Romanians spend €40 billion in large retail chains in 2024, Cushman & Wakefield Echinox reports

Romanians spent around €40 billion in major retail chains in 2024, representing an increase of 7.1% compared to 2023, according to the latest Romania Retail Snapshot from real estate consultancy Cushman & Wakefield Echinox. Although growth slowed compared to the previous year’s rate of 11.1%, the expansion remained above the annual inflation rate. The analysis is based on financial results from 123 retailers across 13 different retail segments.

Food stores continued to account for the largest share of spending, totaling €24 billion or 60.3% of overall sales. However, this segment recorded a 5.2% increase in sales, which was below the 2024 annual inflation rate of 5.6%.

DIY stores represented the second-largest share, with sales of €4.3 billion, followed by the Electro-IT segment with €3.6 billion and the Fashion sector with €2.5 billion. Entertainment, included in the report for the first time, recorded the lowest spending among the analyzed sectors.

Other segments with lower overall spending included Jewelry at €237 million, Footwear at €410 million, and Cosmetics at €569 million.

Despite variations in growth rates, all retail segments posted higher turnover in 2024 compared with the previous year. The strongest increases were observed in Cosmetics, which grew by 24%, followed by Specialized Stores with a rise of 20.6%, Home & Deco at 16%, Footwear at 15.5%, Food & Beverage at 14.9%, and Kids & Toys at 13.5%.

Segments with lower growth rates included Entertainment, which grew by 2.1%, Sports at 3.6%, DIY at 5%, and Food Stores at 5.2%, all falling below the inflation rate. Nevertheless, nine of the thirteen retail categories achieved sales growth above the annual inflation figure.

Together, the 123 retailers analyzed in the report operate more than 7,000 stores across Romania, primarily located in shopping centers, retail parks, and commercial galleries.

Vlad Săftoiu, Head of Research at Cushman & Wakefield Echinox, observed a shift in consumer behavior over the past year. While spending on food and daily necessities remained high, non-food categories recorded higher growth rates. Săftoiu noted this as a positive sign for the retail market, highlighting that many non-food segments saw double-digit increases, indicating significant potential for further expansion. He added that Romania ranks among EU member states reporting robust retail growth, with non-food products up 5.8% in real terms at the start of this year.

Reflecting this momentum, developers have continued to expand retail offerings, with around 700,000 square meters of retail space currently in various stages of development, scheduled for delivery between 2025 and 2030.

Between 2019 and 2024, the compound annual growth rate (CAGR) for the analyzed retailers was 10.9%, surpassing the average annual inflation rate of 7.4% during the same period. The highest CAGR figures were recorded in the Cosmetics segment at 19.2%, Specialized Stores at 19.1%, and Food & Beverage at 16.4%.

Retailers’ revenue increases have been driven both by network expansions and organic sales growth, supported by higher traffic in physical stores and significant online operations. Developers contributed to this expansion, delivering around 340,000 square meters of modern retail space between 2024 and the first half of 2025 through new projects and the refurbishment or expansion of existing properties.

DEALZ extends lease at Supersam Katowice for five more years

The international retail chain DEALZ has renewed its lease agreement at Supersam Katowice for an additional five years. The retailer will continue operating its store, which covers approximately 360 square meters on level -1 of the mixed-use facility in central Katowice.

Supersam’s management has been working to create a diverse and balanced tenant mix to enhance the multifunctional character of the center. The decision by DEALZ to extend its lease reflects the solid relationship between the retailer and the property’s owner and manager, Globalworth, as well as Supersam’s stable position in the local retail market. Supersam benefits from a central location near Katowice’s market square and main streets, contributing to its role as a convenient shopping destination.

Barbara Wójcik, Asset Management and Retail Leasing Director at Globalworth Poland, expressed appreciation for the ongoing partnership, noting that DEALZ’s continued presence demonstrates mutual trust and the store’s popularity among customers, including employees from the building’s office and service areas. Wójcik highlighted Supersam as a place where well-known brands can effectively achieve their business objectives.

DEALZ, which has been operating in Poland since 2018, offers a wide assortment of everyday products, including food, cosmetics, household items, and home décor, at competitive prices. The brand has expanded across major Polish cities, aiming to provide value through a range of more than 3,000 products from international brands. The renewed lease ensures DEALZ remains in its current premises at Supersam.

