On the other hand, developers have announced major investment plans for the coming years, so that the gap between Romania and the other countries in the region will continue to narrow. At present, more than 600,000 square meters of retail spaces are set to be delivered by the end of the decade, in line with data provided by real estate consultancy Cushman & Wakefield Echinox.
“On the medium and long term, Romania retail market has a sustained growth potential, both in the main cities and in secondary and tertiary cities, with the density of modern spaces being in many cases below the European average,” says Dana Radoveneanu, Head of Retail Agency Cushman & Wakefield Echinox.
While no new retail project was completed in the first quarter nationwide, the delivery pace accelerated significantly in April and May.
Cushman & Wakefield Echinox analysis shows retail sales increased by 3.5% in the first quarter. Rating agency Moody’s estimates an average annual growth rate of 3% for Romania retail sales by 2030, in the context where for the eurozone forecasts point to an average advance of just 1%.
(English version by Catalina Apostoiu)