20 June 2023
The Damrak in Amsterdam is the ‘most appealing shopping street in the Netherlands’, according to a survey conducted by retail consultancy firm Locatus on behalf of Dutch real estate sector magazine Vastgoedmarkt. According to the trade magazine, the redevelopment of the former C&A building, better known as the Beurspassage, has made a significant contribution to the success of the Damrak as a shopping street. The completely renovated complex, currently occupied by retailers Primark and TK Maxx, is an investment of the Bouwinvest Retail Fund.
The list was compiled on the basis of property data, such as the ratio of occupancy to vacancy, the price per square metre and the number of passers-by. For the purposes of the survey, Locatus used the RRI score: the Retail Risk Index. This index is a market indicator for the retail sector, as well as for (institutional) investors and the financial sector. The score ranges from < 70 (very limited risk) to > 130 (very high risk). Damrak scored an RRI of 86.7 in the survey.
Damrak heads the list of most appealing shopping streets, ahead of Amsterdam’s Kalverstraat and Leidsestraat. This is due to its favourable location and the presence of international retailers. The new Beurspassage, the public connection between Damrak and Nieuwendijk, also contributes to this appeal. Complete with a 450-square-metre artwork, the passage has become a high-quality urban meeting place that is now high on the list of Amsterdam’s must-see attractions.
Vastgoedmarkt does point out that the Damrak offers more than just stores, as it also includes a hotel and a museum. “What has become clear, however, is that the bold initiative of institutional investor Bouwinvest to give the former C&A building - sandwiched between the Damrak and the Nieuwendijk - a thorough overhaul and a new modern dimension in 2016 has certainly contributed to the success of the Damrak as a shopping street,” according to Vastgoedmarkt.
Collin Boelhouwer, Director Dutch Retail Investments at Bouwinvest is not surprised that the Damrak has been voted the most appealing shopping street in the Netherlands. “In recent years, we have seen a significant improvement not just in the quality of the real estate but also the public areas. Together with the presence of strong international retailers, this ensures very high flows of passers-by on a daily basis. This makes the transformed Damrak building one of the most appealing assets of the Bouwinvest Retail Fund.”
Bouwinvest’s Retail Fund focuses on the best shopping cities and busiest shopping streets (Experience) and neighbourhood shopping centres for daily shopping (Convenience). The fund has a € 1.1-billion portfolio, has a clear investment vision, and has received the MSCI award for best performing specialist fund in the Netherlands for the last four years in a row. In addition, with a five-star rating according to Global Real Estate Benchmark (GRESB), in terms of sustainability the fund has been in the top 20 percent of the best-performing real estate funds worldwide for many years. If you would like to know more, please take a look at our Dutch Retail Fund page or contact us.