International Internet Magazine. Baltic States news & analytics
Tuesday, 11.03.2014, 13:11
Tallinn's largest shopping malls are ready for H&M shops
Håcan Andersson, the press spokesperson of H&M, said in comment that Estonia remains one of many interesting markets for the retailer: "Nevertheless, we don't yet have specific plans on when we will open stores in Estonia".
According to Ants Vasar, the CEO of Viru Keskus, the trade center would offer good location for the Swedish retailer.
"I have been in contact with H&M people and it is not ruled out that they will be arriving at some point. In their development plans that cover a few years ahead they took Estonia off the agenda until 2011, but I am sure that one day one of our malls will be very happy," said Vasar, adding that Viru Centre has the potential to become this mall.
Allan Remmelkoor, the CEO of Kristiine Kaubanduskeskus in Tallinn, added he believed in H&M opening in Estonia. Speaking of brands, Remmelkoor commented that Estonia was doing much better in terms of brands than Helsinki or Stockholm.
"It is just normal that buyers are never satisfied and always crave for something new," he said.
As to Remmelkoor, the crisis has affected people's purchasing power, but the situation is returning to normal.
"In bad times, people postpone acquisition of real estate for five years. Retail business, on the other hand, keeps on going. Volumes are may not so big, but things are getting better," he said.
The businessman added that there would definitely be new brands arriving in Estonia: "In the Baltics we are clearly in the best situation, both in terms of the image and in numbers."
Margus Tinno, the Head of Investments and Valuations for Colliers, the real estate consultancy, said that the problem for big brands is that they don't want to open just one store: "Often large brands want to open at the same time five or six outlets that comply with their terms, but there simply is no vacant space in current malls".