15.04.2024
The Brasov retail market development has been steady, with a few notable new moves. A new retail park, built by Element Development, was added last year to the existing 170,000 sqm of modern stock, which is mainly anchored by the established schemes – AFI Brasov and Coresi Shopping Center (105,000 sq m combined GLA).
The largest retail area was developed on the former Tractorul platform, where Coresi shopping resort was inaugurated in 2015, spreading over 24 hectares.
The owner announced development plans, with a new retail hub comprising a 4,200 sqm Decathlon store, a 2,050 sqm Bebe Tei, 850 sqm Farmacia Tei and two large furniture stores Momaz and XXXLutz on 28,000 sqm and Mobexpert on 9,600 sqm.
Decathlon, Bebe Tei and Farmacia Tei are scheduled to open in 2024, while Momaz, XXXLutz and Mobexpert in 2025.
Flanco made the first step in implementing its new greenfield development strategy by acquiring a 5,000 sq m land plot in Brasov, to build a 1,500 sq m single-brand shop and supplement its presence in the region.
Remote work, which allows talent from anywhere to connect to a virtual delivery office also contributed to the slower take-up throughout the country. In Brasov, remote workers are served by co-working, such as The Business Factory located in Coresi. Raiffeisen Bank also offers a few co-working offices through its Hub1317 program.
Alexandrion Group announced plans to invest in a concept of shops and hotels, which is aimed at Romanians with incomes of 1,000-1,500 euros, who want to consume fine drinks, such as single malt, brandy, or rum, in the city, at affordable prices and to have entertainment, such as watching a football match or live music. Brasov is on their development plans.
Another notable addition is a large transaction represented by the signing of the fourth La Cocos store, a domestic discount supermarket. An anchor level of 10,000 sqm was signed at BRINTEX Discount Shopping Centers, located in the Bartolomeu area, a retail scheme that recently underwent an extensive refurbishment process.
A key development is the purchase made by Speedwell – the former Tino factory. The 17,600 sq m surface is currently under master planning, with the expectation of building a residential – retail mixed-use, coming to market in the medium to long term.
In terms of pipeline, Rara Group is considering a retail park in Ghimbav spanning over 15,000 sq m of land. While other retail parks were previously announced, the developers decided to cancel the projects for the time being.
The city still relies on the services and brands present in the two existing shopping centers. AFI Mall spans over 45,000 sq m and was opened in 2020. It is located in a prime central area with long-term value for both residents and tourists.
The center hosts more than 350 shops and a good mix of international and local brands. Coresi Shopping Resort, a 60,000 sq m development, is part of a wide urban regeneration scheme and serves mixed-use residents and the wider Brasov population.
