Fashion Arena, the first outlet center in Prague, which announced the end of last year its expansion plans has received its zoning permit and building permissions.
It came into legal force in March and project developers TK Development and LMS Outlets have confirmed that they intend to start constructing the second phase before the end of this year. Fashion Arena Outlet Center is located in the Prague district of těrboholy at the intersection of Průmyslová and těrboholská radial speedways. This announcement means that in 2010 Fashion Arena will increase by an additional 36 retail units 26 of them will complete the imaginary horseshoe (the center's shape) with a further 10 smaller shops near to the children's playground. The new shops in phase two will cover a leasable area of 7,200 m², with an investment in the region of CZK 160 million (approx. 5.49 mln.). The general contractor will be the same as for phase one, GEMO Olomouc.
Today customers visiting the Fashion Arena outlet center can shop in 74 brand name stores; phase two is a reaction to tenant interest for additional retail space particularly smaller units the reason for the 10 boutique units.
"This increase in the number of shops is to meet demand. We would like to offer both shops with a larger area as well as smaller units so that tenants can select the best solution to fit their needs", said Thomas Villadsen, General Manager of TK Development.
Just like other outlet centers around the world, Fashion Arena operates on the principle of offering top-quality brand name goods from previous collections at prices which are 30-70 % lower than in conventional stores. This enables traders in various types of goods ranging from fashion clothing, sportswear and accessories, to underwear, cosmetics, toys and household goods (in many cases direct from the manufacturers themselves) to offer new unused goods which have not been previously sold. By making space for new collections in the regular store a more efficient and profitable operation is achieved.
"Visitor numbers and average customer spending at the center are constantly increasing. It is therefore clear that this concept has been missing for a long time in Prague and the surrounding area. What's more, customers come back to Fashion Arena and recommend the outlet center to their friends, an aspect which is important for every successful outlet center", said LMS Outlets' Director, Graham Coxhead.
According to a survey which was carried out in December of last year, the typical visitor to the Fashion Arena spends 90 minutes there, visits eight shops and purchases goods in two of them. Average spending at the center is CZK 2,395 per visit. The majority of visitors to Fashion Arena are aged 21-30 (42 %), followed by the 31-40 age group (26 %) and 15 20 year olds (21 %).
Source: Crest Communications a.s.