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 Colliers' 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. (source: business-review.eu)