CEE THE RETAIL NOVEMBER 2018 - RETAIL - Inquiry Market Research
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CEE THE RETAIL
NOVEMBER 2018
R E TA I L
Real Estate for a changing world
CONTENT INTRODUCTION
Robust growth of national
WARSAW 4 economies, rise in employment,
PRAGUE 6 growth of salaries and
purchasing power, all these
BUCHAREST 8 WARSAW
factors demonstrate that the
BUDAPEST 10
T
P O L A N D CEE region has been flourishing
CEE CUSTOMERS 12 for the last couple of years.
PRAGUE
he retail industry benefits massively from these positive
CZ ECH economic trends. Tight labour markets and robust growth
REP UBLIC
of wages resulted in rising consumer confidence which
spurred consumer spending. Over the last five years retail turn-
over across the CEE countries has soared by over 20%, with
Romania leading the group and recording a stellar increase by
BUDAPEST
36%. Although retail sales growth is expected to soften, it will
In cooperation with Inquiry and Robertson.
still remain healthier than in the Eurozone.
H U N G A R Y R O M A N I
A Another important socio-economic factor which clearly contrib-
utes to extensive potential of the retail sector in the CEE region is
BUCHAREST a rapid growth of the pool of middle-class shoppers. Aspirations
of consumers have been steadily growing and now they are more
demanding of products, services and brands than ever before.
Although the selection of renowned, international brands in the
region is good, there are still market gaps and opportunities for
newcomers which remain untapped.
All these factors underpin the high potential of the region as
a destination for retail expansion.
BNP Paribas Real Estate 3
POLAND
WARSAW
WARSAW SELECTED RETAIL
DEVELOPMENT OF MODERN SHOPPING CENTRE STOCK3 POLAND
2.6m €12,473
m² GLA
1,34m
SCHEMES
1,400,000
Population agglomeration Purchasing Power 1,200,000
1.7m population city1 (per capita / year)2 1,000,000
800,000 15
With a circle of satellite towns and is limited and operators have to wait for reasonable op- 600,000
13
portunities. Last year Hamleys, Newbie, Love Republic and
intervening rural areas, Warsaw has 400,000 16
T
Zarina entered the newly opened Galeria Północna. A new
a metropolitan area inhabited by nearly 200,000
2.6 million people which amasses more
medium–sized concept store by IKEA opened in Blue City,
while Primark will come on stage next summer in a new 0 14 10 4 20 18
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2006
2007
2008
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2010
2011
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2013
2014
2015
2016
2017
2018
than 10% of the country’s purchasing power. shopping and leisure complex, Galeria Młociny.
he per capita purchasing power has grown by over
6% since 2015 and today exceeds the country average
In the southern, western and north-eastern outskirts of
Warsaw operate three outlet centres. Two IKEA-driven re- 1.94m m2 517 SELECTED MAJOR SHOPPING CENTRES Galeria Mokotów
1.34m m2
by 55%. The unemployment rate in Warsaw is at its tail parks of paramount importance (HOMEPARK Targówek Density of shopping centre 12 1
lowest, whilst salaries have been on an upward trend for and HOMEPARK Janki) serve the north and the south stock (sq m of GLA / 1,000 NAME TYPE ADDRESS 17
the past several months. of the agglomeration respectively. Small, convenience Modern retail stock /
residents) – agglomeration3 1 Arkadia SC Jana Pawła II 82 21
retail schemes have emerged in new residential clus- Shopping centre stock (GLA)3 2 Atrium Promenada SC Ostrobramska 75C
THE MARKET IN THE WARSAW AGGLOMERATION OF- ters in the suburbs as well as in the satellite towns of 22 2 18
15 Galeria Mokotów SC Wołoska 12
FERS A DIVERSIFIED SELECTION OF FORMATS AND RE- Warsaw in Łomianki, Piaseczno, Brwinów, Podkowa Leśna,
21 Wola Park SC Górczewska 124
TAILER POOL. At the end of Q3 2018, a volume of 1.9 mil- Pruszków and others. 3
22 Złote Tarasy SC Złota 59 11 6
lion sq m of GLA was recorded across all retail formats.
