In 2021, 300,000 of new retail space was added

The retail market is recovering from pandemic restrictions. In 2021, 300,000 sqm of new retail space were added, i.e. by 12 percent more than a year earlier, according to the CBRE report. The footfall of stores grew and 11 new international brands appeared on the market. The popularity of retail parks, which grew especially in small urban centers, continued. CBRE experts indicate that another 300,000 sqm of new space may be added by the end of 2022,  and the market will develop towards complementary functions for residential projects and multi-functional facilities.

“Another year full of challenges for the retail market is behind us. As in 2020, the operation of some facilities was limited for 2.5 months. However, the negative impact of the restrictions turned out to be smaller. Footfall increased, even approaching pre-Covid-19 levels in the best months. The turnover of stores also increased. While in 2020 the year-on-year drop was 30 percent, last year it was only 16 percent lower compared to 2019. Customers still visited shopping centers less frequently than before the pandemic but made larger purchases during one visit. This year, the frequency of visits to stores will still be correlated with the incidence of coronavirus, but retail sales will grow, both in the e-commerce and stationary channels,” Magdalena Frątczak, head of the commercial sector at CBRE, said.

(WBJ)