Behind the scenes of the €788 million plan to reinvent retail in CEE

06
Aug
2025
News Article Bulgaria CEE ESG green energy interview Marek Noetzel Poland retail Romania shopping

by Ákos Budai | Interview

In a time of shifting consumer behaviours, rising costs, and increasing sustainability demands, retail landlords must do more than simply lease space. Property Forum spoke with Marek Noetzel, COO of NEPI Rockcastle, about how the region’s largest retail investor is adapting its strategy to meet changing market dynamics. From expanding into new cities to rolling out large-scale refurbishments and solar investments, NEPI Rockcastle is focused on curating experiences, driving operational efficiency, and enabling retailer growth across Central and Eastern Europe.


What are NEPI Rockcastle’s expectations this year for the retail markets in CEE-based countries where you are present?

We are optimistic, but cautious, about the retail markets in CEE this year, with moderate economic growth expected for our two largest markets, Poland and Romania. Poland remains the most mature market, but Romania is catching up fast with strong fundamentals, regional expansion, and rapid integration of omnichannel retail. Both markets show rising rents, growing footfall, and increasing demand for ESG-compliant properties. NEPI Rockcastle’s solid Q1 results, where net operating income (NOI) increased by 12.6%, demonstrate, however, that our strategic acquisitions and active asset management programmes are driving value growth and resilience in the portfolio, even with a more uncertain retail market background. Our large shopping centre acquisitions made in Poland in the second half of 2024, Magnolia Park in Wroclaw and Silesia City Center in Katowice, bolstered NOI and we achieved growth in tenant sales, basket size and spend per visit. While we saw a lower growth in base rents because of moderating inflation, this was offset by our asset management activities – such as unit rightsizing and tenant curation – which is having a positive effect on rents across the portfolio.

What are some of the strong development attributes of the retail market in CEE in the next few years?

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