Hanna Szczepanik, Head of the area for DEALZ Poland, noted that Supersam’s location aligns with the company’s strategy of being situated along customers’ daily shopping routes in accessible and convenient places. Szczepanik said the brand is pleased to continue operating in a well-known, multifunctional facility that adapts to market trends and consumer needs.

Supersam is also expanding its offerings beyond retail. On the ground floor, construction is in progress on a new food court covering nearly 1,000 square meters, which will include nine units with a shared dining area and a seasonal outdoor section. The new zone will feature a balance of international cuisines and local dining options.

Additionally, on the first floor, a flexible office space called Ace of Space has been operational since May, providing more than 1,400 square meters of serviced offices, conference rooms, coworking areas, and relaxation zones. Tenants also have access to a fully equipped podcast studio.

Supersam houses various popular retail chains, including ALDI, Rossmann, ACTION, Pepco, Kik, Maxi Zoo, EMPiK, and X-kom. Combined with facilities like the Forma fitness center, Supersam has established itself as one of Katowice’s prominent service and retail destinations.

Barbara Wójcik concluded that Supersam focuses on brands that meet the everyday needs of urban customers, both in terms of products and overall shopping experience, and that DEALZ fits well within this strategy.

Supersam is a modern mixed-use complex in the center of Katowice, offering over 24,000 square meters of commercial space. It combines retail, services, dining, fitness facilities, and office spaces, with upper levels housing a car park of about 400 spaces. The building is certified BREEAM Excellent. Globalworth, a leading owner and manager of office properties in Central and Eastern Europe, owns and operates Supersam.

IIProp to develop two logistics facilities for leading e-commerce platform in Poland

International Industrial Properties (IIProp), a logistics platform focused on industrial and logistics investments across key European markets and owned by Madison International Realty and Griffin Capital Partners, plans to develop two built-to-suit logistics facilities in Poland for a major online marketplace operating in Central and Eastern Europe.

The facilities, each offering around 8,000 sqm of gross lettable area, will serve as cross-dock hubs supporting the tenant’s logistics operations in the Poznań and Warsaw regions. Both sites will be constructed to meet the tenant’s specific operational and trans-shipment requirements and are secured under long-term lease agreements. The facility in Głuchów, located within IIProp’s Poznań West logistics park, is scheduled for completion in the fourth quarter of 2025, while the Nadarzyn facility, part of IIProp Warsaw South, is expected to be delivered in the first quarter of 2026. These developments are part of the tenant’s strategy to expand parcel-handling capacity and improve delivery times across Poland.

Łukasz Toczek, Director at Griffin Capital Partners, stated that these projects align with IIProp’s goal of developing high-quality logistics assets tailored to modern business needs. He added that Poland remains a strategic focus due to solid market fundamentals and growing demand for modern build-to-suit facilities.

Maximillian Sauermann, Director of Investments at Madison International Realty, noted that the projects are designed to support operational efficiency while meeting high environmental and technological standards, which are becoming increasingly significant in the logistics sector.

Both new facilities will be integrated into IIProp’s existing logistics parks. IIProp Warsaw South currently offers over 50,000 sqm of leased logistics space. The Nadarzyn site is located near Warsaw Chopin Airport and the S8 expressway, providing strong transport links and visibility. The project is financed by Pekao, and the location has additional development potential for a further multi-let facility of approximately 27,000 sqm, for which permits have already been secured.

The IIProp Poznań West Park includes one multi-let building with more than 14,600 sqm of warehouse space, where a unit of 4,110 sqm remains available. Situated near the A2 motorway and the S11 expressway junction, the park offers access to national and international transport routes, including the German border, Poznań city centre, and Poznań–Ławica Airport. Santander Bank Polska is financing the project, and Harden is responsible for general contracting. The park also holds future development potential for approximately 28,600 sqm of additional grade-A logistics space.

International Industrial Properties continues to explore further investment opportunities in line with the strategic direction set by its shareholders, Madison International Realty and Griffin Capital Partners. Panattoni is serving as the developer for both new facilities.

Poland’s warehouse market shows diverging trends across big five regions

At the start of 2025, Poland’s warehouse market is reflecting both resilience and shifting dynamics across its five largest regions, as reported by Avison Young.

