Romania retail sales down 20% so far in 2009

According to real estate analysts, Romanian retail sales fell 20% so far in 2009, the sharpest drop among Central and Eastern European countries. The average drop in retail sales in the CEE countries was between 10-15%.

 

Simina Istrate, from the retail unit of Colliers International, stated that electronics and household aplliances, furniture and fashion retailers were the most affected by the sales' decline.

 

Razvan Gheorghe, managing director of real estate consultancy company Cushman&Wakefield, said the retailers' issues triggered a slowdown in the shopping centers’ development pace, due to lower sales, lack of funds and the poor infrastructure development. Gheorghe added that the development of shopping centers in Romania mostly depends on overcoming the financial crisis and the infrastructure development.

 

The retail centers spaces totaled 600,000 square meters in Romania late June, most of them outside Bucharest.