Shopping streets bursting with cafes
The situation in the Lithuanian market of shopping centres essentially remains stable and no greater external changes can be observed (except for some internal negotiations regarding lease prices between landlords and tenants of shopping centres). However, the situation in the main retail streets is changing for the better. The recovery of such streets that started last year continues this year. At the peak of the crisis one in five or six retail premises on the streets were unoccupied (i.e. occupancy rates were 80−85%), the number of vacant premises has now significantly decreased and further increase of rents has been recorded.
The fastest recovery is seen in the main retail streets of the capital (Gedimino Avenue, Pilies Street, Didžioji Street, Vokiečių Street), which continue to show improved occupancy rates. Currently, the total occupancy rate in these streets is 92.4%; this means that only one in thirteen premises (suitable for retail trade or various services) are not occupied. Gedimino Avenue continues have the lowest occupancy rate (90.7%), mainly because of the least visited stretch of the avenue from the intersection of Gedimino Avenue and V. Kudirkos Street to the Parliament Building. Vokiečių and Pilies streets can boast of the highest occupancy rates of 95.7% and 94.1% respectively. It has recently been observed that new brands or businesses have taken leases on previously vacant premises and new tenants are replacing older ones. Basically, these retail streets have already changed their face, which used to be associated with clothing, footwear and luxury goods. Today different products or services dominate in these streets.
The situation in the Lithuanian market of shopping centres essentially remains stable and no greater external changes can be observed (except for some internal negotiations regarding lease prices between landlords and tenants of shopping centres). However, the situation in the main retail streets is changing for the better. The recovery of such streets that started last year continues this year. At the peak of the crisis one in five or six retail premises on the streets were unoccupied (i.e. occupancy rates were 80−85%), the number of vacant premises has now significantly decreased and further increase of rents has been recorded.
The fastest recovery is seen in the main retail streets of the capital (Gedimino Avenue, Pilies Street, Didžioji Street, Vokiečių Street), which continue to show improved occupancy rates. Currently, the total occupancy rate in these streets is 92.4%; this means that only one in thirteen premises (suitable for retail trade or various services) are not occupied. Gedimino Avenue continues have the lowest occupancy rate (90.7%), mainly because of the least visited stretch of the avenue from the intersection of Gedimino Avenue and V. Kudirkos Street to the Parliament Building. Vokiečių and Pilies streets can boast of the highest occupancy rates of 95.7% and 94.1% respectively. It has recently been observed that new brands or businesses have taken leases on previously vacant premises and new tenants are replacing older ones. Basically, these retail streets have already changed their face, which used to be associated with clothing, footwear and luxury goods. Today different products or services dominate in these streets.
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