Total retail supply in Poland stands at 12.2 million m2 of GLA, including 8.76 million m2 of shopping centre stock (in 376 centres).
Q3 2014 alone saw 64,000 m2 of new shopping centre space in two new assets, along with one extension, coming to the market. This is a similar level of completions to that registered in the previous quarter. Both new projects are located in the Warmińsko- Mazurskie Voivodeship, in cities smaller than 200,000 inhabitants. Galeria Warmińska (41,000 m2) in Olsztyn, which is, in fact, the second largest centre to open this year (after Atrium Felicity in Lublin) and the largest single retail asset in the entire voivodeship, is the fifth centre in the city. However, Brama Mazur (17,250 m2) is a pioneer retail scheme in Ełk.
At present, the shopping centre density in Poland stands at 227 m2 / 1,000 inhabitants and will grow up to 245 m2 after the completion of the stock currently at construction stages. This exceeds the European average of 196 m2 / 1,000 citizens; however, it is still lower than Western – European average of 260 m2 / 1,000 residents. It should however be noted that in Poland high street retail is very limited compared to Western European countries therefore overall retail density in Poland continues to be well below Western – European levels. The increasing density, together with the high level activity of developers constructing new projects, has stimulated the owners of older assets to increase their efforts to compete for tenants by modernising, extending or redeveloping their facilities.
