Nery Alaev

Retail in Europe: where to invest 

Nery Alaev looks at ideal locations for retail investment in Europe.

A recent article in Real Estate Europe has prompted me to further investigate the retail investment opportunities in Europe

I’ve decided to look further into several specific countries and the retail investment opportunities present within them.


Wealthy citizens, a sturdy economy and a history of trend-setting (think H&M) make the Scandinavian nation a hotspot for retail investment.

Nery Alaev

What opportunities are present in Scandinavia?

The recently opened Mall of Scandinavia indicates that large-scale, American-style retail operations are growing in popularity in the region.

I would advise paying attention to this trend and planning accordingly.


Poland’s retail market is growing fast, alongside the Central & Eastern European region as a whole.

According to Cushman & Wakefield, investors from the UK, France, Germany and The Netherlands will play a part in the development of the region in the next year.

One particular trend is the demand for secondary and tertiary properties in the country.

Because of this trend and other factors, I would advise investigation into these properties as well as the wider retail market in Poland.


Recent figures from Cushman & Wakefield show that Russia’s retail market is facing some difficulties, but is beginning to stabilise in regards to “core malls”. This highlights a potential opportunity to invest while retail yields are high.

Recent events may have reduced demand somewhat, so I would advise a cautious approach to Russia, but a positive one.


In conclusion, there is definitely opportunity to invest in European retail – one must always consider the individual challenges of each country and/or region before deciding however.

There are clear economic and cultural differences across Europe, from Spain to Switzerland to Slovenia – if these are respected then investors can expect a benefit in return.

Nery Alaev

Nery Alaev is the current Director of ESN Investments GmbH, which engages in acquisition and development of commercial and residential property in Germany and Austria.