26. September 2012 Print
Estonia's First Retail Outlet Centre attracts Top Brands
The outlet centre will open alongside a Hypermarket operated by ETK, Estonia's largest food and grocery retail group, which has close to 400 stores across the country. Additionally, Sportland, a multi-brand sports retailer with outlets throughout the Baltic States, will open a new concept store XXL, the first in the region.
When complete, Tallinn Park will offer shops, restaurants and cafes around a specially built landscaped lake that could also be used as an ice rink during the winter months. The outlet centre is likely to attract around 2 million visitors a year, according to Suda Maja's research.
Estonia's capital city is the region's number one tourist destination with nearly 3 million tourists arriving in Tallinn every year. Estonia is listed as a 'high income economy' and is the most buoyant of the Baltic States with a low level of public debt and recent membership of the OECD.
Veiko Murruste, Chairman of Suda Maja, said: „Estonia has a developed retail market but no outlet centre offer, and in a brand conscious environment where apparel and footwear are expensive, this scheme will be enthusiastically welcomed by tourists and many of the half a million people who live within a 30 minute drive of Tallinn Outlet.“
Leasing Agents Rohleder Lumby retail and Berlin based SJ International report a brisk response to their marketing campaign. Simon Rohleder said: «This is one of the few remaining capital cities where no new outlet centre exists, so it's no surprise there is significant interest in this project.Estonia has a growing tourism industry, drawn by its rich political and cultural heritage alongside a dynamic business sector, particularly in electronic communications.»
Estonia's GDP increased by 8.5% in the first quarter of 2012 the highest in the European Union. Unemployment has dropped from over 18% to under 14%, debt is just 6.6% of GDP, again the lowest in Europe. Total retail sales rose 2 per cent month-on-month in July, showing an increase of 6 per cent compared with the same month a year ago, according to official figures.