The process is being run with the aid of Creativebrief, and agencies are in the process of completing RFPs.
At the end of October, Value Retail kicked off a creative review, also with Creativebrief.
Value Retail has shopping centres in Milan, Munich, Dublin, Barcelona, Madrid, Paris, Brussels, Antwerp, Cologne, Düsseldorf and Frankfurt.
It also has an outlet in Suzhou, China, and plans to open a second site in the country in Shanghai next year.
Value Retail did not respond to Campaign's request for comment.