Swedish property developer and investor–AMF Fastigheter–has announced a significant revamp and 6,000 m² extension to Gallerian, central Stockholm’s leading shopping center at the heart of the Swedish capital’s retail district. The development will take internationally renowned Gallerian to 37,000 m² and reinforce central Stockholm’s position as the retail capital of the Nordics.
With its line-up of international retailers, annual footfall of 18 million visitors and central Stockholm location, Gallerian has long been the ‘go-to’ choice for retailers breaking the Nordic market, with demand for space regularly outstripping supply.
Works will commence in early 2015 to refresh the center and create up to 10 new units, including double height flagship stores and additional restaurant space to meet the demand from international retailers looking to enter the Swedish market. It will include new entrances to encourage greater pedestrian flow in the city center, new street facing retail frontage and an enhanced catering and leisure provision.
The extension will integrate the shopping center with AMF Fastigheter’s upcoming Urban Escape development as well as the wider neighborhood, linking it to AMF Fastigheter’s MOOD District retail quarter. Urban Escape Stockholm comprises 130,000 m² of mixed-use space across the whole city block in which Gallerian sits.
Tobias Edberg, Center Manager at Gallerian commented “There is increased demand from international names looking to expand in Sweden and we currently cannot meet requirements in the city center. As Gallerian is the most dominant asset in our retail portfolio, with its internationally renowned reputation and an unrivalled city center location, we recognized solid potential for meeting this here.
“As we bring forward Urban Escape Stockholm, now is the time for this development. An enhanced Gallerian will give Urban Escape Stockholm an established retail anchor, which both complements the wider elements and is integrated with other developments in the city center.”
AMF Fastigheter is Sweden’s second largest property developer and investor with a portfolio of five city center retail hubs, with a combined annual footfall of 45 million. Having recently consolidated its market position and refocused attentions on Central Stockholm, AMF Fastigheter is committed to playing a key role in positioning the Swedish capital as a world city and leading business hub.
Source: Redwood Consulting