Coffee with Craig Show – daily CRE news covering the CEE region, Monday, May 22, with Winston Norman, Editor and Chief of EuropaProperty.com.
By 2030 luxury retail market is expected to be worth €580 billion
The fifth edition of the Global Luxury Retail report by Savills International presents a detailed analysis of the luxury retail market and new store openings worldwide, with a focus on identifying the most attractive store expansion opportunities over the next 12-18 months. The strengthening luxury retail sector highlights the resilience of this niche, with emerging and new markets likely to present some of the most exciting opportunities.
The luxury retail market saw an increase in the activity of clothing and accessories brands, while watch companies were the ones to expand into new markets. Large global centres dominated new openings, especially in smaller markets that benefit from a specific customer profile and a high number of tourists.
Research company Bain is forecasting that the global personal luxury market will grow by 5-7 percent per year through 2030, representing a total expansion of more than 50 percent to €580 billion. With brands continuing to drive sales growth through their owned store network, realising this market potential will no doubt mean more stores globally alongside upsizing existing stores in key markets.
Warsaw ranks third in Europe for office occupier activity
Cushman & Wakefield has summarized the first quarter of 2023 and trends shaping the Warsaw office market, which came third among key European office locations for take-up. The Polish capital is entering a phase of renewing leases made in the peak years of 2018-2019. Another positive development is the prospect of several new construction starts in the city’s central zones. Cushman & Wakefield predict new projects will experience the strongest upward pressure on rents.
“In 2023, the Warsaw office market has entered a period of renegotiating leases made in the peak years of 2018-2019. The increased focus on renewals expected to commence any time soon is likely to boost office demand throughout 2023. Economic uncertainty reflected in worsening economic indicators is, however, likely to weigh heavy on this year’s total leasing activity,” says Joanna Blumert, Head of Occupier Services, Cushman & Wakefield.
Accor opens new hotel near Bucharest’s airport
Hospitality group Accor has opened a new ibis Styles hotel near the international airport Henri Coanda, close to Bucharest. This is the fifth ibis Styles hotel opening in Romania. The new hotel will be operated under a management agreement with a branch of ABS Holdings. The recently opened ibis features 84 modern guest rooms. The hotel is located 16km from Bucharest Old City Center.
Changes in the management board of ISS Poland & Baltics
ISS, a leading workplace and facility management company, announced Karolina Whilde has been appointed Country Manager for Poland & Baltics. Maciej Wąsek, until now responsible for ISS’ business in this region, has been promoted to Chief Financial Officer in Northern Europe
Karolina Whilde, previously responsible for one of ISS’ global key accounts in the banking sector, will fully take over her new role by 1st August 2023.
“The transformation of our business in Poland and the Baltics is the result of implementing the OneISS strategy, focusing on the right segments and working to increase our share in this market,” said Carl-Fredrik Langård-Bjor, CEO of Northern Europe, ISS.