In Lithuania, construction works are in full swing for a remarkable new addition to shopping scene: “Vilnius Outlet“ is being developed at full speed. Mitnija is building a 62,000-sq m shopping and entertainment center, which will be situated on the capital’s Pilaitė avenue, next to the Vilnius western bypass. The project developer is the property development and investment company Ogmios Group, and the construction contract is worth more than EUR 51 million. Mitnija will finish the project in March 2021. “Vilnius Outlet” will be an A+ energy grade scheme accommodating 150 outlet-type stores, a Hyper Rimi supermarket, as well as 30 restaurants and cafés, a movie theater with six screens, and a sports club. The area around the center will also offer public green spaces for residents of nearby neighborhoods, as well as playgrounds, fountains, and terraces. The building and the area around it will have almost 1,300 parking spaces. Another 250 parking spaces will be built and handed over to the city.
“Vilnius Outlet” is a challenge for Mitnija‘s team. For the construction of this project, the company utilizes 1,455 metric tons of metal structures, almost 4,200 tons of frames, and nearly 31,000 cubic meters of concrete. Mitnija manages hundreds of subcontractors and suppliers, and organize the works precisely to ensure that the new center can open its doors on the agreed date.
Renovating Vilnius‘ Railway Station
What else is happening on the retail real estate market of this Baltic country? The answer to this question comes in the form Vilnius’ Solid Real Advisors report regarding the third quarter of 2019, which they presented recently. This report obviously includes the “Vilnius Outlet” as well. Further topics include the continuing renovation of shopping spaces with “Vilnius Connect”, which aims to renovate the area of the Vilnius‘ Railway Station. Although, the project is still in the planning phase, the tentative goal is to create leisure, shopping, and business areas.
According to Solid Real Advisors, due to an increasing competition from the development of new malls in Lithuania, the existing ones have started to introduce new concepts too. Both “Akropolis” in Vilnius and Kaunas have finalized the reconstruction works, renovating a number of clothing stores and restaurants as well as bringing in new retailers. Furthermore, the supermarket stores “IKI” and “Rimi” are expanding strategically after the merger of both has failed. The continuing expansion of “Maxima”, “Norfa” and “Lidl” also has been reported. Hence, the foreseen intense growth of supermarket stores shows a high activity and competitiveness of the country‘s market.