Rossmann and Pepco – new brand names in Galeria Awangarda
Published date: 08/12/2020
The tenant mix in Galeria Awangarda (Bartoszyce, Poland) is reinforced by well-known international brands. For instance, Rossmann (Europe’s largest retail chain of make-up, household goods, foodstuffs) and Pepco (a chain of discounted clothing and household goods) have signed lease agreements for five years and will occupy areas of 440 m2 and 540 m2, respectively. The opening of Rossmann store is scheduled for February 2021. Pepco’s – during the second half of the next year.
Both transactions were mediated by JLL.
In addition to Rossmann and Pepco, several other tenants have extended their leases by five years or more. Among them is the German discounter KiK (484 m2) and one of the largest Polish supermarket chains for electronics and household appliances Neonet (453 m2).
“The pandemic and lock-downs have seriously impacted the retail sphere, but nevertheless we are optimistic about 2021 and are following our plans to expand our store network in the European market. Today there are over a thousand Pepco stores operating in Poland offering a range of more than 10 thousand items of clothing and household goods at an affordable price. We have monitored the market in order to find a new location and preferred Awangarda in Bartoszyce. We were impressed by Awangarda’s tenant-pool and excellent location of the mall, both fitting the preferences of our target audience”, commented Bożena Pekowska, Expansion & Lease Manager, Pepco Poland.
“Despite the current market challenges, we have attracted high-quality tenants ready to reinforce the existing anchor tenant roles in Awangarda including JYSK, Biedronka, Komfort, KIK, and Deichmann. Now the mall’s visitors will enjoy an extensive range of home and leisure goods under one roof. The availability of a wide range of products in one location is what clients expect from the shopping centre, especially during pandemic”, said Mariusz Czerwiak, Director at Retail Agency, JLL.
Maxim Shkolnick, Focus Estate Fund Partner:
“Focus Estate Fund has acquired Galeria Awangarda in 2018. After two and a half years of management, WAULT (weighted average lease term) has grown from 2.7 to 5.7 years. Above all it happened due to the fact that we have organized productive and open dialogue with our tenants. We are very grateful to the tenants who appreciated our efforts, found new opportunities for growth and offered visitors a high level of service and a wide range of goods. I believe such synergy and constant collaboration continues to ensure the leading position of the shopping center in this region.”
Focus Estate Fund – Real estate investment fund focusing on non-prime retail properties in Central and Eastern Europe. The Fund’s strategy is to invest in the existing mid-scale commercial properties in the most dynamic European markets.