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Main Streets Across the World 2022


Three years after the last Main Streets Across the World study, a timely pause due to the criticality of the global pandemic, economic uncertainties, travel and supply chain restrictions and a host of other issues that have impacted the retail real estate sector globally.

Prior to 2020, trends suggested a major decline, if not the demise of physical retail. Three years later, this is definitely no longer the central issue.

While we are still grappling with volatile economies, the conversation has shifted to the future of retail - an omnichannel world where the most successful brands are those that understand their customers and seek to connect ever more with them.
The retail real estate industry has gone through one of the greatest stresses imaginable and not only survived, but emerged stronger than ever in certain segments.

The Main Streets Across the World report focuses on these segments in the best urban retail locations. Places that have shown enormous resilience, even with regional and market factors.

See some of the insights presented by the study.

Oscar Freire in Brazil is among the most expensive rentals in the world
Rua Oscar Freire, in the city of São Paulo, is the only Brazilian location in the global ranking, with the 38th most expensive retail rent in the world, 2 positions above the pre-pandemic ranking.

Brazilian retail
After a 1.4% increase in 2021, Brazilian retail sales are down year-on-year at the 2.3% growth rate to date.
South American countries, in general, had more difficulty in containing the virus, less internal stimuli, and, as a consequence, experienced slower economic recoveries.

Online retail slows down
Unsurprisingly, the challenges consumers faced in going to brick-and-mortar stores during the pandemic boosted online sales. Doubts then arose as to whether this increase would continue with the reopening of physical trade.

So far, the data suggests online sales have slowed year-on-year, although they remain above pre-pandemic levels. Several online retailers have reduced headcount and curbed their voracious appetite for storage space over the past two quarters, a reflection of the brick-and-mortar recovery.

Consumer confidence worries
The main driver for maintaining and growing retail sales is, of course, an increase in consumer confidence levels. According to the Organization for Economic Co-operation and Development (OECD), consumer confidence levels globally are at their lowest levels this century.

The uncertainty of inflation and the pressure on domestic spending – financing, higher rents, energy and food costs – left consumers uncertain about the next 12 months.

The expectation is that once there is some indication that inflation is stable and on the decline, we will see consumer confidence pick up.

The global impact of tourism
The tourist trade has always been important for retailers, especially those located in cities that attract millions of visitors annually. Before the pandemic, travel and tourism was one of the most important sectors in the world, responsible for 10% of global GDP and employing 320 million people.

Tourism numbers are not expected to return to pre-pandemic levels until 2023 at the earliest, according to the International Monetary Fund (IMF).

Click here to download the full Main Streets Across the World 2022 report.

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Built in 1960, the Barão de Mauá building is one of the architectural treasures of the city of Rio de Janeiro. Designed by Oscar Niemeyer together with Sabino Barroso and Lúcio Costa, it went through different periods in the country's real estate and economic market and recently gained more technology and functionality, which further enhanced its charm.

Located in the central region, it has more than 23 thousand m² of built area and 20 corporate buildings, currently 100% occupied by the largest electricity company in Latin America and one of the largest in the world. Around 750 users pass through there per day.
After an important retrofit, completed in 2018, the Barão de Mauá Building re-emerges revamped in the Rio real estate market to continue writing its history in the heart of the city.

Learn a little about the work that the Cushman & Wakefield Property Management team has been carrying out in the condominium and understand how this successful relationship has been built long before the renovation.

2002 to 2017 – Property and Facilities Management
Even before the retrofit, Cushman & Wakefield already worked with Property Management in the common areas of the condominium and also provided Facilities Management services in the private areas.

2018 – Completion of retrofit
Between 2015 and 2016, the Barão de Maurá Building was vacated to carry out the retrofit. The work was completed in 2018, the property had its facilities completely modernized, which placed it among the best-rated corporate buildings in the city, with LEED Gold certification, which proves that the project complies with strict construction use standards, in addition to the Procel A seal, which attests to its energy efficiency. The iconic architectural design has had its original characteristics preserved.

At this point, Cushman & Wakefield then resumes condominium management work.

2019 – Reoccupation
In 2019, the Barão de Mauá building opened its doors to its new occupant, which would later become the largest electrical energy company in Latin America and one of the largest in the world, becoming a single-user building.

In addition to the common areas, the Cushman & Wakefield team dedicated to the operation provided full support to the occupant during the process of reoccupying the building, going through challenging moments when the COVID-19 pandemic devastated Brazil and the world.
With delays throughout the supply chain and a direct impact on service provision, a lot of resilience and expertise was required to deal with adversity.

Another important moment in relation to occupant support also required new efforts from the team. After being incorporated by another company, the occupying company goes through a relayout process that included new reforms.

2024 – Operational Excellence Award
Having overcome the challenges, today the team is reaping the rewards of the work carried out over all these years.

The quality of the service provided was recently recognized. The Barão de Mauá Building was highlighted in the operational excellence award, which annually recognizes Cushman & Wakefield's best operations in Property Management. Result of the combined efforts of all members.
“Today we find ourselves on a “cruise” in relation to the maturity of this operation. Having overcome the challenges, we managed to stabilize all aspects and continue working to always be more efficient”, reports Monica Mariani Portfolio Manager at Cushman & Wakefield.

Stela Hirata • 6/5/2024


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