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Shanghai, February 8, 2017 - JLL (NYSE: JLL) announces the launch of its new specialized real estate services for F&B operators and retail property owners to help them better capitalize on the fast-growing F&B industry in Shanghai.
According to Shanghai Municipal Bureau of Statistics, the hospitality and F&B industry reached RMB107.24 billion sales in 2016, a year-on-year increase of 4.7%. F&B consumption in Shanghai has shown a trend of diversity and inclusiveness, further attracting well-known international F&B brands. Meanwhile, many ambitious tenants are continuously upgrading their restaurants and transforming themselves to provide more diversified and personalized experiences for diners. Retail property developers and landlords are eager to understand this development trend and have huge demand for F&B tenant mix advisory and leasing services.
In response to the market’s demand, JLL has taken the lead in launching this all-inclusive and integrated F&B service—a first in the industry—so that F&B operators and retail property owners from China and abroad can satisfy the market’s appetite.
Led by Ellen Wei, Head of Shanghai Retail, and composed of experienced professionals, JLL’s dedicated F&B team will pioneer this specialized service. The team is split into two groups—tenant representation and landlord representation—with Jemmy Fei and Ian Zhang as group leaders, respectively. These two groups will work together to create better synergy and deliver customized and integrated service to clients.
“Taking on the challenge of coordinating F&B outlets’ openings, JLL will assist operators in handling key elements of their projects including interior design, fire security inspection, license application and franchise recommendations.” said Ellen Wei, adding that, “This level of coordination gives clients more time to focus on their core business development. As the leader of the industry, JLL fully leverages its global platform and abundant retail property experiences to provide insightful advisory and leasing services for landlords, and developers of shopping centers and large complexes.”
Already in 2016, the number of leasing deals that JLL concluded for F&B operators accounted for over 30 percent of the total number of retail leasing business; the percentage is still increasing. Among these deals, JLL successfully assisted the debut of several international F&B brands including White Castle, AB InBev, Ramen Nagi, Qook, Madeleine, Hunter Gatherer and Joe’s Pizza. The firm also helped Michelin-star restaurant bibigo open its flagship concept outlet in the city.
Currently, the F&B team is cooperating with several international and domestic developers for prime retail projects. One of these projects is FengShengLi, a landmark project situated on West Nanjing Road. JLL provided consulting and leasing agency services for the high street style retail property which is due to open later this year.
Looking ahead, Ellen Wei remarked, “We see a new wave of supply boom in Shanghai’s retail market which will create an opportunity for F&B tenants. Meanwhile, more and more shopping malls are undergoing upgrade to meet growing customer expectations. F&B and experience-oriented brands will be major demand drivers for these malls, especially community shopping centres.”
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and, on behalf of clients, managed 4.4 billion square feet, or 409 million square meters, and completed sales acquisitions and finance transactions of approximately $136 billion. At year-end 2016, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of more than 77,000. As of December 31, 2016, LaSalle Investment Management has $60.1 billion of real estate under asset management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, www.jll.com.
JLL has over 50 years of experience in Asia Pacific, with 36,000 employees operating in 94 offices in 16 countries across the region. The firm won the ‘World’s Best’ and ‘Best in Asia Pacific’ International Property Consultancy at the International Property Awards in 2016 and was named number one real estate investment advisory firm in Asia Pacific for the fifth consecutive year by Real Capital Analytics. www.jll.com/asiapacific
In Greater China, the firm was named ‘Best Property Consultancy in China’ at the International Property Awards Asia Pacific 2016, and has more than 2,200 professionals and 14,000 on-site staff providing quality real estate advice and services in over 80 cities across the country. www.joneslanglasalle.com.cn
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