The Bucur Obor shopping center in Bucharest, one of the commercial landmarks of the Romanian capital in the communist era, will be remodeled and aligned to modern commerce standards.

The shopping center will host a discounter store on the ground floor and other international fashion anchors both on ground floor and mezzanine, but will also keep some of its current small haberdashery shops and textile shops, according to local Ziarul Financiar.

“After remodeling there will remain 150-160 tenants and out of the current ones we will keep those with the best results. These fabrics and textile shops and others will represent our advantage in the competition with the malls,” said Gelu Manea, general manager of Bucur Obor.

The total investment will be EUR 4-4.5 million and will start at the end of this year. It will end by 2016.

The company that owns the Bucur Obor shopping center last year had revenues of EUR 5.6 million and a net profit of more than EUR 2 million. The company had more than EUR 12 million worth of liquidities in its accounts. Bucur Obor is listed on the RASDAQ section of the Bucharest Stock Exchange and has a market capitalization of EUR 12 million.

editor@romania-insider.com