TAM Retail developing shopping destination in Vilnius


The traditional building, Gedimino 9, which is a world heritage classified site, is situated in the middle of Vilnius’ most busy street, Gediminoprospektas. The building was rebuilt from a government office into a shopping galleria during 2007. Due to the turbulent economy in the country at the time, the real estate owner’s visions were not realized to their full extent, and it went into bankruptcy later, which brought Gedimino 9 into the hands of a real estate company called Ektornet.

 

With its central location, the building has great potential as a shopping destination, but a new concept and structural alterations are needed to make it profitable again. Therefore, Ektornet, in collaboration with TAM Retail, has developed potential development options based on the building’s potential and limitations, as well as local market conditions. The development work is currently ongoing at full capacity, and central Vilnius’ new shopping destination’s preliminary opening date may be as early as in 2014.