Over 64% of the retail space area delivered in 2024 were retail parks, with the rest as mall-type projects, in line with data provided by real estate consultancy Cushman & Wakefield Echinox.
Pitesti, Ploiesti, Giurgiu, Crevedia, Hunedoara, Bistrita, Sinaia, Ramnicu Valcea are among the cities benefiting from such investments in 2024, while in Bucharest the most important project delivered last year is Jumbo Center, with a 25,700-sqm area, in the wake of the revamping of former Liberty Center.
Countrywide, Arges Mall of Pitesti, of 51,400 square meters, owned by Prime Kapital and MAS Real Estate, was the largest retail scheme delivered in 2024.
The potential of Romania retail market is also visible from developers’ current investment plans envisaging the construction of over 700,000 square meters of new spaces by 2028/2029.
“Romania retail market retains its appeal both for retailers and developers despite local and European macroeconomic pressures. The annual increase in the shopping center stock, as well as the dynamics of projects underway are clearly pointing to the upward trajectory of this sector,” explains Dana Radoveneanu, Head of Retail Agency Cushman & Wakefield Echinox.
She underscored Romania is strengthening its position on the European market on its lowest density of modern retail spaces per population, as well as amid impressive retail sales.
In line with Cushman & Wakefield Echinox data, Romania overall retail space stock reached 4.62 million square meters as in 2024 new projects with a total area of around 180,000 square meters were built.
(English version by Catalina Apostoiu)