G City Europe, the wholly owned European subsidiary of G City (TASE: GCT), has secured a landmark agreement with the global fashion brand UNIQLO. The brand, which previously operated a pop-up store at the Wars Sawa Junior Center in Warsaw, will now convert this temporary location into a permanent high-street store. The revamped store will span 1,779 square meters, signaling confidence in the property and the strength of Poland's expanding retail market.
UNIQLO, part of Fast Retailing, one of the world’s leading apparel companies, is expanding its footprint in Poland with this permanent location. The decision highlights the growing appeal of G City’s Warsaw property, which continues to attract leading international retailers and a vibrant, urban customer base.
Commenting on the development, G City Europe CEO Eshel Pesti said, "We’re excited that UNIQLO has chosen to solidify its presence with us. Since opening their first pop-up store here two years ago, the decision to upgrade to a permanent location confirms the value of Wars Sawa Junior as a prime retail destination.”
This deal comes at a time when G City has been reporting steady growth. In its second-quarter 2024 financial results, the company saw a 12% rise in net operating income (NOI), which reached 438 million shekels, driven by increased tenant activity and stronger visitor numbers. Their cash flow from operations (FFO) also rose by 20%, demonstrating ongoing financial stability.
The permanent addition of UNIQLO aligns with G City’s broader strategy of focusing on core assets in key urban centers, both in Europe and North America. As part of its ongoing asset optimization plan, G City has sold over 4 billion shekels in non-core properties since 2022, further reducing its debt, now standing at 66.3%.
This development also reflects growing interest in retail assets in Poland. Recently, NEPI Rockcastle completed a €373 million acquisition of Magnolia Park, a shopping center located in Wroclaw. G City’s own Wroclaw property, Galeria Dominikanska, is centrally located and similarly well-positioned for success, reinforcing the value of its European holdings.
G City’s latest developments in Warsaw and the increasing demand for retail properties in Poland continue to underline its strategic vision and adaptability in a dynamic real estate market.
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