While not even a quarter of infrastructure works are finished in Bucharest's old centre, the average sales of restaurants and coffee shops opened in the area reach 40,000 euros per day, according to ZF's calculations based on the data provided by the owners, who expect revenues to at least double after streets have been finalised, which will most likely happen in two years.
"(...) Until now, the old centre had targeted medium-income clients, but once so many new places have been opened, there is a shift to the upper medium income segment," says the manager of Pub Vintage, who has recently opened the bar on the site of Casa Rochiilor de Mireasa and expects sales of at least 1,000 euros per day and at least 400 customers.
Most pub owners say that in a rainless day they make between 700 and 1,200 euros, with big restaurants reaching even 4,000 euros in good days.
Against an overall average income of 40,000 euros per day, the 50 restaurants and coffee shops in six months generate over 7m euros, with the cold period contributing at least half to this sum.
The smallest revenues are generated by those shops located in streets under renovation, even though the outdoor restaurants opened on the City Hall's scaffolding seem "interesting" to passers-by.
The newest bar is Team Pub, opened in mid-June in the wake of investments worth 30,000 euros. Still, the 100 square metre bar has the advantage of being located at the crossroads with Selari, a street where another 8 coffee shops and restaurants operate, attracting a significant number of clients. The rest are awaiting nostalgic clients or simply loyal ones.
One of the oldest places, which has survived changes for more than twenty years, is Lucy&Vrany open-air terrace in Lipscani.
The old centre, once the paradise of stores selling antiques, glassware, canvas or jewellery mending ones, has started to get a Western look through the replacement of placards of before '89 with bright signs of new restaurants.
The City Hall receives around 15 euros/square metre to place tables outside, according to the data provided by players, while the owners of buildings put up for rent around 40 euros/square metre. Thus, an entrepreneur with a 500 square metre bar pays around 20,000 euros per month.
"Rents are around 10% higher than last October because space owners have become aware of the area's potential," explains Vintage Pub manager.
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