Romania's modern retail market added approximately 80,000 sqm of new retail space in the first half of 2026, down from around 122,000 sqm in the same period last year, bringing total stock to more than 5.2 million sqm, according to a Colliers report. The decline was largely due to the absence of large-scale projects, with the Mall Moldova extension having accounted for nearly 50% of first-half deliveries in 2025. Colliers has revised its full-year 2026 delivery estimate by approximately 35%, from around 230,000 sqm to 150,000 sqm. The largest completions in the first half of 2026 were the Arena Mall extension in Bacău (approximately 17,000 sqm) and the first phase of Urbano Shopping & Living in Cluj-Napoca (around 15,000 sqm), alongside Aurora Retail Park in Bacău, the Electroputere Parc extension in Craiova and Galeriile Iris in Târgoviște, each contributing approximately 10,000 to 12,000 sqm.
These deliveries took place against a more difficult economic backdrop, marked by a weaker labour market, higher taxes, domestic uncertainty and price pressures, all of which weighed on consumer spending. Higher oil prices and rising logistics costs added further pressure, while consumer confidence fell close to its lowest level since 2012. Colliers data indicate a slight recovery from the low reached in the first half of the year, though retail sales remain marginally below 2025 levels. Dominant shopping centres and new developments continue to report high occupancy, and several top-performing malls in major cities have waiting lists. Romania also continues to attract international brands, with the entry of names such as Lululemon reflecting continued interest in the local market.
"Consumers seem more pessimistic than the actual numbers suggest. Confidence remains relatively low, but purchasing power is still well above where it was ten or fifteen years ago, and retail sales remain at a healthy level compared with recent years. In practice, this means that consumers are spending almost as much as they did in 2025, but because prices have increased, they are buying less than they were a year ago," said Simina Niculiță, Director and Partner, Retail Agency at Colliers Romania.
Looking ahead, the 2027 pipeline is more encouraging. The five largest projects alone could add approximately 140,000 sqm, alongside numerous smaller retail parks, potentially making 2027 the most active year for retail deliveries in the past decade and a half, provided projects remain on schedule and economic conditions stabilise in the second half of 2026. "The local market still offers room for growth, but the next cycle will be more selective. Developers will assess purchasing power, retailer performance, construction costs and rental levels more carefully. Interest remains strong for dominant shopping centres, regional projects and well-positioned retail parks, but success will increasingly depend on the quality of the concept, the tenant mix, accessibility and the presence of genuine demand," said Liana Dumitru, Director, Retail Agency at Colliers.
Over the medium term, the outlook remains favourable. Individual consumption in Romania has reached approximately 86% of the EU average, close to Poland's level of 88%, suggesting the market is entering a more mature phase in which investment will increasingly focus on cities and projects backed by a solid consumer base and clearly demonstrated retailer demand. Economic and political uncertainty, alongside domestic fiscal imbalances, will nonetheless continue to influence the market in the near term.
