Plaza Mall relocates some of its stores

Plaza Romania mall, held by the Anchor group, the second modern shopping centre to be opened in Bucharest, is undergoing its first major tenant mix reorganisation since its opening in 2004, with at least ten stores currently being relocated. Coincidentally or not, the renegotiation of contracts is taking place at a time when Romania’s largest mall, AFI Palace Cotroceni, has been launched in western Bucharest as one of the biggest bets on the fashion and entertainment segment, being located in an area where almost half a million Bucharest inhabitants live. The biggest relocations in terms of space are Leonardo’s and Tina R’s, according to ZF estimates, with both companies abandoning their centrally-placed stores on the ground floor for second-floor stores, with the negotiated rent probably being lower. “Such a change is natural, massive relocations occur every five years, when a large part of contracts expire. Currently, there is a trend of replacing local brands with new, international ones, demanded by the market,” Radu Tanasescu, COO of Anchor Grup, told ZF.