CEE Retail MarketBeat Report Q3 2025

• Demand: Tenant demand remained robust, led by fashion, mixed goods, and F&B operators. Expansion was strongest in retail parks and established shopping destinations, with retailers focusing on footfall metrics, tenant mix, and cost efficiency. Bulgaria saw 86 new store openings (39,000 sq m), Poland welcomed multiple new brands, Romania delivered 23,600 sq m of new openings, and Slovakia attracted notable international brands.
• Supply: The development pipeline reached 1.19 million sq m (up 11% YoY), with retail parks accounting for 78% of space underway. Poland leads with 47% of all retail space under construction, followed by Czechia (16%) and Bulgaria (13%). Developers favour retail parks in locations with strong purchasing power and lower construction risk, while shopping centre investment focuses on refurbishments and sustainability upgrades.
• Prime Rents: Prime rents were stable or slightly higher in Q3. Mall rents rose by ~10% YoY in Bulgaria and Poland, ~5% in Czechia and Slovakia, while Hungary and Romania were unchanged. Retail park rents increased by 7–13% in most markets except Hungary. High-street rents continued to strengthen in Budapest (€160), Bucharest (€70), and Prague (€235). Incentive packages (rent-free periods, stepped rents, fit-out contributions) are increasingly tailored, especially in secondary markets.

Outlook

• Strengthening Performance: As inflation eases and consumer sentiment improves, retail performance across CEE is expected to strengthen modestly in 2026.
• Retail Parks Remain Active: Retail parks will remain the most active development segment, supported by strong occupier demand, convenience-led shopping patterns, and cost-efficient construction.
• Shopping Centres & High Streets: Shopping centres will benefit from experiential upgrades, stronger tourism flows, and targeted repositioning, especially in capital cities. High-street retail should continue to outperform in markets with strong visitor economies.
• Investment & Future Trends: With the pipeline expanding selectively and investment appetite improving (especially for value-add and ESG-led opportunities), the sector is positioned for steady growth, shaped by the transition toward experience-rich, operationally efficient, and future-proof retail environments.