With the opening of the 70,000 sqm ParkLake mall this Thursday and that of another shopping center, Veranda Mall (30,000 sqm) later this autumn, Bucharest will see its modern retail space stock increase to 1.16 million sqm, according to data from commercial real estate services firm Colliers International. This leaves room for one more large-scale shopping center in the capital, say company representatives.
Following ParkLake’s opening, the capital’s modern retail space stock will reach some 1.13 million sqm of modern retail space or about 452 sqm per 1,000 inhabitants. This still places Bucharest well behind other regional capitals, say Collier representatives. Nevertheless, the potential for future developments is limited, they stress.
“Based on our estimations and taking into account the evolution of the local purchasing power as well as consumption increase forecasts for the next years, we estimate that the market is able to absorb about 200,000 sqm of additional space over the next years. Out of this, 100,000 sqm will be delivered this year,” said Liana Dumitru, associated director in Colliers International’s retail department.
Competition among local shopping centers gets fiercer, especially in eastern Bucharest where last year NEPI opened another large scale shopping mall, MegaMall. By the end of the year there will be four shopping centers in the area – MegaMall, ParkLake, Veranda Mall and Bucuresti Mall, Bucharest’s first shopping mall.