Of the seven administrative regions included in the survey “Romania Regional Cities Retail Market 2014” published by DTZ Echinox, the North-East region is the most developed in terms of modern retail stock, with approximately 422,000 sqm. The region also includes Suceava –the city with the highest modern retail stock density per 1,000 inhabitants (1,082 sqm).
At the opposite pole, there is the South-West region, with a total modern retail stock of approximately 92,000 sqm. The western region has over 240,000 sqm of modern retail space, 213,000 sqm in the central region and 223,500 in the southern region. In North-West and South-East, modern retail stocks cover 357,000 sqm and 367,000 sqm, respectively.
The demographic and economic data for each administrative region outside Bucharest show that the bulk of modern retail stock is in the regions with the highest number of inhabitants, but the lowest average salaries.
The highest level of monthly net income is registered in the South, in the cities of Ploiesti and Pitesti, with an average value of EUR386 per month. The ranking also includes the cities in the West, with an average of EUR359 per month and those in the central region, with an average of EUR344 per month.
The modern retail stock outside Bucharest is of 1.9 million sqm. Shopping centers account for 62%, while retail parks and commercial galleries make up 21% and 18%, respectively, of total retail stock. Most of the retail space outside Bucharest – approximately 60% – was delivered between 2006 and 2008.
Constanta, Cluj Napoca, Pitesti and Ploiesti are the regional cities with three modern shopping centers. Constanta, with a total 157,000 sqm, is the city with the highest modern retail stock outside Bucharest.
Iulius Mall Timisoara, covering 66,500 sqm, is the largest shopping center outside Bucharest, while Sibiu Shopping City is the largest retail park (84,600 sqm). The first modern shopping center delivered outside Bucharest is Iulius Mall Iasi (in 2000).
Headline rents achieved for units of 100 sqm in dominant shopping centers outside Bucharest range in average between EUR20 – 25/sqm/month. In cities like Cluj Napoca, Timisoara, Iasi or Constanta, the prime headline rents are 25% – 35% higher. For tertiary cities the prime headline rents are between EUR12–18/sqm/month.
The DTZ survey analyzed the seven administrative regions in Romania, totaling 28 cities with more than 50,000 inhabitants.