Retail revenues grow 4.1% y/y in 2023 in shopping malls

Retail Institute reports a 4.1% increase in turnover for retail and service networks operating in shopping centers monitored in Poland in 2023 compared to 2022, with an average turnover reaching 944.4 PLN/sqm. Despite an 11.4% inflation rate, sales values are summarized. Growth in turnover exceeded footfall growth, indicating visits to shopping centers are more goal-oriented, focusing on shopping, services, and entertainment, rather than mere browsing. Medium-sized shopping centers (20,000-39,999 sqm GLA) saw the highest sales growth (+5.5%) despite a slight increase in footfall (+1.4%).

Entertainment, cafes/restaurants, and services performed well, while specialized grocery stores, electronics, and certain fashion categories saw declines in 2023.

Source: WBJ