Shopping Paradise On Andrássy Ut In Budapest
- 31 Dec 2012 8:00 AM
Street front retail property on Andrassy Avenue is worth half of what it used to be before 2008. Shops rent for 30-65 EUR/m2. There are currently 12 vacant properties and 6 under reconstruction on the "Champs Élysées of Budapest," where brands like Gucci, Louis Vuitton, Burberry, and Ermenegildo Zegna compete for business. Just this year Moncler, The North Face, Coccinelle and La Perla opened on Andrassy, along with DM and California Coffee Company.
Next year the 5000-m2 luxury brand palace, Il Bacio de Stil, as well as another 2000-m2 retail paradise will open. The two other shopping streets of Budapest are Vaci utca and Fashion Street in District 5, and the numerous high-standard shopping malls in the city, crowded with Christmas shoppers. Store owners on Andrassy and elsewhere are not complaining.
By Andras Patkai, Entrepreneur, Founder and CEO of CE Invest Group, and expert blogger on real estate and property issues in Budapest and Bratislava.
This opinion does not necessarily represent the views of this portal, your opinion is welcome too via info@xpatloop.com
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