The international financial crisis will have effects on the retail market, as well, which has seen one of the most significant increases over the last few years, with both developers and retailers ready to slow down their expansion plans, according to players present at the conference of International Council of Shopping Centers. "This crisis can help developers and retailers understand the market, and know what to expect from it, given that their expectations have so far been too high. The over 100 shopping centres under development are clearly an unrealistic number. The estimates consider the overall number of inhabitants, 22 million. However, one can only count on 10-12 million of them, and the question is how these people spend their money, if they have it," says Vicentiu Zorzolan, manager of AAV Group, a company that holds the franchise for brands such as Esprit, Springfield and Women'Secret. A series of cities across Romania, as well as some areas of Bucharest are oversaturated with commercial projects, and results yielded by a series of already operating malls have been disappointing, despite the fact that developers are increasingly specialised and that shopping options are few, explains Zorzolan.
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