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Thanks to the investments in Riga the turnover of the Akropolis Group in 2019 grew by 25%
According to audited data, Group of Akropolis companies, which manages shopping and entertainment centers and office buildings in Lithuania and Latvia, reached the turnover of 75.8 million EUR in 2019: 25% higher than in 2018.
The total sales of the tenants in Vilnius, Klaipėda, Šiauliai and Riga Akropolis shopping and entertainment centers increased by 22% in the comparable period, up to 697.9 million EUR.
According to Mantas Kuncaitis, the Chairman of the Board of Akropolis Group, the increased turnover was determined by the development in Riga, where a new shopping and entertainment center Akropole was opened, and the completed renovation project of Vilnius Akropolis, which received the investment of 14 million EUR. In collaboration with the tenants, almost 50% of the area, or 49.000 square meters of the building, were modernized.
"The new shopping and entertainment center opened in Riga last year is one of the most significant commercial real estate projects in the Baltics of the last decade. It has increased the total number of shopping and entertainment centers we manage to 4 and now allows us to start active operations in the Latvian retail and office rental markets. Last year's revenue growth is mainly related to the Riga project, but the changes in the Akropolis shopping centers which are operated in Lithuania also contributed significantly to the results. Last year, 134 or more than a fifth of our tenants were newly opened or renewed in Vilnius, Klaipėda and Šiauliai Akropolis, including completely new brands on the market,” says Kuncaitis.
One of the most important achievements of the past year was the renovation project of Vilnius Akropolis Akropolis Changes. Maxima XXXX, the only one in the Baltics, sports bar and restaurant O'Learys, which is unique in Lithuania, as well as the children's entertainment center "Kakės Makės pasaulis" were opened in this shopping and entertainment center. Moreover, now this Akropolis has the renewed Zara store, the largest in the country, the largest Reserved store (three times bigger than before the renovation) in the Baltics, the large-format Topo Centras and the new concept Eurovaistinė pharmacy, as well as Lindex, Bershka, Deichmann and many other stores.
Last year, the largest number of new or renovated retail and service locations was in Vilnius' Akropolis - a total of 69 tenants. In Klaipėda there were 41 newly opened and renovated tenants, and in Šiauliai - 24 tenants.
During 2019, Akropolis in Vilnius, Klaipėda, Šiauliai and Riga welcomed 38.9 million visitors - 16.5%, or 5.5 million more than in 2018. Last year, sales of gifts and accessories as well as books, press and stationery grew the fastest in Akropolis - by 10% each, sales of cosmetics, perfumery and medicines increased by 9%, whereas sales in cafes and restaurants went up by 7%.
“While 2019 was not bad, this year the situation in the retail sector has been fundamentally changed by the COVID-19 pandemic. At present, we are focusing on ensuring the safety of Lithuanian and Latvian Akropolis' employees and customers, as well as on the recovery of visitor flow as the quarantine is gradually being eased,” says Kuncaitis.
The results of the Group of Akropolis companies are announced without the turnover of the company Ozo boulingas, which was sold at the beginning of 2019. In the last quarter of 2019, the shares of the company managing a 20 ha land plot in Sofia, Bulgaria were also sold (the amount of the transaction is not disclosed by agreement of the parties).
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