What awaits retail parks?

Was last year good?

It was a very demanding and intense year. Changes in the team gave us fresh energy and greater decision-making. We have organized the structure, clarified responsibilities and strengthened the organization, both through the development of competences and the strength of the people who create it. Today, we operate faster, more clearly and with greater execution discipline, and this directly translates into the pace at which new construction sites are launched.

We put a new, fresh commercial space on the market, in a model that is not obvious today. We do not use forward funding, we do not secure the margin at the stage of signing the contract with the end investor and we do not transfer most of the risk to him. Our task and ambition is to spot investment opportunities, build value, and ultimately monetize for greater profitability.

This requires capital, decision-making courage and very good control of processes and budgets. This year has shown that our model works even in a difficult environment – with high production and financing costs, as well as with high competition in the race for a tenant.

What company projects would you consider groundbreaking?

The completed retail parks in Szamotuły and Tarnobrzeg confirmed that we know how to read local markets well. These are different cities and different scales, but there is one common denominator: a reasonably designed tenant mix and a project tailored to the real needs of residents, who respond with a large turnout. The validity of our strategy was also confirmed by the development of the facility in Przeworsk, where, thanks to the high interest of tenants and customers, we expanded it, creating the largest retail park in the region.

Rock Park Pruszcz Gdański is a project that shows the scale of our ambition. That’s almost 26 thousand. m² GLA – the largest facility in our portfolio and proof that we can develop without changing the company’s DNA – further based on process control and responsibility for the entire investment.

What industry challenges have you successfully overcome and what do these experiences say about your approach to investing?

Today there is no shortage of challenges. The costs of investment implementation are clearly higher than a few years ago, financing is still a significant burden, and rents do not increase in proportion to the construction costs. In addition, there is the growing market saturation with retail parks and the relatively low euro exchange rate, which is the basis for settlements of most lease agreements and significantly affects the level of revenues.

Current market conditions require full cost discipline. If the investment is not very well prepared, there is no safety buffer, and the tenant structure does not guarantee stable cash flow, the project will not be viable either operationally or investment-wise.

In our model, there is no comfort in passing the risk on. If something is estimated incorrectly, we bear the consequences. That’s why we carefully select projects and always analyze them twice because we only build them once.

What trends in the retail sector do you consider to be the most crucial for the future of retail parks?

In industry debates, the figure of 70-80% is often mentioned: so many purchase decisions result not from the price itself, but from the convenience and rationality of choice. Therefore, formats based on accessibility, simple layout and concentration of essential brands are consistently gaining in importance.

On the other hand, a change is coming, which will not be visible on the facade, but in the way the facility operates. AI agents may have a real impact on trade in the coming years: from planning purchases by customers, through automatic recommendations and building baskets, to stock management, traffic analysis and dynamic shaping of the offer on the part of tenants. Retail spaces that can use data and technology will be more cost-effective and better suited to the local market.

I imagine a situation in which a customer goes to the park not because he “saw something”, but because his digital assistant has planned his shopping in advance and indicated the closest, most effective location. This will change the logic of traffic, marketing and competition between facilities.

In my opinion, it is the combination of maximum everyday convenience and an increasingly intelligent technological base that will decide which projects will win in the long term.

Maintaining a competitive advantage is an inherent element of every business activity, so this issue cannot be ignored. In your opinion, what constitutes such an advantage considering the sector that your company represents?

As I have already mentioned, we do not operate in a model in which the main goal is to sell the project to the end investor as quickly as possible. We build value by creating an investment product, from land to opening rented stores, and we take full responsibility for it. We are not a company that makes its living from development fees and transferring risk further. This forces a different level of control, a different pace of decisions and a different approach to capital.

We also consistently build long-term relationships. We talk to tenants not only about rent, but also about their business model and the real potential of the location. We work with cities to ensure that the project is an element of the local structure, and not just a commercial facility. This means that subsequent investments are made faster and with less friction.

In times when the market is demanding and more hectic than a few years ago, peace, predictability and reputation give an advantage. It’s not spectacular, but very effective.

How important is it to you to build your company’s brand through projects and reputation in the industry?

In our industry, reputation is built on whether a project has been created and functions well. Each completed retail park is a showcase of the company, for tenants, local governments and financial partners.

In 2026, we plan to start four new construction sites. These are projects that are currently at an advanced stage of preparation, both in terms of administration, design and commercialization.

We want Rock Capital to be associated with responsibility and predictability. Today, with rising costs and pressure on margins, trust is a currency as important as capital. Tenants and partners check the broad market and specific promises very carefully, who actually delivers projects and who only announces them. We want to maintain our position in the first league of Polish retail.