Prague’s stock of retail space will approach 1 million sqm this year, but it’s not the result of brand new retail schemes coming on-line. Instead, most retail development projects this year will be centered around the expansion, reconstruction and stabilization of existing venues. The biggest addition to the Czech capital’s retail supply will come through Cerny Most II, a 41,000 sqm expansion of Prague’s oldest shopping mall. The reconstruction of the Krakov shopping center in Prague 8 will add another 14,000 sqm of modern retail space to the mix.
By the end of the year, 65,000 sqm of new space should be built in Prague, bringing the total to 947,000 sqm. (The final figure will depend on whether the Lordship redevelopment of Na Příkopě 14 is completed). Outside Prague, new projects will dominate retail completions, with Galerie Šantovka (46,000 sqm) due to open along with Fontána Teplice (20,000 sqm).
The total new retail supply for the Czech market in 2012 was 141,000 sqm, which was more than twice that of 2011, but 38 percent less than the 10-year average, said Lenka Šindelářová of DTZ. “Retail development is very sensitive to drops in expenditures,” she said, pointing to the postponed completions of some of the projects.
