Shorter time spent in and higher spendings per capita are one of the differences in shopping behavior, which were introduced by COVID restrictions. We do explain the influence of restrictions on our retail projects bellow.
In mid September ran through media an article that introduced into goverment restrictions impact on regional shopping centers compared to Prague. Portfolio of our Nova Real Estate fund consist 39% of regional retail projects, so we would like show you a more detailed overview on how the restrictions influenced our properties.
Nova Real Estate fund retail portfolio is made of eleven regional centers which are strategicaly placed across Bohemia and Moravia with focus not just on location, but also to the needs of local customers.
To demonstrate footfall of visitors we have chosen Orlice Park Shopping in Hradec Králové. This local shopping center has been built in 2002 and refurbished with a fresh new design in 2014. Except from a hypermarket and hobby market there is located also 20 smaller retil units. Yearly footfall is about 2 million visitors a year.
Chart bellow screens comparement of average footfalls between 2017-2019 and 2020. You can observe, that since June the footfall is at same level as from the previous years. According to our Fund Manager Pavel Kadera, the time spent in shoppinmg centers has decreased, but at the same time spendings per capita has sharply increased.
Our retail portfolio is currently leased at 99,8% across the whole of both regions of Bohemian and Moravian. Regarding the long term lease agreements with our tenants we do not expect any brutal changes connected with occupancy nor fond revenue.