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Tag: mall

  • The brand new Etele Plaza mall opened for public in Budapest

    The brand new Etele Plaza mall opened for public in Budapest

    Budapest’s latest shopping and entertainment centre Etele Plaza will offer an outstanding range of stores and services.

    The EUR 300 million development is also the first smart plaza in Hungary and has a rentable area of 55,000 sq m and over 1.300 places in the car parks.

    Etele Plaza is built at the meeting point of Kelenföld railway station, metro line 4 and the approach section of M1-M7 motorways.

    The immediate catchment area of the new centre is one of the most densely populated areas of Budapest, where some 235.000 people live.

    Residents of this district represent 125% of the nation’s average purchasing power with a relatively low retail supply.

    In Etele Plaza, Peek & Cloppenburg opened its first store on the Buda side in the shopping centre and Spanish Inditex group is present with all their brands available in Hungary.

    American clothing company, GAP opens its first store in the country here, and the largest Müller can also be found in the shopping centre.

    The most spacious food court in Hungary

    The food court in Etele Plaza covers almost the entire third floor of the building, allowing over 1.000 people to dine at any one time.

    The interior dining area will seat 950, while another 150 seats will be installed on the roof terrace.

    Families will have a dining area designed just for them, where tables and chairs sized for children will be placed next to a playing mat, a TV set and interactive toys.

  • Only three new malls opened in Romania last year

    Only three new malls opened in Romania last year

    In total, new commercial spaces with a cumulative area of ​​about 126,000 sqm were delivered in 2020 throughout the country.

    Thus, the modern retail stock in Romania reached 4.04 million square meters, reflecting an average density of 209 sqm / 1,000 inhabitants.

    The stock includes both shopping centers (57% of spaces) and also retail parks (36%) and shopping galleries (7%).

    The main deliveries were represented by the retail component of the mixed project developed by AFI Europe in Brașov, with a leasable area of ​​45,000 sqm.

    Other deliveries included Shopping City Târgu Mureș (40,000 sqm rentable) developed by NEPI Rockastle and Dâmbovița Mall, the first modern retail project in Târgoviște developed by MAS Real Estate and Prime Kapital, with a leasable area of ​​approximately 33,000 sqm.

    The most important project currently under construction and whose delivery is planned for 2021 is the expansion of the Colosseum shopping center in the northwest of Bucharest.

    In total, are expected deliveries of 60,000 square meters of modern retail space this year, a decrease of about 50% from the previous year.

  • The stock of modern retail spaces in Romania has exceeded 4 million sq m

    The stock of modern retail spaces in Romania has exceeded 4 million sq m

    The stock of modern retail spaces in Romania has exceeded the level of 4 million square meters after the latest deliveries of shopping centers, but the market development pace will slow down in the next period, according to real estate consulting company Cushman & Wakefield Echinox.

    In the last three months, two important projects have been completed: Dâmbovița Mall, the first modern shopping center in Târgoviște, developed by Prime Kapital and MAS Real Estate and AFI Palace Brașov, part of a mixed project that also includes office spaces.

    Analysed based on its components, the shopping center has a leasable area of ​​45.000 sqm, while the first stage of the office project has 15.000 sqm.

    As a result of these deliveries, the total stock of modern retail spaces in Romania reached 4.03 million square meters, reflecting an average density of 200 sqm / 1.000 inhabitants.

    The stock includes shopping centers (57% of spaces), retail parks (36%) and shopping galleries (7%).

    The most important projects currently under construction and whose delivery is planned for 2021 are the expansion of the Colosseum shopping center in the northwest part of the Capital, the first phase of the Fashion House Outlet Center Pallady outlet mall developed by Liebrecht & wooD and Sepsi Value Center in Sfântu Gheorghe, these three projects totaling a leasable area of ​​about 40.000 square meters.

  • Czechs plan to spend less in shopping centers than before Covid-19

    Czechs plan to spend less in shopping centers than before Covid-19

    Ipsos Research results suggest that a decrease in shopping centre traffic can be expected in Czechia.

    Before the pandemic, two-thirds of the population visited shopping centers at least once every 14 days, most often people from large cities with more than 100,000 inhabitants. 

    However, 24% of visitors now plan to visit shopping centres less frequently or not at all. Only 5% are planning more frequent visits, especially regular visitors.

    A decrease in spending in shopping centres can also be expected

    Before the pandemic, the normal spend per visit was between CZK 500 and CZK 2.000. 

    A quarter of visitors (24%) says that it will now spend less money in shopping centres, only 3% plan to spend more.

    Women and young people under 35 want to spend less.

    7 out of 10 Czechs are not worried about visiting shopping centres

    For greater sense of security, visitors would welcome more disinfection, checking compliance with hygiene regulations and limiting more people.

