08. Juni 2010 
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Retail: Contraction of rental levels continued with moderation in Q1 2010
The volume of modern retail stock (comprising retail schemes in the form of urban malls, retail parks, commercial galleries, outlet stores and strip malls) increased by an additional 106,500 sq m GLA within Q1 2010 representing a 29% new supply increase quarter-on-quarter and an approximately 91% increase year-on-year. At the end of March 2010 the Romanian modern retail stock reached 1.34 million sq m.
In the beginning of 2010 two shopping centres were delivered on the market – firstly, Sun Plaza (Bucharest) which totals 76,500 sq m of gross lettable area, being anchored by Cora, Baumax and Mobexpert. The second delivery, Atrium Center Arad, a 30,000 sq m shopping mall anchored by a Billa supermarket, is the first modern retail scheme of the city. At the opening date the mall was 92% leased.
According to developers’ plans, there are four projects expected to open at the end of 2010, in their majority located in the secondary cities (with around 300,000 inhabitants). However, advanced construction works are being undertaken only at Gold Plaza (Baia Mare).The majority of the schemes announced for this year are actually projects initially planned for 2009, but postponed due to the economic instability and still likely to slide further.
After a period where some developers adopted a wait-and-see approach and some were forced to close unprofitable schemes, in the beginning of 2010 two retail projects have been announced on the market – Pallady Shopping Center in Bucharest (developed by Avrig 35 and Cascade Group, comprising a 20,000 sq m GLA commercial gallery) and Coresi Shopping City in Brasov (developed by Centerra, including a 40,000 sq m GLA shopping mall). According to the information disclosed on the market regarding the two proposed schemes, the construction works will start in 2010, both projects already having a secured food anchor.
Demand
In March 2010 the volume of retail turnover sales raised to 3.7% month-on-month and decreased by 4.8% year-on-year whereas for the whole quarter turnover sales decreased by 8.3% year-on-year.
In the beginning of 2010 two shopping centres were delivered on the market – firstly, Sun Plaza (Bucharest) which totals 76,500 sq m of gross lettable area, being anchored by Cora, Baumax and Mobexpert. The second delivery, Atrium Center Arad, a 30,000 sq m shopping mall anchored by a Billa supermarket, is the first modern retail scheme of the city. At the opening date the mall was 92% leased.
According to developers’ plans, there are four projects expected to open at the end of 2010, in their majority located in the secondary cities (with around 300,000 inhabitants). However, advanced construction works are being undertaken only at Gold Plaza (Baia Mare).The majority of the schemes announced for this year are actually projects initially planned for 2009, but postponed due to the economic instability and still likely to slide further.
After a period where some developers adopted a wait-and-see approach and some were forced to close unprofitable schemes, in the beginning of 2010 two retail projects have been announced on the market – Pallady Shopping Center in Bucharest (developed by Avrig 35 and Cascade Group, comprising a 20,000 sq m GLA commercial gallery) and Coresi Shopping City in Brasov (developed by Centerra, including a 40,000 sq m GLA shopping mall). According to the information disclosed on the market regarding the two proposed schemes, the construction works will start in 2010, both projects already having a secured food anchor.
Demand
In March 2010 the volume of retail turnover sales raised to 3.7% month-on-month and decreased by 4.8% year-on-year whereas for the whole quarter turnover sales decreased by 8.3% year-on-year.
