The European luxury retail market experienced more moderate growth in 2024, following the significant advances in the post-pandemic period. Within this context, Romania stands out as a market with significant development potential in this segment, although the availability of suitable retail spaces presents a challenge, according to a Cushman & Wakefield report.

Romanian developer Iulius will start this month a remodelling of its mixed-use project Palas Iași, based on a concept by architecture firm Foster + Partners.

Prime Kapital Development and MAS PLC are preparing to open their new Mall Moldova project in Iași next month.

The European luxury retail market has been thriving, with 83 new luxury stores opening in 2024 across 20 key shopping streets in 16 cities and 12 countries, according to Cushman & Wakefield’s latest insights.

Linklaters has advised Nhood and Ceetrus on their partnership with Apsys, which aims to transform the commercial market in Poland by initiating innovative and sustainable development projects. Their first cooperation will be Wilanów Park shopping centre in Warsaw. 

The qualified investor fund REALIA FUND SICAV has expanded its portfolio with another acquisition in northern Moravia.

Hagag Development Europe is preparing to reopen the Știrbei Palace on Calea Victoriei, in H2 2025, as a luxury department store. 

The King Cross Zagreb shopping centre has completed the first phase of a major renovation project, following an investment of more than €40 million carried out by its owner, SES Spar European Shopping Centers.

One United Properties and Tomcat Hospitality have teamed to launch Marketta Food Hall, which is set to become the biggest food hall in Eastern Europe. 

NEPI Rockcastle says it reached a record-breaking net operating income (NOI) of €556 million during 2024, a 13.2% increase compared to the previous year, over strong retailer sales and resilient consumer demand in CEE.