Retail market gains 30,000 m², investment yields remain stable

• In Q1 2026, tenant turnover grew by 2% quarter-on-quarter, while footfall declined by 3%.
• Prime rent remained stable quarter-on-quarter at retail parks (€18/m²/month) and shopping centres (€78/m²/month).
• Investment yields also remained stable, standing at 6.75% for retail parks and 6.50% for shopping centres.
• Several retail parks were completed in Q1 2026, adding approximately 30,000 m² of lettable area to the market.
• More than 72,000 m² of retail space is currently under construction across 14 projects, the majority located in western Slovakia.

The Slovak retail market is gradually stabilising despite continued consumer caution. Inflation continued to decline at the start of 2026. The fall in inflation is creating favourable conditions for a recovery in households' real purchasing power, which is gradually reflected in the performance of shopping centres. This follows from the latest analysis by global real estate advisory company CBRE Slovakia.

Footfall declined, tenant gross turnover grew, prime rents and yields remained stable

Tomáš Lörincz Head of Leasing Retail

"In Q1 2026, tenants' gross turnover grew by 2% quarter-on-quarter, while footfall declined slightly by 3%. This suggests that customers are visiting less frequently, but their nominal spend per visit is increasing — partly driven by price growth. The gradual improvement in the inflation environment could support further growth in consumption."

Prime rent remained stable quarter-on-quarter, reaching €78/m²/month in shopping centres and €18/m²/month in retail parks. Year-on-year, however, this represented an increase of 11% and 13% respectively.

Prime yield remains stable. There were no year-on-year changes, with prime yield reaching 6.50% for shopping centres and 6.75% for retail parks.

Retail parks continue to dominate construction activity

In Q1 2026, four new retail parks were delivered to the market with a total lettable area of approximately 30,000 m². The two largest projects contributed approximately 14,000 m² and 9,000 m² respectively, a mixed-use project in Piešťany added 6,500 m², and Retail Park Záhorská Bystrica contributed a further 1,000 m². The total stock of retail parks in Slovakia reached approximately 879,000 m² of lettable area.

There is currently 72,000 m² of retail space under construction across 14 projects, with some scheduled for completion as late as 2027. Retail parks continue to dominate construction activity, with the highest concentration of projects in western Slovakia (Kolárovo, Nitra, Vráble, Galanta) and secondarily in central Slovakia (Martin, Námestovo, Žilina).

"Retail parks have long maintained a strong position, particularly in regions where they can flexibly respond to local demand and offer an effective tenant mix. This is why they remain the preferred format for new development," adds Lörincz.