New Retail Opportunities with EMKA Retail complex in Koszalin
In just a few months, residents of Koszalin will be doing more than just shopping in a modern retail project. EMKA Shopping Center’s second phase looks set to shake up retail in West Pomerania according to Justyna Małysko, Senior Leasing Manager at LCP Properties Sp. z.o.o.
What changes can we expect with the EMKA Shopping Center after the opening of the ongoing expansion phase of the retail park project?
The EMKA Shopping Center in Koszalin, currently under development, is scheduled to open in March 2023. In six months, LCP Properties will open the facility with a whole new size and look. Leasing levels have reached 96% and the latest contracts are now being finalized.
EMKA Center will gain a further 10,000 sq. m of retail and leisure space in the newly constructed part of the development. Eventually, the facilities will be integrated into a shopping complex with a total area of more than 25,000 sq.m.
Expansion of the EMKA project is well underway but it has been on hold for the past few years. You started construction during the COVID -19 pandemic, when the economic situation of many companies and individuals was uncertain. Do you think that taking such a risk will pay off?
Today, EMKA Shopping Center is a compact shopping center with an area of 15,000 square meters, which includes more than 70 shops with a mixed offer - from popular fashion, shoe or beauty brands to service outlets and a rich gastronomic offer. Located within a residential area, the building has been extremely popular for years and its inner-city location provides particularly good access both by car and public transport. Emka's Shopping Center is tailored to meet the needs of locals, who appreciate it not only as a shopping destination, but also as a place to enjoy free time with their family or to meet up with friends. We believe that having such a unique project in the region offers its residents a great opportunity to do their shopping without leaving the area. We welcome visitors from all over and we are delighted that the shopping center is being built right here on the seaside in Koszalin.
How is work currently progressing? Is there still space available for potential occupiers?
The commercialization of the second phase of the shopping center is almost completed, and occupancy is currently at 96%. We are counting on the center’s established commercial presence and the new extended offer to increase customer traffic. Among the future tenants will be well-known brands such as: Half Price with an area of over 2,500 sqm, the modern network fitness club Just Gym, Helios Cinema, featuring several screening rooms, including premium classrooms, and one of the largest Sinsay stores in the region, with an area of approximately 1,200 sqm. We have also signed agreements with the popular JYSK network and the first pet store in the city, Zoo Karina.
To answer the question about the ongoing expansion process, I would say that it is proceeding according to schedule. EMKA Shopping Center Phase II is expected to be opened in March 2023.
What distinguishes EMKA from other shopping malls in Koszalin and the surrounding area?
I would refer here to my earlier comment. EMKA Shopping Center is exceptional because of its location, history, offer, friendly atmosphere and many other amenities. In addition, we are making every effort to ensure that EMKA is not just a place for shopping. We are also offering cultural events such as exhibitions, presentations and concerts, often targeted specifically at younger people, to attract customers who will be able to spend time there with their family and stay at the shopping center for longer.
What will the upcoming period look like for the EMKA project in the context of the challenges of the entire retail sector?
The next 12 months will be a breakthrough period for the EMKA project and a considerable challenge for the entire retail sector. It is difficult to predict how the market will react to the current uneasiness. But considering the current visitor traffic to the shopping center, we are optimistic. After the opening of the retail park, EMKA will offer even more complementary services which should result in a significant increase in customers, including those who previously visited the shopping mall only occasionally. Taking recent events into consideration, such as inflation, the war in Ukraine, and the rise of interest rates, it is clear that there are many variables that are adversely affecting consumer behavior and the industry as a whole. This is particularly evident in sectors that do not meet basic consumer needs. We should expect buyers to be more prudent in their purchasing decisions and to prioritize those that are most important to them, such as first paying off home loans and everyday shopping, and only then buying luxuries. That’s why the tenant-mix that EMKA will offer after the opening of Phase II in the spring is so important.
We hope that despite the uncertainty of the market, the wide range of services available at EMKA Shopping Center will enable customers to fulfil their most essential needs.
LCP Properties is an active player Poland’s retail park sector. The company is expanding its portfolio by acquiring new properties and carrying out investments under the development formula. At the beginning of 2022, the total area of properties owned by LCP in Poland exceeded 360,000 sqm and their value reached EUR 460 million. The company currently has projects in Koszalin, Bydgoszcz and Gdańsk. LCP invests for the long term, focusing on stable growth in property value through active management and maximizing profits.