Akropolis Group Reports Record Visitors and Tenant Turnover

The Surge in Visitor Numbers at Akropolis Group Centres

The five vibrant shopping and entertainment centres under the management of Akropolis Group welcomed an impressive 21.1 million visitors in the first half of the year. This surge in traffic reflects a growing affinity for these destinations in Lithuania and Latvia, coupled with a remarkable tenant turnover that nearly reached EUR 550 million, specifically EUR 548.7 million. This figure marks a growth of about 1% from the previous year, underscoring the centres' resilience and ability to attract more shoppers.

Enhancing the Shopping Experience

“Visitors have shown excitement about the new brand shops and the renovation of their favored stores,” shares Nerijus Maknevi?ius, CEO and Chairperson of the Board of Akropolis Group. The management's strategy focuses on enhancing the shopping experience by investing in the modernization of spaces and collaborating closely with tenants. This commitment not only aims to elevate consumer expectations but also to support tenants in thriving within their environments, fostering an atmosphere of mutual benefit.

Strong Financial Performance of Akropolis Group

With a remarkably low rental vacancy rate of just 2%, Akropolis Group generated significant rental income of EUR 43.9 million in the first half of 2024. This figure reflects an 8.5% increase compared to the same timeframe last year. The overall revenue of the group also rose to EUR 60.6 million, marking a 7.3% improvement over previous results. Additionally, earnings before interest, tax, depreciation, and amortisation (EBITDA) reached EUR 42.8 million, indicating a 7% increase year-over-year.

New Shops and Revamps Bring Fresh Vibes

Throughout the first half of 2024, a total of 66 shops were either newly opened or revamped across Akropolis Group’s centres in Lithuania and Latvia. This refreshing initiative saw 43 new or updated shops in Lithuania, while 23 were revitalized in Latvia. The incorporation of brands like Knygos.lt, Danija, and Simitri into the Vilnius Akropolis exemplifies the variety of options now available for shoppers.

Welcoming Popular Brands

In Vilnius Akropolis alone, 20 new shops emerged, complementing existing favorites such as McDonald’s and Stenders, which underwent renovations. Moreover, the introduction of a pop-up Tesla shop in Vilnius marks a unique retail milestone, being the first of its kind in the Baltics. Meanwhile, shoppers in Šiauliai and Klaip?da benefitted from expanded offerings, with brands like Reserved and Weekend Max Mara enhancing the retail mix.

Investments in Modernization

Significant investments are underway aimed at modernizing the shopping experience. The ongoing renovation project in Klaip?da Akropolis is nearing its completion with an investment of about EUR 8 million. This includes updates to over 10,000 square meters of common areas, introducing modern lighting, sanitary facilities, and child-friendly zones.

Future Developments: Akropolis Vingis

In addition to maintaining its existing centres, Akropolis Group is committed to further development with the Akropolis Vingis project in Vilnius. Following the receipt of design approvals, the group is focused on finalizing construction details, including enhancements to traffic infrastructure linked to the new complex. The anticipated construction will not only augment shopping options but also contribute to local economic growth through increased traffic and job creation.

Stability and Recognition in the Market

Moreover, Akropolis Group's commitment to excellence has not gone unnoticed. International ratings agencies Fitch Ratings and S&P Global Ratings reaffirmed the group's BB+ rating with a stable outlook, a recognition that reflects the group's operational stability and robust standing in the Baltic shopping centre market. Maintaining high ratings for three consecutive years is a testament to the group's strategic foresight and sound performance.

Frequently Asked Questions

What are the visitor numbers for Akropolis Group's shopping centres?

In the first half of the year, Akropolis Group's shopping centres had 21.1 million visitors.

What was the tenant turnover for Akropolis Group?

Tenant turnover reached approximately EUR 548.7 million in the first half of the year.

How many shops were opened or revamped this year?

A total of 66 shops were either opened or revamped across Akropolis Group's centres.

What is the status of the Akropolis Vingis project?

The Akropolis Vingis project is moving forward, having received design approvals and permitting for construction.

How has Akropolis Group been recognized by rating agencies?

Fitch Ratings and S&P Global Ratings reaffirmed Akropolis Group's BB+ rating with a stable outlook.

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