The top of the shopping center ranking remained unchanged last year, with the highest revenues posted by the main malls in Bucharest, Baneasa Shopping City and AFI Palace Cotroceni (north and west of the city).
Bucuresti Mall, the ‘trailblazer’ of the mall business in Romania continues to lose ground while waiting for refurbishment works that have been delayed, reveals a ZF analysis of the most important 50 retail centers in Romania.
Bucuresti Mall’s revenue fell 11.6% to EUR14.5 million last year, which means the Anchor Group-held center fell behind the Iulius Malls in Timisoara and Cluj of Iulian Dascalu, and the Sun Plaza mall in Berceni, southern Bucharest. Plaza Romania, the second mall of Anchor Grup, saw its revenue shrink 25% to EUR9.3 million.
Businessman Iulian Dascalu’s malls in Timisoara and Cluj and perhaps Polus Center in Cluj are the only shopping centers outside Bucharest that made it into the top ten. The company in the Immofinanz group, which manages Polus Center Cluj, does not have its 2012 results published on the Finance Ministry website (it posted EUR13.2 million revenue in 2011) as neither do Atrium Center in Arad (western Romania) and Liberty Center in Bucharest.
Most malls in Romania continue to see significant losses, as a result of the amortization and construction loan repayment expenses, therefore the 50 malls in the ranking posted an almost EUR190 million loss, despite the profit of Baneasa Shopping City, AFI Palace Cotroceni, Unirea Shopping Center, Bucuresti Mall and City Park Constanta.
The 50 largest malls made almost EUR350 million revenue in 2012, which their owners collected as rent and service charges. Total shopping consumers did in these centers can be put at about EUR2.5 billion, considering rent is usually set at about 15% of sales.
While average revenue per square meter in a good mall in a big city may exceed EUR30 per month, revenue in smaller cities may amount to EUR5/square meter or even less, comparable to the revenue generated by logistics and industrial space.
(English version by Loredana Fratila-Cristescu)
|
Rank |
Center (company) |
Floor space (sqm) |
2012 revenue |
2011 revenue |
2012/2011 revenue trend (%) |
2012 profit |
Average operating revenue (euro/sqm/month) |
|
1 |
Baneasa (Baneasa Developments) |
105,000 |
38.8 |
33.3 |
16.7 |
14.8 |
30.8 |
|
2 |
AFI Palace Cotroceni (Cotroceni Park) |
79,500 |
29.4 |
25.2 |
16.5 |
5.4 |
30.8 |
|
3 |
Unirea Shopping Center* |
58,000 |
18.6 |
18.5 |
0.3 |
1.3 |
26.7 |
|
4 |
Iulius Mall Timisoara |
66,580 |
17.4 |
15.7 |
10.4 |
-12 |
21.8 |
|
5 |
Sun Plaza (Societate Dezvoltare Comercial Sudului) |
81,000 |
15.5 |
14.1 |
9.6 |
-16.8 |
15.9 |
|
6 |
Iulius Mall Cluj |
42,700 |
15.3 |
13.9 |
10.7 |
-2.4 |
29.9 |
|
7 |
Bucuresti Mall |
39,550 |
14.5 |
16.4 |
-11.2 |
3.2 |
30.6 |
|
8 |
Polus Center Cluj |
62,884 |
N/A |
13.2 |
– |
– |
N/A |
|
9 |
Iris Titan (Degi Titan) |
48,000 |
9.5 |
8.3 |
15.2 |
-10.9 |
16.5 |
|
10 |
Militari Shopping (Land Development Proiect) |
51,400 |
9.3 |
9.5 |
-1.2 |
-3.9 |
15.1 |
|
11 |
Plaza Romania |
47,860 |
9.3 |
12.4 |
-25.2 |
-7 |
16.2 |
|
12 |
City Park Constanta (Everest Investitii si Consultanta) |
23,000 |
9 |
8.8 |
2.6 |
4.8 |
32.6 |
|
13 |
Promenada Mall Braila |
60,000 |
8.4 |
6.4 |
31.4 |
