Employment confidence up across retail real estate industry

London, 1 July, 2014 – A growth in staff numbers and expansion of retail real estate activity has led to a rise in job confidence across the industry, according to the ICSC 2014 Career and Rewards Survey, carried out in partnership with Foundation Recruitment, a specialist retail real estate recruitment company.

Key findings include:

  • Two thirds of survey respondents are now actively looking for a new job, or are open to the right opportunity should it be offered, after staying in the same job for an average of seven years.
  • Respondents are also happy to relocate within Europe, though they continue to favour mature retail markets in Western and Southern Europe.
  • Retail real estate salaries are also rising. In their last pay review, three quarters of the survey respondents received a salary increase and bonus averaging 3.3% and 13.5% respectively.
  • Promotions are also increasing. One fifth of all respondents have been promoted in the last 12 months.
  • Membership of the International Council of Shopping Centers is seen to be a financial asset to those working within the retail real estate industry as ICSC members receive higher rewards than their non-member counterparts. The survey was actively promoted to both ICSC members and non-members.

Sarah Banfield, Manager of International Research at ICSC, said: “The survey showed that sentiment among retail real estate employees has risen sharply and many now have the confidence to once again seek new challenges, interesting work and an enjoyable company culture.”

Over 400 property professionals across nine European countries (Austria, Denmark, Finland, France, Germany, Norway, Sweden, Turkey and the UK), participated in the ICSC Careers and Rewards Survey, which was not restricted to ICSC members and promoted to a wide cross-section of industry employees with a focus on those working in the fields of asset management, development, investment, leasing, marketing, on-site mall management and property management.

Foundation Recruitment Managing Director, Julian Long MRICS, said: “The survey sentiment suggests that European retail real estate is now in recovery and expansion phase and the sector’s employment market, which is already relatively buoyant, is likely to increase further.”

Mike Morrissey, ICSC Managing Director, said: “This survey is further strong evidence of a return to confidence and growth across retail real estate. While remuneration matters, many are driven more by long-term prospects and the potential for career progression than by immediate financial gain. This is a very healthy state of affairs for the industry.”

For the full ICSC Career and Rewards Survey, please contact Sarah Banfield on sbanfield@icsc.org

For more information on ICSC’s activities in Europe activities please visit www.icsc.org/europe

Founded in 1957, ICSC is the premier global trade association of the retail real estate industry. Its more than 66,000 members in over 100 countries include shopping centre owners, developers, managers, marketing specialists, investors, retailers and agents as well as academics and public officials. For more information, visit www.icsc.org/europe

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