IMMOFINANZ Hungary signed lease contracts for roughly 2,800 sqm with their STOP SHOP portfolio
May 28, 2021
The entire portfolio of the STOP SHOP retail network in Hungary, operating on 136,000 square metres in 14 locations and is almost fully leased. In the first quarter of 2021, IMMOFINANZ signed new and extended existing leases for roughly 2,800 sqm.
IMMOFINANZ signed new leases for nearly 2 200 sqm (e.g. 1 000 sqm in Szolnok, 500 sqm in Érd and Veszprém) and extended leases for 600 sqm with existing clients (e.g. nearly 500 sqm in Hűvösvölgy, Budapest). Despite the recent pandemic situation, more and more local and international brands have chosen one of the STOP SHOP network’s units to open a new store, including well known brands such as Budmil, Hervis or Vodafon.
"Although our STOP SHOP network has always had a high occupancy rate, it recently got to be almost fully leased which confirms the demand for this kind of retail parks. During the pandemic, it has been proven that consumers prefer to shop in 'open' shopping parks with easy access and many parking lots," added Viktor Nagy, Country Manager for Operations.
The STOP SHOP network is operating in a cost-effective, high-yield and crisis-proof retail format. A high level of standardisation allows it to focus on price levels and convenience products that are popular with consumers, even in difficult economic times, while the shops are maintaining attractive rents and operating costs. This concept proved to be successful during the coronavirus epidemic and the number of customer has recovered quickly after the initial ban.
IMMOFINANZ continues to expand the STOP SHOP retail brand in the region, adding eight more locations to the total portfolio by the end of 2020. With these acquisitions and internal development projects, the total portfolio has grown to about 98 locations. Plans include an increase to 140 STOP SHOP locations over the medium-term.
STOP SHOP is the IMMOFINANZ brand for retail parks in Central and Eastern Europe. These likeable and convenient local suppliers are located in catchment areas of 30,000 to 150,000 residents. With efficient transport connections and extensive parking, these retail parks concentrate on price-conscious “smart shoppers” who value easy accessibility.
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