Shopping centres of various typology accumulate over Given the volume of retail space in the development
1.3 million sq m of GLA. Large shopping and leisure com- phase, the market will enlarge by a further 19,000 sq m
plexes, such as Arkadia, Złote Tarasy and Galeria Mokotów in 2018 and by a further 105,000 sq m in 2019. Over the
dominate the market and lead in terms of tenant mix, se- last 3 years, prime rents were on the rise and today has 15
160,000 m2 €110 – 130
lection of leisure and F&B facilities; implementing novelty peaked at €120–130 / sq m / month in the top shopping
centres. Rental conditions in lower class schemes, partic-
SELEC TED
factors into their offer, innovating and quickly responding HOMEPARK Janki
to ever changing customer behaviour. ularly those purely hypermarket-driven schemes of older
Modern retail stock under Prime shopping centre
generation, have been tightening since customers’ have
ERS 7
construction (GLA)3 rents (sq m / month)3 BeFree TEDI
NE W C OM
Owners of secondary but well established shopping cen- shifted towards more convenience retailing, predominant-
Zarina DEALZ 8
tres react strongly to toughening competition and un- ly in neighbourhood discount stores.
Love Republic Fissman
19
dertake extensions and refurbishments in order to bol-
The high capacity of the retail market is reflected in the low Forever 21 Max Burgers FitOne 1 Arkadia 12 Galeria Bemowo
ster their market position and increase the value of their
vacancy rate which has been oscillating around a healthy & Other Stories Newbie Miniso NUMBER OF SCHEMES 2 Atrium Promenada 13 Galeria Łomianki
15%
assets. Atrium Targówek, Atrium Reduta, Blue City and
Centrum Janki are the most pronounced examples of ongo-
ing changes. Wola Park, although currently suffering from
major road closures in the area, will benefit greatly from
2% for the past several years. There are, however, clear
disparities between locations, with a number of distressed
assets suffering from extremely limited tenant demand.
26%
Retail sales growth in the Growth of private
Steve Madden
Tezenis
Uterqüe
Mi Store (Xiaomi)
Sfera
Carpisa
Bebe
Yamamay
Menya Musashi
45
Shopping
Centres 4
5
9
3
4
5
Atrium Reduta
Atrium Targówek
Auchan Piaseczno
14
15
16
Galeria Młociny (UC)
Galeria Mokotów
Galeria Północna
Retail Parks 6 Blue City 17 Galeria Wileńska
the opening of a new metro line in the near future with High street retailing is dominated by F&B facilities thus country (over the course consumption in the Max&Co E-obuwie Primark 7 Centrum Janki 18 M1 Marki
premium and luxury brands are clustered in leading shop- of the last 5 years)4 country (over the course 3
a stop planned in front of the property. Homla Blue Frog Papa Diego 8 Centrum Ursynów 19 HOMEPARK Janki
ping centres such as Galeria Mokotów, Atrium Promenada, of the last 5 years)4 Outlet Centres
Hamleys Papa John’s 9 Designer Outlet Warszawa 20 HOMEPARK Targówek
Leading shopping centres are the most sought-after des- vitkAc and Klif. 10 Factory Annopol 21 Wola Park
Tresspass Action
tination for newcomers, however, the availability of space 1. National Statistical Office; 2. GfK; 3. BNP Paribas Real Estate; 4. Oxford Economics SC – shopping centre 11 Factory Ursus 22 Złote Tarasy
4 CEE the Retail | 2018 BNP Paribas Real Estate 5
CZECH REPUBLIC
PRAGUE
PRAGUE SELECTED RETAIL
DEVELOPMENT OF MODERN SHOPPING CENTRE STOCK3 CZECH REPUBLIC
2.6m €10,908
m² GLA
1,200,000
SCHEMES
967,000
Population agglomeration Purchasing Power 1,000,000
1.3m population city1 (per capita / year)2
800,000
600,000
The Prague retail market is benefitting brand Hispanitas, and the outdoor brand
Trespass. In Centrum Cerny Most, a re- 400,000
from very strong consumer demand 10
nowned Chinese electronics operator 200,000
fundamentals fuelled by the positive opened its first mono-brand Mi Store. 12
situation in the labour market with 0
P
2000
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2006
2007
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2015
2016
2017
2018
PRIME HIGH STREET IN PRAGUE IS STILL
unemployment oscillating around 2%,
PERFORMING VERY WELL, SUPPORT-
wages rising strongly and increasing
purchasing power.
