Galeria Sandecja, Nowy Sącz

Nowy Sącz, Poland

Planned operational measures:

  • Retain a high occupancy rate.
  • Continue to convert temporary leases into ordinary leases on terms and conditions satisfactory to the Group.
  • Extend the non-terminable period of contracts with key tenants where this has not already been done.
  • Optimise the tenant mix by, i.a., replacing weak tenants.

Having been strongly affected for some time by a competing centre that opened in autumn 2013, Galeria Sandecja is once again rallying. Various initiatives implemented in the past few years, including efforts to create a strong mix of tenants on the ground floor and upgrade the first floor and the food court, have helped stop the negative trend in revenue and footfall. Both revenue and footfall grew in 2017 relative to 2016. The rally has continued into 2018.

In light of the improved situation, a letting strategy for the next year has been defined. The process of converting short-term leases into ordinary leases with long non-terminable periods continues, and efforts will be made to extend the non-terminable period of contracts with key tenants where this has not already been done. The occupancy rate is 99%.

Concurrently, the centre's sales potential is being investigated, and an actual sales process is expected to commence in mid-2018.