Jones Lang LaSalle (NYSE: JLL), real estate advisers, has announced the release of the Czech and Slovak edition of the Retail Leading Cities report series. Michaela Zvadova, Head of Retail for Jones Lang LaSalle in the Czech Republic & Slovakia, reports: "The Czech Republic and Slovakia have been and are continuing to experience strong economic growth which translates into a very healthy environment for retail."
The Karl Bridge leads to Prague.
Although both the Czech and Slovak Republics are following similar development patterns, Prague and Bratislava have not quite reached their consolidation periods. The healthy economic indicators and demand from retailers are supporting extensions and the development of new shopping centers in both capital cities.
The Czech Republic's regional cities are extremely dynamic with cities such as Brno, Ostrava, Plzen, Olomouc, Ceske Budejovice, Karlovy Vary and Zlin benefiting from a well developed retail network. Other cities such as Liberec, Pardubice, Usti Nad Labem, Hradec Kralove and Jihlava are also registering a surge of retail activity and awakened interest from both developers and retailers. The most common retail formats developed to date in the Czech Republic have been shopping centres and retail parks.
As opposed to Prague, Bratislava does not have a comparable high street to Na Prikope but a limited offer along a high street still in its infancy. Riverfront, a multi functional project, with its critical mass will improve Bratislava's city centre, accommodate international brands, extend and create an attractive high street along the river bank of the Danube.
Slovakia's regional cities such as Kosice, Zilina, Trnava, Nitra, Trencin and Banska Bystrica are also observing the appearance of shopping centres either downtown or on the outskirts. One example is Centro Nitra, which opened in Q2 2006. The retail market in Slovakia is very focused on shopping centre development. Retail parks apart from Ikea, DIY operators and factory outlets being relatively non existent and high street retail still at an embryonic stage."
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Source: Jones Lang LaSalle