Atrium Centers is working hard to create stylish shopping and entertainment centres in major cities throughout Romania and other countries in the region, serving a rapidly-growing demand for quality-oriented venues. It sums its vision up in just three words: ‘we create style’. Atrium Centers shopping malls offer a new way of life, malls with everything that today’s city-dweller is looking for and more.
Of course, the market has been tough on everyone recently and three of Atrium’s pipeline projects have been put on hold temporarily until market conditions improve, though the opening in March of its landmark project, Atrium Center Arad looks set to re-inject some much-needed confidence into the market.
“Clearly, like everyone else, we have been faced with some challenging times,” says Managing Partner, Michael Israeli. “However, our projects remain extremely attractive and we are seeing a lot of interest in them, and are very much looking forward to completing them once the market improves.”
Atrium Centre Arad opened with lettings or around 92 per cent, a major proportion of which were secured during the latter half of 2009 and Q1 2010 – a clear indication that, as well as the need and interest for a centre like this, confidence is also returning to the Romanian market.
Interestingly, during 2007/08 there were seven schemes announced in the city – a number of which were proposed along the same main road on which Atrium Center Arad is situated – and for a city of some 180,000 people was suddenly an enormous amount of GLA planned. However, out of these schemes, only the Atrium centre and one hypermarket with gallery have come to fruition.
“At Arad, we are providing a product that simply hasn’t existed in the market before,” explains Israeli, “a city centre shopping mall with impressive architecture and a superb retail and leisure offer. This is a very modern and elegant centre with a superb layout and a really exciting mix.”
It is certainly something that the city has been crying out for and the people of Arad have been very excited leading up to the opening. The centre opens with many top retail names, such as Hervis, Adidas, C&A, New Yorker, Reserved, LC Waikiki, Motivi, Orsay, Kenvelo, House of Art and Fox, to name just a few. Many of these retailers have established themselves in Bucharest and are now increasing their presence throughout Romania..
“I am confident that the opening of Arad will have a hugely positive impact, not only on our company but on the market itself,” says Israeli. “At present in Romania there are only three openings scheduled for 2010, including ours, so delivering a successful centre in these conditions will be seen as a very positive step forward.”
For the full article, please see the April 2010 issue.
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