The retail market in Romania is set to expand by more than 500,000 sqm in the next four years, with 10 of the projects in the pipeline each having more than 10,000 sqm, according to Cushman & Wakefield Echinox.
The total stock of retail spaces across the country reached 4.14 million sqm at the end of Q1 2022, of which 2.88 million sqm was in regional cities and another 1.26 million sqm in Bucharest.
“Almost all developers present in the local retail market have announced ambitious investment plans for the next period, thus showing once again their confidence in this real estate segment. We notice a diversification of the formats they intend to bring on the market, the new investments being equally directed towards shopping centres and retail parks. In terms of purchasing power and population, there are still important cities which can absorb modern retail schemes if these are adapted accordingly to the existing needs and requirements,” said Bogdan Marcu, partner, retail agency Cushman & Wakefield Echinox.
At present, Reșița is the largest city in the country without a modern retail project, but Nhood will add a 35,000 sqm shopping centre in the next years as part of an urban regeneration project.
The biggest delivery planned for this year will be Alba Iulia Mall, with a leasable area of 28,900 sqm that is developed by Prime Kapital and MAS RE. By 2026, the largest expected project will be Cesarom Mall with 73,300 sqm that is developed by Prime Kapital and MAS RE.
:quality(70)/cloudfront-us-east-1.images.arcpublishing.com/tronc/MT32UR36GFEUFB446QMHEUA3T4.jpg)