In Warsaw, the warehouse sector continues to perform strongly, supported by proximity to a large consumer base, extensive transport networks, and rising demand for last-mile logistics services. Growth is evident both within city limits, where quick deliveries and workforce access are essential, and in suburban areas offering larger space and flexibility for production and distribution. Despite economic challenges, tenant activity remains stable, although the market faces signs of overdevelopment, particularly with larger facilities delivered in 2023 and 2024 still awaiting tenants. While rental rates in central Warsaw are the highest in Poland, developers are increasingly willing to negotiate, offering longer rent-free periods and flexible leasing terms. Meanwhile, there is notable demand for smaller warehouse units of up to 1,500 sqm, driven largely by direct-to-consumer businesses in cosmetics, consumer electronics, and apparel. Landlords have responded to market pressures by introducing creative incentives, including extended service charge waivers and compensation guarantees for construction delays. Locations with good public transport connections, especially suburban rail, trams, and cycle routes, are becoming more important for tenants evaluating new sites. The sublease market is gaining momentum, with logistics firms and third-party operators seeking short-term solutions to manage seasonal or demand-driven risks. Sustainability considerations are also increasingly influencing leasing decisions, with many tenants requesting installations such as photovoltaic panels as part of lease agreements.

Upper Silesia remains distinct from other regions by attracting significant activity from manufacturing firms, particularly those in the automotive, home appliance, heavy industry, and chemical sectors. Warehousing here often directly supports production through just-in-time systems and custom-built facilities. Despite facing rising vacancy rates and cautious tenant sentiment, Upper Silesia maintains its attractiveness due to strategic location, strong infrastructure, and a diverse range of industrial properties. The region is becoming increasingly important for automotive and component manufacturers relocating from neighbouring countries, drawn by its industrial ecosystem and position within Central Europe. Energy supply has emerged as a critical factor, with investors securing power capacity in advance to support future operational needs. However, there are challenges, including limited availability of larger plots of land, particularly around Katowice and Gliwice, which restricts the potential for extensive build-to-suit developments.

In Wrocław, a high concentration of manufacturing activity underpins the demand for both production and logistics space. Alongside Upper Silesia and Poznań, Wrocław ranks as one of the leading regions for industrial investment. The area benefits from its role as an academic centre supplying skilled labour for sectors such as logistics, automation, and IT. Wrocław is also a national leader in intermodal logistics, with key terminals located in Kąty Wrocławskie, Legnica, and Brzeg Dolny, making it attractive for companies in the automotive and chemical industries seeking combined road and rail transport solutions. However, grid connection capacity has become a significant constraint, particularly for projects requiring high power levels, with wait times for connections stretching to over a year and a half. Workarounds, including shared energy capacity and reliance on surplus energy from neighbouring sites, are emerging to address this challenge. Meanwhile, Lower Silesia is gaining strategic significance as a hub in the European battery supply chain, drawing interest from South Korean firms linked to major manufacturers like LG and SK Innovation. Wrocław and its surrounding area are increasingly viewed as central to the continent’s electromobility sector.

Central Poland continues to be one of the country’s most important logistics regions, benefiting from its central location and direct connections to major transport routes. Despite entering a phase of market saturation following significant growth between 2021 and 2023, particularly in areas like Stryków and Rawa Mazowiecka, the region retains strong investor interest. Vacancy rates have increased, but demand remains driven by the region’s strategic position. A notable trend in Central Poland is the emergence of “warehouse as a service” models, where tenants pay for specific logistics services instead of traditional leases. There is also rising investment in light manufacturing, with relocations from Western Europe fueling demand for both ready-to-occupy facilities and tailored build-to-suit projects. Sectors such as lighting, HVAC, and electronics are particularly active.

In Poznań, the beginning of 2025 has brought signs of moderate recovery, tempered by developers’ cautious approach and evidence of market saturation. The vacancy rate has edged above 8%, consistent with trends seen in other regions. Although rental rates have remained relatively steady, developers are offering more competitive incentives and flexible lease terms to secure tenants. The region continues to attract small and medium-sized manufacturers from Western Europe, drawn by lower operational costs and strategic logistics advantages. These firms are increasingly looking beyond the A2 motorway corridor for more affordable and available sites. During early 2025, approximately 60,000 sqm of modern warehouse space was delivered in the region, accounting for around 10 percent of new national supply. However, new construction activity has slowed, with developers closely monitoring demand and vacancy levels before committing to further projects.

