With a stock of modern retail space reaching 2.17 million m², there is still room for quality developments on the Romanian retail market, according to the latest research from CB Richard Ellis Romania, 'Romanian Retail Market 2010'.
The retail stock in Romania registered a rapid and complete transformation only in the past three to four years, with 2008 and 2009 as record development years. Including shopping centers and retail parks, in overall Romania there are 101 m² of modern retail space per 1,000 inhabitants. Obviously, there are cities where this average is four time higher, like: 454 m² per 1,000 inhabitants in Cluj Napoca, 500 m² per 1,000 inhabitants in Pitesti, or Bucharest with 411 sq m per 1,000 inhabitants, and with minimums of 89 m² for Satu Mare and 56 m² for Craiova.
As compared with other capitals in the region, Bucharest is at the inferior limit exceeding only Sofia (150 m² per 1,000 inhabitants) or Belgrade. The other cities register a medium of over 500 m² per 1,000 inhabitants, such as: Warsaw 800 m² per 1,000 inhabitants or Prague 654 m² per 1,000 inhabitants.
"In order to become a successful investment, any newly launched center should have a clear position in terms of concept, to target a clear catchment area and to offer that 'point of difference'," CBRE's report said.
Within the developments scheduled to be delivered in the following two years there are:
- Maritimo Shopping Center, a development by Immoeast in Constanta. The center has around 50,000 m² GLA and is planned to be opened by Q3 2011 and will be anchored by names like Auchan and H&M.
- Palas Iasi part of the largest private mixed-use development in Romania by Iulius Group, the shopping center segment will have over 40,000 m² GLA and the food anchor is scheduled to be Auchan hypermarket.
- Colosseum Park to open in mid 2011 the first phase of the development, consisting of a Leroy Merlin DIY outlet, a Carrefour hypermarket and shopping gallery. The plans for the 130,000 m² GLA shopping center have been put on a second development phase, to be completed in late 2014.
- Pallady Shopping Park a large retail development, located on the exit towards A2 motorway (Constanta) by well-known developer Avrig 35. So far, the announced tenants for this scheme are: Auchan Hypermarket and Decathlon sports retailer. The plans are for a delivery in late 2011.
- Cora Severin the Cora Hypermarket purchased a plot of land in Drobeta Turnu Severin where they plan to open a retail park, obviously anchored by Cora. The opening date is unknown and could be scheduled for late 2011, early 2012.
Source: CB Richard Ellis