ED BY THE GROWING NUMBER OF IN-
COMING TOURISTS. While mass market 1.1m m2 345 SELECTED MAJOR SHOPPING CENTRES 3
rague is the seventh richest region in the EU with
182% of GDP per capita above the EU average.
brands focus on Na Příkopě Street, the
luxury prime spot at Pařížská has seen
among others new arrivals last year
0.9m m2
Modern retail stock /
Density of shopping centre
stock (sq m of GLA / 1,000
residents) – agglomeration3 2
NAME
Atrium Flóra
TYPE
SC
ADDRESS
Vinohradská 151
8
11
Prague Purchasing Power per capita exceeds the such as Philip Plein, Hogan or Brunello Shopping centre stock (GLA)3 4 Centrum Chodov SC Roztylská 2321/19 2
5
Czech average by 30%. Cuccinelli, followed by Valentino and 8 Myslbek ICA Na Příkopě 1096/19 – 21 9
Furla in 2018. Vapiano restaurant entered
NEW DEVELOPMENT IN PRAGUE IS LIMITED and the 10 OC Letňany SC Veselská 663
the Prague market last year and since
last major new openings include Prague The Style Outlet then has expanded to three locations in
11 Palladium OC Nám. Republiky 1
at the border of Prague and the extension of Galerie Myslbek and Quadrio in the city centre
7 1
Butovice in 2018. In 2017, the extension and refurbish- and most recently Centrum Chodov. 6
ment of Centrum Chodov was the landmark project of
the year in the country. The majority of construction ac-
8
A LIMITED SUPPLY AND STRONG DE-
4
90,500 m2 €120 – 140
tivity will deal with refurbishment and remodelling of MAND ARE REFLECTED IN AN INCREASED
existing centres going forward. Recently, the remodelling PRESSURE ON PRIME RENTS BOTH IN
SELEC TED
of Centrum Letňany was completed. Currently ongoing SHOPPING CENTRES AND IN THE HIGH
remodelling includes, amongst others Galerie Fénix, Modern retail stock under Prime shopping centre
STREET. Prime rents in Prague high
ERS
construction (GLA)3 rents (sq m / month)3 Hispanitas Huawei
NE W C OM
Metropole Zličín and Palladium. The expansion and up- street continue rising and are forecast
Trespass IQOS
grade of the food & beverage components in shopping to remain on an upward trajectory con-
centres is in the forefront of most remodelling projects Karl Lagerfeld Okaïdi
sidering its limited expansion poten-
in response to changing customer needs and in line with tial. Prime rents are already achieving Philip Plein Shoe4you Boux Avenue
maximising and improving shoppers’ experience. €210 – 220 / sq m / month. Similarly, prime Furla Kazar Thomas Sabo NUMBER OF SCHEMES Myslbek
RETAILER DEMAND REMAINS STRONG FOR THE BEST
PERFORMING SHOPPING CENTRES AND HIGH STREETS.
shopping centre rents are under upward
pressure. Prime shopping centre rents
for benchmark 100 sq m units remained
21% 15%
Growth of private
Hogan
Brunello Cuccinelli
Valentino
Palmers
Yamamay
Oysho
Daniel Wellington
Jo Malone
Yankee Candle
25
Shopping
Centres 2
Retail sales growth in the Retail Parks 1 Arkády Pankrác 7 Metropole Zličín
Following the opening of Prague The Style Outlet, a num- stable in Q2 2018 at €120 – 140 sq m per country (over the course consumption in the Armani Exchange Forever 21 Joleo
ber of newcomers have entered the Czech retail mar- month, but there is still space for a fur- of the last 5 years)4 country (over the course 2 2 Atrium Flóra 8 Myslbek
Vapiano John Reed Andiamo Outlet Centres 3 Centrum Černý Most 9 Nový Smíchov
ket such as the Italian clothing brands Gattinoni Roma, of the last 5 years)4
ther increase. Pizza Hut Zara Home MI Store (Xiaomi) 4 Centrum Chodov 10 OC Letňany (UC)
Marina Militare, Massimo Rebecchi and Frankie Morello, 5 Fashion Arena 11 Palladium
Marina Milliaire Wolford
as well as Italian shoe retailer Ixos, a Spanish footwear 1. National Statistical Office; 2. GfK; 3. BNP Paribas Real Estate; 4. Oxford Economics SC – shopping centre; ICA – inner city aracade; OC – outlet centre; UC – under construction 6 HOMEPARK Zličín 12 Prague The Style Outlet
6 CEE the Retail | 2018 BNP Paribas Real Estate 7
ROMANIA
BUCHAREST
BUCHAREST SELECTED RETAIL
DEVELOPMENT OF MODERN SHOPPING CENTRE STOCK3 ROMANIA
2.5m €5,698
m² GLA
800,000
SCHEMES
684,500
Population agglomeration 700,000
Purchasing Power
2.1m population city1 (per capita / year)2 600,000
500,000
1
400,000
With a solid 6.9% GDP growth and their retail and entertainment amenities
P
300,000
by adding new components.
