In the Czech Republic, the number of shopping center renovations will begin to increase

Prague - The construction of new shopping centers in the Czech Republic is stagnating, but investors are starting to turn to the renovation of existing department stores. Renovations are planned for example for Prior in Olomouc and the Chomutovka shopping center in Chomutov.
    "The trend of renovating department stores is currently in full swing. If the renovations are successfully completed, then department stores in regional cities may to some extent replace the non-existent shopping streets," said Sylvie Samadiová, head of the retail department at Jones Lang LaSalle. However, this trend does not apply universally. For example, the renovation of the Prague department store Bílá labuť has been put on hold.
    Among the most notable examples of modernizing retail centers is last year's renovation of the former department store Máj in Prague on Národní Street, which the Tesco chain transformed into My Národní. The sales area of the store increased by more than 1,400 square meters to approximately 12,000 square meters due to the renovation.
    The Kotva department store is also undergoing renovation. Following the modernization, which is expected to be completed next year, the management of Kotva hopes to strengthen its market position at a time when some shopping centers will reportedly be fighting for their existence this year due to increasingly tough competition.
    According to Jones Lang LaSalle, not much happened in the Czech retail real estate market last year. In Prague, only one hypermarket, Kaufland on Vypichu, opened recently. One of the few shopping centers under construction is Galerie Harfa in Prague-Libeň, while Forum Liberec is reportedly preparing an expansion.