Tourists and immigrants revitalise Budapest’s iconic region as 1/5th of shops change
Budapest’s iconic Nagykörút has seen significant revitalisation, driven by tourists and immigrant entrepreneurs, with one-fifth of its shops changing within a year. Food and drink establishments have become dominant, while Asian and Middle Eastern eateries are increasingly popular. Despite some positive trends, challenges remain, including poor infrastructure and a rise in homelessness.
Two years ago, a survey by G7 of Budapest’s Nagykörút revealed that 129 out of 662 retail spaces were vacant, indicating significant economic challenges. By November last year, the situation slightly improved, with the number of businesses rising to 673 and vacant stores reducing to 100. Recent observations show continued recovery, as the number of shops increased to 678, with only 75 vacant premises remaining.
Eateries surpassed vacant properties
Nagykörút. Photo: Wikimedia Commons/Rovibroni (Barna Rovács)
The Nagykörút’s profile remains dominated by food and drink establishments, despite issues like noise, lack of cleanliness, and limited green spaces. The section bordering the city’s famed ruin pubs leads in nightlife, heavily focusing on gastronomic venues. Notably, this year saw eateries surpass vacant properties in number, showing the significant influence of restaurants and food-related businesses in the area. Local food stores often act as informal substitutes for bars or restaurants.
Asian and Middle Eastern restaurants have notably grown, with an influx of businesses run by immigrant entrepreneurs, especially serving Indian and Vietnamese cuisine, G7 reports. Currency exchange offices, catering to tourists, remain stable, while niche shops selling snacks or specialising in specific items like chips and local lángos are increasing. On the other hand, shops meeting local needs—electronics, clothing stores, banks, bakeries, and opticians—have stagnated or slightly declined.
Instability seen among businesses
Hair salons have seen a marked increase, often operated by foreign barbers, resulting in a greater number of hair-cutting locations than bakeries. In total, nearly 120 out of 678 retail units have changed over the past year, signalling instability among businesses. The Nagykörút has also shown economic division: shops between Oktogon and Jászai Mari Square are more stable compared to the section extending toward Boráros Square, where changes are nearly three times more frequent.
Despite these commercial developments, the general conditions of the Nagykörút remain problematic. Sidewalks have not improved, and there is a noticeable increase in homelessness and people collecting recyclable bottles. Defunct phone booths, repurposed as makeshift restrooms, still dot the landscape.
While the backless bench featured in a previous report of G7 is gone and has been replaced entirely, new street furniture attempts to improve the public experience. Additionally, the Budapest Transport Centre (BKK) has applied for EU funding under the TOP Plusz program to build a new bike lane. If approved, the HUF 4.5 billion (EUR 11 million) project could begin in 2025, with completion optimistically expected by summer 2028. This bike lane could potentially revamp the area, making it more appealing commercially by enhancing pedestrian zones and overall infrastructure.
Read also:
please make a donation here
Hot news
Regime change in parking in Budapest: Parking ticket machines may be removed in 2026
Chinese CATL to begin production next year in Hungary!
Special Japanese-Hungarian storytelling collaboration in Budapest – PHOTOS
PM Orbán talked about the the war’s end in Ukraine, invites Netanjahu to Budapest – UPDATED
Shocking: Forint in free fall, historic lows against the American dollar, GBP, CHF, PLN!
Snow covered Hungary this morning! – PHOTOS, VIDEOS
2 Comments
The Real Person!
The Real Person!
Ah yes, that’s what the korut needs: a bicycle track. Top priority! **facepalm**
The Real Person!
The Real Person!
Opinion.
You walk the Grand Boulevard and “raise your eyes” look up above the ground level you stand or walk.
The architecture remaining in great part – Splendid.
Close your eyes and IMAGINE – the reason(s) – the purpose and its NEED of being built.
The prosperous – the glory days, in times from its creation, the FUTURE that was before Hungary – the Future.
The Grand Boulevard – if it could talk, what stories from its conception it could tell.
Its – Trials and Tribulations through History, to read of it’s History – its role, its purpose throughout its creation establishment, it has History.
The word GRAND is rightly afforded given it, for in past times, its “early” life, the USE of it, the purpose of it was muchly related to Grandness, eloquence in the ground level usage of its buildings of architectural beauty.
What splendour, what grandness in those Halcyon times – happy and peaceful times that ALL is in the History of the Grand Boulevard.
The demographical magnitude – its impact – factors like War, like !956 – and “other” – what story’s – what history to Budapest, Hungary the Grand Boulevard holds.
Its Transformation, from its initial building and construction – purpose and need, all those years between, to what presently, in 2024 we have to walk and view, is the word INSULT – is the Grand Boulevard insulted, disappointed, feel abused let down, to what we have in 2024 ?
Lower you eyes to ground level – in MAJOR part, before your VERY eyes – the conglomeration, the mixtures of ground level businesses, in great part, sheer ugliness of there business frontage, the word INSULTED can’t be Dismissed.
Budapest, Hungary – the Grand Boulevard is a GEM not just to US, but to Europe and the Global World.
Image, if it had been a Canal, that was “serious” in thought before what we still in 2024 have to savour and enjoy admire.
The Duna right through to its Boraros Square conclusion, with smaller in width canals exiting from what would have been the Grand Canal – like the utca’s we have and use in 2024.
Venice – eat your Heart out.
Imagine, picture it, then picture it 2024 – what we have, “paint the picture” in your imagination, from its initial building to what we have to-day.
What story’s the Grand Canal can tell us.
Will it ever be again Grand – sadly NO.
Budapest, Hungary – my “Prayer” – is that we NEVER, never, never – DESTROY – the “Heart & Soul” of the Grand Boulevard and the percentage of “cheap” eat in or take away eateries – hairdressers – mobile shops don’t INCREASE that in imagery Do Not – in fact De-face – the Beauty, the Grandness, the History, that INSULTS – the History of our “Unique” – Grand Boulevard.
Hungary – 2024 – as a country we are CHALLENGED.
In our imagination, bring into it, what if we don’t STABLIZE as a country, as citizens – decide as a country of people – 9.6 million of US – the Political direction as a country we WISH to be, want the FUTURE of Hungary to be, using the POWER of the PEOPLES Voices, in SOLIDARITY, being UNITED – supportive to each other, things like the Grand Boulevard – will be in ALL probability LOST – to what it is – what it stands for and represents, in the History of Budapest, Hungary.