The shopping scene in the Czech capital is booming and this autumn will see the first Completely Retail Marketplace in the city.
The second half of last year saw the opening of an extension of the existing Centrum Chodov shopping centre - on the outskirts of Prague - which has triggered an influx of international brands. According to analysis by CBRE, the centre accounted for 60% of the new brands entering the city.
Centrum Chodov’s owners, Unibail, have increased the size of the centre by around a third to more than 1m sq ft of retail, leisure and commercial space.
The expansion includes a new food court, called “Grand Kitchen”, and – with 18 screens - the largest branch of the Cinema City chain. Brands represented in the centre include AJ Armani Jeans, Tommy Hilfiger, H&M, Zara, Promod, Swarovski, Sephora, MAC, Crabtree & Evelyn, Nike, and Foot Locker.
Czech shoppers who were once characterised by their price caution are increasingly interested in more upmarket retail. Oxford Economics expect retail spending to grow by 3.5 % this year and rents are increasing accordingly. Prime High street rents increased by 4% last year while the average increases in prime shopping centre rents were even more pronounce with 7.4% year-on-year growth and a further expected increase by 4% in the next 12 months.
The supply of new shopping space remains relatively low and CBRE expects that the development pipeline will be dominated by the extension of existing centres rather than the delivery of new standalone projects.
In the heart of Prague, those with a taste for luxury need to head to Parizska Street which is lined with brands such as Dior, Versace and Armani. If you want to know what’s happening in the Czech fashion world you need to head to Harddezcore on Senovazne namesti. It’s the brainchild of Josefína Bakošová and is a unique sales gallery and design showroom which showcases presenting the work of talented Czech designers.