Across all five regions, Poland’s warehouse market shows a mix of resilience and caution. While tenant demand remains present, developers and investors are navigating an environment marked by shifting needs, supply imbalances in some segments, and growing emphasis on sustainability and operational efficiency.

Prague airport advances carbon neutrality plans with installation of modern Wilo pumps

Václav Havel Airport Prague has taken another step in its sustainable development efforts through the renovation of boiler rooms in Terminal 3 and the security and operations building (ZAO). As part of the project, energy-efficient pumping systems from Wilo were installed, contributing to the airport’s goal of achieving carbon neutrality by 2030. The renovation, which cost over CZK 30.5 million, follows previous upgrades by Wilo that included modernisation of the airport’s wastewater treatment plant and pressure station over the past two years.

The airport’s long-term strategy focuses on reducing the environmental impact of its operations while maintaining capacity, safety, and passenger comfort. A key component of this strategy was the comprehensive refurbishment of two boiler rooms—one located in Terminal 3, which also provides heating for the adjacent Ramada hotel, and the other in the ZAO building.

The renovation involved replacing the technology in both boiler rooms, installing new condensing boilers, modifying distribution systems, and integrating modern Wilo pumping systems to improve the circulation of heating water. In total, nine Wilo Stratos MAXO and PICO circulation pumps were installed. These pumps feature intelligent technology that automatically adjusts operation to match system requirements, reducing energy consumption and carbon dioxide emissions.

Jan Cidlinský, Regional Director for Central Europe at Wilo, highlighted the significance of upgrading circulation pumps, noting their influence on the overall efficiency of heating systems and the potential for energy and emissions reductions.

Dušan Bek, water management technician at Prague Airport, stated that in selecting technology for the renovation, the airport prioritised energy efficiency and sustainability alongside performance and reliability. He said every improvement contributes to the airport’s goal of reducing its carbon footprint and achieving carbon neutrality within five years.

Alongside the installation of the new Wilo pumps, the project included replacing the original boilers with Viessmann Vitocrossal 200 CM2C gas condensing units, each delivering 248 kW of power. The combined capacity of the upgraded boiler rooms is 992 kW, ensuring adequate heating even during peak demand. Additional work involved redesigning flue gas and heating distribution systems, updating ventilation and sanitary installations, installing a new water treatment system, and optimising the water heating process within the boiler rooms.

Prior to the boiler room renovation, Wilo had already completed modernisation projects at the airport, including updates to the wastewater treatment plant and pressure station. These facilities, upgraded after twenty years of operation, now comply with current standards for energy efficiency and performance.

Panattoni starts new phase of Warsaw North III Park, signs PBS Connect Polska as first tenant

Panattoni has begun the next phase of its Panattoni Park Warsaw North III development in Kobyłka, where construction is underway on two buildings totaling 53,000 sqm. The facilities are scheduled for completion in the fourth quarter of 2025. The first tenant confirmed for the new space is PBS Connect Polska.

PBS Connect Polska, part of PBS Holding—a European supplier and distributor of office products—will lease over 24,000 sqm in the park, relocating its headquarters from Marki. The company cited the need for more space to accommodate its business growth and improve logistics operations near Warsaw. The move is expected to increase the company’s workforce to approximately 150 people.

Michał Samborski, Head of Development at Panattoni, noted that the new park offers modern, Class A warehouse space with good access for employees and customers. He said the transaction with PBS Connect Polska proceeded smoothly thanks to cooperation from both sides.

Mirosław Szydłowski, CEO of PBS Connect Polska, stated that the company’s decision followed several months of market analysis. He explained that the larger warehouse will help manage an expanding product portfolio and support the company’s goal of establishing a central logistics hub for Central and Eastern Europe.

The new warehouse will handle a variety of products, including office supplies, paper goods, food items, and protective equipment. Approximately 1,500 sqm of the space will be used for office and staff facilities.

