The first quarter of 2023 on the Polish retail property market was overshadowed by inflation. It saw substantial new retail space supply come on stream, new brands enter the market and the revamped Fort Wola shopping centre reopen in Warsaw. Meanwhile, landlords continued to benefit from implementing green ESG-compliant solutions.
The merger of Orlen and Lotos saw some petrol stations acquired by Hungarian-based MOL, which opened its first station under its logo in February 2023. The coming months will see quite a lot of new market entrants and openings. Stores are expected to be launched by Woolworth, Butlers, Popeyes, and Żabka Drive.
says Klaudia Okoń, Senior Consultant, Business Intelligence Hub & Consultancy, BNP Paribas Real Estate Poland.
Out with the old, in with the new
A shortage of plots is forcing developers to take an interest in older retail schemes. First-generation shopping centres or other facilities that have closed down will be increasingly returning to the market after modernization. Well-planned and calculated refurbishment strategies will be fundamental to the success of such projects.
says Fabrice Paumelle, Head of Retail, BNP Paribas Real Estate Poland.