Results of Akropolis Group’s shopping centres grow - in the first half of this year, they welcomed almost 21 million visitors, whereas the turnover of tenants exceeded EUR 543 millionMore
Results of Akropolis Group’s shopping centres grow - in the first half of this year, they welcomed almost 21 million visitors, whereas the turnover of tenants exceeded EUR 543 million
In the first half of 2023, the five shopping centres operated in Lithuania and Latvia by Akropolis Group, a developer and manager of shopping and entertainment centres in the Baltic States, were visited by almost 21 million visitors, 13.5% more than in the same period last year. Growing visitor footfall positively affected the turnover of tenants of the shopping centres, which reached EUR 543 million and was 12.2% higher than a year earlier.
“The growth in tenant turnover in the first half of this year reflects the positive response of Akropolis visitors to the new brand stores that constantly open in the shopping centres and to the renovation of the stores of favourite brands, as well as to the entertainment and services offered. We are pleased that we are meeting both the expectations of our visitors to choose from a wide range of goods and services and the needs of our tenants to operate in modern and constantly renewed shopping and entertainment centres. The growing performance of Akropolis shopping centres positively affects Akropolis Group’s financial results, allowing them to grow,” comments Nerijus Maknevičius, the CEO and the Chairman of the Board of Akropolis Group.
According to consolidated data, from January to June of this year, Akropolis Group’s total revenue amounted to EUR 56.5 million, and the earnings before interest, taxes, depreciation and amortisation (EBITDA) were EUR 40 million, which is respectively 4.6% and 10% more than in the first six months last year. Rental income in the first half of this year grew by 14% up to EUR 40.5 million. The occupancy rates of the shopping and entertainment centres Akropolis remained high for the January to June period this year, with only 2% vacancy.
In the first half of this year, more than 30 new and renovated stores opened in Akropolis shopping centres in Vilnius, Klaipėda, and Šiauliai. Massimo Dutti, a new concept clothing store, refurbished City store, the country’s only Lacoste store, and JD Sports, a sports and leisure store, opened in Vilnius Akropolis, while in Klaipėda one of the largest sportswear and merchandise stores, Sports direct, as well as Oysho, Ballzy and other new and refurbished stores opened to the public. In the first six months of the year, almost 11% more people visited these shopping centres than in the same period last year, totalling almost 13 million people.
In the first half of this year, 25 new or refurbished stores joined the ranks of tenants of group’s shopping and entertainment centres in Latvia, which had a significant impact on increased visitor flows in Akropole Riga and Akropole Alfa. In the first half of the year, the number of visitors there was almost 18% higher than in the same period last year, totalling just over 8 million people.
Halfprice and Eapavi.lv, the only stores in the country, and refurbished footwear stores, CCC and Eiropas apavi, are the largest newly opened or refurbished stores in Akropole Alfa by area. Hugo and Sportland Future Athletes stores were opened in the shopping and entertainment centre Akropole Riga. The centre also expanded the restaurant offer with the opening of cafés and restaurants such as Cofyz, Vairāk Saules, and Domino’s pizza.
Klaipėda Akropolis is currently undergoing interior renovation works, and the shopping centre is investing EUR 7.7 million in the renovation of its interior spaces.
A strong emphasis is also placed on the planned multi-purpose project Akropolis Vingis in Vilkpėdė urban district, Vilnius. Following the Vilnius City Municipality’s approval of the design proposals for improving transport infrastructure earlier this year, a detailed technical design of the complex is currently being prepared as well as the other documents required for obtaining a construction permitting document, which are expected to be submitted to the municipality by the end of this year.
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