The first real factory outlet project in the Baltics, to be developed in Riga (Latvia), will be presented to Europe’s retail industry leaders during MAPIC 2013. The modern and contemporary factory outlet space for international retailers and new brands expanding their markets will be the first of a kind in all three Baltic countries: Latvia, Lithuania and Estonia.
The concept has been developed by BPT, as established international real estate asset management company in cooperation with the strong blend of international outlet experts. It is planned to open in late 2014.
“Until now there have been several attempts to develop factory outlet projects in the Baltic states, but for various reasons their realization has been cancelled or postponed indefinitely. As a result there are several unconvincing examples in the outlet retail segment where shops sell a limited number and sizes of goods, but have yet to meet the definition of a real factory outlet concept– surplus stock from the factory sold directly to the public,” says Simon Rohleder, acknowledged recognized expert in the outlet development industry.
BPT, an established international real estate asset management company active in the Nordic and Baltic regions for over 10 years, proposes a phased refurbishment of the Olimpia Shopping center in Riga to provide factory outlet space for international retailers and brands seeking a new and exciting channel through which to dispose of their product ranges. The fact that the project is located in Riga–the center of the Baltic states, developers see this as a strategic advantage and opportunity to attract customers from the entire Baltic region.
The first refurbishment phase of the shopping center “Olimpia” will provide approximately 8,000 m² in 30 units to be let to local and international brands alongside the existing grocery retailer, gym and fitness center, whilst upgrading the food court to give customers more exciting offers. The new factory outlet concept prescribes phased development and opening is initially planned for late 2014, subject to letting progress.