In the last two months of the past year, turnover grew by 7.4% in November and 6.3% in December compared to the same months in 2023.
Among selected categories, the highest turnover growth throughout the year was recorded in services (11.8%), entertainment (10.0%), and health and beauty (8.8%).
Annual average turnover increased across all categories of shopping centers. Medium-sized shopping centers (20,000-40,000 sqm GLA) performed the best in 2024, with a 4.5% increase in turnover compared to 2023. In the largest malls (over 60,000 sqm GLA), turnover was up by 4.2%, while large centers (40,000-60,000 sqm GLA) saw a 4.0% increase. Meanwhile, the smallest centers (5,000-20,000 sqm GLA) experienced a 2.4% rise in turnover compared to 2023.
Foot traffic, measured as the number of customers per square meter of leased space, remained similar to 2023 levels, increasing by 0.2% in 2024 compared to the previous year.
Insights from the Polish Council of Shopping Centers
“According to indexes from the Polish Council of Shopping Centers (PRCH), the largest cyclical study of shopping mall turnover and foot traffic in Poland, turnover in shopping centers increased by 4.3% in 2024 compared to 2023. For overall retail, based on data from the Central Statistical Office (GUS), retail sales in current prices grew by 3.3%. Shopping mall foot traffic also increased by 0.2% year-over-year,” said Marcin Klammer, Managing Director of the Polish Council of Shopping Centers.
“The analysis of PRCH index results for 2024 highlights that shopping centers represent a stable and mature market. Stability is reflected in foot traffic, which remained unchanged from the previous year, while maturity is evidenced by turnover growth close to the inflation rate. This is positive news when considering shopping malls in a broader context—as a distribution channel competing for the same consumer with e-commerce. The strong performance of categories such as entertainment and health and beauty aligns with consumer trends and indicates their future growth direction,” stated Przemysław Dwojak, Senior Client Business Partner at GfK – An NIQ Company.
Revitalization in Shopping Centers and Retail Parks
Data from retail chains, property owners, and analytical firms indicate a revival in shopping centers and retail parks in 2024. New retail brands entered the market, and some tenants announced plans to expand their brick-and-mortar sales networks. Shopping center owners and managers reported securing new tenants. The number of new and renewed lease agreements in existing centers increased, coinciding with the delivery of 530,000 sqm of new retail space in 2024, the highest since 2015, according to Cushman & Wakefield. The industry also saw a continued decline in vacancy rates, which averaged 3% at the end of 2024, as per Cushman & Wakefield.
The increased market activity also attracted investors, with transaction volumes in the retail property sector reaching €1.6 billion in 2024—four times higher than in 2023.
Shopping Mall Foot Traffic Trends
Shopping mall foot traffic, measured by the PRCH Footfall Density Index (customers per sqm of leased space), was 0.2% higher in 2024 than in the previous year. In the last two months of 2024, foot traffic grew by 3.9% in November and 0.3% in December compared to the same months in 2023.
Source: https://managerplus.pl/centra-handlowe-w-2024-r-na-plusie-obroty-wzrosly-o-43-80552
