More than 1,900 retail, food and service partners across 32 SES shopping destinations in six European countries generated gross retail sales of EUR 3.61 billion, representing revenue growth of EUR 70 million or 2.2 percent compared to EUR 3.54 billion in 2024. On a like-for-like basis, adjusted for construction projects and expansions, revenue grew 2.7 percent year-on-year. Total footfall reached 116 million visitors, marginally below the prior-year figure due to extensive construction activity at four locations simultaneously.
Key figures at a glance:
EUR 3.61 billion in tenant sales (+2.2%); +2.7% like-for-like growth
116 million visitors across six countries
871,000 sqm of leasable space, of which 513,000 sqm in Austria
Acquisition of Retail Park ARKADIA in Domžale, Slovenia
Two construction starts: SILLPARK Innsbruck and S-PARK Varaždin (Croatia)
Partial opening of the KING CROSS Zagreb refurbishment (Croatia)
SES Spar European Shopping Centers currently manages a total of over 871,000 sqm of retail space across Austria, Slovenia, northern Italy, Hungary, Croatia and the Czech Republic, comprising more than 1,900 shops across 28 shopping malls, three retail parks and one managed high street. As of 31 December 2025, the company employed 447 staff.
Austrian SES malls post 1.4% revenue growth
SES is the market leader in large-format shopping locations in Austria. Its domestic portfolio delivered stable growth of 1.4 percent, with sales rising to over EUR 2.2 billion. SES operates 16 shopping malls, one retail park and a managed high street at Seestadt Aspern in Vienna.
“Since 2007, we have built SES into a strong second pillar within the SPAR Group alongside the food retail business, one that is well connected across all our markets and throughout Europe. Expanding these shopping destinations demands deep expertise and long-term project development. The entire SES team combines strategic vision with precise attention to detail, and that is what drives their success. Our partnerships with retailers, restaurant operators and service providers continued to grow in 2025. The qualitative expansion into the new field of health parks is a particularly encouraging development.”
Marcus Wild, SPAR Real Estate Board Member and SES Supervisory Board Chairman
“Resilience is one of the core success factors at SES, and we demonstrated that once again last year. It gives us the flexibility to continuously develop our locations and turn shopping centers into genuine shopping destinations. We create places with relevant offerings in an urban atmosphere that have become a regular part of people’s daily lives, and that make those everyday moments feel like something more.”
Christoph Andexlinger, CEO SES Spar European Shopping Centers
Over 115,000 sqm of space newly leased or renewed
In total, more than 460 new lease agreements and lease renewals were concluded, covering approximately 115,000 sqm of space. Of these, 300 leases relate to the Austrian SES malls alone. A significant number of new tenants from various sectors opened in 2025, including first-time partners. Fashion&Friends, Nike and Kiko Milano, for example, opened in Slovenian SES shopping malls for the first time. In Austria, Skechers and fitness operator Speedfit joined the tenant mix as new additions. Long-term lease renewals were secured at multiple locations with anchor tenants including MediaMarkt, H&M, New Yorker and Inditex concepts (Zara, Bershka, Pull&Bear), alongside a new lease agreement with Decathlon at GERNGROSS Vienna. Further established brands including Rituals, Foot Locker and drugstore chain Müller expanded their presence across the SES portfolio.
These results reaffirm SES locations as attractive prime sites with strong commercial performance, long-term partnership security and sustained visitor appeal.
Top 5 performing SES malls in 2025
Assessed across revenue volume, growth momentum, footfall stability and strategic positioning, five locations stand out:
- EUROPARK Salzburg as the highest-revenue centre, surpassing EUR 400 million for the first time, ranking first in the Shopping Centre Performance Index and commencing construction works for its extension
- CITYPARK Graz as the strongest growth location, delivering double-digit revenue increases
- MURPARK Graz with above-average performance and a strong regional presence
- FISCHAPARK Wiener Neustadt with over EUR 206 million in sales and a sustained investment strategy
- HUMA ELEVEN Vienna crossing the EUR 160 million threshold for the first time alongside strong ZEHNER growth
These five locations are representative of the commercial strength and strategic development trajectory of the SES portfolio in 2025.
High tenant satisfaction across SES malls
In spring 2025, SES Spar European Shopping Centers commissioned a comprehensive satisfaction survey among its retail partners in Austria. Results were notably positive: 627 shops across 13 shopping centers participated in the online survey, representing a response rate of nearly 80 percent. 82 percent of respondents rated overall satisfaction as “Very good” or “Good” (average score: 1.7 out of 5). Satisfaction with on-site centers management was rated particularly highly at 1.6.
Tenant satisfaction was further confirmed by a national industry award: EUROPARK Salzburg was named number one in the annual survey conducted by Ecostra and the Austrian Retail Association among branch operators across Austria.
