The targeted retail offer and inherent convenience of Galeria Panorama in Poznan has resulted in footfall growth comfortably exceeding the PRCH National Footfall Index together with strong growth in retail sales, since retail competition in the city intensified after the opening of Posnania in late 2016.
Panorama’s strong performance can be traced back to 2015 when the centre was extensively refurbished in a programme of improvements that included modernisation of anchor foodstore Carrefour and the introduction of Media Expert, Jysk and Komfort who opened alongside long established Panorama retailers including; Empik, CCC, Rossmann, Deichmann and Takko.
“Positioning the centre’s retail offer to focus on the everyday needs of the immediate catchment rather than trying to serve a wider and increasingly competitive market was a key aim during the refurbishment and we can see this directly contributing to the strong performance since the refurbishment and being sustained following Posnania’s opening” commented Stuart Lang, Asset Management Director at Balmain Asset Management.
Stuart continued, “to be a successful shopping centre doesn’t always mean being the biggest, newest or with the smartest finishes. Local customers choose to shop at Panorama because their everyday needs are satisfied by a mix of well-known and trusted retailers; the centre is to reach, has easy to access ample parking, and the centre is bright, safe and friendly, with a compact size making it easy to navigate and find what you are looking for.”
Galeria Panorama was Poznan’s first shopping centre, opening in 1997. Balmain Asset Management acquired the centre in 2006 and during their ownership they have invested in improvements to modernise the centre and introduce national brand retailers to increase the centre’s appeal to the local catchment. Key retailers present at Galeria Panorama include: Carrefour, Jysk, Media Expert, CCC, Deichmann, Takko, Empik, Pepco, Rossmann and Egurolla Fitness Club.
About Balmain Asset Management
Established in 2003, Balmain Asset Management LLP, a UK Limited Liability Partnership, is majority-owned by its principals.
Balmain Asset Management is an experienced operating partner, co-investor and multi-disciplined service provider focussed on European retail and leisure assets.
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