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First choice retail projects

Currently, we can observe a change in the development strategy of many retail chains. Once they have a well developed network, they treat new locations more selectively, looking from the perspective of the entire local market and being aware of possible "cannibalisation". This is why they verify the quality of shopping centres in stock in terms of potential development possibilities for these projects by way of extensions, remodelling and a change of their tenant-mix in the coming years. It may happen that opening next store in a new, attractive shopping centre requires an exit from another location.

It is more and more obvious that tenants want to be present in dominating assets in a city and accept higher rent costs because they also expect higher revenue.

Low rental costs in unattractive locations are not a solution, as prime costs related to the upkeep of a store cannot be reduced enough.

When commercializing Serenada in Kraków, we are using the potential of the location in ul. Bora-Komorowskiego, where a popular project with an Auchan hypermarket, Obi, Multikino cinema, and a water park, which attracts around 8 million customers a year, has been operating for 20 years. While developing Serenada, which we are integrating with the Krokus shopping centre managed by Mayland, we are increasing the retail potential of the location and create the largest retail and entertainment project for the entire northern Kraków. Retail chains want to open their flagship stores with a whole range of brands in our shopping centre. This confirms our previous assumptions concerning the position of Serenada in Kraków.

So far, we have managed to lease 75% of space and we are not slowing down. Until the opening in 2017  we are going to have a fully commercialized asset with an attractive retail profile adjusted to the aspirations of the prosperous city of Kraków. The launching of our latest project - Riviera, has set the bar high and now tenants expect an even better and more modern project. And this is exactly what we have to deliver.

Grzegorz Latała, Leasing Director / Member of the Board of Mayland RE. Almanac of Shopping Centres Poland & CEE 2016/2017.

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