1 The Opportunity
Fénix is a small shopping centre with 12,400 sq m of GLA located on the Vysocanska metro station, Prague 9. Prior to Cushman & Wakefield´s involvement, it didn’t a have very good reputation with low footfall, vacant units and retailers reluctant to open their stores there.
Our team identified the major problem – very unbalanced footfall. The only strong area was on the -1st floor between the entrance to the metro station and the Billa supermarket. The rest of the -1st floor and majority of the ground floor had low footfall.
2 The Solution
Cushman & Wakefield came up with the idea of enlarging the Billa supermarket and changing its layout in order to improve the distribution of footfall within the mall. Our leasing team proposed the solution supported by income calculations to give our client confidence to proceed with the idea and develop it further.
The solution eventually included:
- new positioning of Fénix shopping centre – as a convenience centre – and bringing new tenants that correspond with the positioning
- implementing a new marketing strategy including rebranding and new identity
- changing the layout of the Billa supermarket
- shifting the main entrance from Freyova street closer to the bus stops
- changing layouts or locations of all anchor tenants
- new extended foodcourt
- complex refurbishment of the passages (ceilings, floorings, shopfronts)
The execution of the whole project was phased and marked by several milestones:
- August 2017: new entrance opening
- March 2018: new foodcourt opening
- September 2018: new Billa opening
“The redevelopment plan brought major success. It caused a significant change in tenants´ perception of Fénix as well as in the performance of the mall.”- Peter Hakun, Associate at Cushman & Wakefield
3 The Result
The redevelopment plan brought major success. It caused a significant change in tenants´ perception of Fénix as well as in the performance of the mall.
From 2013 to 2018, footfall increased by 17.7% and turnover increased by 57.5%.
We managed to turn Fénix into a successful and well performing convenience centre and for the very first time since the initial opening in 2008, it reached 100% occupancy.
“The Cushman & Wakefield team is doing a great job on CPI PG portfolio under their property management. It is my honour to work with them on these projects. Cushman & Wakefield, many thanks for your excellent work!” – Pavel Semrád, Asset Management Director CZ & SK at CPI PG