a double digit retail sales increase in 200,000 2
2017, Romania is the retail market which THE LEADING SHOPPING SCHEMES IN 100,000
offers exciting development prospects. BUCHAREST ARE THE FIRST TARGET 0
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
FOR INTERNATIONAL TENANTS SEEK-
rivate consumption has been significantly strong ING OPPORTUNITIES FOR MARKET EN-
during the past five years, with an average growth of
5.7% y-o-y which peaked in 2017 recording a remark-
TRY. A number of major retailers such
as Pinko, Tumi, Sizeer, Obsentum, Karaca, 1.2m m2 320 SELECTED MAJOR SHOPPING CENTRES
13
AFI Cotroceni
able 9.4%. It is expected that the number of middle-class
households will significantly increase by 2022 providing
a strong base for mass market brands. Bucharest can cur-
Forever 21, Max&Co., COS and Hugo Boss
(re-entry to the high street) have entered
the city during the last few years, while
0.8m m2
Modern retail stock /
Density of shopping centre
stock (sq m of GLA / 1,000
residents) – agglomeration3 1
NAME
AFI Cotroceni
TYPE
SC
ADDRESS
Bd. General Vasile Milea 4
rently offer a sizable market for retailers in all price seg- others are exploring the market for future Shopping centre stock (GLA)3 2 Băneasa Shopping City SC Șoseaua București-Ploiești 42D
ments, even in the premium and luxury products category. opportunities. 9 Mega Mall SC Bd. Pierre de Coubertin 3 – 5
Bucharest with its wider metropolitan area is populated by
11 ParkLake Shopping SC L. Rebreanu 4
approx. 2.3 million residents having purchasing power by High street retailing is clustered along Center 10 9
35% higher than the national average. The city accounts Magheru Bd., Calea Victoriei and Calea
14 Sun Plaza SC Calea Văcărești no. 391 5 4
for around 25% of retail sales recorded in Romania. Dorobanti as well as in the reviving histor-
12 1 15
ical city center, however it’s importance is
rather minor and limited to F&B facilities, 3 11 7
AT THE END OF H1 2018, THE MODERN RETAIL MARKET
IN BUCHAREST STOOD AT APPROX. 1.2 MILLION SQ M, convenience retailing and service options. 8
62,500 m2 €55 – 70
OF WHICH NEARLY 60% CAN BE FOUND IN 15 SHOP-
The retail vacancy in Bucharest remains
SELEC TED
PING CENTRES. Dominant shopping and leisure malls
very low, with leading shopping centres
such as Baneasa Shopping City, AFI Palace Cotroceni,
being almost fully occupied. Strong inter- Modern retail stock under Prime shopping centre 14
Sun Plaza, Mega Mall and ParkLake Shopping Centre
ERS
construction (GLA)3 rents (sq m / month)3 Forever 21 (2016)
NE W C OM
benefit greatly from strong retailer demand and high est from retailers has led to a shortage
of available retail space and the leading Max&Co. (2016)
rental levels. Last year AFI Palace Cotroceni bolstered
malls have a waiting list for new entrants. COS (2016)
its market position and expanded by 8,000 sq m GLA
reaching around 90,000 sq m. In the first half of the cur- Pinko Chopard (2016) 6
Prime shopping centre rents remained Tumi Uterque NUMBER OF SCHEMES
35%
rent year, Sun Plaza improved its fashion offer through
46%
relatively stable and range approx. Sizeer Under Armour
remodeling 10,000 sq m formerly occupied by a furni-
ture store. At present, construction activity is limited,
€65–75 / sq m / month, however an up-
Obsentum Longchamp 21 10
