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Research Retail Market in the Czech Republic at a Glance H22020

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Research Retail Market in the Czech Republic at a Glance H22020 Real Estate for a changing world RESEARCH AT A GLANCE RETAIL MARKET IN THE CZECH REPUBLIC H22020 RETAIL SALES FELL BY 0.6% IN 2020 • The pandemic slowed down developers' plans, but did not dampen them • Revenues from e-commerce in 2020 increased by 26% to CZK 196 billion NEW SUPPLY At the end of 2020, the total retail rentable space in the Czech The building was already completed in the summer of 2020, Republic reached almost 3.7 million sq m. however the pandemic situation postponed the grand opening In Q2 2020, a total of 40,800 sq m was completed. The major until 2021. The only tenant, Primark, has not yet announced completed projects include the first phase of construction the opening date. Furthermore, in the spring of 2021 is to be for Retail Park Ovčáry (6,800 sq m) in Kolín-Ovčáry. The second opened, the Aventin Jihlava shopping centre (24,500 sq m), and third phase will be completed during the second half of 2021, the shopping and office complex Bořislavka Centrum (10,100 sq m) the total leasable area of the retail park will be 9,700 sq m in Prague 6 and the new retail project east of Prague Spektrum in 13 units. Furthermore, newly built Retail Park Choceň Čestlice (6,600 sq m). In the first half of 2021 is also scheduled (5,010 sq m) was opened in December with 10 shops. In Hradec the opening of the renovated OC Řepy (14,500 sq m) in Prague 6. Králové the old OD Tesco underwent a full reconstruction, it was In 2020, the retail sector suffered greatly due to the Covid-19 merged with the existing Atrium shopping area to create the new pandemic. Many consumers had limited free movement and brick Atrium shopping centre (20,500 sq m) with a total of 93 units. and mortar shops were selling only essentials goods, other At the end of 2020, a total of 79,900 sq m of retail space was under establishments were closed for a long time. Retail sales in 2020 construction. In 2021, we expect the retail part (6,000 sq m) to be decreased by 0.6%, the largest decline in sales was recorded opened in The Flow Building in Prague on Wenceslas Square. in stores with clothing and footwear. KEY FIGURES 3.7 m sq m 40,800 sq m 70,900 sq m -0.6% TOTAL RETAIL STOCK NEW SUPPLY RETAIL SPACE UNDER RETAIL SALES GROWTH H2 2020 CONSTRUCTION Y-O-Y Real Estate for a changing world 1 AT A GLANCE H2 2020 CZECH REPUBLIC RETAIL RETAILERS RENTS • According to the Association for Electronic Commerce (APEK) • Prime high street rents in top locations decreased to €200-205 and the purchasing advisor Heureka.cz, Czech e-commerce per sq m per month. has achieved double-digit growth. Thanks to the crisis caused • Prime shopping centre rents for the benchmark 100 sq m units by the Covid-19 pandemic, e-shops increased their turnover slightly decreased to €140-160 per sq m per month in Prague. by 26% year-on-year, to 196 billion CZK. Overall, the share of e-commerce in retail increased to 16%. • The furniture chain XXXLutz reopened seven stores in August PRIME HEADLINE RENTS which were acquired as part of it‘s takeover of the Kika chain in 2019. XXXLutz thus became the second strongest player €/sq m/month on the Czech market after the IKEA group. • The Levi‘s brand has opened its new store in Na Příkopě € 200 Street, which has become the brand's largest store in Central € 180 and Eastern Europe. € 160 • The first two stone shops were opened in Prague and Ostrava € 140 by the American clothing brand Gap. The brand plans further € 120 expansion in the Czech Republic. € 100 € 80 • Despite the crisis associated with the Covid-19 pandemic, new € 60 brands were coming to the Czech retail market. A total of 25 new brands were added, mostly from the clothing sector. € 40 € 20 € 0 Praha Brno Ostrava Olomouc SHOPPING CENTRE STOCK PER 1,000 INHABITANTS High street Shopping centres sq m Source: BNP Paribas Real Estate Czech Republic Usti nad Labem INVESTMENT Brno Prague • The prime yields for high streets and shopping centres Ostrava remained stable compared to the previous half-year. In 2021, we expect a slight increase in yield rates in Prague. Plzen Liberec Olomouc Hradec Kralove MAJOR RETAIL INVESTMENT TRANSACTIONS 0 200 400 600 800 1 000 1 200 1 400 1 600 PROPERTY INVESTOR SIZE (sq m) Central Kladno Portiva 29 400 Source: BNP Paribas Real Estate OC Velký Špalíček Biskupství brněnské 13 300 ANNUAL SUPPLY Retail pak Litoměřice ZDR Investments 11 300 sq m 400 000 350 000 300 000 Prime Yields & Outlook, % 250 000 200 000 150 000 4.0 – 4.25% 100 000 50 000 HIGH STREET 0 5.0 – 5.25% SHOPPING CENTRES Source: BNP Paribas Real Estate 2 AT A GLANCE H2 2020 CZECH REPUBLIC RETAIL DEFINITIONS Stock: Total completed stock of modern shopping centres and retail parks with GLA of at least 5,000 sq m, delivered or refurbished since 1992. New supply: Completed newly built or refurbished shopping centres and retail parks that obtained a use permit in the given period and were opened to the public. Prime headline rent: Achieved rents in prime shopping centres and high street in units of 50-100 sq m for fashion tenants, achieved rents in retail parks in units of 500-1,000 sq m. ABOUT BNP PARIBAS REAL ESTATE BNP Paribas Real Estate, one of the leading international real estate providers, offers its clients a comprehensive range of services that span the entire real estate lifecycle: property development, transaction, consulting, valuation, property management and investment management. BNP Paribas Real Estate has local expertise on a global scale through its presence in 32 countries and 5,400 employees. BNP Paribas Real Estate is a subsidiary of BNP Paribas. For more information visit our website www.realestate.bnpparibas.com or microsite www.checkestates.cz. AUTHOR AND RESEARCH CONTACT Kamila Breen, Head of Research & Consultancy, [email protected] CEE RESEARCH CONTACT Patrycja Dzikowska, Head of CEE Research – Director, [email protected] BUSINESS CONTACT Karel Bor, Managing Director Czech Republic & Slovakia, [email protected] BNP Paribas Real Estate APM CR s.r.o. All rights reserved. At a Glance is protected in its entirety by copyright. Ovocný trh 8, 110 00 Praha 1 No part of this publication may be reproduced, translated, transmitted, or stored in a retrieval system in any form or by any means, without the Czech Republic prior permission in writing of BNP Paribas Real Estate. Tel: +420 224 835 000 www.realestate.bnpparibas.cz 3 Classification : Internal.
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