Czech Property Investments, a.s. - C&W awarded the instruction for ongoing property management of Templice Olympia shopping centre
To take over the management of a regional shopping centre, to set-up the communication structure with the landlord and to prepare and introduce to the client the short and long term strategy for the future development of the project. We needed to take into account the current position of the project on the market and its future position after a new competing down-town retail project plans to open. The location has a strictly defined catchment area (due to geographical reasons) and so competition will be challenging.
C&W has a standard process when it takes over the management of a shopping centre. For the Olympia shopping centre in Templice we had several weeks before we took on the management, which gave us time to enter all the data in our systems and prepare everything well in advance enabling us to be up and running on day one. This was very positively received by the client, Czech Property Investments.
In determining the management strategy analysed turnover, footfall, rent level, etc. and worked with Czech Property Investments to establish short term goals to focus on the most problematic tenants and areas of the centre. These goals have been met or are in the process of being met. We are now preparing the long term strategic plan with the client.
Eight weeks after taking over the shopping centre, the operation, the reporting and communication structures are fully under control and stabilized. No problems have arisen during the management changeover and this has been appreciated by both client and tenants.