Expansion works have started as terms have been agreed with the general contractor. The project will be extended with a new section with a total area of approximately 20,000 square meters, which will be primarily dedicated to fashion & beauty retailers (45%), leisure & entertainment (30%) and food & beverage (12% ), components that will strengthen Colosseum’s position on the Bucharest retail market, in a period with a reduced supply of new retail spaces.
As a result of the expansion, the Colosseum project will reach 54,500 sqm of retail space, making it the second largest retail scheme in sector 1 and seventh largest in the city, according to Cushman & Wakefield Echinox, the strategic consultant for renting the new spaces at Colosseum.
The project comes to serve a residential area of the city, close to the new office hub in the Casa Presei area, an area with a reduced offer of retail spaces, considering that there is no modern retail project within a six kilometers radius around the Colosseum.
“The density of modern retail space in Bucharest is below the average of other cities in the country, while the purchasing power per capita is significantly higher as it continued its sustainable growth in recent years, amid the rise in wages. In this context, retailers are constantly looking for new opportunities, and the expansion of Colosseum in a developing area of Bucharest has come to meet this demand. Thus, about 10 months prior to its completion, agreements have been signed with all the tenants occupying large areas, and in the next period negotiations will be held regarding the few small units that are left to be leased,” said Bogdan Marcu, Partner, Retail Agency, Cushman & Wakefield Echinox.
New tenants, such as the Happy Cinema operator, the World Class fitness center network, over 20 fashion and beauty stores, as well as 12 restaurants and cafes, will be added to an already solid mix that includes Carrefour, Leroy Merlin, Altex, JYSK, LC Waikiki, Sport Vision or Pepco, among the top performers and dynamic retailers in the local market.