The 70,000 square meter gross lettable area of the mall is already 97% rented and the company is in talks with potential tenants for the remaining 3%. In all, more than 200 stores are due to open and at least 165 of them will be ready for business in the first day. Park Lake required an over EUR180 million investment.
The opening of the mall comes at a very good time for consumer spending, which had a direct impact on the GDP trend in the first half.
“The steps the government took, such as the VAT cut, are a real growth driver for consumer spending,” said Ingo Nissen, managing director of Sonae Sierra, who is in charge of the development projects in Romania.
Although met with some criticism, these steps taken by the government turned out to be the right ones to take. People have more money and are spending it. The economy is growing, the heavy industry, the agriculture and the IT industry are all seeing growth now, Nissen added.
The overall VAT was cut from 24% to 20% as of January 1, 2016 and it may see a further cut to 19% next year.
(English version by Loredana Fratila-Cristescu)