While two shopping centers are set to open in Bucharest by the end of the year, increasing the city’s retail stock by 100,000 sqm, there is still room on the market for one other large-scale retail scheme, according to Colliers International. The ParkLake Plaza opening will push the city’s current stock of modern retail space from 1.06 million sqm to 1.13 million sqm, or about 452 sqm per 1,000 inhabitants. The figure is well behind the average of other large cities in the region, writes Colliers. Veranda Mall is also expected to open later this year near Bucharest’s Bucur Obor area.
“Based on internal calculations of Colliers, taking into account changes in purchasing power and pace of consumption growth in the coming years, we estimate that the market could still absorb in the following years around 200,000 sqm of leasable area, of which shopping centers announced for delivery in Bucharest this year totals 100,000 sqm,” said Liana Dumitru, associate director of the retail department at Colliers International.
