Real estate developer GTC finalized and inaugurated this week its shopping center Galleria in the western city of Arad, following investments of around EUR 70 million. The shopping center is 99 percent leased and has 100 stores, over 35,000 sqm. This is the second shopping mall in Arad, after Atrium Center, opened in spring last year. A retail park, Armonia Center, has also been opened in the city of 170,000 inhabitants.

“The exam of this investment will be in the cold winter months, when people will be penniless after the holidays, they will have to pay the heating bills and then we will see whether anyone comes to the mall. In my opinion, Arad has a high economic potential, so two commercial centers can be developed here. I also trust that Romania will rise back to the where it used to be, economically wise,” said Shimon Galon, CEO of GTC Romania.

A Cora hypermarket was opened in the center, along with a Cinema City multiplex cinema. Retailer Inditex entered the center with its brands Zara, Bershka, Stradivarius and Pull&Bear, while retailer Peeraj opens stores under the brand Mango, Oviesse, Piazza Italia, Bero Moda and Jack&Jones.

Go Sport will open its first store in Romania in the Arad shopping center, while Pure Fitness also opened a unit there. The shopping mall will also host the offices of the Arad municipality, the census office, the passports office, as well as the driving licence registration and car registration offices.

The investment in galleria Arad was financed with a loan from the European Bank for Reconstruction and Development and from Raiffeisen Bank. This is GTC's fourth such mall in Romania, after Galleria Buzau, Suceava and Piatra Neamt.

GTC has also built office building Europe House and America House in Bucharest and it has sold both.

Corina Saceanu, corina@romania-insider.com

(photo source: Galleria)