Romania ranked fifth at a European level by deliveries of retail spaces in retail parks in 2018, being overtaken in this hierarchy only by France, Spain, Great Britain and Italy, according to the European Retail Park - What's Next report, compiled by real estate consultancy company Cushman & Wakefield.
Some 76,000 sqm of retail parks were delivered in Romania in 2018, representing 73% of the new supply of modern commercial spaces given in use. The stock of retail parks on the local market is about 1.3 million sqm, similar to the one in the Czech Republic, a country with a population two times smaller, which indicates a potential for growth of the local market, according to the authors of the study.
Looking in perspective, Romania will continue to be among the top 10 countries in Europe to develop this format of commercial projects, with retail parks operating in both large and small cities that cannot absorb a shopping center mall type.
“Although most of the deliveries in 2018 were mainly focused on retail parks developments, there is still room for further expansion on this segment in Romania. As convenience and proximity are becoming more and more popular, we expect to see more retails parks to be delivered in the upcoming years as complementary offer to dominant schemes,” said Bogdan Marcu, Partner Retail Agency Cushman & Wakefield Echinox.
(Photo source: the company)
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