The construction of shopping malls will be significantly reduced due to the repeated price increases for construction materials (approximately 30-40%), the salary increases, the lack of stocks, and the lack of predictability on the market, according to Marian Ciupitu, General Manager, Terano Construct.

‘In Romania, in 2023, no shopping malls in the true sense of the word will be opened (with an ample range of tenants, with cinemas, strong brands, parking lots, generous food courts and multiple entertainment services), except for the one in Craiova. The developer there intends to open more than a shopping mall, they aim to build several anchors next to the mall itself, namely office buildings, apartments, perhaps a hotel. The reasons why this expansion of shopping malls is put on hold has to do with: the continual price increases in the construction materials (approximately 30-40%), the salary increases, the lack of stocks, the market’s lack of predictability, the saturation with such malls and shopping parks. Against this background, we expect retailers and developers to adapt their portfolio of projects according to the specifics of the region and to the consumers’ financial strength, by tackling second-rank cities, until this troubled period is overcome. The potential crisis that has been heralded will be a good opportunity for the retailers and the operators of shopping centers which are active on the market to start refurbishment, redevelopment, rebranding, relocation, and repositioning works’, says Marian Ciupitu, General Manager of Terano Construct.
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