♦ In total, over 2 billion euros are preparing to change the faces of the cities – from Cluj and Constanţa to Bucharest and the secondary urban centers ♦ Beyond numbers, malls are becoming mixed ecosystems of retail, entertainment and services, and retail parks are expanding in cities with less than 50,000 inhabitants. In the front line are Iulius, with far-reaching projects in Cluj and Constanţa, One United Properties, which is bringing back to life the former Hală Ford in Floreasca, and Veranda Mall, which relies on proximity and community. Retail thus becomes an indicator of investor confidence and of Romania's ability to attract long-term capital. Local investors are becoming the main investors in the market, representing half of the transactions from 2025, while giants like Iulius are betting 1.3 billion euros on future projects, One United Properties is restoring the former Ford factory to turn it into a premium gastronomic destination, and retail parks are colonizing cities with less than 50,000 inhabitants. Yields of 7-9% attract capital at a time when road infrastructure is exploding – from 1,300 to potentially 2,500 kilometers of highways – and large shopping malls continue to fascinate Romanian consumers in a unique way in Europe. «The market is very dynamic, not only in terms of investments, but also in terms of development and consumer appetite», says Laura Dumea-Bencze, head of research, CBRE Romania. The data shows a firm pipeline: 1.3 billion euros in projects under construction and another 700–800 million euros in design, that is, approximately 2 billion euros that can enter the market in the coming years. The dynamics can also be seen in deliveries: 160,000 sqm until Q3/2025, respectively over 400,000 sqm under development (including 2025). The modern stock totals 4.8 million square meters, of which 70% are shopping centers, the rest retail parks, with visible expansion in cities with less than 50,000 inhabitants. At Iulius in the Cluj-Napoca project, Rivus is entering the final authorization phase: 142,000 sqm retail, 70% pre-leased, 5.2 ha park, IMAX multiplex and over 30 restaurants; the investment exceeds 500 million euros. «Retail is no longer just an anchor. We come with complementary functions – culture, wellness, green spaces – to create a destination», says Oana Diaconescu, head of leasing, Iulius. In Constanţa, on 38 ha (the former Oil Terminal), a project of over 800 million euros is taking shape, with cultural and recreational functions, park and botanical garden, retail and public services – a destination active 365 days/year. In parallel, Palas Iaşi is undergoing remodeling on 80,000 sqm, including the opening of Primark at around 3,000 sqm, and in the metropolitan area of Iaşi, Family Market Tomeşti – investment 29 million euros, 16,000 sqm retail and 10,000 sqm park, is testing the proximity format. One United Properties completes the conversion of Hala Ford in Floreasca: 14,500 sqm GLA, with over 2,000 sqm of terraces on the ground floor, two levels of underground parking interconnected with One Mircea Eliade/One Tower. «On the ground floor we will have a premium Auchan concept and the first gastronomic hall in a monument building; on the first floor, a wellness center operated by a partner from London, for the first time on the market», says Mihai Păduroiu, CEO Office&Commercial Division, One United Properties. The official opening is planned for the summer of 2026. In the community mall segment, Veranda relies on proximity and occupancy of almost 100% on 35,000 sq m. «We are growing together with the community and we are diversifying», says Ofelia Preda. 2025 brings new brands, space conversions and the consolidation of service components (imaging, gaming). The mall accelerates the omnichannel: people-counters, payment of parking in the app, chatbot, «Friday with Veranda» podcast, plus logistics solutions for delivery people. In the short term, the expansion on the esplanade is being analyzed, keeping the green area and adding cafes/gelaterias. The macro context works as a support: entry into Schengen, infrastructure projects (road network under construction/bidding), plus European funds from cohesion and PNRR. In terms of investments, 2025 remains a year of transition, but with growing appetite and a greater share of local capital (approx. 50% of transactions, according to CBRE). Yields still indicate attractiveness: 8–9% for projects on sale, 7%. «Traffic and sales have exceeded pre-pandemic levels, and retail is preferred over offices in the last three years», points out Cristi Moga, head of capital markets at Cushman & Wakefield Echinox. For 2026–2027: the pipeline continues to grow and financing returns against the backdrop of lower interest rates, and strategies move towards complete destinations, with a mix of retail, entertainment, culture, sports and green spaces. Investors target regionally dominant or proximity projects well anchored in communities, with integrated technology and services. In numbers and in plans, Romanian retail is taking its place in the front line of the CEE.
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