Nevertheless, recent investments in the renovation of Calea Victoriei historical buildings are likely to redefine this flagship shopping street as a benchmark destination for luxury retail, thus strengthening Bucharest’s position on this exclusivist segment, reads an analysis by real estate consultancy Cushman & Wakefield Echinox.
The way has already been paved by Louis Vuitton, by the launch in 2024 of the store located in InterContinental Athenee Palace hotel, and the Italian brand Zegna, which has recently opened a monobrand store in a historic villa close to Calea Victoriei.
Next come Dior, Saint Laurent, Celine, Valentino, Hermes, Chanel, Guerlain, which have been announced by Hagag Development Europe.
During the 2019-2023 period, the overall sales of the main luxury brands present in Romania soared by 120%.
Nevertheless, the market is far from having reached its potential and the creation of an adequate environment for the development of these brands is vital for attracting new names on the market, says Raluca Zlate, Senior Consultant Retail Agency Cushman & Wakefield Echinox.
The low availability of premium commercial spaces is one of the factors behind the slowdown in new store openings across Europe.
(English version by Catalina Apostoiu)