The revenue of the shopping center owners is indicative of the development of modern retail and of the purchasing power of consumers, considering rents in malls account for some 15% of sales. Taking this indicator into account, last year’s sales of the stores housed by the 16 shopping centers may be estimated at RON5.3 billion.
Baneasa Developments, a company of businessmen Gabriel Popoviciu and Radu Dimofte, which manages the retail area of the Baneasa complex in northern Bucharest, was the leader in the revenue ranking. It posted almost RON199 million revenue in 2014, an increase of 8% on 2013, while net profit went up 20% to almost RON55 million.
“The revenue increased because of the good results of the entertainment segment and the rental and business to business activities,” says Georgios Argentopoulos, chief executive officer of Baneasa Developments.
The rise in the net profit is because of the rise in revenue but also because of a better control over operating expenses, he added.
Cotroceni Park, the company that runs the AFI Palace Cotroceni, ranks second, having seen growth of 4% in revenue to more than RON141 million, while net profit stood at RON24 million, one fifth of the 2013 level.
Promenada Mall, which opened in the fall of 2013 and was acquired by NEPI last year, ranked fifth in its first full-year in business, posting almost RON65 million revenue.
The year 2015 saw the opening of a new mall, Mega Mall, held by NEPI, which took the stock of malls and shopping centers in Bucharest to more than 1 million square meters.
(English version by Loredana Fratila-Cristescu)