The catchment area has more than 640,000 inhabitants within a 30-minute driving radius and more than 760,000 within a radius of 45 minutes. Image: ECE
Development

A new mall for Budapest

An ambitious plan: ECE plans to build no less than the most modern and attractive shopping center in Hungary. The opening is scheduled to take place in 2021.

ECE plans to develop a new mall in Budapest. The project area is located in the Northwestern part of the Hungarian capital, close to the Danube River, on the site of a former textile factory in the Óbuda district.

Over 170 shops on three levels and a leasable area of more than 50,000 sq m are planned. Construction is scheduled to begin in 2019, and the opening is scheduled to take place in 2021.

“We are planning the most modern and attractive shopping center in Hungary. We intend to set new standards in terms of the mix of tenants and retail sectors, service offerings, and visitor experience,” said Christoph Augustin, Project Director at ECE and Managing Director of ECE in Hungary. “To ensure that these goals are met, we are applying our decades of experience as Europe’s market leader in the shopping center industry as well as the latest ECE findings into this project.”

ECE CENTER BUDAPEST
Image: ECE

In addition to an attractive tenant mix, comprised of top international brands and local vendors, ECE’s plans for the new development project – which comes with a unique architectural concept and a bright and spacious design – feature a spectacular gastronomy area. An offering of around 15 select food concepts is planned, ranging from good fast food options and trendy casual restaurants to fine dining restaurants.

Visitors will be served high-quality local and international food and drinks prepared in a modern way and with fresh ingredients. The restaurant area is located next to a large roof garden with a sun terrace, where customers will be able to relax and spend their free time. Plans also include bringing an ultramodern cinema with 4D technology to the mall.

ECE CENTER BUDAPEST
Image: ECE

Location secured long ago

The planned project is located right next to the main, multi-lane “Szentendrei út” thoroughfare and is in a dense neighborhood with lots of housing, a highly-utilized local train station, and a bus station. In addition, the center will provide around 1,800 parking spaces. The catchment area has more than 640,000 inhabitants within a 30-minute driving radius and more than 760,000 within a radius of 45 minutes.

“The brownfield area next to Szentendrei út is in need of a renewal,” explained Balázs Bús, mayor of the third district of Budapest. “We are pleased that ECE has chosen our district as the location for its latest development project. The construction of the shopping center will create around 1,000 new jobs and increase Óbuda’s attractiveness as a shopping and leisure destination, in addition to rehabilitating a vital part of the district and improving the area’s infrastructure.”

ECE CENTER BUDAPEST
Image: ECE

“The center will have optimal transportation connections and, thanks to its location right next to the main thoroughfares, it will enjoy excellent visibility,” added Augustin. “There is little competition in the catchment area, and the purchasing power for the planned project is very good. Because of its excellent quality, we secured the location long ago. In recent years, macroeconomic figures and retail sales in Hungary have developed very positively, leading us to decide to develop the project now, with new and modern planning.”

ECE, together with its partners, has invested more than €600 million in Hungary since the foundation of its local subsidiary in 1996. The company currently operates five malls with a total leasable area of 210,000 sq m, one in Budapest and four in regional cities, making it the largest operator of inner-city shopping centers in Hungary. These centers are Árkád Budapest, Árkád Pécs, Árkád Györ, Fórum Debrecen, and Árkád Szeged.

 

Sign up for our ACROSS Newsletter. Subscribe to ACROSS Magazine.

Sign up for our ACROSS Newsletter. Subscribe to ACROSS Magazine.

Development MORE

THE NEW, INCREDIBLE CHAPTER OF NICOSIA MALL

Cyprus’s ambitious shopping, leisure, and dining development opened its doors on November 21, 2018, revealing an extraordinary space that has been designed to please.

PROJECTS & OPENINGS EUROPE

SPAIN: Finestrelles | POLAND: Vis à Vis Wilanów | FRANCE: Nice Lingostière | GERMANY: OEZ | RUSSIA: Rublyovo-Arkhangelskoye Smart City | GERMANY: Gropius Passagen | SERBIA: IPM | HUNGARY: New Campona | ITALY: COM Caselle Open Mall | GERMANY: Erlangen Arcaden

TCONCEPT’S DESIGN OF SHOPPPING CENTER FINESTRELLES OPENED ITS DOORS IN BARCELONA

Equilis has opened the Shopping Center Finestrelles in Barcelona. The open-air shopping destination was designed by the Dutch architectural company TconcepT and it is covered by three iconic pergolas.

Projects & Openings International

Al Farwaniya Property Developments has recently shared the tenant line-up for its super-regional Reem Mall project in Abu Dhabi. +++ Benoy has announced its second project with Hong Kong China Travel Service (HKCTS) – Ningbo If Mall. +++ Macerich and Simon have announced the formation of a 50/50 joint venture to create Los Angeles Premium Outlets. +++ The construction of the KWG M Cube, a 40,000-square-meter shopping center designed by MVRDV, has recently been completed.

Westfield London Also Turns 10

Almost simultaneously with ACROSS, Europe's largest shopping center celebrates a decade of operation. Westfield London reveals how shopping habits have transformed in the British capital over the last 10 years.

“We Saw the Interest of Investors Vanishing”

From the outbreak of the financial crisis until 2016, hardly any new shopping center openings occurred in Spain and Portugal, reports Francisco Cavaleiro de Ferreira, Managing Director of Multi in Iberia. Now, the markets have recovered.