becoming a global phenomenon

#6 Germany46.9%

oF retailerspresent

#4 spain47.5%

oF retailerspresent

#8 russia44.5%

oF retailerspresent

#6 France46.9%

oF retailerspresent

oF retailerspresent

oF retailerspresent

oF retailerspresent

#9 italy42.9%

oF retailerspresent

the biGGest driverin the glObalizatiOn Of the retail

sectOr is the growth of e-commerce and this is set tO play an even mOre

impOrtant rOle in shaping the demand for retail real estate

in the future.

AnThony buonoExecutive Managing Director Retail Services – The Americas

ciao

Bonne journée

zài jiàn

AnThony buonoExecutive managing directorRetail Services – The AmericasSan diego, California

619 696 8302 anthony.buono@cbre.com

nAVEEn JAggISenior managing directorRetailer Representation – The Americashouston, Texas 713 577 1654 naveen.jaggi@cbre.com

Special thanks to

ASIEh mAnSouR, CRE, Ph.d.head of Americas ResearchSan francisco, California

415 772 0258

asieh.mansour@cbre.com

AbIgAIL RoSEnbAumSenior Economist boston, massachusetts

617 912 5242

abigail.rosenbaum@cbre.com

FoR MoRE InFoRMATIon PLEASE ConTACT:

© 2013 CB Richard Ellis, Inc. CB Richard Ellis statistics contained herein may represent a different data set than that used to generate National Vacancy and Availability Index statistics published by CB Richard Ellis’ Corporate Communications Department or CB Richard Ellis’ research and econometric forecasting unit, CB Richard Ellis—Econometric Advisors. Information herein has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the market. This information is designed exclusively for use by CB Richard Ellis clients, and cannot be reproduced without prior written permission of CB Richard Ellis.