Funshop Park Vaslui (10,000 square meters) developed by Scallier, Retail Park Dej (7,000 square meters) belonging to Cometex group, Shopping Park Giurgiu (7,000 square meters) owned by Square 7 Properties & Mitiska and Irimia Shopping Center (6,000 square meters), an investment operated by a local businessman, are the four projects completed in the first half of the year.
The stock of modern retail space in Romania totals 4.23 million square meters, with the local market ranking third in CEE.
“After two years and a half during which developers particularly delivered retail projects with areas of up to 10,000 square meters and in cities of smaller sizes in terms of the population, starting the second half of this year investments will also focus on scheme of above 20,000 square meters, in large cities, such as Craiova, Sibiu, Iasi, Pitesti, Arad, Alba Iulia or Brasov. Thus, more than ten retail projects of above 20,000 square meters have been announced, pointing to developers’ long-term commitment to Romania generally and the retail market in particular, despite inflationary and consumption decline pressures,” commented Dana Radoveneanu, Head of Retail Agency Cushman & Wakefield Echinox.
More than half of retail spaces due to be delivered in the second half of the year are retail parks.
2023 will mark record-high deliveries of retail spaces, with the 4.5 million sqm threshold set to be crossed at yearend in terms of retail spaces nationwide.
(English version by Catalina Apostoiu)