Prague The Style Outlets to open near airport
Mall built in 2007 will finally welcome the public under new ownership
The unfinished shopping mall near Václav Havel Airport Prague may finally open. New investors plan to turn the unused building into a fashion outlet called by the somewhat awkward but trendy looking name Prague The Style Outlets. The companies Neinver and The Prague Outlet plan to invest over Kč 1 billion in the project. The two companies are in a joint venture and will spent the money to renovate and remodel the building's interior and exterior, and modify the surrounding area.
The outlet will offer fashionable brand clothes and accessories at a significant discount. The two companies did not specify which brands would have shops at the mall.
The mall should open next fall after the completion of 190 stores and 2,400 parking spots. The total business area will be 30,000 square meters. The outlet will open in two phases. The first phase will introduce 100 stores using 20,000 square meters of sales area. The second phase will open the remaining 10,000 square meters within two to four years. There is also a possibility to expand the mall further by constructing a new wing or an independent building next to it, as the land is available. Technically, the outlet is in the village of Tuchoměřice, a few meters from the Prague city line.
The mall has a 90 minute catchment area of 4.5 million residents with an income 40 percent higher than the CEE average. The mall will also rely on tourist customers from the airport. Prague sees more than 6.6 million tourists annually.
The structure was built in 2007 and was to be opened under the name Galleria Moda. When the economic downturn hit in 2008, the original mall owners got caught up in the real estate downturn, and the almost completed mall remained closed.
Neinver will be in charge of leasing, retail and property management for the project. The joint venture is financed by PPF Bank, member of the PPF Group, according to a press release.
Sebastian Sommer of Neinver said the outlet will be linked to the airport by a shuttle bus and will have boards showing plane arrivals and departures, and joint marketing campaigns with the airport.
The two companies are working on a new interior end exterior design that will incorporate architectural themes from Prague's Old Town. The original interior design is already stylistically outdated. The key changes to the building include a new entrance and upgraded atrium.
“Our partnership with The Prague Outlet means an outstanding opportunity to combine its unique local market knowledge with our expertise in the outlet sector. These elements, together with the excellent, central location in a dynamic, growing and affluent city with a well-established tourist economy, makes it an excellent opportunity to expand our business in the Czech market. We are proud to see how The Prague Outlet has put trust in our experience, know how and management model to run this new center under Neinver's European brand, The Style Outlets. Indeed, this agreement not only strengthens Neinver’s position as a key partner in the outlet sector but also reinforces our international expansion strategy and our aim of becoming the leader in the outlet market in Europe,” Carlos González, managing director at Neinver, said in a press release.
Martin Kubista, head of the company The Prague Outlet, said, “We are enormously excited about our upcoming joint venture with Neinver and what this means for our center. We have made significant improvements to the development already and we look forward to seeing the final transformation into The Style Outlets. With the expertise and support of our new partner, we know that The Style Outlets will become the ultimate retail destination in Prague and the surrounding region, attracting locals and tourists alike.”
The Prague Outlet has been interested in the property for some time, and had originally announced in 2014 that it would open in 2015, but that date was delayed.
Prague The Style Outlets will be the third fashion outlet in the Czech Republic. The others are Freeport Fashion Outlet in Hatě, near the city of Znojmo and close to the Austrian border. The other is Prague Fashion Arena Outlet Center in Prague 10–Štěrboholy, which is currently the largest with over 100 stores.
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