With 17 new brands entering the Romanian market in 2022 and the opening of 11 new retail parks, the total stock of retail projects came close to 4.1 million sqm. On this backdrop, new opportunities appear in the market for developers as the available commercial spaces are mostly rented and the vacancy rate is 3% in malls and even lower in retail parks, according to CBRE.
A series of trends are emerging on the local market, which would add to the existing ones that include the development of retail parks and the downsizing of supermarkets.
“After the extremely good year 2022 for retail, with results that exceed the level recorded in 2019, a reference year for the industry, the market continues its natural evolution and enters the plans of some international retailers, but also new developers on the market, niched on the retail park sector,” said Carmen Ravon, Head of Retail Occupiers CEE, CBRE.
This year, retail players need to be aware of the role of ESG in the development and transformation of commercial projects. CBRE’s experts add that brands look for a property's ESG credentials when deciding to expand.
Secondly, an analytics-driven strategic expansion is crucial for companies that are looking to grow. This approach helps developers and investors to make the right decision in the current context by providing data, benchmarks, and comparisons
Thirdly, the growth of e-commerce's share to 15% by 2025 will come hand in hand with investments in logistics automation. Nonetheless, the bricks-and-mortar stores’ performances are yey proof that customers are still deep into shopping experiences.
