The Akropolis Group, which manages and operates shopping centers in Lithuania and Latvia, has seen a significant increase in visitor numbers in the first half of 2023. Nearly 21 million visitors have visited their five shopping centers, representing a 13.5% increase compared to the same period last year.
The growing influx of visitors has had a positive impact on the turnover of the group’s tenants, reaching €543 million, a 12.2% increase compared to the previous year.
Positive Response to New Stores and Renovations
The group attributes the growth in tenant turnover to the positive reaction from visitors to the continuous opening of new stores and the renovations of existing ones under various well-known brands. Additionally, the availability of entertainment options and services has also contributed to this growth. The broad range of products and services offered by the shopping centers allows visitors to choose from a wide selection, while meeting the needs of tenants operating in modern and constantly evolving retail and entertainment centers. These positive results have also had a favorable impact on the financial performance of both Akropolis Group and its subsidiaries, supporting their continued growth, as stated by Nerijus Maknevičius, Director and Chairman of the Board.
Consolidated Financial Results
According to the consolidated data, for the period of January-June of this year, Akropolis Group recorded total revenues of €56.5 million, representing a 4.6% increase compared to the same period last year. The profit before tax, interest, depreciation, and amortization (EBITDA) reached €40 million, showing a growth rate of 10% compared to the first half of the previous year. Rental income also increased by 14% to €40.5 million during this period.
High Occupancy Rate
Despite challenging circumstances, the occupancy rate of Akropolis shopping centers remained high, reaching only 2% unoccupied space during the period of January-June this year.
New and Renovated Stores
Throughout the first half of this year, more than 30 new and renovated stores have opened their doors to customers at Akropolis locations in Vilnius, Klaipėda, and Šiauliai. In Vilnius, visitors can now explore new concept clothing stores such as Massimo Dutti and the renovated City department store. The Akropolis shopping center is also home to the only Lacoste store in the country and the JD Sports store specializing in sportswear and leisure products. In Klaipėda, visitors can discover one of the largest sports clothing and merchandise stores, Sports Direct, along with Oysho, Ballzy, and other new and renovated stores. Overall, these shopping centers have seen an almost 11% increase in visitor numbers during the first half of the year, attracting nearly 13 million people.
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Akropolis Group Expands with New Stores
Akropolis Group, the leading commercial and entertainment center in Latvia, continues to make a significant impact with the addition of 25 new or renovated stores at their “Akropole Riga” and “Akropole Alfa” locations. In the first half of this year, these centers have attracted nearly 18% more visitors compared to the same period last year, with a total of over 8 million people.
The largest newly opened or renovated stores in the “Akropole Alfa” shopping center include “Halfprice,” “Eapavi.lv,” and updated footwear stores such as “CCC” and “Eiropas apavi.” At the “Akropole Riga” center, new stores like “Hugo” and “Sportland future athletes” have opened, along with a strengthened restaurant offering. Coffee shops and restaurants such as “Cofyz,” “Vairak Saules,” and “Domino’s pizza” have also joined this vibrant location.
Currently, Akropolis Group is investing 7.7 million euros in interior renovations at their Klaipeda location. Additionally, plans are underway for the multi-functional “Akropolis Vingis” project in the Vilkpedes district of Vilnius. With the approval of the city municipality, detailed technical plans and other necessary documents are being prepared in order to obtain construction permits and submit them to the municipality by the end of this year.
More information can be found on the Akropolis Group website.