survey
Would you rather go to the discounter or to the major distributors?
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Mr. Mannino *, who could buy the Smooth?
Various institutional investors hold shopping centers in German-speaking Switzerland and could therefore be interested in the Glatt. For example, the funds of Credit Suisse and UBS hold the Tivoli Spreitenbach, the Pilatusmarkt in Kriens and the Lokwerk in Winterthur.
What is the price of the smooth?
It is likely to be several hundred million francs. The Tivoli shopping center in Spreitenbach can be used as a reference. It was valued at 274 million in 2018. However, sales in Glatt were significantly higher in 2018 at just under 600 million, which should increase the price.
Are such centers still needed?
With almost 200 shopping centers, Switzerland has one of the highest density of shopping centers in Europe. A sale could make sense. However, it is attractive to keep such a property in the portfolio.
* Massimo Mannino is real estate expert at Novaly (DOB)
The announcement by the top Migros boss in the direction of the analysts and the Migros staff gives rise to speculation. According to information from CH Media, the retailer is even considering selling its silverware. “Migros wants to sell the Glattzentrum,” says an insider, according to the report. This rumor is currently circulating in the real estate industry.
There is no total denial at Migros itself. Upon request of 20 minutes, it is said that Migros is constantly checking its portfolio. “Of course this also applies to real estate,” says spokesman Patrick Stöpper. There were no decisions to sell, otherwise this would have already been communicated. A spokeswoman for the Glattzentrum does not want to comment and refers to Migros as the owner.
Turnover in the Glatt drops, overtaken by the airport
Opened in 1975 and modernized several times, the Glattzentrum, with an area of around 43,000 square meters and around 90 shops, belongs to the top league of Switzerland’s largest shopping centers. In 2018, 9.2 million people visited the Glatt. For a long time, the shopping temple on the city limits of Zurich was first in terms of sales. In 2010 sales were CHF 669 million, in 2017 it was 601 million and in 2018 it was still 598 million.
If the negative trend continues, Zurich Airport may have outperformed the Glattzentrum last year. This week, the airport reported shopping revenue of CHF 601.4 million for 2019, an increase of 1.3 percent. The Glattzentrum has not yet communicated its figures.
How well is Migros doing?
The “SonntagsZeitung” recently published internal Migros figures, according to which nine out of ten cooperatives are down in sales. The bottom line is a decrease of 1.4 percent. Migros will soon report its 2019 sales. Migros boss Fabrice Zumbrunnen will not announce the prize until mid-March. He started to trim the retailer again. Last year Migros posted a profit of 475 million, the worst result in 15 years.
This year there will be negative special effects. Zumbrunnen sold the Gries Deco Group last December. The deal will result in a burden of around CHF 400 million for Migros. The sale of Globus is also pending. According to CH Media, the Austrian Signa Group has made the highest offer so far. “The sales process for the Globus Group is going as planned and will take a long time,” says a Migros spokesman. Migros expects to close the sale in the first half of 2020.
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