Spar opens in City Park Mall Constanta

The company's development strategy for 2008 includes opening another 12 units around the country, estimating an average investment per unit of EUR 1.5 million. In 2007, the retailer made sales of EUR 37.5 million in the 14 supermarkets in Romania, a sixfold rise in value compared to the EUR 6.14 million stated in 2006 when it entered the Romanian retail market.
Over the long term, Spar plans to open 55 supermarkets in Romania, to reach a total network of 250 units countrywide. All Spar units are owned by the Arad-registered company Spar, the owner of the Spar franchise for Romania.
City Park Mall was created with an investment of EUR 70 million by Neocity Group Romania, controlled by Israeli investors. The company is generally known for its office and residential projects, such as Neo Peninsula near Bucharest, or office buildings Neocity Tower I and II in the Dorobanti area. The shopping center in Constanta is the company's first foray into mall developments. The mall displays 100 national and international brands and the developer expects to make around EUR 13 million from rent this year, according to Elan Schwarzenberg, president of Neocity Group Romania.

Magda Purice