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Last Real Estate news

Romanian retail market offers room to grow

Romanian retail market offers room to grow

25/11/2010

Source: europe-re.com

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 brochure of CBRE Romania “Romanian Retail Market 2010”.

The retail stock in Romania registered a rapid and complete transformation only in the past 3 – 4 years, with 2008 & 2009 as record development years. Including shopping centers and retail parks, in overall Romania there are 101 m² of modern retail space / 1,000 inhabitants. Obviously, there are cities where this average is four time higher, like: 454 m² / 1,000 inhabitants in Cluj Napoca, 500 m² / 1,000 inhabitants in Pitesti or Bucharest with 411 sq m / 1,000 inhabitants, and with minimums of 89 m² for Satu Mare and 56 sq m for Craiova.

As compared with other Capitals in the region, Bucharest is at the inferior limit exceeding only Sofia (150 m²/1,000 inhabitants) or Belgrade. The other cities register a medium of over 500 m²/1,000 inhabitants, such as: Warsaw 800 m²/1,000 inhabitants or Prague 654 m²/1,000 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.