-2 |
11.7 |
|
14 |
Grand Arena (Euroinvest Intermed) |
50,000 |
8.1 |
7.7 |
4.7 |
0.2 |
13.5 |
|
15 |
Maritimo Constanta (Tripont Invest)** |
35,000 |
7.5 |
1.4 |
423.6 |
-64.2 |
17.9 |
|
16 |
Iulius Mall Suceava |
49,800 |
6.9 |
6.5 |
5.8 |
-6.2 |
11.5 |
|
17 |
Retail Park Pitesti |
34,000 |
6.5 |
5.9 |
11.1 |
0 |
15.9 |
|
18 |
Lotus Center Oradea |
40,150 |
6.5 |
5.3 |
22.9 |
0 |
13.5 |
|
19 |
Sibiu Shopping City |
80,000 |
6.4 |
5.6 |
13.2 |
-1.9 |
6.7 |
|
20 |
ERP Targu-Mures |
49,850 |
5.7 |
5.5 |
2.9 |
-3.1 |
9.5 |
|
21 |
TOM Constanta |
32,000 |
5.3 |
6.3 |
-15.5 |
1.3 |
13.8 |
|
22 |
Iulius Mall Iasi |
25,400 |
5.2 |
5.7 |
-9 |
-1.9 |
17.1 |
|
23 |
Centrul comercial Orhideea (Victoria Invest Romania) |
12,500 |
5 |
4.8 |
3.4 |
2.3 |
33.3 |
|
24 |
Suceava Shopping City |
46,000 |
4.7 |
4.9 |
-3.8 |
-1.6 |
8.5 |
|
25 |
ERP Focsani (Bel Rom Sapte) |
44,600 |
4.6 |
4.2 |
8.2 |
-5.3 |
8.6 |
|
26 |
Hello Park Bacau (Bel Rom Sapte) |
42,600 |
4.6 |
4.2 |
8.2 |
-5.3 |
9.0 |
|
27 |
Arena Mall Bacau |
19,500 |
4.6 |
4.9 |
-7.5 |
-3 |
19.7 |
|
28 |
Gold Plaza Baia Mare (Retail Development Invest 1) |
30,000 |
4.4 |
4.5 |
-3.1 |
3.7 |
12.2 |
|
29 |
Colosseum Chitila (Nova Imobiliare)** |
37,500 |
4.2 |
1 |
310.7 |
-4.2 |
9.3 |
|
30 |
Liberty Center Bucuresti |
25,000 |
N/A |
4.2 |
– |
– |
N/A |
|
31 |
Atrium Center Arad (Mastweight) |
30,000 |
N/A |
4.2 |
– |
– |
N/A |
|
32 |
Vitantis Bucuresti |
34,000 |
3.8 |
4 |
-6.6 |
-2.7 |
9.3 |
|
33 |
Jupiter City Pitesti |
42,300 |
3.7 |
3.5 |
4.1 |
0.8 |
7.3 |
|
34 |
Euromall Pitesti (Flash Consult Invest) |
18,000 |
3.4 |
3.5 |
-2 |
-2.8 |
15.7 |
|
35 |
Cocor Bucuresti |
10,000 |
2.7 |
5.1 |
-46.4 |
-3.6 |
22.5 |
|
36 |
ERA Iasi (Ermes Holding) |
40,000 |
2.6 |
2.6 |
-0.8 |
-3.7 |
5.4 |
|
37 |
ERA Oradea (Omilos Oradea) |
45,000 |
2.5 |
2 |
22.5 |
-12.5 |
4.6 |
|
38 |
River Plaza Ramnicu-Valcea |
11,700 |
2.5 |
2.5 |
0.8 |
-1.5 |
17.8 |
|
39 |
Galleria Arad (Mercury Commercial Center)** |
33,000 |
2.2 |
0.8 |
163.3 |
-16.3 |
5.6 |
|
40 |
Ploiesti Shopping City*** |
46,200 |
2 |
– |
– |
-4.5 |
N/A |
|
41 |
Severin Shopping Center (Bel Rom Zece) |
26,000 |
1.9 |
1.9 |
0.6 |
-0.6 |
6.1 |
|
42 |
Oradea Shopping City (Shopping Center Holding)** |
30,000 |
1.8 |
0.6 |
177.9 |
-5.6 |
5.0 |
|
43 |
Mures Mall (Targu Mures) |
10,000 |
1.8 |
2 |
-9.8 |
-0.4 |
15.0 |
|
44 |
Armonia Center Arad**** |
43,000 |
1.7 |
2.7 |
-38.1 |
-8.9 |
3.3 |
|
45 |
Moldova Mall Iasi |
9,500 |
1.6 |
1.8 |
-9.6 |
4.1 |
14.0 |
|
46 |
Alba Mall |
14,000 |
1.5 |
1.6 |
-1 |
0.1 |
8.9 |
|
47 |
Botosani Shopping Center (Bel Rom Opt)** |
22,000 |
1.4 |
0.1 |
976.8 |
-0.9 |
5.3 |
|
48 |
Galleria Piatra Neamt (Mars Commercial Center) |
12,800 |
1.1 |
1.4 |
-22.2 |
-8.5 |
7.2 |
|
49 |
Galleria Buzau (Beaufost Invest) |
13,400 |
0.7 |
0.9 |
-19.4 |
-7.3 |
4.4 |
|
50 |
Aurora Buzau (Cometex) |
18,000 |
0.5 |
0.5 |
1.8 |
0.2 |
2.3 |
|
Total/Average |
1,928,274 |
324.6 |
320 |
-189.3 |
14.0 |
Sources: Finance Ministry, ZF data
* Financial results of Unirea Shopping Center include the revenues of the centers in Bucharest and Brasov
** Opened in 2011 and as such was only operational for a few months that year
*** Ploiesti Shopping City was inaugurated at the end of 2012
**** Armonia Arad halted retail operations last year