Retailers’ average turnover at EUR 2,320/sqm/year in Bucharest malls, says CBRE

Retailers’ average turnover in Bucharest malls reached EUR 2,320/sqm/year in 2013, twice the average reported outside the capital, according to the first edition of CBRE’s Shopping Center Index for the local retail market. While this is an average for all types of retailers, for tenants that rent less than 100 sqm such as fast food and café operators and jewelry shops, the turnover can reach EUR 12,000 – EUR 15,000/sqm/year, according to Laura Bencze, the head of research of CBRE Romania. She estimates that in 2014 the retailers’ sales in Bucharest malls increased by 5 percent.

Bencze explained that 50 percent differece in turnover levels between Bucharest and other cities is mainly due to the average income gap between the capital (EUR 512 per month in 20113) and the rest of the country (EUR 310 per month in 2013) as well as by a lower unemployment rate (2 percent in Bucharest versus 5.3 percent outside the capital city).

Average rents in Romania range from EUR 63/sqm in Bucharest for stores of 1-50 sqm to EUR 20/sqm for units of 501-1,000s qm, while outside the capital rents drop to EUR 8.3/ sqm for spaces of between 1,001  and 2,000 sqm located in retail parks. This does not take into account tenants such as supermarkets and hypermarkets as well as entertainment providers.

The study is based on data provided by 11 shopping centers and retail parks, totaling 492,000 sqm, respectively 17 percent of the total supply.

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