Shopping Centres Refurbishment and Redevelopment
Shopping Centres Refurbishment and Redevelopment
Shopping Centres Refurbishment and Redevelopment
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Case study<br />
<strong>Shopping</strong> centre redevelopment<br />
Piast, Pol<strong>and</strong><br />
Project: Piast <strong>Shopping</strong> Centre<br />
Owner: ING Real Estate Investment Management<br />
Location: Szczecin, Pol<strong>and</strong><br />
Opening: November 2000<br />
Managed by DTZ: from March 2006<br />
Number of tenants: 37<br />
Main tenants: Media Markt, Carrefour, Drogeria Natura,<br />
Deichmann, CCC, Komfort<br />
Situation before redevelopment<br />
• Lease area 25,767 sq m<br />
• Majority of local tenants<br />
• Poor interior design<br />
• Lack of national <strong>and</strong> international chain fashion retailers<br />
• Low attractiveness of the building for potential tenants<br />
• Drop in footfall in the centre<br />
• Poor awareness of ‘Piast’ br<strong>and</strong><br />
• Lack of entertainment offer<br />
• Significant increase of number of competitive centres in<br />
the nearest future<br />
• Auchan – very well merch<strong>and</strong>ised hypermarket together<br />
with its shopping gallery<br />
• Media Markt is the strongest draw<br />
• Food court only with local operators.<br />
8 <strong>Shopping</strong> <strong>Centres</strong> <strong>Refurbishment</strong> <strong>and</strong> <strong>Redevelopment</strong><br />
Main goals<br />
• Optimising the retail space <strong>and</strong> centre functionality<br />
• Developing modern space for major retailers<br />
• Developing integrated <strong>and</strong> defined tenant mix based on<br />
new letting strategy including strong fashion br<strong>and</strong>s<br />
• Creating new br<strong>and</strong>ing for Piast SC<br />
• Renegotiation of leases with the exclusivity clauses in<br />
order to develop proper tenant mix<br />
• Negotiating long term leases.<br />
Results<br />
• Additional lease space of 3,000 sq m<br />
• Decrease of Carrefour space <strong>and</strong> re-design of the unit<br />
• Re-design of the shopping centre layout to be more<br />
transparent <strong>and</strong> convenient for the clients<br />
• 40 new shops in the shopping mall gallery with modern<br />
fit-out<br />
• New, strong anchor tenants such as TK Maxx, H&M,<br />
Cubus, New Yorker, Reserved, Cropp, House,<br />
Home & You, Douglas, Burger King<br />
• Tenant-mix improvement with well known international<br />
br<strong>and</strong>s for fashion, health <strong>and</strong> beauty, kids <strong>and</strong> services<br />
categories<br />
• Remodelling of internal design: new colour scheme,<br />
green areas, rest areas, new shop fitting<br />
• Remodelling of external design: new facade, new panels<br />
for tenants logo, re-design of road access<br />
• New marketing strategy including the new image, new<br />
shopping centre name <strong>and</strong> logo – Molo - <strong>and</strong> activities<br />
increasing br<strong>and</strong> awareness.
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