CBRE Romania: The third generation malls, the future of the market

The idea of a mall being exclusively a shopping area is out-of-date. The ongoing changes in people needs are reflected on the new concepts within the retail market both locally, in Romania and throughout Europe.

Third generation malls are the present, as well as the future on the market. Primarily focused on the entertainment facilities and spare time spending activities, almost 40% of the malls in Romania are part of that category according to a report released by CBRE Romania.

'Considering the fast paced life and the competitive business environment, shopping centers can turn into a third living area, a place where people can come, apart from the time spent at home (the first area) or at work (the second area) in order to relax, socialize and being part of a community. For them to get that status, third generation shopping centers combine business with pleasure, shopping with fun, needs with desires in a comfortable, safe and pleasant environment.' said Luiza Moraru, Head of Retail CBRE Romania.

By the end of this year, there will be 12 such shopping centers in Romania, once AFI Palace Ploiesti opens at the beginning of October.

'A mall is no longer these days only a shopping choice, it is also a relaxing and socializing area. In this respect, providing the purchasers spaces for fun is a necessity. This is an important aspect we considered when we developed the AFI Palace Ploiesti project, continuing the success we got with AFI Palace Cotroceni.' also explained David Hay, CEO at AFI Palace Europe Romania, the promoter of the concept in Romania.

Following this trend, new shopping center concepts such as open-air centers or mixed projects to combine not only offices spaces and retail, but also residential and hotel areas are expected to enter the local retail market in the future.

CBRE Romania is the local branch of CBRE Group, Inc., the world’s largest commercial real estate services ompany.