In the next period the counties of Vaslui, Caraș-Severin and Olt will also be covered, leaving just counties Teleorman and Giurgiu, Cushman & Wakefield Echinox said in its Retail Regional Cities report.
Cushman & Wakefield Echinox defines modern shopping centers as new projects or projects that went through major renovations over the last 20 years and whose lettable area exceeds 5,000 square meters. While Alexandria in Teleorman and Giurgiu do have shopping galleries, these are below the 5,000 sqm threshold.
Real estate developers are especially active on the retail parks segment, where the access to large stores is made directly from the outside. Such projects are preferred over shopping centers that include more common areas, involve higher investments and are subject to more restrictions in delicate medical situations.
With the exception of Dambovita Mall, a mall-type shopping center opened by Prime Kapital and MAS Real Estate in Targoviste, in the other counties recently covered developers opted for retail parks, namely Sepsi Value Center in Sfantu Gheorghe (Covasna county), NEST Retail Park in Miercurea Ciuc (Harghita county) and Catex Retail Park in Calarasi.
There are currently five counties without modern retail centers. These counties have a total population of about 1.8 million.
Resita, where Ceetrus is planning a major urban regeneration project that will include a shopping center of approximately 35,000 square meters, is the largest city without a modern retail project, with a population of about 73,000 inhabitants.
In Slatina, the Belgian developer Mitiska REIM plans both the expansion of the existing project and the development of a new retail park with an area of about 10,000 sqm.
In Vaslui county, Prime Kapital will develop Barlad Value Center (16,500 sqm for lease), while the Polish group Scallier is planning a Funshop retail park in the county residence.
“The fact that retail developers are focusing their attention to a number of tertiary cities, considered less attractive so far, shows that the modern retail market in Romania remains alluring, offering significant development potential. The imminent completion of the national supply of commercial spaces will only bring Romania closer to the level of more developed countries in Central and Western Europe, countries where each community benefits from modern retail options adequate to the purchasing power and consumption habits,” said Bogdan Marcu, Partner, Retail Agency, Cushman & Wakefield Echinox.
On the other hand, the future offer of commercial spaces in Bucharest is limited. The biggest projects currently under construction and planned for delivery in 2021 are the expansion of the Colosseum shopping center in the northwestern part of the city, the first phase of Fashion House Pallady outlet shopping center, and Greenfield Plaza, the retail component of Greenfield residential project. These three developments total an area of approximately 30,000 sqm.