Shopping mall tenants’ revenues up 7.7% y/y in June - PRCH

Tenant revenues in shopping centers saw a remarkable increase of 7.7% in June 2023 compared to the previous year, according to data from the Polish Shopping Centers Council. The largest shopping malls (over 60,000 sqm GLA) experienced an 8.4% growth in revenues. Large properties (40,000-60,000 sqm GLA) witnessed a rise of 7.2%, while medium-sized ones (20,000-40,000 sqm GLA) showed a 4.2% increase. The most outstanding results in June were achieved by the smallest properties (5,000-20,000 sqm GLA), where tenant revenue growth reached an impressive 14.5%.

Segment-wise, the entertainment category, encompassing cinemas, fitness clubs, children's play areas, and bowling alleys, marked the highest growth with a substantial 24% increase in revenues in June. Gastronomy, including food courts, restaurants, cafes, bakeries, and ice cream parlors, recorded a substantial 17% surge. In the fashion category, revenues also grew by 7.6% compared to May 2022.

The conversion rate, which represents the average customer spending per single visit to the gallery, increased by 2% for all tenant categories in shopping centers in June 2023 compared to June 2022.

Krzysztof Poznański, the Managing Director of the Polish Shopping Centers Council, said that June not only witnessed the highest customer footfall since the beginning of 2023 but also saw a 5.8% increase in footfall compared to June 2022.

Source: wiadomoscihandlowe.pl