1 AFI Cotroceni 9 Mega Mall
ward pressure has been observed recently. Shopping Retail Parks 2 Băneasa Shopping City 10 Militari Shopping Center
with only IKEA Pallady (37,000 sq m), the second store Retail sales growth in the Growth of private Karaca Centres 3 Bucuresti Mall 11 ParkLake Shopping Center
of this operator in Bucharest and in the country, almost country (over the course consumption in the
Although the ecommerce sector saw Hugu Boss (re-entry) 4 Cocor Store 12 Plaza Romania
of the last 5 years)4 country (over the course
ready to open. In the short–term, future a new project
a huge growth of volume in 2017 (up by Momax 1 5 Fashion House Outlet 13 Promenada Mall
of the last 5 years)4 Outlet Centres
is planned for the Floreasca district, while a number of 6 Grand Arena Mall 14 Sun Plaza
over 20%), stationery retailing has main- Tag Heurer
schemes (e.g. Colosseum Retail Park, Promenada Mall 7 Iris Shopping Center 15 Unirea Shopping Center
tained its share in the total retail sales. La Perla
and Beaneasa Shopping City) are expected to enlarge 1. National Statistical Office; 2. GfK; 3. BNP Paribas Real Estate; 4. Oxford Economics SC – shopping centre 8 Liberty Center
8 CEE the Retail | 2018 BNP Paribas Real Estate 9
HUNGARY
BUDAPEST
BUDAPEST SELECTED RETAIL
DEVELOPMENT OF MODERN SHOPPING CENTRE STOCK3 HUNGARY
2.5m €7,650
m² GLA
SCHEMES
1,000,000
Population agglomeration
819,500
Purchasing Power
800,000
1.7m population city1 (per capita / year)2
600,000 13
Retail sales have been persistently continuously strengthening macroeconomic conditions 400,000
and lack of new supply, landlords were able to repo-
growing since 2014 and the volume in the
T
sition their shopping centres and realign their tenant 200,000
Budapest area is now above the country mix. Several old-generation shopping centres went un-
average. In 2017, annual retail sales in der major refurbishment and rebranding. The latest ex- 0 14
8
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2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
Budapest grew by 8% y-o-y. ample, SHOPMARK (formerlyknown as Europark), with
1m m2
a brand new interior design image and renewed tenant
he growth was boosted by two-digit real wage
growth, rising consumer confidence and improving
mix opened in October 2018.
328 SELECTED MAJOR SHOPPING CENTRES MOM Park
labour market trends. One fifth of the Hungarian
population lives in Budapest and its catchment area re-
sulting in the purchasing power in the Budapest area be-
TENANT DEMAND FOR PRIME HIGH STREET AND DOM-
INANT SHOPPING CENTRES REMAINS STRONG AND
RENTS ARE UNDER UPWARD PRESSURE. Numerous
0.82m m2
Modern retail stock /
Density of shopping centre
stock (sq m of GLA / 1,000
residents) – agglomeration3 2
NAME
Aréna MALL
TYPE
SC
ADDRESS
Kerepesi út 9.
12 18
17
new international brands entered the Hungarian mar- Shopping centre stock (GLA)3 10 KÖKI Terminál SC Vak Bottyán u. 75. A – C.
ing twice the country average.
ket, representing both the mass market and luxury seg- 2 3
12 Mamut I – II SC Lövőház u. 2 – 6. 13
IN TERMS OF SIZE, THE MODERN RETAIL MARKET HAS ments, such as Jo Malone, Joop!, Marina Rinaldi, Inglot,
13 MOM Park SC Alkotás u. 53. 4 6
REMAINED RELATIVELY UNCHANGED IN THE LAST FIVE Fjällräven, Storck, Lindt&Sprüngli, Footshop and Sizeer.
