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The Challenge

Since the acquisition of Park Center retail park portfolio by Revetas Capital in 2014, the Owner has appointed Cushman & Wakefield for retail leasing and property management of the 45,345 sq m GLA portfolio, comprising 8 retail parks, 3 retail warehouses and 1 city store situated around Hungary.

Challenges

•Achieve 100% occupancy at the retail assets

 •Attract international retailers and major players of the Hungarian market to the retail parks

 •Renew the Park Center image of the portfolio based on the new Corporate Identity

•Strengthen the awareness of the retail parks

 •Improve quality and appearance of the assets

•Further increase customer satisfaction

The Solution

•Step 1: Develop a new retail leasing strategy for the assets to improve tenant mix and reduce vacancy
•Step 2: Re-lease units where the leases have expired
•Step 3: Ensure anchor tenants in the assets
•Step 4: Improve the quality and image of the parks
•Step 5: Launch the new logo and Corporate Identity
•Step 6: Organise rebranding campaign targeting both customers and B2B partners

The Results

Park Centers are well-known and popular retail schemes in Hungary, offering strong tenant mix. Cushman & Wakefield, as the exclusive letting agent, has successfully leased retail units to international retailers. The assets are generating strong demand among tenants, allowing the landlord maintaining high rental levels and 100% occupancy guaranteed for the long term. The image upgrade of the assets is being smoothly delivered at the retail parks both for customers and retailer satisfaction.
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