PL

Romania A shift towards bigger cities

Retail & leisure
According to data from the Cushman & Wakefield Echinox, the development activity in the Romanian retail market remains animated. Close to 215,000 sqm of retail spaces were delivered in 2023, the highest level during the last seven years.

Developers completed 11 retail projects in 2023, totalling app. 215,000 sqm, with retail parks having a 60 pct share, with cities such Bucharest, Craiova, Alba Iulia, Arad, Giurgiu, Vaslui benefiting from such investments. The investment plans for the next 5 years are also consistent, given that more than 500,000 sqm of retail spaces are currently under construction or in different planning stages. Developers will add new retail schemes or major extensions mainly outside Bucharest in cities such Cluj-Napoca, Iasi, Sibiu, Pitesti, Bacau or Galati, with Prime Kapital, NEPI Rockcastle and Iulius Group having the strongest pipeline on the short and medium term.

The retail market registered consistent new deliveries in Q4, with projects cumulating 144,000 sqm GLA being completed. The total retail stock across Romania reached 4.45 mln sqm at the end of 2023, 54 pct of it in shopping centres, 40 pct in retail parks and 6 pct in commercial galleries.

Promenada Craiova, an 80,000 sqm GLA project owned by NEPI Rockcastle and Dedeman (53,000 sqm in a shopping centre and 27,000 sqm in a retail park and a Dedeman store) was the largest retail scheme delivered both in Q4 2023 and also in 2023 overall. This project is also the largest retail investment made in Romania since 2010 in terms of size. Other schemes finalized in the same quarter were AFI Arad, a 29,000 sqm unit developed by AFI Europe and Cosmopolis Plaza of 16,300 sqm GLA located in the Cosmopolis residential project in Bucharest.

Romania also continued to be attractive for international retail brands, as new players such as Lefties, Wittchen, Jimmy Key, Kiko or Happy Group opened their first stores in the country in 2023.

After a period of 3 or 4 years in which the developers’ expansion plans had been almost exclusively focused on retail parks, which had a share of more than 80 pct of the new supply, located in cities with less than 50,000 inhabitants, a shift towards bigger cities was observed in 2023, a trend which will continue going forward, on medium term at least. Retailers are more demanding than ever in regards to the targeted locations for their expansion plans, mainly looking at prime retail destinations. In this context, the new wave of shopping centre developments should attract further new retailers in Romania, while also encouraging the existing players to continue expanding their local footprints.
Dana Radoveneanu, head of Retail Agency Cushman & Wakefield Echinox

The Cushman & Wakefield Echinox Retail Agency brokered 26 leasing transactions in 2023, with an area of approximately 30,000 sqm, in Bucharest and in the main cities across the country, for clients such Somproduct, Mobexpert, Noriel, Jimmy Key or Wittchen.

The prime shopping centres rent in Bucharest stabilized in Q4 2023 to a level of EUR 80-85/sqm/month, while the corresponding figures in secondary cities - Cluj-Napoca, Timisoara, Iasi and Constanta – remained flat, ranging between EUR 50-65/sqm/month, the same situation being observed in tertiary locations, where levels between EUR 30-35/sqm/month were recorded.

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Latest in Retail & leisure

schedule 22 January 2024

A shift towards bigger cities

According to data from the Cushman & Wakefield Echinox, the development activity in the Romanian retail market remains animated. Close to 215,000 sqm of retail spaces were delivered in 2023, the highest level during the last seven years.

schedule 12 January 2024

Retail continues to recover

Cushman & Wakefield has summarized the situation on the Polish retail market in 2023, which saw heightened development activity, with about 450,000 sqm of new retail space delivered. The Polish retail sector continued to recover, as confirmed by the number of debuts. Meanwhile, the slower price growth bolstered consumer sentiment, leading to higher retail turnover levels.

schedule 03 January 2024

Record number of new brands

39 new brands entered the Czech retail market last year, a record number achieved in the past ten years, according to Cushman & Wakefield’s monitoring. Some of the most notable brands include Victoria's Secret, Popeyes, Signorvino, Rossopomodoro and Zadig & Voltaire.

schedule 24 November 2023

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schedule 24 October 2023

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schedule 23 October 2023

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schedule 25 September 2023

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Biggest buy for Fidurock

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schedule 30 June 2023

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schedule 27 June 2023

Big make-over for One Split

CC Real, the international investment and asset management company, has commenced its extensive EUR 20 mln refurbishment of City Center one Split, due for completion by the end of Q2 2024.

schedule 01 June 2023

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The rapid rise in prices (inflation increased by 15.1 pct y-o-y) and energy expenses have been met by a further decline in already weakened customer confidence. How did this affect shopping centres in the Czech Republic?

schedule 10 May 2023

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schedule 28 April 2023

G City buys final 25% of Arkády Pankrác

G City Europe has completed the acquisition of the remaining 25 pct stake it did not previously own in the Arkády Pankrác shopping centre in Prague 4 (Nusle) for EUR 60.5 mln.

schedule 28 April 2023

Multiple attractions in Colosseum Mall

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schedule 06 April 2023

First Polish M Park opens – in Świdnik

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Edition 3 (286) March 2024

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