In the past three months, works on the Dambovita Mall have been completed, the first modern shopping center in Targoviste developed by Prime Kapital and MAS Real Estate, as well as AFI Palace Brasov, part of a mixed-used project that also comprises office spaces. By components, the shopping center has a lettable area of 45,000 sqm, while the first phase of the office space project covers 15,000 sqm.
These project deliveries took the total modern retail space stock in Romania to 4.03 million sqm, reflecting an average density of 200 sqm per 1,000 inhabitants. The stock comprises retail centers (57% of spaces), retail parks (36%) and retail galleries (7%), per data from Cushman & Wakefield Echinox.
“The local retail market saw numerous positive aspects during this complicated period and I would like to start with the fact that some retail categories such as do-it-yourself (DIY), home appliances, sports and home & deco have performed above expectations over the past months. Furthermore, despite the shopping centers facing a difficult period, the convenience projects and easy access, such as retail parks and retail galleries, saw outstanding results. Thus, the fact that we exceeded the barrier of 4 million sqm of modern retail space and that a series of projects are under construction proves there is further room for new developments and the market offers a reasonable level of confidence to all the actors involved: developers, tenants and, last but not least, customers”, said Bogdan Marcu, Partner Retail Agency, Cushman & Wakefield Echinox.
According to Cushman & Wakefield Echinox, the most important projects currently under construction and due for delivery in 2021 target the expansion of the Colosseum shopping center in north-western Bucharest, the first phase of the outlet-type shopping center Fashion House Outlet Centre Pallady, developed by Liebrecht & wooD and Sepsi Value Center in Sfantu Gheorghe. The three projects have a lettable area of nearly 40,000 sqm.