For the year 2023, specialist forecast a 35% increase in the refurbishment sector of already existing shopping centers, of the stores inside them, of malls, retail parks, shopping galleries etc.
‘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, founder of the @Prioretail.ro digital platform.
‘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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