Retail boom on the cards
Shopping-center growth has slowed somewhat of late in Poland, but is set for a record year in 2006, according to research by Cushman & Wakefield Healey & Baker (CWHB).
Polish retail is a relatively new market. The first shopping center opened as recently as 1993, but developers have been making up for lost time. Development peaked in 1999 and has been buoyant ever since, and although there were just four new schemes opened last year, their combined floor space was 244,000 sqm. Factory outlets and retail parks are not included in CWHB's research. The average shopping center now fits the Western norm, with a variety of retail and leisure facilities under one roof.
Although the number of shopping centers is low for a population the size of Poland's, spending per capita is also low, relative to European norms.
The market is set for another boom, however, with 1.7 million sqm of new space due on the market in 2005/2006 according to CWHB's research.
Arkadia Shopping Center is still the largest in Poland, with 110,000 sqm, but analysts say Galeria Mokotów delivers the most for tenants, with both footfall and turnover among the highest in Poland.
Planning has tightened over the last year and new shopping center developments larger than 2,000 sqm can only be constructed on zoning plans that have been adopted after 1995.
One of the most eagerly anticipated retail projects is Złoty Tarasy in Warsaw's city center. The development is set to open in 2006 and has already rented out 60 percent of its commercial space.
However, with only a fraction of communities having managed to adopt these plans, there are a limited number of sites for developers to choose from.
Polish retail is a relatively new market. The first shopping center opened as recently as 1993, but developers have been making up for lost time. Development peaked in 1999 and has been buoyant ever since, and although there were just four new schemes opened last year, their combined floor space was 244,000 sqm. Factory outlets and retail parks are not included in CWHB's research. The average shopping center now fits the Western norm, with a variety of retail and leisure facilities under one roof.
Although the number of shopping centers is low for a population the size of Poland's, spending per capita is also low, relative to European norms.
The market is set for another boom, however, with 1.7 million sqm of new space due on the market in 2005/2006 according to CWHB's research.
Arkadia Shopping Center is still the largest in Poland, with 110,000 sqm, but analysts say Galeria Mokotów delivers the most for tenants, with both footfall and turnover among the highest in Poland.
Planning has tightened over the last year and new shopping center developments larger than 2,000 sqm can only be constructed on zoning plans that have been adopted after 1995.
One of the most eagerly anticipated retail projects is Złoty Tarasy in Warsaw's city center. The development is set to open in 2006 and has already rented out 60 percent of its commercial space.
However, with only a fraction of communities having managed to adopt these plans, there are a limited number of sites for developers to choose from.
