Romania’s modern retail market surpassed the 5 million sqm threshold in 2025, following the delivery of around 190,000 sqm of new retail space, about 20% above the average of the past five years, according to an annual report by Colliers. Despite a more moderate economic backdrop, 2026 is expected to bring roughly 240,000 sqm of new retail developments, potentially making it the most active year for deliveries since 2011.
After a decade of rapid expansion, the market is entering a consolidation phase, with developers and retailers becoming more cautious. Even so, Romania continues to have less modern retail space per capita than other countries in the region, pointing to further medium-term growth potential, especially in regional cities.
The largest addition to the retail stock in 2025 was recorded in Iași, where the Mall Moldova project, developed by Prime Kapital / MAS REI, was extended by around 59,000 sqm following the refurbishment of the former Era Shopping Center.
Another notable project was Agora Mall in Arad, which returned to the market with 35,000 sqm of leasable space after an extensive refurbishment.
A recalculation of national stock, including renovated and reintroduced projects, officially pushed Romania’s modern retail inventory beyond the 5 million sqm mark, Colliers said.
While smaller retail parks continue to appear across the country, they are not included in official statistics, which track only projects exceeding 4,000-5,000 sqm of gross leasable area. Nonetheless, these developments underline investors’ interest in expanding retail networks in small and medium-sized cities, where demand remains active.
From a demand perspective, 2025 was more subdued compared with the strong performance of previous years, amid a temporary dip in purchasing power and slower consumption towards year-end.
Real wages were around 5% lower in November 2025 compared with the same month in 2024, while non-food retail sales declined by 3% year on year. Colliers noted, however, that this represents a short-term adjustment, as purchasing power has risen significantly over the past decade and Romania remains one of the EU’s leading retail markets by volume.
“Overall, 2025 was a balanced year for the retail market, with deliveries across the country and a clear diversification of retail formats. This context marks a period of adjustment after a decade of good growth, without altering the market’s overall direction. Even in a more cautious environment, Romania’s modern retail sector remains well supported, and interest in expansion continues, with a clearer focus on efficiency, well-positioned locations, and projects tailored to a more value-conscious consumer,” said Simina Niculiță, Director | Partner | Retail Agency, Colliers Romania.
Labour market stability also supported consumption, with employment declining by less than 1% in 2025 and no major workforce reductions announced. Several international brands entered or expanded in Romania last year, including Sports Direct, Action, and Wendy’s, while 2026 is expected to bring new entrants such as BIPA, Lululemon, and Mr. D.I.Y.
Looking ahead, Colliers expects a more measured pace in 2026, but still forecasts around 240,000 sqm of new retail space to be delivered. Projects announced range between 4,000 and 20,000 sqm and are being developed by both local and international investors. Despite elevated construction costs, consultants said the long-term outlook for Romania’s modern retail market remains favourable.
irina.marica@romania-insider.com
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