Monday, 25 May 2026
In the evolving landscape of Romanian retail, the standard leasing model—fixed rent plus turnover—is facing new scrutiny as consumer habits shift toward digital and omnichannel experiences. During the Retail and Mixed-Use panel held at CEDER 2026, moderator Mădălina Mitan, Partner at Schoenherr, posed a critical question to the panelists: “Is fixed rent plus turnover still fit for purpose or [do] we need to change something, because you need to make it work now for all occupiers?”.
For many landlords, the answer remains a firm yes, primarily due to the requirements of financial institutions. Geanina Ungureanu, Head of Retail at CPI Property Group, argues that the model is essential for stability: “Yes, this combination is perfect. [For] us as a landlord, it has to remain the same. So, this is why we invest. We need to have a base rent, a fixed minimum guaranteed rent (…) because you have financing, you have all the boards and the stakeholders that need to reflect that”. She views the relationship between small tenants and anchors as a “symbiosis” where both parties have adapted to this shared structure.
Mihaela Petruescu, Country Director Property Services Romania & Poland at NHOOD echoes this sentiment, noting that “from [a] lender perspective [it] is the best way to get more, if the tenants are selling (…) And from financial perspective, banks are not counting turnover rents, they are considering zero rent. So, it’s very important to have some certain amounts through minimum base rent. So still now this is the best option.”
However, the rise of technology is complicating how “turnover” is measured. Robert Ioniță, Group General Counsel of NEPI Rockcastle, points out that “the in-store sales from tablets” and showrooming behaviors create friction. He asks: “How [do] you charge that, how do you include that? How [do] you make sure that that’s included in the turnover end?”. Costin Blideanu, General Manager of AFI Brașov observes that in other markets, landlords are experimenting with being paid “per visitor” rather than a percentage of sales, as traditional turnover becomes harder to track when customers scan items in-store but buy online later.
Ultimately, the strategy is more than a financial calculation; it is a testament to the “partnership between landlord and tenant”. As Ioniță concludes, it is “an ecosystem where we need to work and thrive together”.
