Panorama maintained a turnover growth of over 5% last year

22.03.2019

The net turnover of Panorama shopping and leisure centre in Vilnius increased by over 5%, totalling 132.7 million EUR in 2018. Compared to 2017, the number of visitors to the Panorama shopping centre grew by 9%, and on average; each customer spent around 2% more and made 5% more purchases. Good financial performance is a result of increased customer traffic, the newly opened Gourmet Panorama house of gastronomy and solutions for increasing customer loyalty.

“Retailers around the world are suffering from declining foot traffic and the growing popularity of online shopping. The same is true of the physical retail sector in Lithuania, which is shrinking, so maintaining this level of growth is a complex challenge,” said Birutė Kalanovaitė, General Manager at Panorama. As noted by Birutė Kalanovaitė, all sectors in Panorama reported growth last year. The biggest growth was reported by the service (19%), interior (11%) and beauty (10%) sectors, the fashion sector maintained growth similar to last year (almost 5%).

The most significant venture of last year at Panorama was the creation of Gourmet Panorama, a house of gastronomy. “The market is changing, as well as the needs of our consumers, forcing us to look for unconventional ways to respond to those needs. This was how Gourmet Panorama was born: 20 retailers of quality products were brought together under one roof. The move proved to be successful, and the tenants managed to build a regular customer base, including foreign tourists who come specifically to visit our house of gastronomy.”

Last year, Panorama introduced new gift cards solution, which increased the gift card sales by almost 25%. The Neighbours Programme – a loyalty programme offering special discounts exclusively to the business centres and office employees in the vicinity of Panorama centre, reached almost 6,000 active users by the end of 2018.

“This year, the plan is to maintain a similar performance. We forecast 5% growth in turnover and customer traffic. Moreover, in 2019, many of our tenants – in fact, the highest number ever – plan to renovate, refurbish their stores and expand. Active changes in the service sector are expected, and we will be focusing on this by introducing new solutions on Lithuanian market. We are also going to have some new fashion brands, so some of the existing tenants will change their locations with the intention to have tenants of the same segment located closer to each other,” explained Ms Kalanovaitė. In 2018, PLC Panorama welcomed six new brands, and another six tenants either expanded or updated their concepts and interiors.

Besides that, Panorama plans to complete by the end of 2019 a project costing €300,000 involving renovation of rainwater collection and drainage system capable of handling a large quantity of precipitation.