STOP.SHOP., an IMMOFINANZ Group umbrella brand for specialty shopping centers in Central Europe, continued its steady growth with the opening of a 10th retail park in Slovakia yesterday (April 14, 2011), the STOP.SHOP. Dolný Kubín. The IMMOFINANZ Group realized this project in a joint venture with the international property developer EYEMAXX.
The newly-opened STOP.SHOP. is located in the city of Dolný Kubín, in the center of the Orava region in northern Slovakia. This retail park is situated close to the city center at the major traffic crossroads of Dolný Kubín. The catchment area of this 5,800-m² shopping mall has a population of more than 57,800 within roughly 15 minutes driving time.
The occupancy rate on the opening date is 82%. The tenant mix comprises international and national brands such as Planeo, Intersport, KiK, Gate, Takko, Deichmann, Dracik and dm drogerie, and negotiations with other potential well-known tenants are currently in progress.
"The further expansion of the STOP.SHOP. retail park chain is an important part of our strategy for 2011/12. Our goal is to create a uniform branding for our specialty shopping centers in Eastern Europe and Austria, and to combine all these locations into a 'STOP.SHOP.' business segment," explained Eduard Zehetner, CEO of the IMMOFINANZ Group.
Flexible concept at locations with good traffic connections
The flexible concept of the STOP.SHOP. brand is based on regional shopping centers at central locations in catchment areas with a population of 30,000 150,000. The rentable space ranges from 5,000 m² to 15,000 m², and offers visitors adequate parking, optimal connections to the traffic network and high functionality through an attractive mix of international and local tenants.
In November 2010 the IMMOFINANZ Group opened two STOP.SHOP. retail parks with a combined total of 16,200 m² of rentable space in Slovakia. The East European STOP.SHOP. portfolio currently comprises 34 retail parks in five countries.
The retail market in Slovakia
Slovakia recorded strong growth of 4% and a sound bilateral trading volume in the fourth quarter of 2010. Economic forecasts for 2011 are pointing to an increase of 3%. The expected decline in unemployment should support an increase of 3.6% in private consumption this year.
According to the international property service provider King Sturge, approx. 235,000 m² of new retail space was completed in 2010 and a further 160,000 m² should follow in 2011.
With its STOP.SHOP.s, the IMMOFINANZ Group has set a new standard for specialty shopping centers in Slovakia. Steady revenue growth of 5% per year for the retail chains located in the STOP.SHOP. retail parks as well as positive feedback from the international and national tenants confirm the success of the STOP.SHOP. concept.
Source: ACCEDO Austria GmbH