CPI Property Group, the biggest owner of retail space in the Czech Republic, can report a highly successful start to the year in retail. In addition to the launch or continuation of a number of demanding reconstruction projects, record numbers of retailers extended their leases or entered into new contracts covering a total area larger than three football pitches. Several notable brands opened their very first outlets in some regions.
“In the first four months of the year, we concluded preliminary agreements or new contracts for 118 retail units – some of which are already in operation – covering a total lease area of almost 22,500 m²,” said Petr Žahour, Senior Letting Manager at CPI Property Group (CPIPG). “All the teams that contribute to shopping centre operations deserve a big thank you,” Petr Žahour added. April was the most successful of the four months, with more than 12,700 m² of the total 22,500 m² of retail area opening to customers.
At least one retail unit was added as new or extended its lease in each of the 14 shopping centres currently owned by CPI Property Group. “Shopping centre Nisa in the Liberec Region now has 23 retail units spanning an area of almost 8,000 m². Olympia Teplice, in the Ústecký Region, offers 17 new units with an area of almost 5,300 m²,” said Žahour. “Most of the newly opened shops are part of the LPP Group, and they all managed to open within the same week. As a result, both regions now have their first Sinsay outlets, while Reserved and House have also significantly enlarged their respective retail spaces. Teplice also welcomed S. Oliver for the first time,” continued Petr Žahour.
Some of the Group’s shopping centres are also presently undergoing extensive reconstructions aimed at reviving the premises and making the shopping experience more enjoyable for customers. Improvements are ongoing in galleries, food courts and toilet facilities. “Investments in our shopping centres will be once again in the hundreds of millions of Czech crowns this year,” said Petr Brabec, Head of Asset Management, Shopping Centres, CPI Property Group. “The Spektrum centre in Prague is a very special case as it is being pulled down to be replaced with a new, modern design,” Petr Brabec added.
Shopping centres owned by CPIPG in the Czech Republic are located right across the country. “Each one requires a specific approach as management strategies and expectations must match the location and local circumstances. For example, Olympia Teplice is surrounded by the highest number of retail stores per capita while our Citypark in Vysočina Region is the only such shopping facility there,” noted Petr Brabec. “In terms of long-term trends, we see footfall growing while the needs and expectations of customers change. In order to keep up, we adjust our shopping centres responsively and introduce the latest trends, whether they are in the brand mix, services available or the ambience,” concluded Petr Brabec.
Shopping centres in Czech Republic owned by CPI Property Group:
- Quadrio Prague
- Zlatý Anděl Prague
- Spektrum Čestlice
- Fénix Prague
- City Park Jihlava
- IGY České Budějovice
- Géčko České Budějovice
- Futurum Hradec Králové
- Futurum Kolín
- Královo pole Brno
- Olympia Plzeň
- Olympia Teplice
- Olympia Mladá Boleslav
- Bondy Mladá Boleslav
- Nisa Liberec
