Every city has a destination for the posh crowd. It’s the place where people go
not only to do their business but to see and be seen. In Warsaw it’s most likely Pl. Trzech Krzyży where you’ll find the highest concentration of high heels and suits.No wonder then that as many as 94 percent of the city’s residents prefer high streets to shopping malls when looking for a restaurant or a cafe, according to the data compiled by Colliers. Foodies tend to generate a lot of traffic in major city streets, which also translates into higher revenue for other high-street stores.
In fact, 63 percent of people who shop in high streets say they “just happened to be there,” and only 33 percent of high-street shoppers “went there on purpose.”
When they do shop in high-street locations, 65 percent of people go to fashion, shoes as well as accessories & jewelry stores, which Pl. Trzech Krzyży offers in spades.
‘Bold and beautiful’
Pl. Trzech Krzyży and neighboring streets ul. Mysia, ul. Bracka and ul. Książęca are relatively new locations for inner-city retail. They started gaining popularity in 2005-2006 once the first luxury brands moved in. It’s a quiet and elegant neighborhood with good access to public transport.
What is typical of this location are department stores, including Vitkac which opened in 2011, and Mysia 3, launched in 2012. They have built their high-end reputation through an offer based on premium brands. Another scheme in the area, called Ethos (previously Holland Park) is scheduled for refurbishment.
Our 2013 analysis showed that the area surrounding Pl. Trzech Krzyży is favored by fashion, footwear and accessories stores (some 44 percent) as well as gastronomy (28 percent).
The destination is also home to top international brands, including Louis Vuitton, Gucci and Bottega Veneta in the Vitkac department store, as well as Ermenegildo Zegna, Burberry, Ralph Lauren Polo, Carolina Herrera, MaxMara and Pinko.
The planned redevelopments, including expanding the retail area in the Ethos building, as well as new investments, like the Bank and Finance Center currently under construction, will open up new growth opportunities for Pl. Trzech Krzyży.
‘ Warsaw’s heart beats on Pl. Trzech Krzyży’
How do you see the potential of Pl. Trzech Krzyży as an investor?
Pl. Trzech Krzyży is one of the most prestigious and unique locations in Warsaw. It’s the capital’s flagship location for foreign guests and tourists.
For an investor this is a one-of-a-kind location that combines business and retail with culture and entertainment. The Warsaw Stock Exchange, the Parliament, the National Museum are all located in the area, next to Warsaw’s top restaurants and numerous luxury brands.
Parks and green areas surrounding Pl. Trzech Krzyży further enhance its investment potential. The historic and symbolic value of the place makes it very popular among tourists. You could say that the heart of Warsaw, both in its historic and modern dimension, beats on Pl. Trzech Krzyży.
Your group purchased Holland Park a year ago and now you want to refurbish it, renaming it Ethos. Why did you decide to invest on Pl. Trzech Krzyży?
We have decided to launch our investment on Pl. Trzech Krzyży to create a modern and prestigious office and retail space in this historic and central location. In a little over a year, the new Ethos complex will become one of the most recognizable addresses in Warsaw, combining business and retail. It will house renowned Polish and international firms and luxury boutiques.
We want the scheme to become the Polish version of one of the world’s top high streets. Warsaw doesn’t have a world-class high street yet and it definitely deserves one.