    The concern of a part of the population is also confirmed by a significant increase in the number of visitors preferring to transport to the shopping centre by own car (63%, before the pandemic it was 51%) at the expense of public transport.

    In early June, 42% of people restricted public transport due to fears of contagion, while 64% tried to avoid places with higher concentrations of people.

  • The number of visitors in malls could return to normal in December

    The number of visitors in malls could return to normal in December

    Shopping centers are currently finalizing preparations for reopening, starting on June 15, to ensure compliance with the safety and social distancing measures.

    In total, investments in all equipment, supplies and staff needed to implement these measures exceed half a million euros for large shopping centers, according to Colliers International consultants.

    Shoppers will gradually resume their pre-pandemic habits, and traffic in the malls could return to normal during the Christmas season.

    Non-food retailers were among those most affected by the pandemic

    Non-food retailers were among those most affected by measures taken during the state of emergency to prevent the spread of coronavirus.

    The closure of shopping centers has determined retail tenants to revise their revenue expectations for this year, with 45% expecting a drop of more than 30% and 39% expecting a drop of up to 30%, as showed in a study conducted in March by the retail division of Colliers International among 84 tenants and 21 owners in the retail sector in Romania.

    However, the tenants rely on the summer months to start recovering losses accumulated during the period when the stores were closed, even in the context of an estimated number of visitors at half the level from usual periods.

    Traffic is expected to increase in the next period and could return to normal in December.

    Google data suggest a gradual recovery of the traffic in commercial and leisure areas

    Mobility statistics published by Google, based on data collected from users’ smartphones, suggest a gradual, but consistent recovery of the traffic in commercial and leisure areas.

    In Bucharest, Cluj-Napoca and Timis, pedestrian traffic in these areas was 30-40% below a regular average at the beginning of June, compared to 80% below normal levels a few months back.

    In countries where restrictions were lifted earlier, figures look somewhat better and offer hope that the gradual improvement will continue in the next period.

    Anti Covid-19 measures taken by large shopping centers

    Thus, among measures taken by large shopping centers are gates or special rooms through which the body temperature of visitors can be measured or systems for monitoring the total number of visitors at any time within the center, so as to limit access to others visitors when the maximum limit set according to the authorities is reached.

    At the same time, shopping centers are ready to constantly disinfect common areas and escalators with specialized substances or UV lamps and will provide visitors dispensers with disinfectants, and as an additional measure will opt for the introduction of fresh air from outside instead of previous procedures for recirculating air inside the center.

  • 63% of NEPI Rockcastle shopping centers GLA is currently open

    63% of NEPI Rockcastle shopping centers GLA is currently open

    Over the last few weeks, in the context of easing of restrictions imposed by the coronavirus pandemic, a large proportion of retailers have resumed their operations and 63% of NEPI Rockcastle shopping centers Gross Leasable Area (‘GLA’) is currently open, shows a company report.

    ”As we begin to collect post-reopening operational data, we are confident that our high-quality portfolio, robust balance sheet and strong liquidity together with our unparalleled know-how of the CEE region remain key strengths for weathering this storm well”, said Alex Morar, CEO NEPI Rockcastle.

    Lithuania (reopening of shops: 25 April 2020)

    Restrictions substantially ended, with most shops, including those in malls, opened since 25 April. 83% of the GLA currently trading, with normalised occupancy expected in June 2020, when entertainment and indoor restaurants open.

    The Lithuanian government partially covers tenant payments from the commencement of trading restrictions until end of July 2020, the landlord is expected to provide a discount of 30% to the rental and other obligations for this period, while 20% is covered by the tenant and 50% by the government.

    Footfall in May has already recovered to 50% compared to the same period of previous year and is increasing.

    Poland (reopening of shops: 4 May 2020)

    Restrictions on non-essential stores ended on 4 May. Certain services, including restaurants, cinemas, gym and entertainment facilities, are still restricted, but expected to start trading in June.

    72% GLA is trading and normalised occupancy is expected by 30 June.

    Government announced relief for rent and service charges, subject to a mandatory six-month lease extension plus the period when units were closed.

    Footfall has already recovered to 50% compared to the same period of the previous year and is increasing.

    Serbia (reopening of shops: 8 May 2020)

    Restrictions for smaller shops, including those located in retail parks, ended on 27 April, while other non-essential stores reopened on 8 May.

    Restaurants and entertainment facilities will open later, as government monitors situation.

    35% of GLA open, normalised occupancy estimated by 30 June. There is no specific legislation regulating lease agreements.

    Croatia (reopening of shops: 11 May 2020)

    Restrictions for smaller shops, including those located in retail parks, ended on 27 April, while other non-essential stores reopened on 11 May.

    Restaurants, coffee shops and food courts are open, with social distancing measures which limit their capacity.

    90% of GLA open; entertainment facilities, currently closed, are expected to open by 30 June.

