Budapest is the Capital city of Hungary and the country’s principal political, cultural, commercial, industrial and transportation centre. With its 1.7 million inhabitants it is the biggest and most densely populated city in the country. One in every five Hungarian citizens lives in Budapest, and over half of the nation’s GDP is generated here. The city itself lies on the banks of the Danube which divides it into 2 parts: Buda, dominated by hills and slopes, and the plain Pest.
Budapest is a city of diversity with many marks of different historical eras and is often mentioned as the Paris of the East, due to its beautiful architecture and tourist destinations.
Budapest is at the top of the retail hierarchy and has attracted a huge number of quality retail developments, including modern shopping centers, retail parks, and unique high street projects.
The capital is famous for its cultural and historical attractions as well as for the excellent food and quality wines.
Within the past 2-3 years with the strong improvement of the economical environment, a large number of new international retailers have appeared in the Hungarian market, including: GAP, Massimo Dutti, Michael Kors, Napapijri, Mohito, Desigual, Sketchers, Zara Home, etc.
VÁCI STREET AND VÖRÖSMARTY SQUARE
Váci utca is the main, busiest shopping street of Budapest, with c. 35-40,000 footfall on a daily basis. Most well known mass market retailers are present on the street, including ZARA, H&M, Mango, Promod, Douglas, Swarovski, Calzedonia, Reserved, New Yorker, Bershka, Stradivarius, etc. It is highly accessible by public transport and is pedestrianised.
Andrássy út is Budapest’s oldest avenue, has been a world heritage site since 2002 and is the main target for luxury retailers. Brands, such as Louis Vuitton, Burberry, Gucci, Emporio Armani, Hublot, S. T Dupont, Moncler, Baldanini, Nespresso, D&G are present on the avenue, in the vicinity of the National Opera House.
FASHION STREETFashion Street is a unique, high street development, completed in 2008. The project, located between Andrássy út and Váci utca, is targeting middle to high-end brands. Hugo Boss, Furla, Tommy Hilfiger, Massimo Dutti, Starbucks, Lloyd shoes among other well known brands are all present on the prestigious street. The popular Inditex lingerie brand, Oysho is opening its flagship store here.
Arena Plaza SC
With its 65,000 sq m GLA Arena Plaza is one of the largest shopping centres in Hungary, which opened fully leased in November 2007. It has managed to bring numerous newcomers to the Hungarian retail market. Due to its size, unique tenant-mix and high visitor numbers Arena Plaza is one of the most attractive shopping centres in the country as it is able to draws customers from a wide catchment area, especially at the weekends.
WestEnd is located in the city centre at one of the most important transportation junctions of Pest with metro, tram, train and exceptional car access. WestEnd offers a large variety of shops and due to its leasing activity in the past year several new fashion retailers opened their shops in the centre. An extension of c. 55,000 sq m is planned, although the timing is uncertain.
MOM Park SC
MOM Park is an up market shopping centre, with 30,000 sq m retail space, ca. 100 retail units and 1,230 parking places. It is arranged on 3 trading levels offering restaurants, sport facilities, hotels, conference centers and other services in-site or in the immediate vicinity of the centre. The local well-to-do catchment market and loyal customer base has allowed the management to upgrade the tenant mix to reach the highest level in Hungary.
|KEY AREAS||CONSUMER PROFILE||MAJOR RETAILERS PRESENT||NEW ENTRANTS||TYPICAL RENT FOR UNIT OF 200 SQM||RANGE OF UNIT SIZES|
|Váci utca (Budapest downtown)||Tourists, local business density||H&M, Zara, C&A, Salamander, Humanic, Promod, Tezenis, Douglas, Mango, Reserved||Tiger, Pylones||80 €/sqm||50-1,000 sqm|
|Vörösmarty sq. (Budapest downtown)||Tourists, local business density||C&A, Pull & Bear, Bershka, Stradivarius||H&M||80 €/sqm||50-2,000 sqm|
|Andrássy út (Budapest downtown)||Tourists, local business density||Louis Voutton, Burberry, Nespresso, Gucci, Zegna, Moncler, Boggi||Högl, Il Bacio di Stile, Ligne Roset, Breitling||50 €/sqm||50-1,000 sqm|
|Arena Plaza SC||Tourists, local business density, local shoppers||Peek & Cloppenburg, Media Markt, Zara, H&M, Marks & Spencer, C&A, New Yorker, Tesco||Massimo Dutti, Michael Kors, Zara Home||60 €/sqm||50-2,000 sqm|
|WestEnd SC||Tourists, local business density, local shoppers||Mango, H&M, Zara, Marks & Spencer, Springfield, C&A, Douglas, Salamander, New Yorker , Media Markt||H&M Home, Massimo Dutti, Vapiano, GAP||65 €/sqm||50-2,000 sqm|
|MOM Park SC||High end shopping center at the most affluent area||Furla, GANT, H&M, Douglas, Intimissimi, Promod, Benetton; Anchor size tenants are: C&A, Hervis, CCC, Alexandra, Vapiano Restaurant||Max & Co, Coccinelle, Office Shoes||35 €/sqm||50-1,000 sqm|
Data as of June 2016
Budapest offers a wide variety in the food & beverage sector, covering cafes/bars, fast food, as well as fine dining or full-service restaurants. Independent players dominate within nearly all food & beverage channels, with the exception of fast food and street stalls/kiosks. International brands represented in Budapest include Hard Rock Café, Vapiano, KFC, Starbucks and McDonald’s.
A good example of the gastro revolution in Budapest is the ‘Gozsdu Court’ which is located in downtown and is one of the most dynamically improving centres in Budapest. It is a meeting point that combines entertainment and gastronomy. The Courtyard makes room for countless places, representing many styles and kitchens. It attracts more than 900,000 visitors per annum; due to its cosmopolitan nature it has become extremely popular between both the residents of Budapest and the tourists.
Fast food is also an important segment of restaurants, a large number of international companies have entered the Hungarian market recently, furthermore many new local chains have been established.
Many abandoned buildings and flats in Budapest have been converted into low-key clubs with little more than discarded furniture and artistic creativity, these are the so-called “ruin pubs” which are very specific to Hungary. Ruin pubs are now a major attraction within the city, with some of them frequented more by foreigners than locals. Ruin Pubs certainly represent a new wave of entertainment in Budapest. The trend started about 10 years ago and now it’s become a tourist sight especially for young groups of people (mainly from North Europe, UK and CEE region, organizing bachelor, and bachelorette parties at such locations).
|KEY AREAS||CONSUMER PROFILE||FOOD & BEVERAGE OPERATOR INCLUDING||RENT FOR 350 SQM UNIT|
|Gozsdu Court and Király utca||Tourists, local business density, local residential population||Spíler, DiVino, Kolor, Café Vian, Pad Thai, Pointer Pub||€40/sqm/month|
|Kazinczy utca||Tourists, local business density, local residential population||Szimpla Kert, Ellátó Kert, Kolevels kert||€15/sqm/month|
|Andrássy út||Tourists, local business density||Klassz, Pizza Eataliano, Ring Café, Da Pippo, Callas, Ciao Ciao Pizza, Hachapuri, The Big Fish||€35/sqm/month|
|Liszt Ferenc tér||Tourists, local business density||Menza, Karma, Tortuga, Café Vian, Hooters||€30/sqm/month|
Data as of June 2016
VIKTORIA SZABOPartner, Head of Retail Services
Cushman and Wakefield Kft.
15 Deák Ferenc utca
Tel: +36 1 268 1288
Mob: +36 30 2448 237