CBRE: Industry welcomes Sunday openings
Despite strong retail sales growth and robust turnover in the past 12 months in key Budapest schemes, major shopping centers began operating beyond capacity on Friday and Saturday, a sign that Budapest’s retail infrastructure cannot cope with such a shift in demand from Sunday to other days of the week, CBRE Hungary said today in a press release.
CBRE’s report is in response to the Hungarian Parliamentʼs amended legislation passed last week to abolish the Sunday closings law, which prevented retailers from opening on Sundays. The legislation had been in effect for a little over a year. CBRE said that the industry “highly appreciates” the governmentʼs decision to scrap the law, and allowing retailers to open once again on Sundays. However, longer Friday and Saturday trading is expected to remain in place.
“Schemes with entertainment functions were affected the most as Sunday was traditionally the second strongest day of the week. This recent amendment will help boost both turnover and footfall for the rest of 2016 and will solve the operational difficulties caused by the Sunday closing,” Zsolt Kákosy MRICS head of asset services at CBRE Hungary said.
“Foreign tourists account for 50-90% of total spending in Budapest downtown high-street areas. With the consistent increase in their number, we expect turnover and footfall figures to improve further on the back of the return of Sunday shopping. Similar increases are expected in resort areas throughout Hungary,” Anita Csörgő head of retail high-street at CBRE Hungary added.
“Well-performing schemes are likely to revert back to original opening hours with the exception of longer Friday and Saturday trading. In the case of weaker performing centers, shorter Sunday trading can improve effectiveness,” Szabolcs Koroknai head of retail shopping center leasing at CBRE Hungary said.
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