    No specific legislation regulating lease agreements.

    Czech Republic (reopening of shops: 11 May 2020)

    Restrictions on non-essential stores ended on 11 May.

    76% of GLA open; restaurants and entertainment facilities will open by end of May.

    No specific legislation regulating lease agreements adopted, other than forbidding their unilateral termination by the landlord before the end of 2020.

    Romania (reopening of part of the shops: 15 May 2020)

    The Romanian government has announced gradual easing of lockdown measures, with shops having street access and those located in retail parks up to 15,000 sqm of total built area allowed to trade from 15 May.

    Reopening of non-essential shops and entertainment facilities located in larger malls will be implemented at a later stage, not yet communicated (expected reopening by mid June).

    Offices remained fully functional, with work-from-home measures adopted by many companies.

    Legislation proposing deferral of rental obligations to year-end under certain conditions is being considered.

    Bulgaria (reopening of shops: 18 May 2020)

    Restrictions on trading of non-essential shops ended on 18 May.

    72% of GLA open; cinemas and foodcourts are not open, although restaurants can sell take-away food. It is expected that cinemas will open by end of May.

    Offices remained fully functional, with work-from-home measures adopted by many companies.

    No specific legislation regulating lease agreements adopted.

    Hungary (reopening of shops: 18 May 2020)

    Non-essential shops opened on 18 May, with restaurants expected to open by end of June, while entertainment facilities are estimated to open in July.

    72% of GLA currently open. No specific legislation regulating lease agreements adopted.

    Slovakia (reopening of shops: 20 May 2020)

    The Slovakian government ended the trading restrictions for all non-essential shops on 20 May.

    Restaurants and entertainment areas expected to open by end of June. 91% of GLA open.

    Offices remained fully functional, with work-from-home measures adopted by many companies.

    No specific legislation regulating lease agreements adopted, other than forbidding their unilateral termination by the landlord before the end of 2020 if the tenant is in delay with its payment obligations for the period April – June 2020.

  • Developers will accelerate mall openings in the second half of the year

    Deliveries of commercial spaces will accelerate in the second half of the year, when approximately 150,000 square meters will be delivered in several cities in the country with new deliveries in Bucharest amounting for 35,000 square meters, according to H1 Romania Retail MarketBeat report, realized by the real estate consulting company Cushman & Wakefield Echinox.

    In the first semester of 2019, two extensions of existing shopping centers were completed: Sibiu Shopping City and Tom Shopping Center in Constanța, We also attended the opening of the second IKEA store in Romania in Bucharest, a store that covers an area of ​​about 37,000 square meters, the largest in Southeast Europe.

    The total stock of modern retail spaces in Romania is 3.74 million square meters, with a density of 192 sqm / 1,000 inhabitants. In terms of area of ​​shopping malls, retail parks and commercial galleries in Bucharest, they measure 1.19 million square meters, with a density of 651 sqm / 1,000 inhabitants, 3.5 times higher than the national average.

    New centers in Sibiu and Zalau

    The largest project to be delivered this year is the Festival Centrum in Sibiu, a commercial center developed by NEPI Rockcastle, which will have a rentable area of ​​42,000 square meters.

    Also delivered will be the extension of Iulius Mall Timisoara, part of the joint project Iulius Town developed in partnership by Iulius Group and Atterbury. Thus, Iulius Mall will become the largest modern retail project in Romania and will have a rentable area of ​​over 100,000 sqm. Part of this extension has already been inaugurated, the Inditex group taking over spaces with an area of ​​about 8,000 square meters in a new wing of the mall.

    Other cities that will benefit from new modern retail spaces are Zalău, where Prime Kapital will deliver the Zalău Value Center project, Satu Mare (the extension of the project developed by Auchan) or Buzau (the extension of Buzau Shopping City, the former Aurora Mall).

    What about Bucharest?

    Regarding Bucharest, it is expected the completion of the retail park DN1 Value Center developed by Prime Kapital (28,500 square meters), a project that marks the extension of the retail area of ​​the city to the north, to Balotești, the modern retail stock will also be increased by completion of the Veranda Mall extension (7,000 square meters).

    Next year, the expansion of the Colosseum shopping center in the northwestern part of the Capital is planned, which will increase its attractiveness by accommodating new tenants from the fashion (New Yorker, Colin’s, CCC), leisure (World Class), F&B (Gregory’s, Cafe Ritazza) and entertainment (Happy Cinema).

    How big is the rent?

    The headline rent of a space of 100 square meters located in a dominant commercial center in Bucharest reaches the level of 80-100 € / sqm / month, while in similar projects in the main regional cities, such as Timișoara, Iași or Cluj, the rent for such spaces it reaches values ​​of 37-42 € / sqm / month, respectively 28-33 € sqm / month for the same spaces in secondary cities.