New Yorker opens it’s 8th store in Arena Plaza

Thursday, 2nd of June 2011. New Yorker opened its new store in Budapest. The leading company of youth fashion from Germany presented its latest collection in Arena Plaza on more than 1,200 square meters of retail space. In this major lease transaction Arena Plaza was represented by Cushman & Wakefield international real estate adviser.

The new New Yorker store in Budapest is already the 8th store in the capital of Hungary and offers its customers a wide range of the latest trends from their own-brands on more than 1,200 square meters. The modern shop concept assures an enjoyable shopping atmosphere.  With the new store in Budapest, New Yorker is represented in with 33 stores in Hungary. The German company is based in Hungary since the year 1999.

Viktória Szabó, Partner, Head of Retail at Cushman & Wakefield Hungary commented: “We are delighted that New Yorker has acquired this unit at Arena Plaza, as it not only demonstrates the popularity of the shopping centre, but reinforces New Yorker’s presence in Budapest and proves just how popular the brand has become in Hungary.”

Besides the lease negotiations, Cushman & Wakefield also carried out Project Management of conversion of  a significant part of the building to a new large retail unit in order to accommodate New Yorker. A former public entrance area and adjacent small retail units had to be converted within a very short period of time, within which the Project Management team successfully completed coordination of design works, securing a building permit and coordination of the construction works.

Ádam Csikós, Associate Head of Project Management at Cushman & Wakefield Hungary added: “We are proud of the successful completion of the project which is a result of the seamless cooperation of Cushman & Wakefield’s Retail, On-site Management and Project Management teams and required significant effort from all parties. We are also absolutely delighted to providing our Client with a comprehensive service that beyond an on-time completion resulted in cost savings”

“The new New Yorker store is one of the biggest in Budapest and Hungary as well. We are now represented with eight stores and more than 6,200 square meters of sales space in the capital. Arena Plaza, placed in the heart of Budapest, is a very attractive location for New Yorker. We are looking forward to great sales. Further there are minimum two more openings in 2011 planned in Hungary. We are very proud of the success of the brand in our country and hope that our development will continue in the next years as well.” Zsolt Miko, regional sales manager of New Yorker in Hungary.

Arena Plaza the 66,000 sqm shopping and leisure centre is by far the largest centre in Hungary and is regarded as offering the most extensive tenant line up under a single roof. Amongst the 200 shops are leading retailers, including Peek & Cloppenburg, M&S, Tesco, Zara, H&M, Bershka, Douglas, Promod, Mango and Swarovski. In addition to cafes and restaurants, there is also a 23 screen multiplex cinema plus the only 3D IMAX in Hungary.

Cushman & Wakefield is the exclusive retail leasing agent and property manager of Arena Plaza.