Shift in Hungarian shopping mall market is due
Thursday, November 10, 2005, 11:21
Developers and business experts forecast a shift concerning the market of Hungary's shopping malls to more specialized centres, the appearance of shopping centres in smaller towns and projects to revamp several existing malls, business daily Világgazdaság reported. If shopping centres want to remain successful and keep their customers, they must develop their brand image and offer more
leisure services, real estate expert of Jones Lang LeSalle Erika Pálos told Világgazdaság. An increasing number of family shopping centres are expected to
appear and developers will also target towns with 50-60,000 residents, she added. The latest trend shows that Hungarians are increasingly spending on fashion, travel, home and garden accessories and less on food and drink, Pál Baross of ING Real Estate said, noting that most people want medium-category shops. He quoted the example of new generation plazas such as the spacious Brent Cross in London and Bluewater near London, where 30-40 new shops appear each year. Regional shopping centres and outlets on city borders represent the future of development in Europe and in Hungary, head of Auchan's real estate development firm Immochan told a professional conference recently. In 2005, shopping centres in Hungary represented 30%, hypermarkets 29% and supermarkets 19% of retail outlets, Világgazdaság reported, quoting HVB figures.