The shopping centre “Galerija Centrs” has started 2024 with significant changes. At the beginning of the year, a new management team was recruited, and under its supervision, one of the most established and storied shopping centres in Riga – Galerija Centrs – closed the first quarter with a significant increase in turnover and number of visitors. Thanks to the strategic changes, Galerija Centrs has also managed to attract several new tenants, the most ambitious of which is the anchor tenant – the sports club chain MyFitness.

Earlier this year, the owner of Galerija Centrs, Baltic Horizon Fund, and the operator Newsec appointed Lāsma Vilande as the new Manager of the shopping centre. A highly respected professional with over ten years of industry experience, Lāsma Vilande has a proven track record in managing leasing teams and attracting top-tier tenants.

Lāsma Vilande, Manager of Galerija Centrs: “When I assumed my role, I recognized that my primary challenge would be addressing the decline in foot traffic in the Old Town, which had also affected visitor numbers at Galerija Centrs. However, I believe that by adopting the right strategies for attracting new tenants and brands, and by innovating the traditional tenant placement approach in Latvia, we can reestablish this shopping centre as a top destination for residents and visitors to shop, dine, and enjoy their time.”

In the first quarter of 2024, the turnover for the tenants of Galerija Centrs has shown significant growth. Compared to the same period last year, the turnover increased by 7%. Notably, this upward trend continued on a monthly basis, with March seeing an 11% increase in turnover compared to February. The number of visitors to the Centre has also risen, up 3% in the first quarter. This positive data, along with the initiated changes, has boosted the confidence of both existing and new tenants, enhancing their understanding of the business growth potential and location advantages. Consequently, 11% of the Centre’s total lease space now comprises new leases signed under the new team’s leadership.

It has been widely acknowledged that by the end of last year, Swedish fashion and lifestyle brand Arket made the strategic decision to open its sole Latvian store, recognizing the considerable business potential within Galerija Centrs. Furthermore, the upcoming launch of MyFitness Galerija Centrs by the year’s end underscores the momentum of positive change within the shopping center. This state-of-the-art sports club will span across two floors, boasting a vast area of 2000m2, and will feature a diverse array of group fitness classes alongside a cutting-edge gym facility. These developments underscore Galerija Centrs’ growing appeal as a premier destination for retail, leisure, and wellness pursuits.

The new management emphasizes that Galerija Centrs, bolstered by its experienced team, is now strategically poised to offer an expanded and meticulously curated selection of services to visitors, encompassing beauty, sports, and aesthetics. Concurrently, efforts are underway to refine and reintroduce the existing brand with precision, alongside several other impactful changes, with further details forthcoming.