InfoAnda - Retailers see opportunity in Romania despite recession

Pakistanis angry over detentions in Times Sq. case
Monday, May 24, 2010
ISLAMABAD – Relatives of three men detained by Pakistan for alleged links to the suspect in the attempted Times Square bombing say the men are innocent.
They

Taiwan denies boycotting Australian film festival
Thursday, August 6, 2009

AFP - Thursday, August 6TAIPEI (AFP) - - Taiwan's Beijing-friendly government on Wednesday denied boycotting an Australian film festival amid a row over the e

Merkel's support dips, regional ally resigns International
Thursday, September 3, 2009

By Sarah Marsh and Noah Barkin

BERLIN (Reuters) - Chancellor Angela Merkel suffered a double blow on Thursday as a senior party ally in east German

Minister seeks closure of anti-Berlusconi websites
Wednesday, December 16, 2009
ROME (AFP) - – The Italian government moved Tuesday to close down Internet sites encouraging further violence against Prime Minister Silvio Berlusconi, who

Asian markets mixed after Wall Street rally
Wednesday, March 18, 2009

By ELAINE KURTENBACH,AP Business Writer AP - Wednesday, March 18SHANGHAI - Asia's stock market rally seemed to be running out of steam Wednesday, despite an

Dell not to launch music player before holidays: report | Technology | | 9 November 2008
Iranian, U.S. films win top Tribeca festival awards | 1 May 2009
Obama welcomes Australian prime minister | 30 November 2009

Panetta hails F-35 jet as key for UK, U.S. | | 18 July 2012

Forum Views () Forum Replies ()

Read more with google mobile : Retailers see opportunity in Romania despite recession

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. Recommend Send IM Story Print Related Articles Bowie, Ronson slam BBC for plans to axe 6 Music Reuters - Wednesday, March 3 Baroness Thyssen wants Spanish state to buy art collection AFP - Wednesday, March 3 Mute Chicago film critic Ebert "voices" Oscar picks Reuters - Wednesday, March 3 Oscar: Hollywood's golden mystery man AFP - Wednesday, March 3 "Billy Elliot" to debut in South Korea AFP - Wednesday, March 3 News Search Top Stories Greece risks 'bankruptcy' without radical action: PM Car makers brush off crisis in Geneva EU authorises GMO potatoes Japan passes record $1 trillion budget GM to more than triple Opel investment More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended NASA radar finds ice on moon's north pole World's most powerful atom smasher restarts: CERN Common weed-killer chemically castrates frogs: study Be of good heart: Happiness helps ward off cardiac disease Obama plans 'dramatic reductions' in US nuclear weapons More Most Viewed » Florida killer whale to stay in park after deadly attack DNA reveals some mystery on King Tut, raises questions First footage of clouded leopard captured in Borneo Scientists recreate Big Bang heat of 4 tln degrees C More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

