The claims that the Estonian retail developers have lost sense of reality are exaggerated- says Tõnu Toompark- real estate analyst of ERI Kinnisvara.
Toompark told Äripäev that the market for retail space was not in crisis- but was simply being transformed and was adapting to new conditions.
He adds that the best prospects to grow further have large shopping centres such as Kristiine Keskus- Rocca al Mare Shopping Centre- Järve Centre and Sikupilli Mall in Tallinn.
“I am confident that also the new shopping mall built by Linstow will be a success-” said Toompark- referring to the Ülemiste Centre near Tallinn Airport that will have 50-000 square metres of floor space and is due to open in October 2003.
In the analysts’ opinion- Ülemiste Centre will flourish already because of its sheer size which enables to draw customers away from smaller competitors.
Ülemiste Centre will be Estonia’s largest shopping center. Its anchor tenant will be RIMI- a Norwegian retail giant- that will take up 11-000 square metres.
Developers say that Ülemiste should reach a target of 7 million clients and 10 million purchases a year. Annual turnover is expected to be EEK 1.75 billion. The multifunctional complex is expected to cost up to USD 35 million.
Ülemiste Centre is being developed by Linstow International- a Norwegian property group with extensive real estate and hotel holdings in the Baltic states.
Artikli autor on Toomas Hõbemägi. Artikkel ilmus 14/10/2002 Balticbusinessnews.com.