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Altogether 114 records on 12 web pages.

Palladium

Praha 1
Size 40 000 m2

Quadrio

Praha 1
Size 8 500 m2

Myslbek

Na Příkopě, Praha 1
Size 10 000 m2

Fashion Arena Prague Outlet

Praha 10
Size 25 125 m2

Olympia Plzeň

Plzeň
Size 44 000 m2

IGY centrum

České Budějovice
Size 25 500 m2

IGY II

České Budějovice
Size 34 000 m2

Forum Nová Karolína

Ostrava
Size 58 000 m2

Tesco Letňany

Praha 9
Size 77 000 m2

Europark - Štěrboholy

Praha 10
Size 29 000 m2

Extensions to existing European shopping centres to drive development in 2017-2018

Extensions to existing European shopping centres to drive development in 2017-2018

PRAGUE, 18 May 2017 – Prague’s capacity for development has not been exhausted yet by far and this holds true for the rest of the Czech Republic as well, with highly attractive locations still available for new retail or multipurpose schemes with a high ratio of retail space. The centre of Prague will get additional premium high-street shopping space as part of the Savarin project (approximately 35 000 sq m) and the Flower House at Wenceslas Square. Dejvice Center at Vítězné Square in Prague 6 and the Palác Stromovka in Prague 7 offer potential too.

Extensions to established shopping centres will be a significant driver of new floor space across Europe in the next two years, according to Cushman & Wakefield’s latest European Shopping Centre Development Report. 4.5 million sq m is expected to be delivered in 2017 and 2.3 million sq m in 2018. One-quarter of that will be attributable to the extensions of the existing shopping centres. In the Czech Republic extensions will make as much as 80%.

For this year, there is 57 000 sq m in the pipeline in the Czech Republic. Compared with the previous estimations, the figure has been lowered by approximately 15 000 sq m due to the delayed opening of the Kika store, which will expand the existing Galerie Butovice shopping centre, to early 2018. Even so, this means a major year-on-year increase in development. The extensions will concern IGY České Budějovice and Centrum Chodov. The only newly built shopping centre in Jablonec nad Nisou was already completed early this year.

“Expanding the existing shopping centres makes sense to developers. The project planning phase is shorter, public transport solutions are already available and they can also tap into an existing customer base. As projects get larger, they can also attract more visitors and become regional destinations in their own right, which can bring additional benefits to the host city or town as well as the wider region,” says Jan Kotrbáček, Partner and the Head of Cushman & Wakefield’s CEE Retail Agency team.

The report reveals the total stock of shopping centre space in Europe was 159.4 million sqm at the start of this year while Central and Eastern Europe accounts for 50.8m sq m. This overall total represents a modest year-on-year increase of 4.5m sq m during 2016. Despite the cancellation of several projects Russia was Europe’s most active development. Merely 33 300 sq m of new shopping centre space was added in the Czech Republic in 2016 including the Aupark in Hradec Králové and the Galerie Přerov. In effect, the total floor space of the Czech shopping centres amounted to 1.63 million sq m at the beginning of the year. [1]

Major development hubs in the Czech Republic

Unlike the capitals in many other CEE countries where a strong development activity over the last ten years has resulted in a considerable increase in shopping centre density, Prague, Bucharest and Budapest remain below the regional average. As a result, they offer room for further significant increases in floor space.

Prague’s capacity for development has not been exhausted yet by far and this holds true for the rest of the Czech Republic as well, with highly attractive locations still available for new retail or multipurpose schemes with a high ratio of retail space. The centre of Prague will get additional premium high-street shopping space as part of the Savarin project (approximately 35 000 sq m) and the Flower House at Wenceslas Square. Dejvice Center at Vítězné Square in Prague 6 and the Palác Stromovka in Prague 7 offer potential too.

“The latest trend shows that developers tend to build or principally overhaul projects within major public transportation hubs as well as refurbish smaller shopping centres that serve their immediate communities,” notes Jan Kotrbáček.

Examples of schemes involving major transportation hubs include the refurbishment and extension of Tesco’s department store in Brno located close to the Galerie Vaňkovka and Brno’s main train station.  Substantial revitalisation is also planned for the centre of Plzeň along Americká Street. This project will offer a unique opportunity to create retail space in the very heart of the city.

One billion invested in shopping centres

Shopping centres have been an important investment target. Since the beginning of this year, investors closed transactions worth almost EUR 1 billion, which is more than in the entire year 2015, which was very strong. Shopping centres that changed owners include Tesco Letňany, Olympia Brno, Nisa Liberec, as well as Olympia Plzeň and Zlatý Anděl (last three assets were part of a portfolio of 11 shopping centres in Central Europe acquired by CPI Property Group). Cushman & Wakefield expects more shopping centres to change ownership by the end of this year.

“The demand for established shopping centres remains high but the restricted supply of this type of assets will likely force investors to look into other opportunities as well, including shopping parks, mixed-use retail schemes and repositioning,” says Alexander Rafajlovič, Partner at Cushman & Wakefield’s Capital Markets Team.

By contrast, investments in shopping centres in 2016 exhibit a dramatic year-on-year decrease across Europe. In CEE the decrease was more than 30%. In the Czech Republic EUR 432 million was invested in total, 49% less than in 2015. The biggest transactions included the acquisitions of the Forum Ústí nad Labem, Forum Liberec, Galerie Harfa and OD Kotva.

Restaurants, entertainment and technologies define the offer

Responding to the changing needs of visitors, shopping centre owners focus on a broader offer in catering, leisure activities and technologies. Using data, they can target customers and their changing preferences better, in effect prolonging the time that visitors spend in the centres and thus increasing revenue.

[1] Including supermarkets, hypermarkets and cinemas within the centres, the total retail area would be as high as 2.51 million sq m.