The Market
Located in Bucharest, Romania
Since the revolution of 1989, the Romanian people have enthusiastically embraced the symbols of the international free market. Over the last 15 years the level of educational achievement soared, unemployment levels plummeted and Romanians enjoyed an accelerated level of living. Automobile ownership doubled since 2005 and consumers are acquiring upmarket products and brands with fervor. And for the first time in the country’s modern history an emerging middle class has created an aura of conspicuous consumption. Mega Designer Outlets is strategically positioned to take advantage of Romania’s rapidly growing economy, large customer base, great location, modern architecture and dynamic retail mix.
International retailers have entered the market in all segments showing increased confidence in the progress made by Romania in both purchasing power and upcoming retail schemes. The lack of available quality retail space has created a high demand for shopping centre spaces resulting in high rents being achieved and supported, even by EU standards. The majority of new entrants launch in Bucharest and then expand to secondary cities. Consequently, most shopping malls in Bucharest are currently undergoing expansion in order to accommodate the inflow of top international retailers following Romania’s entry into the E.U. in January 2007. The fashion segment witnessed the largest number of entries, with most of the demand occurring in Bucharest.