The market of shopping centres in Bucharest, which attracted investments of more than 500 million euros in the opening of the Cotroceni Park and Grand Arena malls and of the MIlitari Shopping Center alone this year, saw a higher number of visitors in the first week of December compared with the same month of 2008, but retailers say sales are 20% to 40% lower.
Owners of shopping centres had about 500,000 square metres of stores, restaurants and entertainment space available for the clients whose shopping budget has visibly shrunk in 2009.
"Whereas in 2008 people would spend 10 RON and in December 10 RON, in 2009 they probably spent 5 RON in November and saved 5 RON for this month," says Ramona Stanciulescu, CEO of Rafar, the fashion division of RTC.
The battle over the client's money is fought among the 12 shopping centres in Bucharest and is becoming increasingly fiercer, each of them resorting to aggressive marketing campaigns to bring more visitors daily.
Longer opening hours, night time concerts, extended promotional campaigns are but a few of the strategies that have helped shopping centres boost traffic in the first week of December, compared with the same time in 2008.
Five of the top shopping centres in Bucharest, which returned ZF's call for comment, saw rising traffic in the first week of December, as a result of the events organised for Saint Nicholas' Day, and of the promotional campaigns most tenants were running.
However, retailers say that sales are up to 40% lower than in the same time of last year, so that malls are seeing more "tourists" rather than people who actually buy something.
"Traffic in December 2009, compared with December 2008, has gone up by 15% until now," says Ali Ergun Ergen, CEO of Baneasa Developments, owner of the Baneasa Shopping City mall. "Depending on how attractive events and store specia
