Articol

Retail market stands at crossroads

Sorina Negrila, 16 Sep 2009

Romanian version

The local retail market is facing a new reality: the vacancy rate in shopping centers ranges between 5% -60% while nearly 40 high street retail spaces are vacant, according to a research report of The Advisers research company affiliated to UK-based Knight Frank.

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What is the proportion of vacant retail spaces?

The number of retail void units coupled with the increasingly difficult tenant conditions shows that letting activity remains subdued and that it could be even worse, the research found.

“At this point, Calea Victoriei road has approximately 20 void units. A year ago, you could find two, three at the most. Between Romana Square and Unirii Square, there are over 14 vacant units and 4 between Perla and Dorobanti”, said Gabriela Nicolae (photo), senior broker at The Adviser’s retail department.

Moreover, the shopping centers in Bucharest have seen an increase in the vacancy levels to 5-10% in case of large shopping areas but it may very well climb to 60%.

“The reality is that the visibility remains low, landlords don’t have a clear forward-looking strategy. Many have to seek means and solutions that could help them fill the void floorspace or increase the number of visitors”, the consultant said.

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Retail market stands at crossroads

What is the proportion of vacant retail spaces?

Article comments "Retail market stands at crossroads"

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