The total stock of modern retail spaces in Romania is 3.74 million sqm, with a density of 192 sqm/1,000 inhabitants. In Bucharest, the area of shopping malls, retail parks and commercial galleries amounts to 1.19 million sqm with a density of 651 sqm/1,000 inhabitants, 3.5 times higher than the national average.
In the first half of 2019, two extensions of existing shopping centers were completed: Sibiu Shopping City and Tom Shopping Center in Constanta. IKEA opened its second store in Romania in Bucharest, with an area of about 37,000 sqm, the largest in Southeast Europe.
The largest project to be delivered this year is the Festival Centrum in Sibiu, a commercial center developed by NEPI Rockcastle, which will have a lettable area of 42,000 sqm.
Another expected delivery is extension of Iulius Mall Timisoara, part of the joint project Iulius Town developed in partnership by Iulius Group and Atterbury.
Other cities that will benefit from new modern retail spaces are Zalau, where Prime Kapital will deliver the Zalau Value Center project, Satu Mare (the extension of the project developed by Auchan) or Buzau (the extension of Buzau Shopping City, the former Aurora Mall).
In Bucharest, the completion of the retail park DN1 Value Center developed by Prime Kapital (28,500 sqm) and the Veranda Mall extension (7,000 sqm) are expecetd in the second half of the year.