globe retail outlook data

 

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Lithuania

During 2016 the total stock increased by 46,300 sq m of GLA or by 5.5%, totalling more than 880,000 sq m (only traditional schemes above 10,000 sq m of GLA included) or 309 sq m per '000 capita.

In Lithuania growth in turnovers was recorded at around 7% on average for the last three years. In Vilnius the estimated leading shopping centres’ turnover growth in 2016 was 3.0% if compared with 2015.

Lithuanian retail market is attractive both for already operating companies and foreign retailers looking for expansion opportunities in the Baltics. Stronger retailers are expanding their chains and taking over spots of some weaker market players. Marks&Spencer and Prisma announced their plans to exit Lithuanian retail market, while Lidl opened approx. 22 stores all over Lithuania during 2016 and 2017. Highest activity is indicated in FMCG, catering segments; shoes and apparel. Such retailers demonstrate rather smooth, but positive growth. The majority of retail is concentrated in shopping centres of five biggest cities: Vilnius, Kaunas, Klaipeda, Siauliai and Panevezys.

The overall market condition can be described as sustainable growth. Three shopping centres finished their expansion during 2016: expansion of Nordika (II stage) and reconstruction of Parkas Outlet in Vilnius; and expansion of MEGA in Kaunas (II stage). Two new shopping centre projects were announced in Vilnius, however it appears that further development of announced projects is halted currently. No new shopping centre projects were announced in remaining major cities. However, expansion of the Panorama SC was announced during 2018/2019 and a major upgrade of Akropolis Vilnius will also be started.

High street retail has a stronger position only in the capital Vilnius, concentrated in 5-6 main streets in the Old town: Gedimino ave., Vilniaus str., Vokieciu str., Didzioji str. and Pilies str. Each street has its own image, based on different types of businesses concentrated within.

Street retail continued to be very active in Vilnius, with almost zero vacancy for the last two years. Due to lack of available space in the main shopping streets, small businesses are expanding in other zones of the Old Town and central part of the city. Furthermore, a frequent conversion from retail stores to catering premises could be observed recently (especially in Vokieciu street). Rents for retail premises in the best locations (such as Gedimino Avenue, Didzioji, Vokieciu, Pilies and Vilniaus streets) went up by 8% in 2016. It is expected that rent prices could rise slightly during 2017. 

 

Our Top Tip For
New Arrivals

Best time for first visit to Lithuania is summer/early autumn. You will be surprised by beautiful nature and pleasant weather. Don't forget to try wellknown Lithuanian beer and some local dishes, e.g. Cepelinai. English is widely spoken in Vilnius. Albeit Vilnius is is full of beautiful monuments and parks, You might also like to spend some time outside the capital.

Currency

Euro (EUR)
EUR €1
USD $1.23
GBP £0.88

Language

Lithuanian
Hello: Laba diena
Thank you: Aèiû

International Dialing Code

+370

Time Zone

GMT +2

Cost of a Pair of Jeans

100.00 EUR

Cost of a Cup of Coffee

2.00 EUR

Cities in Lithuania

Contact Us

SANTA ROZENKOPFA
Mukusalas iela 71, Riga, Latvia, LV-1004
Quadrum BC, Konstitucijos ave. 21A, Vilnius, LT-08130, Lithuania
+371 26533393 | Santa.Rozenkopfa@cbre.lv