Cushman & Wakefield, the world’s largest privately-held commercial real estate services firm has secured premium, corner located retail space for Massimo Dutti’s first Hungarian flagship store on the exclusive Fashion Street in Budapest on behalf of the developer Immobilia Plc. The store is planned to open in December 2012 on more than 800 sq m spread over three floors.
Massimo Dutti is the high-end fashion brand of the Spanish Inditex Group (Zara, Bershka, Pull and Bear, Stradivarius, Uterqüe and Massimo Dutti), having 5700 stores around the Globe and 26 in Hungary. Inditex Group entered the Hungarian market in 2004 with opening its first Zara store in Váci utca.
Viktória Szabó Partner, Head of Retail at Cushman & Wakefield Budapest said: “We are amazingly happy about this new success on Fashion Street. It is always a good feeling to contribute to such an important milestone transaction of the Hungarian fashion life. The fact that such a well known and successful international fashion retailer like Massimo Dutti opens its first store on Fashion Street proves us that the market is still open for newcomers who enter the Hungarian market despite the uncertain economic situation.”
András Elekes, Managing Director at Immobilia Plc. commented: “The new flagship unit of Massimo Dutti will be accommodated in one of the best units of the Fashion Street development on the corner of Deák Ferenc and Bécsi Streets in the former Benetton/Sisley unit which has now moved to another location within the street. This new transaction is a huge success for the development and we are extremely proud of it.”
Roland Rétfalvi, Managing Director at Inditex Group, Hungary added: “Massimo Dutti is the high-end brand of Inditex Group. When deciding to open our first store in Budapest we thoroughly analysed the market and considered all possible locations. We are confident that Fashion Street will be the perfect location for this brand since its location and tenant mix is attracting our target customers.”
Cushman & Wakefield is the exclusive letting agent and property manager of Fashion Street.
Fashion Street development offers approximately 8,000 sq m of retail space and restaurants on Deák Ferenc and Bécsi utca and is directly linked to Budapest’s traditional high street, Váci utca and Vörösmarty square. The scheme is being developed by Hungarian developer Immobilia Plc. Key fashion tenants on the location include Byblos, Hugo Boss, Tommy Hilfiger, Mexx, Lloyd, Benetton, Furla, Daniele Alessandrini and Lacoste. Major restaurant chains on Fashion Street include Starbucks, Vapiano, TGI Friday’s, Planet Sushi and the recently opened XMS (Apple Premium Reseller) and Vodafone SmartStore sales point.