Baltic Retail Outlook, 2025 Q3 -
The Baltic retail market in Q3 2025 shows clear signs of stabilisation as consumers shift toward experience-driven shopping, higher-value visits, and selective spending. Across all three capitals, retail centres are adapting through modernisation, stronger tenant mixes, and a growing focus on convenience and leisure.
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Baltic Retail Outlook, 2025 Q3
The Baltic retail market in Q3 2025 shows clear signs of stabilisation as consumers shift toward experience-driven shopping, higher-value visits, and selective spending. Across all three capitals, retail centres are adapting through modernisation, stronger tenant mixes, and a growing focus on convenience and leisure.
In Vilnius, shopping centres continued active tenant mix renewal, keeping occupancy high and strengthening fashion, lifestyle, F&B and leisure segments. Retail turnover increased by 6.7% year-on-year, supported by improving consumer sentiment and strong performance in restaurant and food categories. E-commerce remained a standout performer with more than 30% growth, while stable footfall combined with higher spending per visit reflects a move toward more intentional, experience-led shopping.
In Riga, retail sentiment improved, although performance varies across segments. Strong wage growth supported demand, with restaurants, sports and entertainment, and electronics expanding by around 10% year-on-year. Vacancy remains elevated in smaller and secondary assets, keeping the market tenant-favourable, while rents stay stable. The opening of the new K3 Mall of Imanta signals continued interest in modern retail concepts.
In Tallinn, diversification continues to drive recovery as retail centres integrate leisure, sports and family-oriented concepts. The revitalised T1 Mall stands out as an example of successful repositioning. Although footfall decreased by around 10% year-on-year, vacancy in prime assets remains close to zero due to strong demand and limited new supply. Development activity is expected to pick up in 2026, including the planned 30,000 sqm DEPO store.
Across the Baltics, a growing gap between prime and secondary retail assets is becoming more evident. Consumers increasingly prioritise value, convenience and experience, prompting landlords to invest in modernisation, sustainability and upgraded public areas. These trends indicate a maturing retail landscape where quality, adaptability and strong concepts remain key drivers of performance.