The specialty studies show that the necessary number of malls in Bucharest, related to the population number, would be 50 malls, but in normal conditions, not during a crisis period. Despite this, in Bucharest at this moment there are nine commercial centers: Mall Vitan, Plaza Romania, Baneasa Shopping City, Liberty Center, Sun Plaza, Promenada Mall, AFI Palace Cotroceni, Grand Arena Mall and Unirea Shopping Center. Another two – Park Lake and Mega Mall – are under construction, and five more are in project stage: Victoria City, Afi Laromet, Stirbey, Collosseum and Dambovita Center.
In November last year, Irish and Portuguese investors were announcing the start of the construction of a new commercial center in Bucharest: Park Lake Plaza, near Alexandru Ioan Cuza Park from Bucharest, known as IOR Park. The new mall stretches over a land plot of 8.2 hectares, bought by Caelum Development in 2006, and will have a rent surface of 70,000 square meters, with over 200 stores and 2,700 parking spaces under ground. The investment is estimated at 180 million euro and the project will be finished at the end of this year.
Near National Arena, on the former Electroaparataj sports base, is being built the project Mega Mall. The investments fund New Europe Property Investments (NEPI), took over 70% of the Mega Mall project. The new commercial center will have 70,000 square meters and should be inaugurated by the middle of 2015. So far, about 30% of the rent surface has been reserved for tenants such as Carrefour, C&A and H&M.
The real estate expert Radu Zilisteanu explained that the foreign businesspeople tend to invest in commercial centers. “In the past, the main trend was to have a presentation shop on Calea Victoriei Avenue, but the high rents and the low traffic have started to discourage the investors”, declared Zilisteanu.