The Increase in Visitor Numbers at Akropolis Group Centres
In the first half of the year, the five lively shopping and entertainment centres managed by Akropolis Group drew an impressive 21.1 million visitors. This rise in foot traffic highlights a growing appeal for these venues in Lithuania and Latvia. Additionally, tenant turnover reached a remarkable EUR 548.7 million, which is about a 1% increase from last year. This growth underscores the centres' resilience and their ability to attract a larger number of shoppers.
Improving the Shopping Experience
“Visitors are thrilled with the new brand shops and the upgrades to their favorite stores,” says Nerijus Maknevi?ius, the CEO and Chairperson of the Board at Akropolis Group. The management’s strategy emphasizes enhancing the shopping experience by investing in modernization and working closely with tenants. This approach not only aims to elevate what consumers expect but also helps tenants succeed in their spaces, creating a win-win atmosphere for everyone involved.
Robust Financial Performance of Akropolis Group
With an impressively low rental vacancy rate of just 2%, Akropolis Group brought in significant rental income of EUR 43.9 million during the first half of 2024. This reflects an 8.5% increase compared to the same period last year. Overall, the group's revenue grew to EUR 60.6 million, marking a 7.3% improvement compared to prior results. Furthermore, earnings before interest, tax, depreciation, and amortisation (EBITDA) reached EUR 42.8 million, indicating a 7% increase year-over-year.
New Shops and Renovations Bring Fresh Energy
During the first half of 2024, Akropolis Group saw a total of 66 shops either newly opened or renovated across their centres in Lithuania and Latvia. This revitalization effort included 43 new or updated shops in Lithuania and 23 in Latvia. Notable new additions to the Vilnius Akropolis include brands like Knygos.lt, Danija, and Simitri, which enhance the variety available to shoppers.
Welcoming Exciting New Brands
At the Vilnius Akropolis, 20 new shops opened their doors, complementing well-known favorites such as McDonald’s and Stenders, which recently underwent renovations. Additionally, the debut of a pop-up Tesla shop in Vilnius marks a significant retail milestone, being the first of its kind in the Baltics. Meanwhile, shoppers in Šiauliai and Klaip?da enjoyed more choices, with brands like Reserved and Weekend Max Mara expanding the retail options.
Investing in Modernization
There are substantial investments in progress aimed at modernizing the shopping experience. The renovation project at Klaip?da Akropolis is nearing completion with an investment of around EUR 8 million. This project includes updates to over 10,000 square meters of common areas, incorporating modern lighting, sanitary facilities, and child-friendly zones.
Future Projects: Akropolis Vingis
Aside from focusing on its current centres, Akropolis Group is committed to future development with the Akropolis Vingis project in Vilnius. After receiving design approvals, the group is set on finalizing construction details, including enhancements to the traffic infrastructure associated with the new complex. The upcoming construction is expected to not only increase shopping options but also boost local economic growth through enhanced traffic and job opportunities.
Stability and Recognition in the Marketplace
Apart from the developments, Akropolis Group's dedication to excellence hasn't gone unnoticed. International rating agencies Fitch Ratings and S&P Global Ratings confirmed the group's BB+ rating with a stable outlook, reflecting its operational stability and strong position in the Baltic shopping centre market. Holding high ratings for three consecutive years showcases the group’s strategic planning and robust 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 making progress, 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.