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Polish Ministry of Finance officially relaunches work on the REIT Act

The Sunday trade ban is not going to change the profitability of Vendo Parks

Jacek Wesołowski, the managing director
Trei Real Estate Polska

11 April 2018

The Sunday trade ban is not going to change the profitability of Vendo Parks

The new law affects shopping centres with large areas in city centre’s, where tenants are usually expected to pay a so-called turnover rent. Such shopping centres used to see a significantly higher number of visitors at weekends. Shoppers were used to the centres being open seven days a week with multiple stores all under one roof offering a significantly wider range of goods. With the change in the law, centre owners, tenants and shoppers need to get used to the new situation.

However, the Sunday trade ban should not affect convenience retail parks. This is due to several factors such as customers’ habits, the ease of doing the shopping, the convenient location of the parks, as well as the rent paid by the tenants. The weekend footfall in Vendo Parks is not much different from what is seen during the week and that’s the reason why our weekly turnover is very similar to what we saw before the introduction of Sunday trade ban.

At the same time, for the retail properties in the Trei portfolio we have a stable and optimised service charge, which is determined by the ability of the tenants to pay, but is also set at a level that maintains the profitability of the property. Retail parks built under the name of Vendo Park complement the Polish retail map, which is why we don’t think that a Sunday trade ban is going to negatively affect the number of tenants interested in our centre, both those that exist and those that are planned.

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