Romania’s modern retail stock reached 4.62 million sqm in 2024, with around 180,000 sqm of gross leasable area (GLA) delivered during the year. While this marked a 15% decrease compared to 2023, it was still one of the strongest years for new retail completions in the past decade, according to real estate consultancy Cushman & Wakefield Echinox.

A total of 14 retail projects were completed, including both new developments and extensions of existing schemes. Retail parks accounted for 64% of the new supply, with the remainder being shopping centers. 

Among the cities benefiting from these investments were Pitești, Ploiești, Giurgiu, Crevedia, Hunedoara, Bistrița, Sinaia, and Râmnicu Vâlcea. In Bucharest, the most significant project was the 25,700 sqm Jumbo Center, a full refurbishment of the former Liberty Center.

The largest retail project of the year was Argeș Mall in Pitești, a 51,400 sqm development by Prime Kapital - MAS Real Estate. Other notable completions included Shopping Park Pitești (22,500 sqm, developed by Mitiska REIM - Square 7 Properties) and Aurora Retail Park Giurgiu (13,000 sqm, owned by Cometex).

According to Cushman & Wakefield Echinox, the retail sector continues to show growth potential, with more than 700,000 sqm of GLA either under construction or in the planning stage, set for completion by 2028-2029. Cluj-Napoca, Iași, Bacău, Galați, and Bucharest are among the key locations targeted for new investments.

Dana Radoveneanu, Head of Retail Agency at Cushman & Wakefield Echinox, stated: “The Romanian retail market remains attractive for both retailers and developers, despite the local and European macroeconomic pressures. The recent deliveries of modern retail projects and the robust long-term pipeline underscore the market’s potential. Whether we are referring to smaller retail parks in emerging cities or to large urban regeneration projects, there is a clear upward trajectory of this market segment.”

In terms of rental prices, prime shopping center rents in Bucharest stabilized at EUR 90 per sqm per month in the fourth quarter of 2024. In secondary cities such as Cluj-Napoca, Timișoara, Iași, and Constanța, rents remained between EUR 50 and EUR 65 per sqm per month, while tertiary locations recorded levels of EUR 30-35 per sqm per month.

irina.marica@romania-insider.com

(Photo source: Primekapital.com)