Nearly 100 of 340 existing retail projects across Poland are to undergo expansion or modernization by the end of 2014, as managers seek to increase the value of the assets. Nearly half of of the shopping malls now operating in Poland were brought to market more than ten years ago, but just 30 percent of them having been revitalized. These include the shopping malls Blue City and Klif in Warsaw, Galeria Pomorska in Bydgoszcz, Molo in Szczecin, Pasaż Łódzki in Łodź, and Galeria Gniezno.
According to CBRE, so called first-generation assets are those in the most need of new investment. “They were delivered when the retail market began developing in Poland, and most of them are no longer meet customer expectations,” says Joanna Mroczek form CBRE. “On the other hand, due to their location, their value could be easily increased.”
