In Slovakia, cautiousness among retailers keeps increasing as they face an unprecedented situation. Increases in construction costs resulted in delays in the delivery of projects under construction and/or postponement of planned ones. Despite this fact, developers have been announcing new projects in less saturated regions. Although we did not see any new completions in Q3, more than 109,000 sqm of retail space is scheduled for completion in 2022-2023. Retail parks dominate the current pipeline and account for 11 out of 17 projects under construction. The rest consists mostly of extensions of existing schemes including the Eurovea II with 25,000 sqm in Bratislava and OC Madaras with 10,000 sqm in Spišská Nová Ves and several small schemes of regional significance. Slovak market currently comprises more than 2 mil sqm of retail space, whereas shopping centres make up more than 67%, retail parks account for 27% and the rest goes to mixed-use schemes.
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In Poland, Retail parks are growing in smaller Polish towns, mixed-use facilities and new residential estates provide commercial space in large cities, says Walter Herz.
Although shopping malls are busy again with crowds of customers, especially on weekends, stationary retail is becoming more and more fragmented and local. On a daily basis, the commercial market is shared between everyday shopping centres, retail parks, various types of mixed-use facilities, shops located on the main city routes and shopping malls, which are more and more often appearing in new residential estates. The future belongs to the shops that are located close to home. For over two years, small local shopping centres and retail parks have been gaining in importance, and they are currently dominating among the investments carried out in the sector.
For over two years, small local shopping centres and retail parks have been gaining importance, and they currently dominate the investments carried out in this segment. The market needs inspired Walter Herz to expand its operations in the area of searching, preparing and obtaining permits for land for sector investments of various scales.
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