“The consumer spending, which naturally accounts for more than two thirds of the GDP, was a major indicator of the welfare of the retail market. Moreover, the increase in online spending was a significant factor especially during the COVID-19 crisis,” says Simina Niculita, Partner & Head of Retail Agency with Colliers.
“The sports, DIY (…) industries recorded unprecedented growth and high demand for a distinct type of products. Household use products saw growth as well, because more and more people spent time at home, so sales in related stores were almost 10% higher than before the pandemic.”
On a market still reeling from COVID-19, retail parks have become more attractive, with large stores suitable for social distancing, parking and drive-through facilities, which gives them an advantage given the new spending patterns.
One of the big inaugurations in the first half was Fashion House Pallady, the second such outlet in Romania after Fashion House Militari. Another resumed project was the second phase of the Colosseum Mall, a shopping gallery of 54,500 square meters in the north-west of the city, near Chitila.
The Romanian retail market welcomed new additions in 2021, such as the Spanish outlet concept Numero Uno and Russian jewelry brand Sokolov, which have already opened stores in Bucharest, Iasi and Cluj-Napoca.
Vacancy rate rose for all types of spaces in the first half, with non-dominant shopping centers seeing the highest increase, some 5% to 7%, due to high exposure to fashion retail and restaurants.
(English version by Loredana Fratila-Cristescu)