The suspension of shopping center activity affects approximately 3.7 million square meters of retail spaces in Romania, CBRE estimates.
“In terms of revenue alone, restrictions have already generated losses of EUR750 million for affected economic operators. From a social point of view, we estimate around 89,000 employees are directly and indirectly affected by the suspension of work contracts but the number of people affected is much higher considering related activities, from manufacturing, distribution, supply, contractors, lenders, etc,” said Luiza Moraru, Head of Property Management for CEE, CBRE.
She added other countries in the region with similar or higher infection rates, such as Austria, Czech Republic, Poland, Hungary, Bulgaria, Serbia and Slovakia, have allowed shopping centers o resume activity.
“We believe it is very important that Romania send a positive and optimistic signal to foreign investors,” said Moraru.
Mall owners fear some businesses will be unable to recover financially after prolonged shutdown, which would ultimately lead to job loss.
The call to the government was initiated by CBRE and signed by Arena City Center, Baneasa Development, Ceetrus Romania, CPI, Immofinanz Romania, Iulius Grup, NEPI Rockcastle, ParkLake Shopping Center and Veranda Asset Management.