As the restrictions imposed in order to stem the spread of Covid-19 begin to ease, the Romanian retail market is recovering, speakers at CEDER 2021 agreed.
Shops have opened, followed by food courts and soon by entertainment areas within the country’s malls.
Carmen Ravon, Head of Retail Advisory & Transactions at CBRE, says the market signs are positive.
“We noticed in our portfolio of property management there has been very good footfall recently. April was even better than pre-pandemic,” she said.
According to Geanina Ungureanu, Leasing Manager Retail at Immofinanz, Romanian retailers were luckier than those in other European countries, where lockdowns were longer, confirming that Cinema City will open on May 27. This will bring people back to the malls and increase the footfall, as Romanian consumers are highly driven by the leisure and entertainment components.
“The traffic figures and the turnover were very good in January and February. March was a bit slower, but April was a superstar. The first days after the restrictions were loosened were similar to the days when we inaugurated the malls,” Ungureanu said during CEDER 2021.
Immofinanz is currently moving forward with the refurbishment of one third of VIVO Baia Mare, around 10,000 GLA. “We will have a new food anchor, a premiere, and also fashion and sports brands,” she added.
The positive trend was confirmed by Roxana Stanciulescu, Head of Retail Division AFI Europe Romania. “We see the market coming back from all points of view. The first quarter was good. Since March, traffic increased every day, especially since the restaurants opened,” she said.
