Castellana Properties Socimi S A : and The Retail Crew launch New Retail Challenge, a programme designed to kick-start fresh new retail concepts

· Castellana Properties doubles down on its commitment to innovation, presenting a new and innovative project designed to develop and roll out disruptive and sustainable business models in its shopping centres.

· The New Retail Challenge, which gets underway today and will run until 13 February, will give businesses the opportunity to prove they offer a viable proposition for the retail industry.

· The winners will, with the support of Castellana Properties and The Retail Crew, get the chance to set up a physical sales space in one of Castellana Properties shopping centres.

Castellana Properties, a listed company specialising in the retail sector, has together with The Retail Crew, launched the New Retail Challenge. In a ringing endorsement of innovative and sustainable businesses, this project aims to introduce new and enterprising proposals into its shopping centres in a bid to enhance the company's current retail offering. The initiative will support business concepts that have already been rolled out elsewhere, whether that be in other countries, online or even in physical stores - simply not in shopping centres - and assess their feasibility, with the aim of onboarding new and fresh ideas that are increasingly able to offer what current and future customers are looking to get out of their shopping centre experience.

Following the launch of the programme today, proposals can be submitted up until 13 February. After this and over the course of ten days, the programme's management team will look at each project individually and assess its feasibility. Particular attention will be paid to the specific know-how of each project, as well as to other aspects such as innovation, sustainability, social worth in terms of what they bring to the local community and feasibility, in addition to their future and economic potential. During this phase, interviews will be held so that the panel can gain a more in-depth understanding of each project, the proposals selected for this phase will be announced on or around 20 February.

Once the interview phase has concluded, the successful candidates will move into the next phase of the programme, in which they will develop a business plan, with the help and guidance of the programme's team, and carry out a proof-of-concept analysis in one of Castellana Properties shopping centres. During this proof-of-concept phase, the winners will each receive support valued of up to €50,000 to help roll out the pilot projects, which are set to last approximately four months. During this time, the New Retail Challenge team will actively monitor and assess each project's performance, and it will also ensure the project is given physical and digital visibility. At the end of the proof-of-concept phase, together with the management team, the winners will define the future business model, taking account of aspects such as financing, shareholding in the company and expansion.

Invested in innovation

The New Retail Challenge forms part of Castellana Properties steadfast commitment to innovation. A commitment which saw the Company launch its iCast innovation initiative at the end of 2020, an initiative designed to involve all of its employees in its drive to lead the way in innovation, create added value, spearhead transformation throughout the company, support and nurture talent, promote digital skills and drive positive change, both within the company and across the retail sector. Over the course of recent months, Castellana Properties has rolled out initiatives focused on creating new lines of business, digital services and data analytics.

According to Carlos Guinea, Director of Innovation at Castellana Properties, "Castellana Properties is once again focusing its efforts on staying ahead of the curve and leading from the front. With the launch of the New Retail Challenge initiative, we are not only offering new companies a unique opportunity, but we are also bringing talent and innovation into our shopping centres. Focused as ever on our customers, we are always looking to provide them with new and exciting experiences that offer something different. By partnering with The Retail Crew, we are driving new and enterprising proposals and helping to foster innovative start-ups that will help us enhance and extend our retail offering".

Carlos García Roca, Co-Founder & CEO of The Retail Crew added "we are delighted to be spearheading a project like this alongside Castellana Properties, there couldn't be a better partner for us. At The Retail Crew, we firmly believe that collaboration holds the key to achieving a more innovative, inclusive and modern retail sector".

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