Record-Breaking Year for Czech Market: 47 New Brands Enter in 2022
Record-Breaking Year: 47 New Brands Entered the Czech Market Last Year
A record-breaking 47 new brands entered the Czech Republic in 2022, exceeding the pre-pandemic figures. Cushman & Wakefield's latest report highlights this significant increase, surpassing the previous record of 41 new brands in 2017. This growth indicates a strong recovery and positive outlook for the Czech retail market.
The fashion sector led the way with the most new entries, while the F&B sector also saw notable growth with new cafe and restaurant concepts. This diversification reflects changing consumer preferences and the market's ability to adapt. Premium brands also showed interest in the Czech market, signifying its growing appeal as a destination for upscale retail.
Prague remains the primary hub for new brands, with 79% of the newcomers establishing their presence in the capital city. However, other regions also benefited, demonstrating a wider reach of market expansion.
According to Jan Kotrbáček, Partner and Head of the Retail Agency team at Cushman & Wakefield, this influx of new brands reflects the Czech Republic's stable and attractive market for both domestic and international retailers. He predicts a continuing trend, albeit potentially at a slower pace, for the remainder of 2023.
The report also noted the impact of e-commerce, which played a role in driving growth, especially for new brands entering the market. This digital presence complements the physical stores, providing a wider reach to consumers.
