Keeping with the international theme of late . . . . the economic challenges in Eastern Europe stopped many retail development projects dead in their tracks. Here is an article from Bloomberg that talks about how these Eastern European developers, previously flush with new tenants begging to get into their developments, have now turned to the notion of creating a retail experience to help lure tenants (and shoppers), that have all but disappeared.
The Galerie Harfa in a suburb of Prague is restarting their mall development with a new attraction: dinosaurs. It will also sport a fitness center and swimming pool.
Economic woes aside – it would appear the new found capitalism created a boon for slapping up anything that could sell goods in Eastern Europe. But the slowdown has proven that centers that don’t consider the experience as part of their development – will become extinct quicker than those that do. It would seem that these developers are learning quickly what the US developers took decades to figure out – consumers want a shopping experience – not just a place to shop. And when the bottom falls out – the centers that can provide a value add beyond the transaction will be the ones that survive.
Check out the full article here from Bloomberg:
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