Carmila and JCDecaux Launch Strategic Partnership for Mall Advertising
Carmila, Carrefour, JCDecaux, and Unlimitail have announced a partnership to develop digital advertising offerings in shopping centers in France and Spain, according to a press release.
The partnership between Carmila, Carrefour, JCDecaux, and Unlimitail aims to deploy a digital advertising offer, both DOOH (Digital Out of Home) indoor and outdoor, in shopping centers in France and Spain. According to the announcement, the goal is to make retail media a growth driver for partner stores and brands. JCDecaux has been selected to manage, modernize, and market both indoor and outdoor advertising spaces at Carrefour and Carmila sites.
Extensive Installation of New Digital Screens
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In France, new 75-inch digital screens and 81-inch LED screens will be installed to cover 161 galleries and 297 access zones to shopping centers. In Spain, JCDecaux plans to implement similar devices in 91 galleries and 88 access zones by 2027. This initiative represents the largest multisite deployment ever undertaken by JCDecaux in France and aims to enhance the impact of advertising campaigns through modern, energy-efficient technologies.
Transforming Shopping Centers and Enhancing Retail Media
The project is part of the strategy to transform Carrefour and Carmila shopping centers, seeking to modernize and enhance these locations. It also allows for the enrichment of retail media through an omnichannel and measurable offering using Carrefour data, according to the provided information. The partnership thus hopes to offer brands improved visibility and better measurement of the impact of their campaigns, while supporting sustainable development goals through optimized energy management.
Carmila is confidently reiterating its objectives for 2026
Risks mentioned
No new supply and increasing scarcity of profitable spaces may limit future expansion opportunities
Interest rate sensitivity despite current full hedging in 2026-2027, potentially impacting cost of capital for future acquisitions
Retail market concentration in Western Europe and exposure to economic downturn affecting footfall and retailer demand
Opportunities identified
Accretive acquisition of Grand Quetigny (Dijon) generating rental uplift and innovation-based revenues leveraging Carmila's asset management expertise
Rising retailer demand and occupancy expansion (96.0%, +70 bps) supporting sustainable rental revenue growth across three countries
Innovation-driven revenues (Specialty leasing, Retail media, Next Tower, Marketing services) from 620 million annual visits
Outlook / guidance
Management commentary: Carmila is confidently reiterating its objectives for 2026 and expects to generate recurring earnings per share of €1.87.
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