18 WestEnd City Center SC Váci út 1 – 3. 1
YEARS. Currently the retail stock in Budapest oscillates Brands which are already established on the market 11
around 996,000 sq m. The “Plaza Stop” act effective started to open new stores and expand their portfolios. 10
since 1st January 2012 still means an artificial barrier 9 16
for new retail developments especially for shopping AS A RESULT OF A VERY LIMITED NEW SUPPLY, WELL-LO-
centres and discount stores. Based on the rules of the CATED SHOPPING CENTRES ARE FULLY OCCUPIED,
54,200 m2 €60 – 90
act, no retail developments over 300 sq m can be built WHICH MAKES IT DIFFICULT FOR NEW BRANDS TO EN-
TER THE HUNGARIAN MARKET. Over the course of the
SELEC TED
or re-built without special permission from the Ministry
for National Economy. Since the ban was implement- last few years, the strongest occupational activity has
Modern retail stock under Prime shopping centre
15 7
been noted in the sector of high street retailing which
ERS
ed, only 3 shopping centre schemes have received ex- construction (GLA)3 rents (sq m / month)3 Storck Zara Home
NE W C OM
emption: Etele Plaza, Aquincum Center and MUNDO strongly benefits from the inflow of tourists. Currently it
Cinema Pink H&M Home
Shopping Centre. At present, only one project is under is really challenging to find available shop units on the 5
three most sought-after high streets of Budapest. The Bubbles Laundry
construction; Etele Plaza will be completed in Q3 2020
Fashion Street, Andrássy Avenue and Vaci Street vary Max&Co Services
with 54,200 sq m of GLA. Once open, Etele Plaza will be
widely in terms of positioning, brand selection and pro- Coccinelle Mömax NUMBER OF SCHEMES
25% 16%
the third largest shopping centre in Budapest.
file and pricing of the offer, but all of them are perform- Pepco Möbelix 1 Allee Shopping Centre 10 KÖKI Terminál
30 2 Aréna MALL 11 Lurdy Ház
The next project is likely to be Aquincum Center with ing outstandingly well. Pupa Milano Musette Shopping 8
Centres 3 Árkád 1 – 2 12 Mamut I – II
an opening initially scheduled for 2021, however, the Retail sales growth in the Growth of private Michael Kors Michal Negrin Retail Parks
4 Bálna Budapest 13 MOM Park
developer is facing permitting issues. Besides these country (over the course consumption in the
Fjällräven Gino Rossi 5 Campona 14 Polus Center
of the last 5 years)4 country (over the course 1
shopping centres, the retail park stock of Budapest is Nanuska Palmers 6 Corvin Plaza 15 Savoya Park
of the last 5 years)4 Outlet Centres
going to expand with two more schemes adjacent to Lindt & Sprüngli NUBU 7 Csepel Plaza 16 SHOPMARK
Auchan in Soroksár and Auchan in Solymár. Due to the 8 Duna Plaza 17 Sugar
Inglot Cadenzza
1. National Statistical Office; 2. GfK; 3. BNP Paribas Real Estate; 4. Oxford Economics SC – shopping centre; UC – under construction 9 Etele Plaza (UC) 18 WestEnd City Center
10 CEE the Retail | 2018 BNP Paribas Real Estate 11
CEE CUSTOMERS
WHAT MAKES THE DIFFERENCE?
All countries in the region share the common history of being in the same communist bloc after
WWII but in fact, the region is as diverse as it gets, even if they share some common values, like family
and health. Each country has a unique consumer market, with different attitudes and aspirations.
The only common feature is that household incomes are lower than in the Western Europe, so shoppers
have a special relationship with economy brands such as H&M. However, this is the only fashion
brand that is present among the TOP5 in all markets – each country is different in this respect.
POLAND CZECH REPUBLIC ROMANIA HUNGARY
Poland is by far the largest country in the The Czech market is the most affluent among Romania is one of the least affluent markets Hungarian consumers are very price-
region and the retail market is very strong. the four countries presented here. However, in Eastern Europe, with the average monthly sensitive, with the majority of the population
Polish consumers are fashion-conscious and Czech consumers do not pay much attention wage at the level of ca. €963 gross. Therefore, stating that price is more important than
buy brands they already know, which makes to fashion and spend less than 4% of their Romanians are particularly receptive to sales quality. Their favourite pastime is watching
life hard for new entrants. The top brands in household budgets on clothing and footwear. and promotions and love brands from the TV and browsing the internet but they are
Poland are Reserved (local), CCC (local), H&M As Czechs love to spend time outdoors, their economy segment, such as Pepco. Despite also savvy shoppers. Having experienced
and Zara; the discount chain Pepco is also favourite brands include sports brands such low incomes, the retail market in Romania a period of uncertainty, Hungarians now see
very popular. Shopping is one of the favourite as Adidas and Puma. The Czech market is is booming, with year-on-year growth rate their purchase power rising. The economy
pastimes; as the spending power is rapidly very close to Germany that is why German close to 10%. Romanians spend more than is on the growth path again, with retail
increasing, even the recent ban on Sunday brands C&A and Orsay are also very popular 7% of their budgets on clothing and footwear sales growing 8% in annual terms. Increased
trade has not slowed shoppers’ enthusiasm. here. In addition, the Czech Republic has a but economize on restaurants, preferring spending is due to a strong growth of
relatively high share of online sales, which family gatherings at home to eating out. consumer confidence: last year, the Hungarian
is over 7% of the total retail market. Consumer Confidence Index has surpassed
the all-time high pre-crisis level by 5 points.
