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Retail market in Szczecin with the lowest vacancy rate among regional cities

Szczecin is one of the smallest retail markets among the major Polish agglomerations. One shopping centre serves, on average, 50,700 inhabitants. Taking into consideration the total purchasing power of Szczecin’s inhabitants it is estimated that there is an average of PLN 60,800 for each square metre annually– according to Colliers International publication “Shopping centres in Szczecin H1 2015”.

At present there are 11 shopping centres in the agglomeration totalling 275,300 sqm, which results in a density ratio of 494 sqm per1,000 inhabitants. The biggest shopping centresin Szczecin are Galeria Kaskada (43,000 sqm), which opened in the city centre in 2011, and Galaxy (42,500 sqm), which opened in 2003. 

Traditional shopping centres dominate the market and constitute 89% of the total retail stock. There is also a retail park and an outlet centre in Szczecin. No retail scheme larger than 50,000 sqm GLA has been delivered to the Szczecin market yet.

Large format retail schemes appeared in the Szczecin market at the end of the 1990s. The oldest shopping centres in Szczecin are Real on Struga Street, Tesco on Milczańska Street (former HIT) and CH Ster located on Ku Słońcu Street. The youngest retail scheme is the retail park Marcredo Center on Struga Street, which opened in 2013.

The richest offer of stores is provided by the Galeria Kaskada (approx. 150) and Galaxy shopping centre (approx. 140). Szczecin shopping centres contain over 670 stores with the largest tenant groups being made up of fashion (28%) andservices (15%). Also well-represented are restaurants & cafes (10%), shoes, clothing & leather goods (10%) as well as health & beauty (8%).

The vacancy rate in Szczecin is at a low and stable level of 1.6%. Due to the fact that currently there are no new projects under construction in the city, the downward trend is expected to continue.

“Activity among developers in the retail sector remains low in Szczecin – planned investments include the extension of the Galaxy shopping centre by approx. 17,000 sqm and the renovation of CH Turzyn. Other projects are at the initial stages of preparation and will not be completed in the coming three years,” said Katarzyna Michnikowska, Senior Analyst, Research and Consultancy Services at Colliers International.

The monthly highest retail rents for space in shopping centres are in the range EUR 37-39/ per sqm (100 sqm for the fashion tenant).

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