In 2015, just one new shopping center opened in the Czech Republic: Central Kladno, completed by Crestyl in Kladno to the west of Prague. The volume of new retail supply was the second lowest in the history of the market, and according to JLL, it’s a sign of things to come as development activity will be slow in 2016 as well. However, there are some projects in the pipeline, including Aupark Hradec Králové and Shopping Center Přerov. Works are underway also on an extension of Centrum Chodov in Prague 4, scheduled for completion in 2017. Developers are also trying to revive two outlet schemes that have been on ice for some time: Prague Outlet, located near the Prague Airport, while another outlet scheme in Ostrava is in the planning stages.
Prague’s high street attracted a few new market entries, such as Petit Bateau, Marc O’Polo and Barbour on the Na Příkopě/Wenceslas Square axis, while Tory Burch and COS opened on Pařížská. In 2016, it’s thought that Pinko and Breitling stores will open on Pařížská while British toy retailer Hamleys will occupy its new space on Na Příkopě. The expansion of Centrum Chodov will create space for brands such as Zara Home, Oysho and F&B operator Wagamama.
JLL reports that the retail investment market was far more active, with deals worth €1.12bn closed in 2015. The sale of Palladium to Union Investment at €570m was the largest transaction, followed by a series of regional acquisitions, such as Varyada in Karlovy Vary, Campus Square in Brno, Oáza Kladno, Futurum Kolín, OC Frýda and the Bluehouse Portfolio.
