The first semester of 2021 saw limited deliveries of new modern retail schemes, as the pandemic context triggered delays in the construction process.
Also, prices of building materials have soared over the last six months, leading to a slowdown of the planned retail developments.
Overall, out of the c. 121,000 square meters of new retail schemes under construction slated in 2021, 62% are small structures, mainly retail parks, according to Colliers.
In a market currently dominated by post COVID-19 reminiscence, retail parks have become more attractive, with large stores favorable to social distancing.
An important inaugural in the first half of the year was marked by Fashion House Pallady, the second outlet center in Romania, after Fashion House Militari.
Another unlocked project was the second phase of Colosseum Mall, a 54,500 square meters shopping gallery, located in the northwestern part of the city, near Chitila.
Also, a new project carried out by Prime Kapital was inaugurated in Sfantu Gheorghe. Sepsi Value Center has 16,300 square meters and it’s one of the most modern retail parks in the region.
New entries on the Romanian retail market
In terms of novelties, the Romanian retail scene has embraced new brand entries in 2021, marked by the Spanish outlet concept Numero Uno and the Russian jewelry brand Sokolov.
The latter already had store openings in Bucuresti, Iasi and Cluj Napoca.
At the opposite pole, the French fashion retailer Camaieu has shut its stores in Romania, among other overseas locations, as it focuses on its domestic market.
Meanwhile, Poland’s big footwear retailer CCC is switching focus back to eastern Europe, assessing opportunities to add a new outlet concept in Romania.
Further, Colliers expect to see other new names on the market, the Irish fast fashion retailer Primark and some other novel Polish brands.