Thursday, 1 October 2026
Romania’s retail property market is entering a new investment cycle as the shopping centres developed during the country’s rapid expansion of the 2000s increasingly require significant upgrades. Around 53% of modern retail space is now more than 15 years old, with the proportion reaching 59% in Bucharest, according to Colliers’ ExCEEding Borders Retail 2026 research.
The changing age profile is redirecting capital from purely expanding the supply of retail space towards improving existing properties. Landlords are investing in building systems, energy performance, layouts and tenant mixes while introducing more restaurants, entertainment, fitness, healthcare, wellness and other services. The objective is increasingly to make established centres relevant for a wider range of visits rather than relying predominantly on traditional shopping.
Romania nevertheless has a relatively younger retail market than several countries in the region. Some 41% of its modern stock is between 16 and 20 years old and another 19% is between 11 and 15 years old, while approximately 15% was delivered during the past five years. In Bucharest, 59% of stock is older than 15 years, compared with 84% in Budapest, 76% in Riga, 70% in Warsaw, 63% in Prague and 62% in Vilnius.
“Romania’s retail market has reached a natural stage of maturity. Many of the shopping centres developed during the 2000s continue to hold strong market positions, but the expectations of both consumers and retailers have changed. A cosmetic refurbishment alone is no longer enough. Owners need to rethink the tenant mix, customer experience, building efficiency and the role of the scheme within the local community. For well-located assets, such investment can extend the life cycle of a property and create value without the need for complete redevelopment,” said Simina Niculita, Director | Partner | Retail Agency at Colliers.
The issue extends across Central and Eastern Europe and the Baltics. Of the 33.3 million sqm of modern retail property covered by the Colliers study, approximately 20 million sqm is more than 15 years old and over 10.6 million sqm has been operating for more than two decades. However, many established centres continue to attract retailers and consumers, making refurbishment a more practical investment proposition than conversion to another property use.
Location is becoming particularly important in determining which older Romanian assets justify additional capital. Well-positioned shopping centres can potentially be refurbished, extended or partially redeveloped, while ageing properties in weaker locations may struggle to support the investment required. The decreasing availability of development sites in major cities is also increasing the strategic value of existing retail properties with established catchment areas.
The approximately 36,000 sqm Agora Mall in Arad demonstrates one possible approach. After losing its grocery anchor, the property became almost entirely vacant by 2017–2018. Its new owner subsequently modernised and repositioned the centre, reopening it in August 2025 with a broader combination of retail, restaurants, services, cinema, fitness and entertainment. Colliers is also advising on changes to the Unirea properties in Bucharest and Brașov.
“The age of a shopping centre is not, in itself, enough to determine whether a scheme should be refurbished, extended or converted. Its location, catchment area, occupancy level, competitive environment and the ease with which the building can be adapted are all important. In some cases, an improved tenant mix and the modernisation of existing spaces may be sufficient. In others, extensions, a change in format or the introduction of new uses may be required. In Romania, where well-located sites in major cities are becoming increasingly difficult to find, the repositioning of existing schemes may become an increasingly attractive option for investors,” said Liana Dumitru, Director Retail Agency at Colliers.
Retail parks remain at a different stage because much of the stock is newer and development opportunities continue, particularly in smaller and medium-sized Romanian cities. For traditional shopping centres, however, the next phase of the market is increasingly likely to involve reinvesting in existing properties, with asset quality, location and adaptability determining which older schemes continue to attract capital.
