At Least 8 Romanian Retail Proj Scheduled For Delivery In 2011

In 2009, developers completed retail projects totaling 195,000 sqm, according to CB Richard Ellis (CBRE) data.

"In 2011, the stock of modern retail in Romania will increase by 230,000 sqm through projects as Palas Iasi, Maritimo Shopping Center Constanta, the first phase of Colosseum project in Bucharest and the expansion of Baneasa Shopping City," CBRE analysts said.

Oradea Shopping City, Uvertura City Mall Botosani, Vitan Outlet Bucharest, Policolor Shopping Center Bucharest and Electroputere Shopping City Craiova are other projects scheduled for completion in 2011.

Several projects frozen this year due to lack of financing might be revived in 2011, according to Razvan Sin, head of the retail department at DTZ Echinox.

Retailers have already started to pressure developers to start new projects, he added.

The Advisers Knight Frank analysts said that most of the retail projects announced and planed for 2011 are big-box units, as a consequence of developers' attempt to adapt to the current market conditions.

"This type of project requires lower investments compared with the costs of a traditional shopping mall. Moreover, the tenants of the «big-box» projects are the most active retailers on the market, as they are able to continue their expansion plans even in lower consumption conditions," The Advisers representatives said.

Romania's modern retail stock totals around 1.3 million sqm.

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