Negotiations between retail developers and tenants have become increasingly complex, as both sides try to protect profitability while adapting to changing consumer behavior and lower mobility, according to Andreea Paun, Managing Partner at Griffes.

Speaking at the Future Retail & FMCG Forum organized by The Diplomat-Bucharest, Paun said the traditional dynamics of retail real estate have shifted significantly in recent years, especially after the pandemic and the rise of remote work.

“Negotiations between developers and retailers are often tense. We try to mediate this clash between two sides that both want to generate as much profit as possible. But consumer expectations have changed, and mobility has decreased due to work from home. As a result, retailers and developers must move closer to consumers,” she explained.

Migration trends — particularly from cities to rural and peri-urban areas — are also reshaping how retail spaces are planned and evaluated.

Key statements

• Population shifts toward rural and peri-urban areas have transformed site selection and lease negotiations. Beyond rent per square meter, discussions now heavily focus on traffic flows, accessibility, and infrastructure.
• Practical elements such as proximity to roundabouts or major access roads can determine whether a retail park is viable. Without proper traffic circulation, a project can quickly become unfeasible.
• A relatively new and harder-to-measure metric is “physical presence.” Not everyone entering a retail park or shopping center is shopping — some visitors may only park briefly or pass through. Distinguishing real customers from incidental traffic has become more important.
• This focus on presence has intensified in the post-pandemic period, as consumers spend more time online, reducing predictable in-store footfall.

• Building certifications and sustainability credentials are increasingly important at a declarative level. Tenants often say they prefer greener, energy-efficient buildings, especially in office environments where people spend long hours indoors.
• Consultants use scoring systems to identify buildings with the best ratings and lowest consumption. However, high energy prices complicate the equation, as service charges rise accordingly.
• Paradoxically, highly efficient buildings often rely more on electric systems rather than fossil fuels, which can lead to higher electricity consumption and costs. As a result, the financial benefits of sustainability are not always immediately visible in tenants’ bills.
• Andreea Paun noted a clear gap between stated sustainability ambitions and market realities, particularly as many existing buildings in Romania and Bucharest are older and not energy adapted.

Overall, she emphasized that retail and real estate strategies must become more pragmatic and data-driven, focusing on real consumer behavior, accessibility, and cost efficiency.

“The market is changing fast. If we want retail projects to succeed, we must design them around where and how consumers live and shop today,” Paun concluded.