Following the year 2022, marked by fewer deliveries of modern retail developments, with only 77,000 square meters added to the total existing area, i.e. half of the initially estimated deliveries, and a substantial drop compared to the 102,000 square meters registered in 2021, the year 2023 could be more lively in terms of new retail projects, with deliveries up to 260,000 square meters, according to a recent report published by Colliers.

The refurbishments and upgrades to the shopping centers, the retail parks, and the stores inside them will also be highly dynamic activities this year, as explained by Matius Ichim, architect, founder of the @Prioretail.ro digital platform.

‘This year, the construction of shopping malls will be significantly reduced, but our position will be strong in the construction of strip malls (outdoor malls), family centers, and what we, retail specialists, generically refer to as shopping spaces. The latter will not all be built from scratch, many of them will be reconverted; this also involves the new retailers and, to make room for them, the puzzle will shift inside the shopping centers. Another trend that we will see increasingly is that of developing mixed-use projects. These are developments where the premises intended for offices and housing are prevailing, but which will also integrate the retail component,’ says Matius Ichim.

This year’s largest delivery will be the development of the NEPI Rockastle investors, namely Promenada Craiova, with an area of almost 64,000 square meters. Marian Ciupitu, General Manager of Terano Construct, is of the opinion that the expansion of shopping malls is put on hold because of factors related to the repeated 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.
Continue reading the article here.