Last year’s decline in overall retail turnover was primarily driven by e-commerce, while shopping centres proved the most resilient.
Prime rents (highest achieved rents in top locations) increased quarter-on-quarter by more than 10% in both shopping centres and retail parks.
Investment yields remain stable at 6.75% for retail parks and 6.50% for shopping centres.
In Q4 2025, several retail parks were completed, adding approximately 38,000 sq m of leasable space to the market. Notable completions include Retail Park Podunajská Brána, Klokan Žilina, and OPC Žiar nad Hronom.
Around 73,000 sq m of retail space is currently under construction across 14 projects, with the majority located in western Slovakia.
Although consumer behavior remains cautious and inflation relatively high, the Slovak retail market in shopping centres continues to perform well. Prime rents in top locations increased by over 10% year-on-year, while investment yields remained stable. New projects are predominantly located outside the capital, mostly in western Slovakia, according to the latest analysis by CBRE Slovakia.
“In the monitored sample of shopping centres, CBRE Slovakia reported a 2% increase in footfall in Q4, while tenants’ gross sales rose by 1%. Although customers remain cautious, their activity has slightly increased amid gradually stabilizing prices.”
Prime rents increased quarter-on-quarter from €70/sq m/month to €78/sq m/month in shopping centres and from €16/sq m/month to €18/sq m/month in retail parks. On a year-on-year basis, this represents growth of 11% and 13%, respectively.
Investment yields (prime yields) remained stable, with no year-on-year changes: 6.50% for shopping centres and 6.75% for retail parks.
Inflation averaged 4% in 2025, with consumer prices rising across all 12 categories of the basket. December saw a rare month-on-month decline in prices, mainly due to lower transport costs and easing food and non-alcoholic beverage prices. Housing and energy costs remained stable. Inflation in December reached 3.8%, down from 4.3% in September.
Consumers remain cautious, but the decline in inflation in key categories may help stabilise household budgets. Households are entering 2026 in a more stable pricing environment, potentially supporting domestic demand.
In Q4 2025, several retail parks were completed, adding a total of approximately 38,000 sq m of leasable space. The largest addition was Retail Park Podunajská Brána in Podunajské Biskupice, with around 13,000 sq m of new retail space. Klokan in Žilina contributed an additional 12,000 sq m, and OPC Žiar nad Hronom added 6,100 sq m.
“Currently, approximately 73,000 sq m of new retail space is under construction across 14 projects. Development continues to be dominated by retail parks, with most projects located in western Slovakia – in Piešťany, Kolárovo, Nové Mesto nad Váhom, and Vráble. A second wave of construction is underway in central Slovakia, in cities such as Martin, Námestovo, and Detva,” added Lorincz.
