According to a study by JLL called Destination Europe 2015, Prague has been ranked as the 14th most attractive market in EMEA for the expansion of international and luxury retailers. This reflects the strong purchasing power of the Prague and Czech citizens, as well as its massive volume of tourists. According to TripAdvisor’s Top 10 Global City Destinations 2016, the City of Prague ranks in 4th position in the Europe. Prague’s flourishing retail market has been on property investors´ radar over the past few years and the purchase of Palladium, a prime shopping centre in the very heart of Prague, was one of the largest transactions closed on the Czech real estate market last year.         

On 11th April, the Hungarian government announced their proposal for parliament to abolish the standing law regarding Sunday closing for retail units. The proposal has already passed through voting in the Parliament on 12th April, theoretically allowing stores to open from Sunday, 17 April 2016. The decision comes little more than a year after the legislation came into effect in March 2015, and is likely a direct consequence of recent developments having paved the way for a referendum on the widely criticized policy. According to CBRE’s experience this is a highly appreciated change in legislation by the industry. 

Impressive turnover growth, increasing retailer demand and lack of new supply push rents up in Budapest retail market according to the new Hungarian Retail Market Report of CBRE global property advisor.