For the last 10 years, the retail industry has been undergoing revolutionary change. Consumers no longer see a distinction between online and offline shopping. Whether it's searching on a smart phone, browsing high street shops, or hanging out at a mall—it's all shopping!
As digital and in-store experiences blur, big challenges arise for traditional shopping centers looking to attract customers, and exciting possibilities open up for forward-thinking developers.
We see the shopping center as a bouquet of integrated activities, converting a building into a center of gravity to attract people. The success of a shopping gallery depends on early stage decisions based on insights into future shopper behavior trends.
We help developers create, renovate, and convert shopping centers into places that can face future challenges and create new trends in which the shopping, socializing, and cloud surfing worlds interact without conflicting.
Best global practices in aggressive Baltic region retail development over the last decade have formed our character as creators of unique and modern shopping destinations. Experience and knowledge from decades of retail evolution enable us to describe expectations and make visionary developments.
In 2001, Aurimas Namajuška began his career as a board member and CFO of Akropolis Group, and he served this leading developer and manager of shopping centers in the Baltic region for 10 years. He managed the largest shopping center divestment project of Akropolis in Kaunas in the region. Later, Aurimas was CEO and CFO of Belarusian supermarket chain MartInn and director of a shopping center redevelopment project in Riga for pan-Baltic investment fund manager Northern Horizon.
Laurynas Mituzas was leasing manager for major international shopping center development projects in Lithuania, including Mega and Banginis by Objekt-Entwicklung and Ozas by ECE Projektmanagement, a leading shopping center developer in Europe. Later, Laurynas managed sales of shopping center analytics technologies in the EMEA region for the British corporation Path Intelligence and the Danish Vemco Group. His work with retail destinations was extended by promotion of DooH technologies in Europe.
As industry gurus say, there should be no open questions when millions are at stake. Communication turns buildings into shopping centers; real estate for a shopping destination is only a space. New shopping center projects are like puzzles, with hundreds of pieces to be put together. Construction of retail destinations can only begin after careful planning, after a need is confirmed by authoritative retailers, and when all elements are functioning in synergy. To begin, the success of a shopping destination depends on four major components:
Location is a center of gravity or catchment area for disposable income, the point with the highest turnover potential and level of community interest. Successful locations might be good naturally, but they can also be created or be spoiled without skill and vision.
Concept is a series of arguments for why people should come from larger distances that is preprogrammed into the building. It is a long term investment into a sustainable retail neighborhood, with instructions on how to run it.
Branch and tenant mix is a set of brands and assortments that create competitive advantage and meet customer expectations. It is the retail structure that generates the highest return to investors and represents the strongest attraction to the community.
Promotion is a program of actions used to fine-tune the offering to customer expectations through events, brands, and communication. Market positioning is a path to the highest degrees of customer acceptance and loyalty.
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Every shopping destination starts with a vision and strategies to achieve it. All fields are interrelated and must be kept in context. With extensive experience, we work on each element while keeping the big picture in mind. Every stage is a part of the whole project.
Shopping centers illustrate market realities and expectations at the time of their inception. Legacy malls capture loyalty and appeal to consumer attachment to traditions, but they do not necessarily meet the needs of contemporary and future shoppers.
By overlaying an existing footprint with a visionary picture of a modern center of gravity to attract people, we disclose the full potential of an existing center to remain fresh and attractive and outline the necessary strategic changes.
The result of a shopping center disposal depends a lot on consistent homework. Optimizing net operating income, operating cost structure, and rental income growth potential increases property value. We act on behalf of buyers or sellers to carry out commercial due diligence for acquisition or disposal deals.
We act only in the client's interest. We provide leasing and other services only for the concepts and tenant mix we create. We do not manage competing shopping destinations or represent tenants on their behalf, thus avoiding the conflicts of interest that brokers usually face.
We walk the extra mile. A shopping destination concept brings value only if retailers see and believe that it's a success story. We proactively court tenants and convince them that the shopping destination concept "flies." We use hotlines, not answering machines.
We take a broad approach. By introducing investment opportunities into shopping destinations, we build awareness of commerce-driven community spaces, urban development sources, and the regional importance of cites.
We prefer to be fully involved and onboard, not to consult. We provide a full development service and are responsible for investment success; we are committed to leaving no questions unanswered. We do not take on new projects that we cannot manage. All projects are managed only on a partner level.
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