Other News on Wednesday, 3 March 2010
Rwandan president's widow arrested for genocide
Seven NATO soldiers killed in Afghanistan in 48 hours
Google Italy verdict 'distressing': State Department
Car makers brush off crisis in Geneva
Apple sues HTC for iPhone patent infringement
Ukraine coalition collapses
EU authorises GMO potatoes
Russia says still room for diplomacy with Iran
Rwandan leader's widow bailed in genocide case
Robot footballers wow crowd in Germany
Japan passes record $1 trillion budget
Dow Jones buys Hearst half of SmartMoney
Turkish general charged in anti-govt conspiracy case
Serbian 'war criminal' detained in Spain
Japan's top web forum hacked after attacks on Korean skater
Iraqi voters showered with gifts as election nears
Turkish general charged in anti-government conspiracy case |
Apple claims HTC infringed iPhone patents
U.S. voices concern over Afghan media rules |
Yemen blast kills up to 19, levels apartment block |
BBC signals new strategy after commercial criticism |
Siemens execs held in latest French bossnapping |
Official: Pakistani group behind Kabul attacks
Guilty plea expected in New York subway bomb plot
Clinton visits quake-hit Chile
Turkmenistan pledges to improve its prison system
China, US seek to put tensions behind them
Bill would have tech companies guard human rights |
Activists: Uzbekistan orders forced sterilizations
Pakistani army wraps up combat operations in Bajur
Fossils of snake eating dino eggs found in India
Kabul says no decision to charge Taliban No. 2
Rescuers try to save 31 trapped in China coal mine
Afghan govt says it's not banning attacks coverage
Oscar: Hollywood's golden mystery man
Indonesia watchdog appeals against Carrefour ruling
Toyota repairing leaky oil hoses in US, Japan
China's BYD, Daimler team up on electric vehicle
Bowie, Ronson slam BBC for plans to axe 6 Music
Baroness Thyssen wants Spanish state to buy art collection
Mute Chicago film critic Ebert "voices" Oscar picks
Oscar: Hollywood's golden mystery man
"Billy Elliot" to debut in South Korea
Retailers see opportunity in Romania despite recession
Moscow mayor defends Stalin poster campaign
Cambodia PM warns of cosmetic surgery dangers
Economic crisis silences Romania rock festival
Bowie, Ronson slam BBC for plans to axe 6 Music |
Mute Chicago film critic Ebert voices Oscar picks |
Hurt Locker breaks Hollywood's Iraq war curse |
Chile steps up search for victims in quake-hit areas |
Investigators need Madeleine McCann files: spokesman
Afghan police and army prove a mixed class for US officers
Cisco makes companies more smartphone friendly
Eurozone, markets demand tough Greek austerity plan
Private equity firm makes bid for Novell
Chile quake moved Earth's axis, shortened days: scientist
US-TECH Summary
Australia government plans $45 billion overhaul of health |
South Africa's Zuma starts British state visit
Greece risks 'bankruptcy' without radical action: PM
Spanish court jails Basque leader for 'glorifying terrorism'
Netanyahu intervenes in sensitive Jerusalem project
U.N. council ready to tackle Iran nuclear issue |
AT&T CEO sees iPad mostly used on Wi-Fi
Dubai seeks Israeli PM's arrest over hotel murder
TiVo unveils set-top box for video from TV, Web
US cyber defense strategy details hit the Internet
Netanyahu intervenes in sensitive Jerusalem project |
Sweeping changes needed to save US post office
Kansas city changes name -- temporarily -- to Google
Spain busts ring accused of infecting 13 mln PCs
Ukraine's Yanukovich moves to tighten grip on power |
North Korean nuclear envoy set to visit U.S., says South |
Activision forms new "Call of Duty" unit
Five killed in bombings in northeast Iraqi city |
Nigeria's powerful state governors back acting leader |
Dubai police chief says to seek Netanyahu arrest |
US vets return to Iwo Jima for 65th anniversary
Taliban, not drugs, focus of US-Afghan offensive
Weight Watchers OKs McDonald's fast food menu
China, US work to repair frayed ties
Obama to push healthcare overhaul into final act
Indian police arrest top Maoist leader
Clinton visits quake-hit Chile
Officer suspected of stealing ivory in Philippines
China artist sues government over right to know
NZ jails German tourist for smuggling reptiles
Father, daughter shot dead in Thai south
East Timor to deliver verdict on assassination bids
Activision forms new Call of Duty unit |
Apple sues HTC over phones with Google software |
TiVo unveils set-top box for video from TV, Web |
Spain busts ring accused of infecting 13 mln PCs |
AT&T CEO sees iPad mostly used on Wi-Fi |
S.Korea Jan output data points to waning recovery
