All the 12 analyzed fields posted turnover above the 2021 level, with the biggest increases being reported on the cosmetics field (32.9%), that of restaurants and coffee shops (32.5%) and fashion (24.5%).
Thus, the companies included in the survey in 2022 reported total turnover worth EUR32.3 billion, compared with RON27.7 billion in 2021 and EUR24.9 billion in 2020.
Together, the 114 retailers operate more than 6,000 stores, with most of them operating in malls, retail parks or shopping galleries.
“Romania’s retail market has in the past three years experienced a period marked by pandemic restrictions, which initially led to the closure and then access limitation in shopping centers, followed by a period characterized by skyrocketing inflation, with an impact over purchasing power and implicitly consumption. Hence it is impressive that, amid all these challenges, each of the 12 segments managed to perform better in 2022 than in 2019, the year before the health crisis,” says Vlad Saftoiu, Head of Research, Cushman & Wakefield Echinox.
Analyzing the data of the 2019-2022 period, the average annual increase of turnovers generated by major retail networks stood at 11.7%, in the context where the average annual inflation rate during this interval reached 7.1%.
“Retail continued to have a major contribution to GDP growth and formation in 2022 as well,” adds Vlad Saftoiu.
Major retailers’ revenue growth was supported both by new store openings and a strong sales rebound in physical stores.
Retailers’ expansion was also favored by retail space developers’ investments. The latter completed 39 projects totaling over half a million square meters of new retail space.
(English version by Catalina Apostoiu)