In 2025, SES Spar European Shopping Centers once again successfully performed well in the retail environment. Austria’s market-leading shopping mall operator followed its previous strong year by further expanding its position. In the 32 SES shopping destinations in six European countries, over 1,900 store partners from retail, gastronomy and services achieved gross sales revenue of EUR 3.61 billion. This corresponds to sales growth of EUR 70 million, or 2.2 percent, compared to EUR 3.54 billion in 2024. After adjustment for construction projects and expansions, revenue on a comparable floorspace basis increased by 2.7 percent year on year. At 116 million, while still at a high level, the total visitor footfall was slightly below the previous year’s figure, due to extensive construction activities that were ongoing simultaneously at four locations.
Facts and figures at a glance
- EUR 3.61 billion retail partner revenue (+2.2%), +2.7% like-for-like growth
- 116 million visitors in six countries
- 871,000 m² leasable area, with 513,000 m² of this in Austria
- Acquisition of ARKADIA Retail Park in Domžale, Slovenia
- Two construction projects started: SILLPARK Innsbruck and S-PARK Varaždin (Croatia)
- Partial opening of the refurbished KING CROSS Zagreb (Croatia)
SES Spar European Shopping Centers currently manages a total of over 871,000 square meters of retail space in Austria, Slovenia, Northern Italy, Hungary, Croatia and Czechia, with over 1,900 stores in 28 shopping malls, three retail parks and one managed shopping street. As at 31.12.2025 the company employed 447 people.
1.4% increase in sales revenue in Austrian SES malls
SES is the Austrian market leader in large-scale shopping locations; these displayed very stable development with a 1.4 percent growth in revenue, to over EUR 2.2 billion. In Austria SES operates 16 shopping malls, a retail park, and manages a shopping street in aspern Seestadt in Vienna.
Marcus Wild, SPAR Real Estate Board Member and SES Supervisory Board Chairman:
“Since 2007, alongside the food retail sector we have developed a second strong pillar in the SPAR Group with SES, which is excellently networked in all our markets and throughout Europe. The expansion of these shopping destinations requires in-depth expertise and long-term project development. All the team at SES combine strategic vision with precise attention to detail – and this is precisely what lies behind its success. The superb partnerships with the retailers, restaurants and service providers grew further in 2025. We are also particularly pleased with the qualitative expansion through our new health parks segment.”
Christoph Andexlinger, CEO of SES Spar European Shopping Centers:
“One of the central success factors of SES is resilience – and during the past year we proved this once again. It gives us the flexibility to continuously develop our locations and turn shopping centers into true shopping destinations. In this way we create places with relevant offerings in an urban environment, which are a fixed element of many people’s daily life that make it something special.”
Over 115,000 m² of space newly let or contracts extended
In total more than 460 new lease agreements and lease extensions were concluded, covering around 115,000 m² of space, with 300 lease agreements in the Austrian SES malls alone. Numerous new stores in various sectors were opened in 2025, including some partners who are under contract for the first time. So, for example, Fashion&Friends, KIKO Milano, and Nike opened stores in the Slovenian SES shopping malls for the first time, while in Austria Skechers and fitness supplier Speedfit are new entrants that have added to the mix of sectors. Long-term contract extensions were concluded at numerous sites with anchor tenants such as MediaMarkt, H&M, New Yorker and Inditex-owned concepts (Zara, Bershka, Pull&Bear), as was a new agreement with Decathlon for GERNGROSS Vienna. Other relevant brands such as Rituals, Foot Locker and Drogeriemarkt Müller have expanded in the SES malls.
In this way, the SES locations confirm their position as attractive A-locations offering high profitability, long-term security for partnerships, and a high level of attractiveness for visitors.
ZEHNER sales increased, voucher development as an important indicator
In 2025, total revenue from the sale of the “ZEHNER” shopping voucher in Austria and the “DESETAK” in Slovenia increased by more than 5% compared to 2024.
In Austria the ZEHNER developed especially positively in 2025. Several locations achieved record values or considerable increases: EUROPARK Salzburg recorded its best result since introducing the ZEHNER, at just under EUR 11 million. HUMA ELEVEN Vienna achieved a 12.9 percent increase, while VARENA Vöcklabruck achieved its best voucher year since it was opened at EUR 4.3 million. The strong development of the ZEHNER underlines the high regional loyalty and purchasing power in the catchment areas.
The top 5 performers at SES malls in 2025
In an overall comparison based on revenue, growth dynamics, stability of visitor numbers and strategic positioning, five locations in particular stand out:
- EUROPARK Salzburg as the center with the highest revenue, which exceeded EUR 400 million for the first time; in 1st place in the shopping center performance ranking; and commencement of construction activities for expansion
- CITYPARK Graz as the location with the most dynamic growth, with a double-digit increase in turnover
- MURPARK Graz with above-average development and a strong regional presence
- FISCHAPARK Wiener Neustadt with revenue of over EUR 206 million and a sustainable investment strategy
- HUMA ELEVEN Vienna which exceeded the EUR 160 million mark for the first time, and showed strong growth in ZEHNER sales
These five locations exemplify the economic strength and strategic development of the SES shopping destinations in 2025.
High level of satisfaction of retail partners at SES malls
In spring 2025, SES Spar European Shopping Centers commissioned an extensive survey of the satisfaction level of its own retail partners in Austria. The result: 627 stores at 13 shopping centers participated in the online survey – corresponding to a participation rate of just under 80 percent. 82 percent of respondents rated their overall satisfaction as “very good” or “good” (1.7). The retailers’ satisfaction with the care they received from the respective center management scored particularly highly (1.6).
