InfoAnda - Retailers see opportunity in Romania despite recession

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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Asia Pacific World Retailers see opportunity in Romania despite recession AFP - Wednesday, March 3 Send IM Story Print General exterior view of a newly opened Mall in Bucharest, February 2010. Shopping malls have been sprouting up in Romania, a former communist country of 22 million people who are eager to enjoy the joys of Western style consumerism after decades of deprivation. BUCHAREST (AFP) - – Shopping malls have been sprouting up in Romania, a former communist country of 22 million people who are eager to enjoy the joys of Western style consumerism after decades of deprivation. And despite the recession, retailers say there is still room for more. Last week, Sparkassen Immobilien, the real-estate arm of Austria's Erste Bank, cut the ribbon on a slick mall in Bucharest, the 34th to open in Romania since 2007. Described as "the biggest" in the country, Sun Plaza, which cost 200 million euros (270 million dollars), covers some 210,000 square metres and contains around 150 stores and a 15-screen movie theatre. "The Romanians' purchasing power may not be very high but we are a long-term investor and see great potential in Bucharest," said Friedrich Wachering, a Sparkassen Immobilien board member. With 85.000 visitors coming through the doors, the mall's first day exceeded the promoters' expectations. Attracted by discounts or simply curious to see the inside of the futuristic building, shoppers started lining up hours before the gates opened. "Today I skipped school to be here when the mall opened," Oana, a 17-year-old, said. Carrying two yellow plastic buckets offered by a DIY shop, Marin Antonie, a retired engineer, said he had come with his wife to buy "some groceries and maybe a pair of shoes ... If the price is right." For in this poor neighbourhood of the capital city, prices do matter. With recession sapping their wallets, Romanians in 2009 spent about one third less on consumer goods than in 2008, when the economy posted very healthy 7.1 percent growth. In 2009, the economy slumped 7.2 percent, according to official figures, as the global financial crisis plunged Romania into a crisis which needed a 20 billion euro IMF and European aid package to stem. The IMF expects Romania to grow 1.3 percent this year. According to a survey by GfK retail consultants, electronic and household appliance sales fell 43 percent last year to 1.4 billion euros. But Michael Richard, head of Euro-Mediterranean Consulting (EMCT), the promoter of the project, said he was not worried. "The mix of shops, restaurants and entertainment facilities will make Sun Plaza the ideal venue for both shopping and leisure," he told AFP. EMCT is hoping to attract 15 million visitors a year and sales worth 300 million euros. Sun Plaza will nevertheless be vying for customers with four other malls sharing the same catchment area. A spokesman at Grand Arena, a shopping centre costing 187 million euros and which opened in March 2009, said he expected sales to suffer in the first days or weeks. "But afterwards shoppers will return to their old habits." Another mall in the area, Vitantis, plans to launch new attractions in order not to lose its customers. Despite the competition, Sparkassen Immobilien is confident. "The best will win. I don't want to sound arrogant but I'm sure we are the best," Wachering said. Some analysts however say this is hardly the right time to open new malls. Many tenants have been forced to close shop, despite cuts of up to 50 percent in rents, and vacancy rates have been growing at an alarming pace. While some stores moved to other locations, hoping to find more affluent customers, others are simply waiting for better days. "We have been investing in publicity campaigns but nothing helps. People come in, look around and leave without buying anything," said Shimon Galan, head of Globe Trade Center (GTC), a promoter having built three shopping centres in Romania. But Colliers International said six new malls are scheduled to opening in 2010, when Romania hopes to see economic growth -- however modest -- return. As Bucharest still lags behind other central-European cities such as Budapest or Warsaw in terms of shopping, a local investor has announced plans to build a new mall, Pallady Center, set to become Romania's largest in 2012. 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