Cora French retailer, present domestically with fivehypermarkets, will enter the mall segment by launching Corallproject of Constanţa in the second half of 2012, in the wake of100m-euro investments.
The next two mall projects of French Louis Delhaize, Cora'sshareholders, will be built in Braşov and Bacău, but no completiondate has been specified. Cora thus becomes the first food retailplayer to rival mall developers, a market of over 50 shoppingcentres.
"The next two malls will be built in Braşov and Bacău. We alreadyhave the land, we're waiting for the construction permit," statedPhilippe Lejeunne, 55, general manager of Cora Romania.
The first mall Cora is set to open in Romania, the one ofConstanţa, will have a 150,000 square metre total area. Corahypermarket of this mall will have an 8,500 square metre area.Around a quarter of the mall's total area will be used for theentertainment section, while in the rest of shopping centres thissection takes below 20% of the area, according to therepresentatives of CB Richard Ellis real estate consultancy, theproject rental agent.
Lejeunne expects to break even with this mall in seven or eightyears. As for funding, he says the money for all the projects comesfrom France, from the parent company.
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