Putting off or even aborting the construction of a commercial center, retailers who keep their businesses in stand-by mode, retailers’ failure in funding projects are only a few of the effects fuelled by financial crisis in the local retail industry, said Luiza Moraru, Head of Retail Department within real estate advisor CB Richard Ellis|Eurisko.
“Local industry of malls will be affected, especially players with short liquidities. The effects will manifest in project delays, projects aborted, retailers in stand-by mode, or who no longer develop,” said Moraru.
Representative of CBRE|Eurisko does not think that retail will be the hardest hit real estate segment.
“Taking a glimpse at the large number of projects announced to be delivered, and the number of cities in Romania, we conclude that we will witness a fierce competition in the following three-five years in the field” Luiza Moraru added.
In the current financial landscape, projects distinguished in locations and concepts and that excels in architecture, environment and flow will overcome these gloomy times, according to the representative of CBRE|Eurisko.
Thematic shopping centers, one of the breakthroughs of the market
According to Luiza Moraru, it is very important for a mall to be the landmark of a city, suggesting that one of the current trends is the thematic shopping center, which very often taps the “local color”. She gave the example of 8a Avenida from Sao Joao da Madeira (Portugal), a leisure and shopping center which promotes the eco-friendly concept and where the water heating system is made with the use of solar panels.
“Nowadays, everybody talks about concept, location, rightful brands, and the innovation of the brands, as we are still a market at the level of ideas. I think that the developers, who want to be on this market and to keep their shopping centers and to operate them, will have to excel by innovation”, Moraru considers.
Other examples of thematic shopping and leisure centers are Norte Shopping (Portugal), built on the land of an old weaving mill, Loure Shopping (Portugal) with day and night theme and vibrant and luring food court, casino and disco.
Another trend is to build shopping centers exclusively designed to women that represent 80% of a mall’s overall consumers.
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