Once fully developed, Panattoni Park Warsaw North III will comprise 75,000 sqm of industrial space. The initial 22,000 sqm building is already in use, and the second phase now underway includes buildings measuring 33,000 sqm and 20,000 sqm. The park’s location, about 25 km from Warsaw’s city center and near the S8 expressway, offers logistical advantages and competitive leasing terms.

The new buildings will be developed to BREEAM Excellent standards, incorporating features to reduce energy and water use and lower operating costs for tenants. Environmental measures at the site will include a strip of land for wildlife migration, water dams to create amphibian habitats, and a retention basin accessible to animals. The fencing will also be designed to prevent wildlife from entering the facility area.

Consolidation gains momentum in Poland’s temporary employment sector

Poland’s labour market has been evolving rapidly in recent years under the influence of demographic shifts, economic conditions and changing expectations from both employers and employees. Amid this transformation, the temporary employment, recruitment and process outsourcing sector is experiencing a noticeable wave of consolidation. This trend is reshaping the industry’s structure and serving as a strategic pathway for growth for dynamic players such as the Opteamic Group, a comprehensive provider of process outsourcing services.

The roots of Poland’s HR industry stretch back to the economic changes of the 1990s, when the first private employment agencies began to appear. Many of these early enterprises developed into locally run, often family-owned businesses that built their reputations through organic growth and client trust. However, these agencies are increasingly facing significant obstacles to further expansion, including limited financial and operational resources, succession challenges, and intensifying competition. Within this context, consolidation appears to be a natural next step in the sector’s maturation.

Jakub Kizielewicz, President of the Management Board of the Opteamic Group, notes that the fragmented nature of the sector makes it ripe for integration. He emphasises the value of combining experience, know-how and operational capacities across different organisations. For Opteamic, which has prioritised professionalising process outsourcing since its inception, growth through acquisitions is now a logical progression.

For smaller agencies, becoming part of a larger entity can offer solutions to pressing issues such as succession planning, monetising years of built-up value, and navigating the demands of digital transformation. Many local agencies are struggling with the lack of a next generation to take over or with implementing modern technological solutions. Opteamic places significant emphasis on ensuring smooth integration during acquisitions, aiming to protect local identities and maintain client trust while building larger, more capable structures.

Consolidation, Kizielewicz explains, is ultimately about boosting service quality and operational efficiency. With Poland’s shrinking labour pool and increasing challenges in recruiting skilled workers, larger employment and outsourcing groups are better positioned to invest in technology, refine service processes, and support the integration of foreign workers into the workforce.

Data from Eurostat indicates that the proportion of immigrants in the working-age population across Europe will grow over the next quarter-century. For Poland, this means greater openness to foreign labour, which brings its own set of challenges, including handling residence permits, recognising qualifications, and facilitating cultural integration. Smaller, local agencies often lack the resources or expertise to manage these complex issues effectively.

Kizielewicz underscores that skills such as foreign worker support, soft skills, and flexible employment models are no longer optional but essential for survival in today’s market. He believes that consolidation allows agencies to pool resources and jointly invest in developing these capabilities, enabling them to serve key sectors such as industry, logistics and commerce more effectively.

Integrated organisations not only benefit from broader candidate pools and modern recruitment tools but also possess more advanced operational and technological infrastructure. For clients, this translates into quicker responses to staffing needs, reduced risks of labour shortages, and more predictable partnerships. From the perspective of job seekers, larger firms offer more employment opportunities, better support during recruitment and onboarding, and greater transparency around employment conditions.

Across the market, there are numerous agencies that have operated successfully for years but are now seeking reliable partners to ensure stable growth. Some are looking for technological support, while others need assistance with marketing or expanding their sales operations. Opteamic, with a solid foundation and clear strategic direction, has expressed its openness to exploring potential partnerships and acquisitions.

Kizielewicz stresses that Opteamic is not solely driven by acquiring businesses for growth’s sake but is focused on finding synergies with partners who share a commitment to quality, scalability and a collaborative approach toward both customers and employees.

Looking ahead, it appears likely that consolidation in Poland’s temporary employment agency market will continue, not out of pressure, but driven by the need for growth, the impact of demographic changes and the evolution of employment models. In this landscape, joining forces is increasingly viewed not as a loss of independence but as the beginning of a new phase of development for the industry.

