Shimon Galon, the head of GTC Romania real estate developer,says the retail market is going to collapse unless the Governmenttakes steps to make consumers start buying again, consideringdevelopers and retailers have already done all they could toattract clients.
"Last year, everything stood still, this year started better, butafter the Government's measures, buyers have been disappearing overrecent months. Some have run out of money, and those who still havemoney push it deeper in their pockets. The change can only comefrom the Government. No private investor can make the market moveagain. Everything that was up to investors has been done:developers have offered smaller rents, retailers have offereddiscounts," stated Shimon Galon, CEO with GTC, a major developerdomestically.
The retail market has been the hardest hit after public workers'salaries were cut by 25% and the VAT was raised.
"On the retail market, the problem is simple. People will not buy,and retailers are not selling. (...) The number of visitors hasrisen, people are coming to malls, but are not buying. I cannot sayI do not have retailers or visitors, but if we do not find asolution for people to start buying, the market is going tocollapse," Galon said.
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