The market of shopping centres in Bucharest, which attractedinvestments of more than 500 million euros in the opening of theCotroceni Park and Grand Arena malls and of the MIlitari ShoppingCenter alone this year, saw a higher number of visitors in thefirst week of December compared with the same month of 2008, butretailers say sales are 20% to 40% lower.
Owners of shopping centres had about 500,000 square metres ofstores, restaurants and entertainment space available for theclients whose shopping budget has visibly shrunk in 2009.
"Whereas in 2008 people would spend 10 RON and in December 10RON, in 2009 they probably spent 5 RON in November and saved 5 RONfor this month," says Ramona Stanciulescu, CEO of Rafar, thefashion division of RTC.
The battle over the client's money is fought among the 12shopping centres in Bucharest and is becoming increasingly fiercer,each of them resorting to aggressive marketing campaigns to bringmore visitors daily.
Longer opening hours, night time concerts, extended promotionalcampaigns are but a few of the strategies that have helped shoppingcentres boost traffic in the first week of December, compared withthe same time in 2008.
Five of the top shopping centres in Bucharest, which returnedZF's call for comment, saw rising traffic in the first week ofDecember, as a result of the events organised for Saint Nicholas'Day, and of the promotional campaigns most tenants wererunning.
However, retailers say that sales are up to 40% lower than inthe same time of last year, so that malls are seeing more"tourists" rather than people who actually buy something.
"Traffic in December 2009, compared with December 2008, has goneup by 15% until now," says Ali Ergun Ergen, CEO of BaneasaDevelopments, owner of the Baneasa Shopping City mall. "Dependingon how attractive events and store special offers are, the numberof visitors goes up by 40% on average in December compared with aregular month."
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