GALERIA MALTA, POLAND
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PROJECT
LOCATION
TOTAL SIZE
TOTAL VALUE
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ACQUIRING DISTRESSED ASSETS & CREATING VALUE THROUGH MIXED-USE DEVELOPMENTS
When faced with a trade area with increasing retail floorspace and with broader market pressures such as online retailing, different strategies need to be applied for commercial real estate to adapt. The context of the building is the key element on which to focus, and in the case of Galeria Malta in Poznan, Poland, this provides all the clues.
Located overlooking Lake Malta which hosts world and European championship rowing finals, as well as a multitude of other leisure and entertainment functions, yet just a 10-minute drive from the city centre, sits a 55,000 sq m retail and leisure facility, Galeria Malta. It was once the best scheme in the city however, increased retail competition greatly impacted the viability to trade as a majority retail scheme.
Bought and full-service managed by Balmain Asset Management, a new strategy was set upon. Utilising The Kinetik Group’s architectural design and expertise, looking at the key constituents of commercial real estate – retail, entertainment, leisure, lifestyle, workspace, culture and omnichannel – a plan was developed to match as many of these factors into the unique environment of Galeria Malta. The #MaltaEvolution was born.
Combining and complementing elements already existing, whilst emphasising the lake as the focal point, the shift away from pure retail to a broader community offering began. Along with retail, there has been an injection of exhibitions, independent makers and manufacturers, health & wellbeing, family entertainment, a mixture of food catering and workspace, along with indoor and outdoor sponsorship, e-sports, events and a heavy engagement with online. All of which requires a special and dedicated focus, but also a very different management approach. As with any evolution, it is unfolding, but it’s on a course for success.