H&M to open new store on Lipscani St. in Bucharest
H&M will open this year a new store on two floors on Lipscani St. Sources in the market say that the store will be opened this autumn, in a building owned by Cocos family.
The historical centre of Bucharest is one of the most active commercial areas in the city, being currently populated by the constructors, as in the next two years approx. 10,000 sqm will be delivered.
According to the most recent market report of Colliers, the street retail occupancy rate will decrease in the next period especially as new construction works will be done in the Historical centre. The company estimates approx. 8,000-10,000 sqm retail to be delivered over the next two years.
Even if the fashion retailers did not yet come at large in the old town, the demand from the cafes/restaurants remains strong. According to colliers, in 2012, approx. 12% from the entire commercial area in the Old Town was rented by companies in the field.
The rent ranges between 45 and 55 EUR/sqm, for areas of approx. 100 sqm. Colliers states in its 2012 report that this year are expected some rent decreases in the area, taking into account the fashion retailers intention to come. The company explained that usually those are paying less, as they sign for long term contracts. (source: wall-street.ro)