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The retail park format was gaining popularity before the pandemic and continues to grow despite it. Over the past 20 years, their share of the total pool of shopping facilities in the country has increased from 6% to 15% and they now occupy around 1.97 million sq m. – according to CBRE data. Retail parks continue to attract the interest of investors, confirming their strong position in times of pandemonium. This is facilitated by their locality, concentration in one place of shops securing basic needs and smaller number of customer contact points than in large centres. According to CBRE experts, current trends indicate that by 2030 retail parks may account for 28% of all shopping space in Poland.
– In recent years, we have seen an increase in the importance of retail parks as an investment product. The number of transactions has gradually increased and some investors have begun to specialise exclusively in this format. The Covid-19 pandemic has strengthened the position of retail parks. Investors’ interest in this format, especially facilities with a food operator, has gained momentum. We expect the trend to continue in the coming years. Yields for well-commercialised retail parks usually range from around 8% to just above 9%. In large urban centres they can reach levels below 8% – says Piotr Karpiński, head of the property management department at CBRE.
Parks as strong competition
The total retail space in Poland currently amounts to almost 12.8 million sqm. Shopping centres account for 83% of the total. Retail parks are in second place, with a 15% share and occupied space of 1.97 million sq m. The podium is closed by outlet centres (outlets), whose share in the total retail space is currently 2%.
The vast majority of existing retail parks have been built in the last 10 years (approx. 1.43 million sq m), but this market has grown by over 200,000 sq m of such space in 2020 alone. Forecasts for the following years are also very promising – the segment will develop steadily and by 2030 it may account for 28% of the total market.
Focus on smaller cities
Over the years and with the growing saturation of retail space in the largest cities, developers began to recognize the potential of smaller urban centres and the needs of their residents, who lacked modern and comfortable retail space in their city. In 2000, the modern retail space market was dominated by agglomerations with a 78% share in the then supply. In 2010, supply in agglomerations already accounted for 61% of total space, and 10 years later – 55%. During these 20 years, the share of supply in small and medium-sized cities has almost tripled.
– Soon the market will be supplied with 170,000 sq.m of new space in the format of retail parks. The vast majority of this space, i.e. 80%, will be constructed in small cities with the population of less than 100 thousand – says Piotr Karpiński.