More and more retailers are combining traditional sales models with sales over the internet with goods and service purchases on the internet doubling over the last 5 years. This tendency has had an impact on the renting of retail space in shopping centres claim experts. This has been reflected n decreasing sales areas in shopping centres as of late.
“Internet stores will not make physical stores go extinct. It is more of a case of mutual help. On the other hand if looking at the same shopping centres we can see a changes occurring, particularly in the usage of space. (…) This is not limited to Lithuania, but is actually a global phenomenon. The decreased sales areas are contrasted by an increase in leisure area size,” concluded Head of Valuation & Analysis at Ober-Haus Saulius Vagonis.
Retailers in Lithuania have embraced the multi-channel sales strategy, moving to smaller stores combined with internet shops, helping combine the convenience of electronic purchases with the opportunity to physically inspect the goods at the store.
According to the Statistics Department this year almost a fifth of 16-74 year old in Lithuania purchased clothing, footwear and sports goods online. Five years ago this figure did not even reach 6%.
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