Solid Performance in Slovenia, Italy, Hungary and the Czech Republic
In addition to Austria, SES holds the market leadership position for large-format shopping malls in Slovenia, where sales across six locations grew to over EUR 800 million (+6.9%). In northern Italy, the four SES shopping malls maintained stable sales of over EUR 330 million. Construction of a new tram line in front of LE BRENTELLE in Padua commenced in 2025, a public infrastructure investment that will further improve accessibility. The two Hungarian locations, KORZÓ Nyíregyháza and S-PARK Kaposvár, grew combined sales by approximately 9 percent, while EUROPARK Prague increased tenant sales by 2 percent.
Portfolio expansion: acquisition of Retail Park ARKADIA, Domžale, Slovenia
In the economically dynamic catchment area surrounding Ljubljana, SES reached another milestone in 2025 with the acquisition of Retail Park ARKADIA in Domžale, which joined the SES portfolio in September 2025. This brings the total number of SES large-format shopping locations to 32, six of which are now in Slovenia. ARKADIA offers strong regional anchoring, an attractive tenant mix of 19 shops including well-known brands such as SPAR, Müller, C&A and Hervis, and a catchment area of 140,000 residents within a 15-minute drive.
First health park construction launched in 2025, opening scheduled for spring 2027
A significant strategic move for SES came with a widely noted partnership in the healthcare sector. In 2025, SES and Vinzenz Gruppe Service agreed to form the joint venture TWOmorrow Gesundheit GmbH, with the closing completed in January 2026. The partnership is focused on the long-term development of health parks at selected shopping locations, with the aim of strengthening regional healthcare provision in the public interest. The first project, a health park at SILLPARK Innsbruck, broke ground in 2025.
Across approximately 3,000 sqm, a forward-looking medical care centre will be built, with an opening scheduled for spring 2027. Initial medical services are set to launch in autumn 2026. The project also substantially extends SILLPARK’s role as a regional centre. In parallel, a large portion of the existing mall is being comprehensively modernised while trading continues uninterrupted. By autumn 2026, the result will be a bright, open and highly attractive destination for all generations. SES is investing over EUR 30 million in the project.
Existing locations strengthened: KING CROSS Zagreb and EUROPARK Salzburg
Since 2024, SES has been transforming KING CROSS, once Zagreb’s first shopping mall, into Croatia’s most modern retail destination, with the project to be completed by summer 2026 while the center remains fully operational. The refurbishment includes a particularly innovative outdoor dining zone. Partial openings took place in spring and late 2025, introducing timeless modern architecture, upgraded retail space and an expanding brand line-up including Douglas, Mass, Tom Tailor, S. Oliver and L’Occitane. The first fully renovated section opened in February 2025, featuring a new Decathlon flagship store, Sinsay and Müller. In November, Croatia’s most modern INTERSPAR and 10 further stores opened their doors.
After a planning and approval process spanning 15 years, EUROPARK Salzburg commenced preparatory construction works in autumn 2024, with the formal extension now underway since January 2026. The scheme adds approximately 6,000 sqm of retail space, built on a site that has hosted an underground car park and surface parking for 30 years, meaning the expansion requires no additional land sealing.
The project enables existing tenants to upsize their units while also welcoming new concepts to SES’s flagship asset. Trading remains fully uninterrupted throughout the construction period. First shops in the new extension are due to open from autumn 2026, with further openings following through to full completion in autumn 2027.
Retail park expansion in Croatia
SES broke ground on a second Croatian project in 2025: S-PARK Varaždin, a retail park of 11,500 sqm GLA situated on the site of the historic Varteks textile factory. The scheme, with a total investment of over EUR 28 million, will deliver 14 shops, food and beverage, service offerings and the region’s first INTERSPAR hypermarket, with completion targeted for 2027.
Investment in quality, resource efficiency and visitor experience
SES introduced a comprehensive environmental management system at the end of 2024 and received ISO 14001 certification from TÜV AUSTRIA, covering the SES headquarters and 15 Austrian shopping malls. Recertification followed in 2025. The year also saw targeted investment in future-proofing the portfolio. A new photovoltaic installation went live at FISCHAPARK, bringing the total PV surface area operated by SES to over 48,000 sqm for on-site power generation.
Across all centers, existing 11 kW charging points are being progressively supplemented with fast-charging infrastructure. New heat pumps, roof refurbishments and general modernization works at numerous malls further improved energy efficiency and the overall environmental footprint. At Q19 in Vienna’s 19th district, SES invested in a generous new outdoor terrace and a redesigned forecourt with a significantly enhanced food and beverage offer.
Through modern building technology, LED conversion and demand-driven ventilation controls, energy consumption was measurably reduced. Compared to the prior year, the portfolio saved 4.7 million kilowatt-hours of electricity and thermal energy at equivalent operational output.
Social commitment and regional integration
SES centres actively support regional associations and charities in their immediate communities, and maintain partnerships with cultural initiatives, schools, universities and other educational institutions. Across all SES centre activities in 2025, over EUR 575,000 was directed to charitable causes and local organisations.
(dp)
