Thursday, April 10, 2008

Romania Shakes Retail Economy

BUCHAREST, April 9 /PRNewswire/ -- Construction is Now Well Under Way on Romania's first Factory Outlet

An historic occasion in Romania's retail repertoire took place just outside Bucharest today, as bulldozers and diggers rolled into the 38,000sq metre site (415,500sqft) to construct Romania's first Factory Outlet, Mega Designer Outlets. The pioneering scheme will cost an estimated 80million Euros and is expected to open its doors at the end of 2008. ( http://www.megadesigneroutlets.com)

Operating since 1983, The MEGA Company (US developer and owner) is one of the most active real estate developers in Romania having delivered over 164,000 square meters of mixed use, commercial and industrial space to date.

Mega Designer Outlets has stirred global interest in the accelerated Romanian retail economy which is home to a burgeoning consumer market, and over 60% of the Outlet's retail space is already spoken for since launching the leasing campaign.

The scheme accommodates modern retail requirements, with stores sizes operating between 50 and 1,100 square meters, approximately 80 stores. The tenant line up will be a complementary mix of the best known international brands, which will offer entire collections at drastically reduced prices. Apart from a compelling retail offer, shoppers will be able to enjoy a village-like atmosphere nestled amongst coffee shops, restaurants and play areas for children.

"Mega Designer Outlets is more than an alternative for the usual shopping experience that the Romanian shopper is used to. Mega Designer Outlet will broker an opportunity for international brands to secure a foothold in the Romanian retail economy, whilst giving consumers choice, diversity and a vibrant experience. Often these shopping trips have been limited to shoppers leaving Romania's borders in search of famous brands. The Outlet will attract inward investment and retain consumer spend, providing shoppers with famed designer collections at significantly reduced prices," stated Chang S. Oh, Managing Director of The MEGA Company.

Strategically situated on the west side of Bucharest's "Ring Road" and A-1 Highway Bucuresti-Pitesti, in the proximity of the Ring Road, at Kilometer 13, Mega Designer Outlet will be easily accessible by the over 2 million residents that live and work in the nation's capital, and 3.5 million within the total catchment area.

The joint leasing team includes, Monica Barbu- Colliers International (Romania) and Neil Chapman - Chameleon Retail Consultancy (UK)

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