AGGRESSIVE INVESTMENT IN WARSAW'S RETAIL SECTOR.

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Poland is one of the Eastern European consumer markets best positioned to recover late in 2002, and retailers are aggressively positioning themselves to capitalize on impending growth.

Polish retail sales remained relatively firm through 2001 and the first quarter of 2002, in spite of the generalized economic slowdown. Warsaw residents have adjusted to mall shopping, as evidenced by the early success of the Galeria Mokotow and Sadyba Best malls that have been in operation for about a year and a half in the Warsaw area. The best selling product categories are perishable and semi-durable goods, which have experienced sales gains of 1 to 2 percent over the past year. Mall stores generally don't carry high-end durable goods that have been hardest hit by the 2001/2002 economic slowdown.

Anticipating firmer demand for consumer goods toward the end of 2002 and into 2003, two other new malls are due to open later this year in the Bemowo and Wola districts. Investors in the two malls (called Arkadia and Wola Park) are confident that growth in Warsaw area...

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