Real Estate: Modern retail space in Romania crosses 5 million sqm threshold

Romania’s modern retail market continues to expand, exceeding the threshold of 5 million square metres of leasable retail space in 2025, according to Colliers data. The approximately 190,000 square metres delivered this year have further consolidated a stock still heavily concentrated in Bucharest and five other major counties, which together account for almost half of the national total. Even so, Romania remains below regional peers in terms of retail space per capita, Colliers consultants note, highlighting significant potential for further development.   “Achieving the 5-million-square-metre mark is an important milestone in the gradual maturation of Romania’s retail market, even though there is still considerable room for growth. At this level, we are talking about roughly 260 square metres per 1,000 inhabitants, compared with more than 400 square metres in countries such as Poland or the Czech Republic. At the same time, Romanians already consume more than their neighbours in Central and Eastern Europe and, in many cases, spend more in nominal terms. Salaries in Bucharest have already surpassed those in Budapest and are approaching levels seen in Warsaw,” explains Simina Niculita, Director | Partner | Retail Agency at Colliers.   In 2025, the average Romanian spent nearly EUR 800 on clothing and footwear, according to Oxford Economics – 25% more than a consumer in Poland and almost twice as much as one in Hungary.   “It may seem surprising that Romanians spend more than other Europeans who often have higher incomes. But when we analyse consumer behaviour, we see strong cultural differences that influence this market. Romanians place significant importance on the image they project externally and are willing to pay to maintain it,” the Colliers director adds.   In 2025, the market recorded around 190,000 square metres of newly delivered retail space, according to preliminary data. The largest project was the expansion of Mall Moldova in Iasi, adding nearly 60,000 square metres. Other notable openings included the reopening of Agora Arad after almost a decade of inactivity, as well as extensions to Iulius Mall Suceava and Coresi Shopping Resort Brasov. Colliers also added several older retail schemes to the national stock-totalling more than 150,000 square metres-following recent refurbishments and renewed occupancy by international brands. The 5 million square metres of retail space remain concentrated in relatively few counties. Bucharest and its surrounding areas account for almost 1.3 million square metres of leasable space, while the next five counties – Timis, Iasi, Bihor, Arges and Cluj – together contribute more than 1.1 million square metres, mostly located in county capitals. In total, the capital and these five counties hold roughly half of Romania’s modern retail stock.   “Even though these are among the country’s most populated counties with strong local economies, developers have noticed a shortage of modern retail space in many other areas. Smaller towns can also support compact retail parks, as recent years have shown. Looking ahead, however, we are seeing renewed interest in large-scale projects – either extensive retail parks or very large shopping centres – which will likely maintain the gap between well-represented counties and those with less developed retail offerings,” Simina Niculita concludes.   Next year could bring around 250,000 square metres of new leasable retail space, according to Colliers’ preliminary estimates based on available market data. Among the largest schemes announced are M Park Galati, a 30,000-square-metre project developed by UK-based fund M Core, and a roughly 25,000-square-metre extension of Palas Mall Iasi, owned by Iulius Group.