Seoul shares edge up on automakers, Woori Fin
India telecom tycoon Africa moves spook investors
NZ dollar pinned near nine-year lows vs Aussie
Taiwan's HTC denies infringing iPhone patents
Too old for Hollywood? Try film directing
"Hurt Locker" breaks Hollywood's Iraq war curse
PAKISTAN
S.Korea March crude runs to fall 7 pct-survey
Seoul shares up on carmakers; output data weighs
Seoul shares flat; Hyundai up after strong sales
Ford overtakes GM in US sales, Toyota falters amid recalls
Leno recaptures old audience, critics underwhelmed |
Meet the lawyer who guards the door at the Oscars |
Sudan's land of 'black pharaohs' a trove for archaeologists
Oliver Stone shocked on revisit to Wall St |
US-ENTERTAINMENT Summary
Jane's Addiction member quits after Australia tour
Book on atom bomb horrors halted over false stories |
"Hurt Locker" producers sued days before Oscars
Jane's Addiction member quits after Australia tour |
Bollywood actresses drive Indian slimming fashion
Women directors face 'celluloid ceiling'
NY police seek Naomi Campbell for assault questions |
Hurt Locker producers sued days before Oscars |
Hurt Locker producer punished for Oscar violation |
"Hurt Locker" producer punished for Oscar violation
Oliver Stone "shocked" on revisit to Wall St
Barbara Walters bids farewell to Oscar special |
Barbara Walters bids farewell to Oscar special
NY police seek Naomi Campbell for assault questions
Arab League gives Mideast talks 4-month window
Greek ministers meet to avert bankruptcy
Suicide blasts kill 33 ahead of Iraq polls
Suicide bombers kill 33 in Iraqi city before poll
Arab League gives Mideast talks 4-month window |
Search goes on for Uganda landslide survivors |
Skype gets into Nokia smartphones
Suicide attacks kill 29 ahead of Iraq polls
U.N. council ready to tackle Iran nuclear issue |
Iran upholds student protester death penalty:report
Suicide bombers kill 33 in Iraqi city before poll |
Ukraine's government falls in no-confidence vote |
Mobile transfers save money and lives in Somalia |
International probe cracks Iran arms smuggling ring |
Religious schools under scrutiny in Yemen |
15 dead, 6 blinded from tainted liquor in India
Spain busts global botnet masterminds |
Opera says demand up as Microsoft opens EU market |
China jails 3 executives for tainted milk products
Drought affects 6 million in southern China
Australian house booby-trapped with 50 fake bombs
Mobile transfers save money and lives in Somalia |
Skype gets into Nokia smartphones |
5 dead, 6 blinded from tainted liquor in India
Malaysian convicted of Sydney murder is free man
East Timor convicts 24 rebels over murder plots
Philippine police arrest 3 Abu Sayyaf suspects
Drought drops Mekong River to nearly 2-decade low
Skype gets into Nokia smartphones
SKorea grounds all F-5 fighter jets after crash
Pakistani rupee firms; o/n rates, stocks down
Nissan recalls nearly 540,000 vehicles worldwide
GM says China sales up 51 pct in February
Panasonic chief says TV business to turn profit
GM's China sales up 51 percent in February
Seinfeld's "Marriage Ref" worth a few giggles
PREVIEW-Taiwan CPI seen up 2 pct y/y in February
Standard Chartered unveils record profits
Bank bailout shows cracks in Indonesian government
MARKETS-KOREA-STOCKS (UPDATE 2) =2
13 suspected militants arrested in Indonesian Aceh
Seinfeld's Marriage Ref worth a few giggles |
Ten movies vie for top honors at new-look Oscars
HK sex photos actress reunites with Twins bandmate
Seinfeld's "Marriage Ref" worth a few giggles
Palestinian village known for protests sees cultural rebirth
Former Swiss wine grower uncovers Sudan's ancient roots
Book on atom bomb horrors halted over false stories
Meet the lawyer who guards the door at the Oscars
U.S. unveils cybersecurity safeguard plan
Greece at new risk of being pushed off euro
Bodies of missing Tenn. mom, Jo Ann Bain, and daughter found
Female Breasts Are Bigger Than Ever
AMD Trinity Accelerated Processing Units Now in Volume Production
The Avengers (2012 film), made the second biggest opening- and single-day gross of all-time
AMD to Start Production of piledriver
Ivy Bridge Quad-Core, Four-Thread Desktop CPUs
Islamists Protest Lady Gaga's Concert in Indonesia
Japan Successfully Broadcasts an 8K Signal Over the Air
ECB boosts loans to 1 trillion Euro to stop credit crunch
Egypt : Mohammed Morsi won with 52 percent
What do you call 100,000 Frenchmen with their hands up
AMD Launches AMD Embedded R-Series APU Platform
Fed Should not Ignore Emerging Market Crisis
Fed casts shadow over India, emerging markets
Why are Chinese tourists so rude? A few insights

USD EUR - 1 year graph		BlogMeter 1.01