Tenant satisfaction was also confirmed by an Austria-wide industry award for EUROPARK Salzburg. The mall took the number 1 spot in the annual survey of chain stores in Austria conducted by Ecostra and the Austrian Retail Association/Handelsverband.
Strong development in Slovenia, Italy, Hungary and Czechia too
SES is the market leader not only in Austria, but also in large-scale shopping malls in Slovenia, where revenues at the six locations increased to more than EUR 800 million (+6.9%).
Sales revenues at the four North Italian SES shopping malls remained stable at over EUR 330 million. The construction of a publicly funded tram line outside the Italian center LE BRENTELLE in Padua which has started in 2025 and will make the mall even more easily accessible.
Turnover at the two Hungarian locations KORZÓ Nyíregyháza and S-PARK Kaposvár increased by around 9 percent in total. The Czech mall EUROPARK Prague increased its store revenues by 2 percent in 2025.
Expanded portfolio: Acquisition of ARKADIA Retail Park, Domžale, Slovenia
In 2025, SES achieved another milestone in the economically dynamic area around Ljubljana: since September 2025 the ARKADIA Retail Park in Domžale has been part of the SES portfolio. With this new acquisition, the total number of large-scale shopping locations managed by SES rose to 32, six of them in Slovenia. ARKADIA successfully combines strong regional roots, an attractive mix of sectors with 19 stores – including well-known brands such as SPAR, Müller, C&A and Hervis – and a strong catchment area with high purchasing power: 140,000 people live within a 15-minute radius.
Start of construction in 2025 for first health park, to be opened in spring 2027
SES made an important choice of strategic direction with a highly regarded cooperation in the health sector. In 2025, the seal was set on the joint venture TWOmorrow Gesundheit GmbH with Vinzenz Gruppe Service, with the deal being closed in January 2026. In the long term, health parks will be developed at selected shopping locations, sustainably strengthening the regional healthcare provision in the public interest. The first tangible project – the construction of the health park at SILLPARK Innsbruck – was started in 2025. A forward-looking medical care center covering an area of around 3,000 m² is being constructed here, and will be opened in spring 2027. The first medical services will start up as early as fall 2026. SILLPARK is thus substantially extending its centrality function.
Simultaneously a large part of the existing SILLPARK mall is being comprehensively modernized – with operation continuing and stores remaining open as usual. By fall 2026, the mall will be a bright, open and highly attractive meeting place for all generations. SES is investing over EUR 30 million in the project.
Existing locations being strengthened further: KING CROSS Zagreb and EUROPARK Salzburg
Since 2024, in several construction stages and while continuing normal operation, SES has been transforming what was once the first shopping mall in Zagreb – KING CROSS. By summer 2026 it will be the most modern mall in Croatia, offering a futuristic shopping experience and an especially innovative outdoor gastronomic zone. The first partial openings took place in spring and at the end of 2025. The result: timeless modern architecture, attractive spaces and a growing range of brands, including international players such as Douglas, Mass, Tom Tailor, s.Oliver and L’Occitane. The first completely renovated portion of the building was opened in February 2025 – including a new Decathlon flagship store, Sinsay and Müller. November saw the opening of the most modern INTERSPAR in Croatia, as well as 10 other stores.
After an approval process lasting 15 years, in fall last year EUROPARK Salzburg was able to commence preparatory construction works, and since January 2026 the construction of its extension of around 6,000 m2 has been underway on a site, where there were already an underground parking garage and a ground-level parking lot for the past 30 years. This extension, which is being created without the need for a single square meter of additional soil sealing, will enable existing retail partners to enlarge their floor space, and will also create space for new concepts at the SES flagship mall. With no restrictions on ongoing operations throughout the construction period, the first stores in the extension area will open in fall 2026, followed by successive further openings through to full completion in fall 2027.
Expansion in the retail parks segment in Croatia
Another ground-breaking took place in Croatia in 2025: with the start of construction for S-PARK Varaždin (11,500 m² GLA), SES has launched a special project on historic soil. By 2027, the site of the former “Varteks” textile factory will see the creation of a modern retail park with 14 stores, food and drink outlets, service offerings and the region’s first INTERSPAR hypermarket. Total investment: over EUR 28 million.
Investments in quality, resource efficiency and visit quality
At the end of 2024, SES successfully rolled out a comprehensive environment management system, which was ISO-14001 certified by TÜV AUSTRIA. In 2025, the system was recertified for both the SES Head Quarter and 15 SES shopping malls in Austria. 2025 was a year of systematic investment in the future. At FISCHAPARK a photovoltaic system came into operation in 2025, with which SES now operates over 48,000 m² of PV installations to produce its own power. In terms of e-charging infrastructure, the existing 11 kW charging points in all centers are successively being supplemented by fast chargers. New heat pumps, roof renovations and modernizations in numerous malls have also increased the locations’ energy efficiency and improved their energy balance sheet. SES invests continuously in improving the visit quality at its centers and opening them up to the outdoors architecturally. In 2025, for example, SES invested in a generously sized outdoor terrace at Q19 Wien-Döbling together with a newly designed forecourt with a much-improved range of gastronomy outlets.
Energy consumption has been optimized thanks to modern building technology, LED retrofitting and demand-oriented ventilation controls. In comparison to the previous year but with the same operating performance, the properties saved 4.7 million kilowatt hours (kWh) of electricity and heating energy.
Social commitment, closely networked with the region
SES centers support regional associations and aid organizations in their immediate surroundings. They cooperate with cultural initiatives, schools, universities and other educational establishments. In 2025, a wide range of activities at the SES centers raised a total of over EUR 575,000 for the benefit of charitable causes and local organizations.