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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How to let void units?

An option would be a temporary lease of the unit for six months or a year that would require a simple interior refurbishment, to enable immediate use of the premises, said the representative of The Advisers.

“The lessor will thus have flexibility in changing tenants and minimizing the amount of time required to change tenants. The next step would be the demarcation of the space in small units, because this kind of transactions calls for smaller surface.

Both shopping centers owners and those owning street retail spaces should focus on attracting brands or local designers and retailers.

“If we look at the Romanian designers having their own retails paces, their number is decreasing. For example the store of Mihai Albu on Magheru Street was shut down few months ago. Retailers should certainly take advantage of the low rents to try new concepts”, said the consultant.

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Retail market stands at crossroads

How to let void units?

Article comments "Retail market stands at crossroads"

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