People of Cushman & Wakefield Echinox
Bucharest, June 2024: Leroy Merlin, the second-largest DIY retailer in Romania by turnover, leased a 9,000 sq. m space within Pitesti Shopping Park, developed by Square 7 Properties, through a transaction brokered by the Cushman & Wakefield Echinox real estate consultancy company.
The unit in Pitesti is due to open in autumn when the delivery of the new project by Square 7 Properties is scheduled. The Pitesti Shopping Park, with a leasable area of 22,000 sq. m is located in the northern part of Pitesti, in the Gavana area.
Bogdan Marcu, Partner Capital Markets at Cushman & Wakefield Echinox: “The Romanian retail market continues to perform well and the retailers’ ambitious expansion plans are boosting the developers’ confidence to invest in new projects. More than 300,000 sq. m are currently in different planning stages and are due to be delivered in the coming years. Pitesti is set to benefit from one of the most significant pipeline in this timeframe, with around 75,000 sq. m of modern retail spaces scheduled for completion in 2024 only.”
Leroy Merlin currently operates 21 stores in Romania, with more 3,000 employees in 15 cities: Bucuresti, Cluj-Napoca, Craiova, Ploiesti, Brasov, Constanta, Sibiu, Suceava, Targu Mures, Bacau, Iasi, Timisoara, Oradea, Targoviste and Arad.
Mathieu Bauduin, CEO Leroy Merlin Romania: ” Through our excellent collaboration with Cushman & Wakefield Echinox and with Square 7 Properties, we are now able to open our first store in Pitesti this year. The market in Pitesti is constantly expanding, and we are aware from our discussions with the inhabitants that they are planning both small and large renovation/construction projects. We want our business strategy to respond to their needs: investing in people by creating new jobs, tailored product range, digitalization and sustainability. It is also our responsibility to provide our future clients with low prices according to our EDLP – Everyday Low Price policy.”
Square 7 Properties has over 20 years of experience in Romania, with a solid and professional team, covering a wide range of services: development, facility and property management. The business model of retail parks has clear advantages such as food anchors, outdoor parking spaces and direct access to stores.
Clemens Petschnikar, partner & CEO al Square 7 Properties: ”The project in Pitesti which represents a significant investment made by Square 7 Properties, is further evidence of our trust in this market and of our long-term commitment to Romania. Our priority is to expand our presence in terms of portfolio, but we are also dedicated to contributing to the local communities by creating jobs and supporting their economic development.”
