Romania’s modern retail market added approximately 80,000 square metres of new retail space in the first half of 2026, compared with around 122,000 square metres in the same period last year, taking the total stock to more than 5.2 million square metres, according to Colliers’ report on the performance of the real estate market during the first six months of the year.
The decline was mainly due to the absence of very large projects, as the extension of Mall Moldova accounted for almost 50% of the total volume delivered in the first half of last year. The full-year delivery forecast has consequently been revised by approximately 35%, from around 230,000 to 150,000 square metres. However, the pipeline for 2027 remains solid and could support a return to growth, provided the economy stabilises.
The geographical distribution of projects confirms continued interest in regional cities and in developments supported by clearly identifiable local demand, at a time when investment decisions are being assessed more carefully. The largest projects completed during the first part of the year were the extension of Arena Mall in Bacău, comprising approximately 17,000 square metres, and the first phase of Urbano Shopping & Living in Cluj-Napoca, with around 15,000 square metres. Other significant deliveries included Aurora Retail Park in Bacău, the extension of Electroputere Parc in Craiova and Galeriile Iris in Târgoviște, each providing approximately 10,000 – 12,000 square metres.
According to Colliers consultants, these deliveries took place against a more challenging economic backdrop, marked by a weaker labour market, higher taxes, domestic uncertainty and price pressures, all of which contributed to a decline in consumer spending. Higher oil prices and rising logistics costs placed further pressure on companies and consumers, while consumer confidence fell close to its lowest level since 2012.
” Consumers seem more pessimistic than the actual numbers suggest. Confidence remains relatively low, but purchasing power is still well above where it was ten or fifteen years ago, and retail sales remain at a healthy level compared with recent years. In practice, this means that consumers are spending almost as much as they did in 2025, but because prices have increased, they are buying less than they were a year ago. At the same time, this shows that the market could bounce back relatively quickly if the economy becomes more stable. For retailers and developers, the challenge is to adapt to a period in which people are spending more carefully, while not losing sight of the Romanian market’s long-term potential”, explains Simina Niculiță, Director | Partner | Retail Agency, Colliers Romania.
Weaker sales are pressuring retailers, although the market remains resilient following several years of growth. Colliers data indicate a slight recovery from the low reached in the first half of the year, even though sales remain marginally below the 2025 level. As real incomes and the labour market are in a stronger position than they were 15 – 20 years ago, an improvement in the economic environment could support a faster recovery in consumption. At the same time, Romania continues to attract international brands, and the entry of names such as Lululemon confirms continued interest in the local market’s long-term potential.
Dominant shopping centres and new developments continue to see high occupancy levels, while the best-performing malls in major cities also have waiting lists. Retailer interest remains strong in projects currently in the pre-letting phase, as well as in many of the retail parks developed in recent years. The turnover-related component of rents came under some pressure in 2026, but the growth recorded in previous years continues to place high-performing schemes in a strong position in their relationships with retailers.
Estimated deliveries for 2026 revised to approximately 150,000 square metres
Higher construction costs and a more cautious consumer have led to the postponement of certain projects, as this context has made it more difficult to support increased rents. Against this backdrop, Colliers has revised its estimate for 2026 deliveries to approximately 150,000 square metres, down from around 230,000 square metres that developers were promising at the beginning of the year.
The outlook for 2027 is more positive. The five largest projects alone could add approximately 140,000 square metres, alongside numerous smaller retail parks. As a result, 2027 could become the most active year for retail deliveries in the past decade and a half, provided projects remain on schedule, although this will depend on economic developments during the second half of 2026.
”The local market still offers room for growth, but the next cycle will be more selective. Developers will assess purchasing power, retailer performance, construction costs and rental levels more carefully. Interest remains strong for dominant shopping centres, regional projects and well-positioned retail parks, but success will increasingly depend on the quality of the concept, the tenant mix, accessibility and the presence of genuine demand”, adds Liana Dumitru, Director, Retail Agency at Colliers.
Economic and political uncertainty, external conflicts and domestic imbalances will continue to influence the market during the second half of 2026. Although both the budget deficit and the current account deficit are narrowing, they continue to leave the economy vulnerable to further shocks. Over the medium term, however, the outlook remains favourable. Actual individual consumption in Romania has reached approximately 86% of the EU average, very close to Poland’s level of 88%. This convergence towards the European average suggests that the market is entering a more mature phase, in which investment will increasingly focus on cities and projects supported by a solid consumer base and clearly demonstrated retailer demand.