Thursday, 5 February 2026
Romania’s modern retail market passed the 5 million square metre mark in 2025 after the completion of around 190,000 square metres of new space, according to Colliers’ annual market report. The volume delivered last year was roughly one-fifth higher than the average recorded over the previous five years. While economic conditions have become more moderate, the consultancy expects development activity to remain solid in 2026, with new completions estimated at about 240,000 square metres, potentially making it the most active year for retail deliveries since 2011. Despite recent growth, Romania still has less modern retail area per inhabitant than several neighbouring countries, suggesting room for further expansion, particularly in regional cities.
The largest addition to the market in 2025 was in Iași, where the Mall Moldova scheme was extended following the refurbishment of the former Era Shopping Center, adding close to 60,000 square metres of leasable space. In Arad, the Agora Mall project re-entered the market after renovation works, contributing around 35,000 square metres. A reassessment of national stock, which included older centres upgraded and reopened, also contributed to the overall total surpassing the 5 million square metre threshold.
Although numerous smaller retail parks continue to appear across the country, these are generally excluded from official statistics, which typically track only projects above approximately 4,000–5,000 square metres. Nevertheless, their presence indicates ongoing investor interest in secondary cities and towns where consumer demand remains active.
On the demand side, 2025 was less dynamic than the previous decade. Purchasing power weakened toward the end of the year and consumer spending slowed. Real wages declined compared with the previous year, and non-food retail sales showed a modest contraction in late autumn. Analysts note, however, that this represents a short-term adjustment following several years of strong growth, with Romania still ranking among the larger retail markets in the European Union by overall sales volume.
Labour market trends also pointed to relative stability. Employment growth slowed but overall workforce levels remained broadly unchanged, limiting the impact on household consumption. Several international retailers entered or expanded their presence in the country during 2025, while additional brands are expected to open their first stores in 2026. Traditional brick-and-mortar retail slightly outperformed online channels, reflecting cautious consumer behaviour and increased sensitivity to price amid inflationary pressures.
Occupancy rates in established shopping centres remained high, and newly completed schemes were generally absorbed without significant delays, including in smaller urban areas. Dominant malls in major cities reported limited availability, allowing owners to adjust tenant mixes and maintain rental levels. Discounters and essential goods retailers are expected to remain among the most active occupiers in the coming year.
For 2026, Colliers anticipates a more measured pace of decision-making from both developers and retailers, even as construction volumes remain elevated. Planned projects vary widely in size and are being advanced by both domestic and international investors. While building costs continue to weigh on budgets, the medium-term outlook for Romania’s retail property sector is viewed as stable, supported by ongoing urban development and consumer demand outside the capital.
