In 2024, nearly 80,000 sq m of new, modernised, or expanded retail parks were completed in the Czech Republic, now totalling 1.3 million sqm of retail space, almost a third of the total retail space capacity on the market, reports Cushman & Wakefield.
The highest concentration of these shopping parks is in the Central Bohemian Region, while the Olomouc Region leads in retail space per 1,000 inhabitants. The growth momentum continues. More than 70,000 sqm is under construction with planned completion in 2025, with the most construction happening in the Ústí nad Labem and Central Bohemian Regions. In 2026, developers plan to add 45 retail parks to the market with a total area of over 220,000 sqm.
The supply of modern retail space in the Czech Republic reached 3.98 million sqm by the end of 2024. Retail parks now make up 33% of this volume. Traditional shopping centres account for approximately 65%, and the remaining 2% are outlets. The share of retail parks in the total volume of modern retail space in the Czech Republic increased from 27% in 2019 to 33% in 2024. The area of retail parks has grown by 32% over the last 5 years.
Jan Čížek, Head of Retail Warehousing at Cushman & Wakefield, stated: “The construction of retail parks has been booming since 2023. Many projects were postponed due to the uncertain COVID-19 period and are now being realised. Thanks to simpler and faster construction, they can respond more flexibly to retailers' demand for available space. The usual construction time is within one year. Unlike shopping centres, where the market is already saturated, the construction of retail parks is expected to see several active years with many interesting projects.”
The largest project completed last year was the new retail park Obchodní centrum Hvězdárna in Jindřichův Hradec with a total sales area of 14,200 sqm and 17 retail units. Another significant project was the new construction of the S1 Center Slaný retail park with an area of 5,500 sqm and 9 retail units. The third largest project last year was the construction of the S1 Center shopping park in Krnov with a sales area of 5,100 sqm.
