The retail scheme has attracted a host of international brands and is the largest retail development by size and investment value opening in Central and Eastern Europe in 2023, according to CBRE.
NEPI Rockcastle’s €136M Promenada Craiova development in central southern Romania officially opened its doors yesterday.
Rüdiger Dany, NEPI Rockcastle’s CEO, said: “The multitude of international retailers opening at NEPI Rockcastle’s Promenada Craiova is indicative of the market trends we are seeing across our portfolio of shopping centres in Central and Eastern Europe. International retailers increasingly recognise that the pace of economic and retail market growth and rise in household incomes across the region, combined with lower operating costs and higher margins, present a far more compelling opportunity than what is generally on offer in more mature and saturated Western European retail markets. This is helping drive NEPI Rockcastle’s strong growth and the continued outperformance of CEE retail real estate we see across our business.”
The overall retail scheme has a total gross lettable area (GLA) of approximately 80,000sq m, larger than originally planned due to strong retailer demand for space exceeding the initial projected supply. The scheme comprises a 53,300sq m GLA shopping centre and a 10,400sq m GLA retail park, both owned by NEPI Rockcastle.
In addition, the retail scheme incorporates a 16,000sq m GLA DIY store, owned by Dedeman. The shopping centre is 99.9 per cent let and offers over 100 stores, among them international brands such as Bershka, Calvin Klein, Enzo Bertini, Mohito, Nike, Peek & Cloppenburg, Stradivarius, Tommy Hilfiger, Under Armour and Zara, as well as a Cineplexx cinema. It also boasts Craiova’s largest outdoor panoramic terrace, which is surrounded by restaurants and cafes.
