Modest retail development activity in the first nine months of the year

Development activity in the retail market has been modest in the first nine months of this year, with only three small projects delivered.

In total, new commercial spaces with a cumulative area of ​​about 31.000 sq. m were delivered until the end of September throughout the country.

Thus, the modern retail stock in Romania reached 4.04 million sq. m, reflecting an average density of 209 sq. m / 1,000 inhabitants.

Only one new retail scheme was delivered in Q3 2021, Funshop Park Roşiorii de Vede (6,500 sq. m GLA), the first retail park developed by the Polish group Scallier in Romania.

In addition, two other retail schemes were launched in H1 2021 – Sepsi Value Center, with 16,300 sq. m GLA and the first phase of Fashion House Pallady, with 8.500 sq. m GLA.

The most significant projects under construction are represented by Prahova Value Centre in Ploieşti, the extension of Colosseum Mall in Bucharest or Bârlad Value Centre in the Moldova region.

In terms of developers, Prime Kapital (in joint-venture with MAS Real Estate), Scallier and Mitiska still have the most consistent pipeline, aiming to extend their presence in Romania.

Major projects pipeline 2021

ProjectSubmarketSize  (sq. m)Owner/Developer
Prahova Value CentrePloiești20,800Prime Kapital – MAS REI
Barlad Value CentreBârlad16,300Prime Kapital – MAS REI
Baia Mare Shopping ParkBaia Mare8,400Mitiska Reim
Mediaș Shopping Park extensionMediaș8,000Mitiska Reim
Source: Cushman & Wakefield Echinox
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