Prague The Style Outlets is introducing an exciting outlet retail offering

What the redevelopment of Prague The Style Outlets will bring to this cosmopolitan city?

We spoke to Sebastian Sommer, Business Development Director at NEINVER, Europe’s second-largest operator of outlet centres and the market leader in Spain and Poland, about what the redevelopment of Prague The Style Outlets will bring to this cosmopolitan city.

Prague is an affluent, bustling city boasting a prosperous economy and attracting more than 6.6 million tourists every year.  Already a sought-after shopping destination due to retail havens such as Pařížská Street, which has the highest concentration of premium brands of any retail district in Europe, Prague is only missing an outlet retail offering.

Prague The Style Outlets is the answer. Only 25 minutes from the city centre and five minutes from Vaclav Havel Airport, the scheme is perfectly positioned to provide a desirable, accessible retail destination, bringing top international and national brands to its 4.6 million customer-strong catchment area.

Sommer commented, “To suit its retail-savvy audience, the centre is being designed to offer a combination of cutting-edge fashion brands, eclectic food retailers, and luxury facilities in a single location comprising 190 shops and 2,400 car parking spaces.” Once complete, the scheme will cover a 30,000 sqm area and incorporate the true spirit of Prague with mock architecture and stunning shop facades that reflect the old town style. 

Prague’s economy and population make it an ideal destination for a premium outlet retail offering. The Czech Republic’s economy is one of the most stable in Europe, growing by over 4.5% in 2015 and with a low unemployment rate of only 3.9% in 2016. As the capital city, Prague has a significant share of the Czech economy with 1.26 million residents and an average salary that is 130% higher than the national average.Its mature retail market is considered the number one shopping destination in Central and Eastern Europe, with a consumer demand on par with many major cities in Western Europe. Residents are hungry for a premium outlet retail destination offering desirable brands.

The Style Outlets platform is managed by NEINVER, a leading European company specialized in development, property management, and investment management, currently Europe’s second-largest operator of outlet centres and a key player in the market for twenty years.  This proven international platform runs successfully in eleven other centres across Europe, featuring 1,200 brands and 1,000 stores with increases in both footfall and sales reported in 2015. Prague The Style Outlets is the first project in the Czech Republic for NEINVER, “Prague was an obvious choice for this platform. The catchment is ripe for a premium outlet retail destination and the high level of tourism from all over the world means that potential footfall rates are very exciting,” Sommer continued.

The emulation of Prague’s unique architecture into the design of Prague The Style Outlets is sure to appeal to the many tourists drawn to the city’s beautiful buildings, buzzing shopping streets, and rich heritage.  It is the 5th most visited city by tourists in Europe and its international airport, Vaclav Havel, sees almost 12 million passengers every year.  The airport is only five minutes from The Style Outlets in Prague, with a shuttle bus planned to connect the two locations, ensuring easy access for tourists traveling to or from the country.

The international diversity of visitors is firmly anticipated with flight information boards and a shuttle bus service to Vaclav Havel Airport planned as part of the centre’s services. In addition to this, Prague The Style Outlets will offer a variety of services and amenities such as a kids’ playground, free Wi-Fi zones, lounges and VAT refund.

The initial phase of Prague The Style Outlets is scheduled for completion in Autumn 2017 when the first 20,000 sqm will be finished and open to the public. Phase two will bring the total square metres to 30,000 and see the vision that is Prague The Style Outlets brought to life for thousands of visitors, both local and international, to enjoy