Report: Romania’s retail market saw more projects in 2024, but total leasable area was 15% lower YoY
<p>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 &amp; Wakefield Echinox.</p>

<p>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.&nbsp;</p>

<p>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.</p>

<p>The largest retail project of the year was <strong>Argeș Mall</strong> 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).</p>

<p>According to Cushman &amp; 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.</p>

<p>Dana Radoveneanu, Head of Retail Agency at Cushman &amp; 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.”</p>

<p>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.</p>

<p><i>irina.marica@romania-insider.com</i></p>

<p><i>(Photo source: Primekapital.com)</i></p>