PL

Romania Retail parks win through

Retail & leisure
Retail parks in Romania proved to be much more resilient during the pandemic than shopping centres.

Retail park owners saw their revenues fall by 9.5 pct over 2020, while shopping centre owners saw a decrease of 20.6 pct, according to a study by Cushman & Wakefield Echinox real, which looked at the financial results of 60 retail centres. The average turnover was 18.5 pct down on 2019 from EUR 607 mln to EUR 495 mln. The bigger impact of the pandemic on shopping centres is explained by the long-term shutdown of non-essential stores including cinemas and restaurants, two types of tenants that are more often present in shopping centres.

Our analysis confirms market sentiment on the performances of modern retail projects, more specifically retail parks which have managed to significantly reduce their losses from the pandemic and the restrictions to combat it. Moreover, if we look at projects currently under construction or at various planning stages, we notice that retail parks are continuing to dominate this type of development and are preferred due to their lower construction costs and the type of their tenants who are generally less affected by special economic or sanitary circumstances.
Vlad Săftoiu, research analyst at Cushman & Wakefield Echinox

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