Colliers HU: Retailers report ‘cautious optimism’
Colliers International in Hungary has put out a report indicating that retailers are displaying ‘cautious optimism’ about their situation. A mix of closings along with new openings has kept things steady, with landlords still unable to gain the upper hand in negotiations.
The fall in the turnover of shops has stopped, after a slight increase in Q2 which had followed the small decrease in Q1….After their huge drop last year, rents did not on average fall any further in the first half of 2010, stabilizing at a level that is between 10–50% below its pre-crisis peak.
It points out that the 36,000 sqm Corvin Atrium is the only major mall opening this year, and claims that the experience of the newly opened Allee mall demonstrates that established shopping destinations are better able to suit their tenants’ needs.
Director of retail Anita Csorgo says “High streets Váci utca and Andrássy remain the number one targets for retailers, although rents have dropped in both locations by around 10% and 30%, respectively.”
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