Bucharest's Iris Titan Shopping Center gets €10-million facelift (RO)

DEGI Titan - an Aberdeen Immobilien KAG-owned company - has announced the relaunch of Iris Titan Shopping Center, one of the top properties in their Romania portfolio, under a new improved concept, following a €10-million investment designed to modernize and upgrade the center in order to better fit local consumers' demands.

The new center – now a place where all shopping needs can be checked off in one go, features a new concept, focused on shopping made efficient and powerful international anchors that include Auchan, as well as C&A, with a flagship store, as well as Deichmann and Sprider Stores – three of the most dynamic and in-demand retailers on the Romanian market.

Over the past months, the center has undergone important design and reconstruction work, as well as a reshuffling and optimization of its tenants. The stores and hallways have been reconfigured in order to enhance the ease of traffic inside the center and make all stores more visible. Other changes included the expansion of stores' surfaces as well as the complete redesign of the connecting hallways to Auchan. The improvement in design and reconstruction will be completed by the spring of 2012.

"Today we are proud to deliver one of the most sophisticated enhancements in the Bucharest retail market, aimed at upgrading and modernizing one of the most well-known centers in the city. We invested to this significant extent as we believe in the potential of the center and of its neighborhood. We have the benefit of being located two to three minutes away from Autostrada Soarelui and have access to a catchment of over 740,000 people.

"The Titan neighborhood will continue developing over the next years and we plan to grow and improve together, becoming the most important shopping hub in Eastern Bucharest. Just as its customers, Iris Titan Shopping Center will undergo a constant evolution, continuing to adapt and improve itself to fit consumers' needs and demands," said Harald Floer, Fund Director with Aberdeen.

"These days, we also celebrate five years since the opening of our first Auchan unit in Romania, within Iris Titan Shopping Center, and we are glad to receive our clients in a new, modern center and to offer them a complete range of products and services and more comfort, thanks to the refurbishment process of the shopping center.

"Auchan Titan is the biggest Romanian hypermarket and has a selling surface that is spanning over 16,000 m², it is equipped with 90 cash registers and it receives over 1 million visitors every month. We are convinced that all these positives improvements involving the commercial center will be much appreciated by our clients," said Patrick Espasa, General Manager Auchan Romania

"The tenant mix was reconfigured starting from the market demands. We have increased the share of apparel retailers, adding more powerful international brands, while maintaining a strong share of stores in the services area, which are also in high demand. Iris Titan Shopping Center now offers more shopping options for customers and added value through the new brands. We will continue analyzing all aspects of the center operation and adapting to the customer behavior," added Brigitte Schmitt, Partner in Oasis Shopping Center Services, the company in charge of the center's facility management.

Iris Titan Shopping Center also has a new logo and positioning, as the place where you check all your shopping, which started from the strong points that it offers thanks to the variety of the tenants, all put under a consumer-friendly approach.

Iris Titan Shopping Center opened in 2008 and spans over 48,000 m² of leasable surface, offering customers over 2,000 parking places outdoor and indoor locations. The center also provides several other benefits, such as a free bus line for visitors, with stops in the main areas of Titan.


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