Setting sail into new waters

Isn’t the retail park market in Poland already saturated? Jacek Wesołowski, managing director, Trei Real Estate: No, it definitely isn’t. When we started building up our portfolio, the market was empty. Many towns had only a single park operating, which gave the owner a monopoly – and monopolies are never good for the market. It’s natural now for a second park with a different operator to appear in such towns or even a third. Above all, the market is not saturated because retail parks are opening in ever smaller towns. And that’s where the main tenants are already going to. A town of just 5,000 people can already have a Rossmann and certainly a Pepco. These are typical retail park tenants and I think they prefer to be in a park than on a local street. Until recently, investors have lacked the courage to go into such places. But we are already in towns of 12,000 people. So. what kind of town would be too small for a retail park to be profitable? We