STUDY BY THE INSTITUTE FOR CORPORATE GOVERNANCE
CAN YOU MEASURE SOCIAL IMPACT?
The EU’s environmental taxonomy is already in force. And in February 2022, it proposed a structure for a social taxonomy too. ECE wants to make sure that we and the properties we manage are ready in good time for the requirements that taxonomy might impose. So in 2022/2023, we supported an initiative by the Institute for Corporate Governance (ICG) to develop a proposal for a scoring model in partnership with the European Business School (EBS). Some of the big names involved in the project include Allianz, Berlin Hyp, CBRE, Commerz Real, Deka, DWS, HIH, LBBW, and Real I.S. The scoring model, which has been published at www.icg-institut.de, is a first attempt at making it possible to precisely measure and compare properties’ social impact. As part of ECE’s evaluation, we tested the new scoring model on several centers in 2024 and will develop a new social impact strategy based on the findings. Initial results indicate that shopping centers can often have a very positive social impact.
Assessment of the alstertal shopping center in Hamburg, opened in 1970, according to the ICG and EBS scoring mode. The center’s key strengths according to the scoring model:
Urban Mix | 10,2 out of 13 | Disabled access, comprehensive safety measures, close dialogue with public authorities | |
User Mix | 22 out of 50 | Individual rents, extensive provision of local shops/services and medical infrastructure | |
Infrastructure | 12,6 out of 15 | Direct link to bus station and metro, 500 bike parking spaces, digital and analogue wayfinding systems | |
Urban environment | 9 out of 17 | DGNB Gold certification and protection against five weather effects (sun/heat/cold/storm/heavy rain) | |
Identity | 4 out of 4 | High synergy between the different uses at the location; the center shapes the area’s identity and has appeal well beyond the immediate region | |
Connectivity | 15,6 out of 20 | Involves and works with local stakeholders and organizations, campaigns on socially relevant issues, provides digital platforms for different user groups, conducts regular user surveys | |
Workforce | 14,6 out of 20 | High-quality breakrooms for employees, training measures, green lease agreements ensure a working environment with minimal harmful substances | |
Overall result | 88 out of 135 | = GOLD |
Assessment of the alstertal shopping center in Hamburg, opened in 1970, according to the ICG and EBS scoring mode. The center’s key strengths according to the scoring model:
Urban Mix | 10,2 out of 13 | Disabled access, comprehensive safety measures, close dialogue with public authorities |
User Mix | 22 out of 50 | Individual rents, extensive provision of local shops/services and medical infrastructure |
Infrastructure | 12,6 out of 15 | Direct link to bus station and metro, 500 bike parking spaces, digital and analogue wayfinding systems |
Urban environment | 9 out of 17 | DGNB Gold certification and protection against five weather effects (sun/heat/cold/storm/heavy rain) |
Identity | 4 out of 4 | High synergy between the different uses at the location; the center shapes the area’s identity and has appeal well beyond the immediate region |
Connectivity | 15,6 out of 20 | Involves and works with local stakeholders and organizations, campaigns on socially relevant issues, provides digital platforms for different user groups, conducts regular user surveys |
Workforce | 14,6 out of 20 | High-quality breakrooms for employees, training measures, green lease agreements ensure a working environment with minimal harmful substances |
Overall result | 88 out of 135 | = GOLD |