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Warsaw remains the most sought-after location for international retailers and developers

JLL analyses retail market in Warsaw Agglomeration* after Q3 2014. Anna Bartoszewicz-Wnuk, Head of Research and Consultancy, JLL, said: “The modern retail stock in the Warsaw Agglomeration totals 1.62 million sq m, with shopping centres accounting for 1.1 million sq m. Despite this, the agglomeration features one of the lowest shopping centre densities (439 sq m/ 1,000 residents) amongst the major Polish cities. The purchasing power in Warsaw agglomeration is the highest in Poland and exceeds the national average by 65%. This, along with the dynamic development of the residential market and low vacancy rate at 1.6%, illustrates the potential of the city and its surroundings for new retail schemes as well as its attractiveness to international retailers, developers and investors”.

Apart from shopping centres (over 1.1 million sq m in 36 schemes), there are also five retail parks (270,000 sq m), 23 stand-alone retail warehouses (186,000 sq m) and three outlet centres (50,000 sq m) in the agglomeration.

Construction activity
Q3 saw construction works commence on new projects such as: Ferio Wawer, designed to accommodate 12,500 sq m (it will be the first modern shopping centre in the Wawer district), Fabryka Wołomin (its 30,000 sq m of leaseable floorspace will be split between a shopping centre and a retail park) and Hala Koszyki combining 7,500 sq m of retail and 13,000 sq m of office space. Furthermore, there are schemes whose construction had started earlier, namely Galeria Legionowo (10,500 sq m), and two extensions - Wola Park (17,600 sq m) and the Factory Ursus outlet centre (6,000 sq m). The market is awaiting the completion of over 84,100 sq m of GLA.

Among the proposed projects, the Auchan Group has presented the concept of a new shopping centre in the Wilanów district – Wilanów Park. According to the investor, in addition to the hypermarket, the scheme would encompass a new non-food concept store by Auchan. The project is scheduled for late 2016, however, this tight deadline might be subject to changes related to permit procedures.

Anna Wysocka, Head of Retail Agency, JLL Poland, commented: “In Q3, the number of operating retailers in Warsaw grew by three with Devred 1902 in Wola Park; Undiz and Kiehl’s Since 1851 in Arkadia shopping centre, all making their debuts on the Polish market. Furthermore, in Q4, Kipling and Imaginarium opened their first stores in Arkadia with Twin-Set following suit in the Klif shopping centre in Warsaw. What is more, the first Apple Shop in Poland opened in Media Markt Okęcie in Warsaw. Joop! opened its first European store offering furniture and home décor accessories in Domoteka, located in the Targówek district. This underlines Warsaw’s attractiveness for international retailers that choose the city as a bridgehead for further expansion on the Polish market. It is also no coincidence that in the latest “Destination Europe” report by JLL, Warsaw jumped up to15th place among the 57 most attractive locations for international retailers in Europe. The city overtook, among others, Brussels and Zurich”.

Changes are also the case for brands that have been active on our market for years. Wrangler and Lee, so far inseparable, have recently opened two monobrand stores in Arkadia. Furthermore, many brands have appeared in the Blue City centre, which recently celebrated its 10 year anniversary. Among them are: H&M, New Look, Carry, Nike or Mothercare.

Prime Rents
In Q3, the highest prime rents in Warsaw, which uses as a benchmark 100 sq m shopping units located in leading retail assets and earmarked for fashion and accessories stores, showed stability and ranged between €90 and €105 sq m/ month. Experts from JLL do not expect any changes in the short to mid-term.

*Warsaw Agglomeration includes the city of Warsaw and the following surrounding municipalities: Pruszków, Piastów, Raszyn, Nadarzyn, Brwinów, Michałowice, Konstancin Jeziorna, Lesznowola, Piaseczno, Błonie, Izabelin, Łomianki, Ożarów Mazowiecki, Stare Babice, Grodzisk Mazowiecki, Milanówek, Podkowa Leśna, Jabłonna, Legionowo, Nieporęt, Halinów, Sulejówek, Kobyłka, Marki, Radzymin, Wołomin, Ząbki, Zielonka, Józefów, Otwock and Wiązowna

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