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Colliers: Romanian Retail Space Market To Grow By 180,000 Sqm In 2017

Colliers: Romanian Retail Space Market To Grow By 180,000 Sqm In 2017
Retail space market will increase by 180,000 square meters in Romania in 2017, while most of the projects will be strip mall-type projects that will be delivered in secondary and tertiary cities, such as Prima Shops Oradea, according to real estate consulting company Colliers International.

“In the next five years, we expect the number of strip malls delivered annually to exceed the number of mall-type shopping centers. For example, this year, at least six strip malls will be delivered in cities like Bistrita Nasaud, Dorohoi, Mioveni, Oradea, Pascani and Targoviste. The first project of this type, that will be opened on April 6, is Prima Shops Oradea, developed by Oasis Retail & Development Consulting”, said Daniela Popescu, associate director of Colliers International retail department.

CCC, Takko, Pepco, Deichmann, Noriel, Flanco and Intersport will open stores in Prima Shops Oradea in the first stage of the project. The first stage of the project, of 5,000 sqm, will be completed this spring, while the second stage, of 5,000 sqm, will be finalized in the fourth quarter of 2017.

On a European level, private consumption is expected to increase by 2.2% in 2017, according to global report EMEA Retail Market Snapshot.

“The increase of private consumption has a double effect on the retail space market in Romania. On one hand, sales registered by most of the players rose 20-30% in the last 12 months, and, on the other hand, it works as a catalyst for the market. Thus, retailers which are already present on the market want to continue expansion and develop new concepts in order to become more flexible and cover both big cities and shopping centers and smaller cities and shopping centers”, Popescu said.

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