You have extensive market experience across various sectors. From your perspective, how has the market changed in recent years? What events have been the most significant?
Magdalena Kowalewska-Kasperowicz, the chief operating officer of LCP Poland, part of M Core: Over the last few years, the retail real estate market has undergone a significant transformation, and one of the key turning points was the pandemic. That’s when we clearly saw a shift in focus from consumers, tenants and investors towards retail parks – formats that had previously remained somewhat in the shadow of large shopping centres. The pandemic highlighted the advantages of these types of assets: simple, open layouts, direct access from car parks without the need to enter enclosed communal areas, and higher sanitary safety. All of this contributed to retail parks being perceived as more crisis-resilient and better aligned with new consumer expectations. Importantly, this trend wasn’t just a short-term response to the pandemic. We’ve continued to observe its persistence and further development ever since. Retail parks have consistently taken on a new importance in the expansion strategies of many brands – particularly those in the value-for-money, convenience and everyday needs segments. Investors are also increasingly including them in their portfolios, appreciating their stability and relatively low operating costs. Looking more broadly beyond the pandemic, other key market shifts have been driven by the ongoing digitalisation of retail, changes in consumer habits, and the growing emphasis on ESG. The market is becoming more diversified, while flexibility, locality, and operational efficiency are playing an increasingly important role.
What has been the most important event in your professional career? Was there a turning point at any stage?
A pivotal moment in my career was the series of internal promotions that allowed me to gradually move up the corporate ladder. Each change brought new challenges, particularly in terms of professional relationships, which transformed as colleagues I had previously worked alongside became my team members. An even more significant milestone was when I took on the role of managing director of one of the companies within the Immofinanz Group, assuming full responsibility for the firm’s operations in Poland. That experience cemented my strategic competencies and allowed me to develop leadership skills on a much broader scale. Another important step was joining my current organisation, LCP Poland. It’s a company with family roots and a distinctive decision-making culture – dynamic, direct and based on mutual trust. As someone who acts quickly and decisively, I particularly value this pace of work and flexibility, which foster efficient development and the achievement of ambitious goals.
What can we expect in the future? Will the retail market continue to rely primarily on smaller formats? What changes are likely in the months and years ahead of us?
In the years to come, we can expect a continuation of trends that have taken shape over the past decade – most notably, the growing significance of smaller retail formats, especially retail parks. Their development wasn’t merely a reaction to pandemic-related restrictions; it represents a structural shift aligned with broader consumer expectations for convenience, accessibility and shopping efficiency. Retail parks meet these needs very well, offering tenants flexibility and lower operational costs, while providing customers with quick and direct access to the range of retail on offer – often in locations closer to where they live. We are seeing this format thriving, both in major urban areas and in mid-sized cities, where they frequently function as the local shopping hub. Looking ahead, I expect to see greater specialisation and diversification of formats – even within retail parks themselves. Increasingly, alongside core retail functions, we’re seeing service components, dining options, and communal space aimed at extending customer dwell time and enhancing overall appeal. At the same time, the market will continue to be shaped by expectations around ESG – both from investors and tenants. This means retail assets will need to be further adapted to meet higher environmental and social standards, which could encourage the revitalisation and modernisation of existing retail parks. On the one hand, the retail market is becoming simpler, with a focus on functionality and everyday convenience; but on the other, it’s becoming more complex in terms of development strategies and stakeholder expectations. The ability to combine both of these two perspectives will be crucial in the years ahead of us.
‘Eurobuild’ is celebrating its 300th issue. Both LCP and your previous firms have cooperated closely with our editorial team. Do you have an amusing memory related to our magazine or our events? We’d love to share a laugh with you.
As for a funny story, one of my favourites is from the Eurobuild Awards gala in 2018. It’s a very competitive event with a high standard, so that year, we attended with no expectations at all. We knew we didn’t have projects that perfectly matched the award categories, so we treated the gala more as an opportunity for networking and catching up with industry peers than as one where we could win anything. In the midst of all the networking, we didn’t even glance at the programme, which, as it turned out, was the first place where it was announced that our Vivo! Piła shopping centre had made it to the final three in the Shopping Centre of the Year category. Interestingly, it was the only category judged not by a jury, but by the tenants themselves. You can imagine our surprise when the name Vivo! Piła was announced as a nominee. And when we won, the shock mixed with joy was immense. It was a completely unexpected victory, made even more special by the fact that the nomination hadn’t come from us but from our tenants. To this day, it’s one of those moments that remind me how deeply meaningful recognition from the people we work with every day truly is. And yes—there was laughter, emotion, happiness… and definitely a bit of shock. And to this day, I also still remember the Eurobuild Awards ceremony in 2019. I was running late and virtually sprinted in, having, of course, got stuck in traffic. Then came the hassle of finding the entrance – and all the stress then kicked in. As I tried to open the door, I could hear that the official part of the evening had already begun. I rushed into the room and… saw my face on the big screen as I’d been nominated for Personality of the Year. People were in the middle of voting. I froze. For a moment, I didn’t know whether to sit down, walk out, or pretend I wasn’t at all surprised or flustered. I sat down. And just then… the host announced my name as the winner! In disbelief, I stood up and walked to the stage as if in a trance. I accepted the award with a smile, although all I could think was: thank goodness I made it just in time!
