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All quiet on Hungarian retail front
Hungary experienced a very quiet retail investment market during Q3 2008. No open market institutional transactions occurred during this period. The only transaction of note involved a TESCO hypermarket developed by Raiffeisen Evolution, which was sold to Raiffeisen Fund at a reported yield of around 6.25%.Due to the difficult economic climate no significant retailer
expansions are expected in Hungary. In spite of this, several
retailers are planning to soon open their first shops in Hungary
such as VanGraaf, Oviesse, Camaieu, Högl and Sprider. Some
homeware retailers are also expanding, though, on a smaller
scale. Interspar and Tesco’s Food outlets, with retail units
ranging between 4,000-5,000 m2, are also performing well.
Outlet centres are performing strongly but occupiers and
consumer demand for shopping centres is beginning to decline,
depending on the location.
Real wages are declining and consumer prices are still rising.
The economic situation for consumers is becoming increasingly
difficult as the financial crisis has had a direct impact on
household budgets. Those brand-loyal customers tend to favour
shopping in outlet centres rather than shopping centres.