Axelor Group appoints Fraser Watson to lead Aurelia Fund expansion

The Czech investment group Axelor has appointed British manager Fraser Watson to head the expansion of its Aurelia real estate fund. Watson brings over two decades of experience in commercial real estate across European markets.

Watson began his career in the United Kingdom, where he earned his RICS professional qualification. Since 2007, he has been based in Prague, initially working in the investment department of Cushman & Wakefield. He later oversaw Central European expansion for AmRest and SportsDirect.com, managing the strategy and operations of a retail portfolio comprising 250 stores across 16 European countries. In 2018, he joined Savills’ investment team and became Head of Investment for the Czech Republic and Slovakia in 2023.

Over the course of his career, Watson has advised on transactions exceeding €3 billion and conducted asset valuations worth more than €2 billion in the Czech Republic, Slovakia, and Austria. His projects have included the sale of the Myslbek shopping centre in central Prague, the acquisition of Cromwell’s Polish retail portfolio covering over 220,000 square metres, and representing Hines in the acquisition of an industrial portfolio from CPI.

Fraser Watson said he looks forward to contributing to Axelor’s growth and supporting the development of the Aurelia fund with a focus on professional detail and long-term asset appreciation.

Pavel Svoreň, Chairman of the Board of Axelor, described Watson’s appointment as an important step in the group’s strategy to strengthen its investment and asset management capabilities in the real estate market.

Prague hotel market nears pre-pandemic levels amid steady recovery

The hotel sector in Prague and across Central and Eastern Europe is recovering faster than initially projected, according to the latest analysis from CBRE. International overnight stays in Prague have reached 95% of 2019 figures, and hotel investment in the CEE region has risen by 12% year-on-year.

CBRE reports that tourism growth is supported by renewed domestic demand, the return of foreign visitors, and shifts in travel habits, including increased off-season travel. This trend is helping balance visitor numbers throughout the year, contributing to greater market stability. Prague remains the region’s most visited city, with expectations to surpass pre-pandemic performance by the end of 2025.

The return of tourists varies by origin, with visitors from Western Europe, the United States, and the Persian Gulf returning in strong numbers. Travellers from Germany, Austria, Italy, the UK, and France have largely recovered, while American tourists have increased by 18% compared to 2019. However, arrivals from Northeast Asia and the broader Asia-Pacific region remain significantly below pre-pandemic levels.

Hotel performance indicators across CEE capitals show growth, with average occupancy rates rising by six percentage points last year, now ranging between 76% in Warsaw and 82% in Prague. The average daily rate has increased by 25% compared to 2019, while revenue per available room has risen by 12%.

In terms of hotel categories, the region now offers more than 450,000 rooms, with four-star hotels representing up to half of the supply, and five-star properties accounting for around 10 to 15%, mainly in capital cities and resort areas. While standard rooms remain dominant, there is rising demand for suites, family rooms, and long-stay units. Investment is also shifting towards sustainable construction, renovations of historic buildings, and projects combining hospitality with other functions like retail and co-working spaces.

Investment activity in the hotel sector has been increasing since 2023. In the first quarter of 2025 alone, hotel transactions in the CEE region reached EUR 417 million, already representing 63% of last year’s total volume. The Czech Republic led the region in hotel investment, followed by Poland and Hungary. The sale of the Hilton Prague Hotel was highlighted as the largest transaction in the region so far.

Despite challenges such as inflation, labor shortages, and geopolitical risks, CBRE remains optimistic about the hotel sector’s outlook in Prague and the wider CEE and SEE regions, citing continued investments in digitalization, sustainability, and expanding tourism services.

New ZEITRAUM student residence opens in Krakow’s Krowodrza district

A new student residence, ZEITRAUM – Racławicka, has opened in Krakow’s Krowodrza district, offering modern accommodation a few minutes from the city center. The facility features 249 rooms, primarily singles with private bathrooms and kitchenettes, designed to support both study and leisure. Communal spaces include areas for yoga, gaming, and socializing, alongside shared kitchens and a laundry room. The building also offers flexible rental terms, allowing students to book for varying lengths of stay and complete all formalities online. Located near major universities and transport links, the residence aims to provide practical living arrangements with functional design and a quiet atmosphere. Developed by ZEITGEIST Asset Management, the project reflects changing needs among students, many of whom balance studies with work and other commitments.

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