Romania’s retail market is entering a new stage of maturity, with investment increasingly shifting away from new developments towards the modernisation and repositioning of existing schemes, according to Colliers’ recently published report, “ExCEEding Borders Retail 2026: Maintaining Retail Excellence and Restoring Potential”. Approximately 53% of Romania’s modern retail stock is more than 15 years old, rising to 59% in Bucharest, although these percentages are touch lower than the regional averages. Across the Central and Eastern European and Baltic markets covered by the report, around 20 million square metres, equivalent to almost two-thirds of the total stock of 33.3 million square metres, is more than 15 years old, while over 10.6 million square metres is more than 20 years old.
This profile of the existing stock is placing growing emphasis on investment in established schemes, Colliers consultants point out. Owners are focusing on refurbishment, efficiency improvements, tenant-mix optimisation and the introduction of new uses, ranging from restaurants and entertainment to fitness, healthcare, wellness and services. The report covers Bulgaria, the Czech Republic, Hungary, Poland, Romania, Slovakia, Estonia, Latvia and Lithuania and analyses shopping centres and modern retail properties with a gross leasable area of more than 5,000 square metres, based on data available at the end of the first half of 2026.
Unlike some Western European markets, where retail schemes that have lost relevance are increasingly being converted into residential, logistics or mixed-use developments, many mature assets in Central and Eastern Europe remain competitive and well occupied, amid a lower per capita stock than in Western Europe. As a result, modernisation is often preferred to full conversion and extends well beyond changes that are immediately visible to customers. In addition to design, functionality and the retail offer, owners are investing more heavily in infrastructure, technical systems and new technologies in order to keep schemes relevant and competitive over the long term.
” Romania’s retail market has reached a natural stage of maturity. Many of the shopping centres developed during the 2000s continue to hold strong market positions, but the expectations of both consumers and retailers have changed. A cosmetic refurbishment alone is no longer enough. Owners need to rethink the tenant mix, customer experience, building efficiency and the role of the scheme within the local community. For well-located assets, such investment can extend the life cycle of a property and create value without the need for complete redevelopment”, explains Simina Niculita, Director | Partner | Retail Agency at Colliers.
In Romania, however, not all mature schemes have the same outlook. Very old assets, particularly those located in secondary areas, may require levels of investment that are difficult to justify, while older but well-located schemes, including those in central locations, may support extensive refurbishment or even redevelopment. For shopping centres developed over the past two to three decades, the focus is primarily on modernisation and repositioning so that they remain relevant in an increasingly competitive market. Growing interest in urban regeneration, together with the limited availability of well-located development land, is also increasing the appeal of such assets to investors.
The data also highlights the scale of the need for adaptation: approximately 41% of Romania’s modern retail stock is between 16 and 20 years old, while a further 19% is between 11 and 15 years old. Only around 15% of the stock has been developed in the past five years. In Bucharest, 59% of the stock is more than 15 years old, compared with 84% in Budapest, 76% in Riga, 70% in Warsaw, 63% in Prague and 62% in Vilnius. Collier’s report also underscores how fast the Romanian market has been transforming over the past few years. While around 15% of Romania’s stock was delivered in the last 5 years, the share for Poland and Hungary sits at 3-4%, while for Czechia, at 9%.
At the same time, the role of shopping centres is also evolving. Restaurants, entertainment areas, fitness facilities, healthcare services, wellness, co-working and community-oriented uses are taking an increasingly important place in the overall mix, giving consumers more reasons to visit while being less exposed to competition from online retail. This trend is also supported by changing consumption patterns: although populations are aging, incomes and purchasing power are rising, while demand in major cities is increasingly shifting towards services, healthcare and leisure.
A tangible example of this type of repositioning, supported by Colliers through advisory and leasing services, is Agora Mall in Arad. The approximately 36,000-square-metre scheme, developed in 2008–2009, had become almost entirely vacant by 2017 – 2018 following the loss of its grocery anchor. The new owner opted for modernisation and repositioning rather than complete redevelopment, and the centre reopened in August 2025 with a concept combining retail with restaurants, services, a cinema, fitness and entertainment.
Other examples of projects currently underway, for which Colliers provides advisory services, include Unirea Bucharest and Unirea Brașov, where the leasable space will be fully restructured and allocated to a broad mix of uses to meet the needs of the communities in the immediate vicinity, while also attracting a wider range of consumers from the two cities.
Retail parks, however, are at a different stage of their development cycle. As they are generally newer than traditional shopping centres, they continue to benefit from strong retailer demand. Investment is focused primarily on energy efficiency, ESG criteria, services, accessibility and the customer experience. The format remains particularly attractive in small and medium-sized cities, where proximity and operating costs continue to support further development.
”The age of a shopping centre is not, in itself, enough to determine whether a scheme should be refurbished, extended or converted. Its location, catchment area, occupancy level, competitive environment and the ease with which the building can be adapted are all important. In some cases, an improved tenant mix and the modernisation of existing spaces may be sufficient. In others, extensions, a change in format or the introduction of new uses may be required. In Romania, where well-located sites in major cities are becoming increasingly difficult to find, the repositioning of existing schemes may become an increasingly attractive option for investors”, adds Liana Dumitru, Director Retail Agency at Colliers.
Over the medium term, the Colliers report indicates that the region’s retail market will focus less on the development of new space and more on adapting existing assets. Digitalisation, demographic change and sustainability requirements will accelerate this transformation, while shopping centres will increasingly combine retail with services, restaurants, leisure, healthcare, wellness and community-oriented spaces.