12 CEE the Retail | 2018 BNP Paribas RealPrague,
Myslbek, Estate 13
Czech Republic
CONTACTS
One of the leading international real estate providers, offers its clients a comprehensive range of
services that cover the entire real estate lifecycle: property development, transaction, consulting,
valuation, property management and investment management. Our 5,100 team members, active
in 36 countries, provide you with specialist knowledge of their markets and implement global real
estate strategies using local solutions.
BNP Paribas Real Estate is part of the BNP Paribas Group BNP Paribas Real Estate in CEE region provides the following services: Capital Markets, Property
KRS 0000123245 Sąd Rejonowy dla M. St. Warszawy, XII Management, Letting Advisory and Valuation for all commercial asset class whether logistic, office or
Marcin Klammer Erik Drukker retail. All departments are furthermore complemented by a Research Department providing clients
Chief Executive Officer Managing Director Wydział Gospodarczy KRS
with ad hoc reports and data, enabling suitable long-term business decisions.
CEE Agency & Valuation CEE Regon 011890235, NIP 527-11-37-593
marcin.klammer@realestate.bnpparibas erik.drukker@realestate.bnpparibas Capital: 14 200 000 PLN More information: www.realestate.bnpparibas.com
Olga Melihov Stewart Thomson, MRICS
Country Head Country Head POLAND CZECH REPUBLIC ROMANIA HUNGARY
Romania Czech Republic al. Jana Pawła II 25 Ovocný trh 8 Banul Antonache Street n°40 – 44 Váci út 117 – 119 A/2
olga.melihov@realestate.bnpparibas stewart.thomson@realestate.bnpparibas 00-854 Warsaw 110 00 Prague 1 Bucharest 011665 H – 1138 Budapest
Tel.: +48 22 653 44 00 Tel.: +420 224 835 000 Tel.: +40 21 312 7000 Tel.: + 36 1 688 4400
Henrik Favari, MRICS Robert Tilki, MRICS www.realestate.bnpparibas.pl www.realestate.bnpparibas.cz www.realestate.bnpparibas.com.ro www.realestate.bnpparibas.hu
Chief Executive Officer Managing Director, Robertson
Hungary Hungary (an alliance member)
henrik.favari@realestate.bnpparibas robert.tilki@robertson.hu
Fabrice Paumelle Marta Błaszczak
Head of Retail Consultant
CEE Retail Active Management
fabrice.paumelle@realestate.bnpparibas marta.blaszczak@realestate.bnpparibas Inquiry sp. z o.o. Inquiry offers project management and fieldwork services for research projects
Contact person: Agnieszka Górnicka across CEE countries including Poland, Russia, Czech Republic, Slovakia, Ukraine,
Natasa Mika Anna Pływacz a.gornicka@inquiry.com.pl Bulgaria, Romania, Hungary, the Baltic states and other countries of the
Head of Retail Senior Consultant +48 601 406 624 region. For your research projects in Eastern Europe, we provide you with local
Leasing Department Retail Leasing Department www.inquirymarketresearch.com market insights to support your research project design and management.
natasa.mika@realestate.bnpparibas anna.plywacz@realestate.bnpparibas
AUTHOR Robertson Hungary Kft.
Patrycja Dzikowska info@robertson.hu
Head of Research & Consultancy (36-1) 327 2050
CEE www.robertson.hu
patrycja.dzikowska@realestate.bnpparibas
All rights reserved. No part of this publication may be Picture credentials: cover, 2, 3, 4, 6, 8, 9, 10: Fotolia; 5, 7, 13, 14: BNP Paribas
reproduced, translated, transmitted, or stored in a retrieval Real Estate picture library; 5: Unibail-Rodamco-Westfield;
system in any form or by any means, without the prior 9: Wikipedia; 11: Robertson Hungary picture library
permission in writing of BNP Paribas Real Estate Poland.
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