Terranova store to open in Cocor by yearend

Newsroom 18/06/2012 | 11:06

Part of its strategy to increase the number of visitors, the Cocor shopping center in downtown Bucharest has added Italian fashion retailer Terranova on its tenant list, Cocor representatives have announced. New brands will be brought in by yearend, according to the same source.

The Terranova store in Cocor will be the largest so far on the local market (1,080 sqm) and it should be opened by the end of this year.  Terranova has 15 stores inRomania.

The Cocor department store was built in 1970 and was a popular shopping destination before 1990 and during the decade that followed. In October 2010 it was relaunched, after a EUR 24.5 million facelift meant to attract more affluent customers. The tenant mix was changed and its sales surface extended to 10,000 sqm, but the economic crisis and the new positioning strategy didn’t generate the results expected.

EUR 19 million of the money invested in refurbishing the shopping center was a BCR loan which the Cocor company now has difficulties paying back due to reduced rents and a decrease of its occupancy rate, according to media reports. The company hopes to change this and bring in more customers by adding a cinema multiplex, an entertainment area and changing its client mix.

Simona Bazavan

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