A ladybird in your backyard

Information about the possible EUR 240 mln agreement first appeared in the Austrian press. An article referred to a deal between Portuguese Jeronimo Martins' Biedronka and a Credo Real Estate AG. This, we found out, would be for the development of 40 outlets in local malls with approx. 2,000 sqm of retail space. The project was reportedly to be financed by a "leading insurance firm" which would own 90 pct of the future stores with Credo Real Estate AG holding the remainder. Second-hand concept? A similar kind of concept - "small neighborhood malls" - is already known in Poland. Norwegian company RECE was working on such a project to put REMA 1000 as the anchor tenant, accompanied by several smaller shops and service points. Ideal sites were to be close to large residential communities with easy access to main roads for increased visibility and access by car as well as having a heavy footfall. Finally the venture wasn't realised with REMA 1