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Polish retail still flourishing

Eurobuild CEE 17 July 2019

POLAND In the first half of this year, developers delivered 215,000 sqm of new retail space, with six international brands making their debuts in Poland according to the latest report by JLL.

The first half of the year saw the market grow by 215,000 sqm of modern retail space and one of the most important events over the period was the opening of Galeria Młociny in Warsaw. The 78,500 sqm development is the largest completion of 2019 and the biggest shopping centre delivered to the market since Posnania in 2016. Around 278,000 sqm across all retail formats will be delivered in the second half of the year, although the completion of some developments may be put back until 2020. Total modern retail stock in Poland at the end of H1 2019 stood at nearly 14.5 mln sqm, of which 422 shopping centres accounted for 10.2 mln sqm. Shopping centre density currently stands at 265 sqm for every 1,000 people, whereas the average in Western Europe is 279 sqm.

“The shopping centres are becoming increasingly saturated. Coupled with the changing habits of increasingly demanding consumers, this means there is a greater need to properly research the viability of each new project, and to take an innovative approach towards design, concept and tenant mix,” says Edyta Potera, the head of retail landlord representation services at JLL

In Q2 of this year, four brands entered Poland including lingerie store Sloggi, Italian men’s tailor Gagliardi and Pesto Café from Ukraine opened in Galeria Młociny while Italian sportswear store Boxeur des Rues opened in Factory Poznań. Earlier, TEPfactor opened a entertainment theme park in Blue City, and My Shoes opened stores in in Galeria Mokotów, Galeria Katowicka and Galeria Echo Kielce.

Monthly prime shopping centre rents remained relatively stable in Q2 and averaged at between EUR 18 and EUR 26 per sqm for large towns of 75,000 and 100,000 people, and EUR 42 to EUR 60 in large cities with the most expensive being in Warsaw at EUR 130 per sqm.

At the beginning of July 2019, the overall retail investment volume transacted in Poland was around EUR 730 mln, a lower figure than in the same period of 2018.

Since the beginning of the year, five significant transactions were completed with the sale of Atrium Felicity in Lublin and Atrium Koszalin for EUR 298 mln to ECE Fund . In addition, M1 Bytom, M1 Częstochowa, M1 Radom and M1 Poznań were sold to EPP for EUR 224 mln, King Cross Jubilerska in Warsaw was bought by Atrium European Real Estate for EUR 43 mln, Neinver and Nuveen Real Estate acquired Silesia Outlet in Gliwice for EUR 31.5 mln, and Galeria Leszno was sold by Blackstone for an undisclosed price.

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