Anchor Grup, which developed the first two malls of Bucharest,Bucuresti Mall in 1999 and Plaza Romania in 2004, collected 43meuros from operating the two projects in 2009, up 7% year-on-year,despite retailers' falling sales and tightening competition onBucharest's mall market. "We made 42.8m euros last year from theshopping centres, both from rents and other operating revenues.Growth came both amid the opening of the new wing of Plaza Romaniaand from our strategy of increasing rental contracts gradually,each year. Moreover, part of contracts expired and in some cases wegot better rents," Ibrahim Paksoy, general manager of Anchor Grup,the company that owns the two shopping centres with an overalllettable area of almost 85,000 square metres, told ZF. He reckons,though, that the number of visitors dropped last year in the twomalls and the same happened with retailers' sales, but says thesituation has stabilised in the meantime.
How did Paksoy react to the arrival of new competitors(Cotroceni Park and Sun Plaza i.e.)?
"They are two new malls, which can now learn from the experienceof other developers. It is good that retailers now have more spacefor expansion. It was difficult for major groups to expand whenthere was only a small number of malls, and there are few suitablestreet front spaces," Paksoy says.
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