romanian retail market 2010 small

8/3/2019 Romanian Retail Market 2010 Small

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ROMJ.NIAN I lITAiL MARKO 2010

TABLE OF CONTENTS

KONOMIC I N ~ C / l T O I i S

Mot, .... V_point, IMRIUS ENE

REl",UR ~ M T Y

...""' ... V ~ " ' , WJ IIA IICNClE

MODERN IiUAJl SUPPlY 5. P l P I ' l

SroI<on VlOWpOinl: DANIEL NISTOR

tlIGllSTl':I:E1

BloQh V_point: MlH.O.ELA PfTRUESCU

INVESTMENT

B<d.ohV _ poi ", :RADU U/C1oONJ

FORWARD

I.um>_ ..uHood ,,11101_ c, :". '... 0."..... Gobu"",

2010", lb ............. " duoI.,- an ....",. .....,., . . .

,

"- --- "... "

.... ......"" ..

_.m'-_ . . _'"

.",...-, -.".------ ..... ..........""'- 011... .., . ' , tJ ,o r_.,. . ,,, .Ot_= ......... .• . 2

, - . "'" '" .' ' ' " '_ " , ............ " 7,•• ' •• > ' . . . . . . " " '. ,.,. '.EO .... Ll " ' ' ' .I ' ' ' ' ' ' * 'P ••. . . . ._ ' -_" . . . . . . . or ~ i o L . . . . . .. .... _

Mid 2010. .... """.....", Go . . . .. OJ F' ' ' d _ 0!;I0qh.,.,.,.,;,y.",,,_ wifI, . . . . p ; ; ' , l i c I o I ~ dw OOl;"lI <CW " • .", .. _ IN. ""'.... ""- ' "dj/ficult 2009,....... " ' " -... ..... <0<1 . . --.._". . , . . ; i "h •• ' 01 • , , ' . ,"dc'': .... ... . . . . . """IPh - .__ .,. .• :"" ............. ""'fIIi'hI.. ' .. ......-"' .............. --;, '" ...

W .. all 01Il00 ""'- .. mOtd. Itu.ocr"" Ili/lIocw .JiHia,Ir_""- boom, HIl ._. :101 1 o o b " * ~ _ bo

" . . . . . i " . . .. ". , . , . , . 01 ." . n. . . . . . _ 10"" ," down.. . ' j ' .... hoM or """. , . . . . ..., ... ,

0 ' . . . . of . . . """I:wo i " , " ' f,,_..- 2011

ECONOMIC INDICATORSn . . gk:>bol 0C0MmK:__ . 1Io<>od in w.. """'<0-ocO<>OtnO: ind",,1orI 01 R.omonia Q.< 2008. In

100'1 . . . .-..gal"" U""'"'" "'Iii_ " " " of 7 . 1 ~ 0>«>mpc.-.d '" 0 ",........ U""'"'" in 2008 01 7 n ; (_" ' "Euroslofl . """lsi "'" inilid preOct;.",. 01 1M beg;"";ng of 1M

reorwwe!o<. omoIl __ rowtt. in 2010, ""'-"bolt. in lO ,m . of " '" e....",...., .., • ,..;go, dol>!

cris<. o..d !he au_i ty . . -w r.. nlr: 0" " "" ... _ionGo-nmenliood to Io<.oco .. 01 a nogo/iYo U...,.,fu 01 · 1 . ~I_rcooo Uniu.odit Quo <lOo<ly CEe Q.I 2(10). '" '"'- "; 11 Q

""'" "'_ 01 for«<>Cb 1or . . ....,.UIion

01 GOP lor 2011:from 1 . ~ (by U " ~ Ie> 3.5" (by !;""'"""l.

I

,.,. - . boYo, "'" diff.:utl 0<: nomic condition. of 100'1

...,.,.. modo on " 'pod on .... """ .... ...,Io.ot;on of tho GOP Ieo ..... in mojo< eH """",,;.s, .""W;"g lIomoM. 80- ' on" " a n a ~ . of Unicr<od;'. RomatMo wi l _0" ' " 01 fUR5,807 I «>!>iIo in lOl l , wh"," ..;II pIoce '" BuIgorio.bu! olio, otI>o, "" ' ...... Ii"" Czo<h bpublic and 1'1>1.....

POPULATIONRoman"". _ I popuIaIion ;. 01 21."<\ mill;"" {a. 011 . . 01

Jo ..... Y 2010). The _Ie ''''' .... decreooed in .... 10""..,...nth_. .2,; - r '9<"- In .... po'''' WIn -

2007 .... _k I t ; o n d<opped by- 268.000 1*'"""', ...n;r. in.... peOocIl \l'91 _ 2002 tho _ population dec_Old by

1.1 ""I",,, "". - ._ 000 of Iht main__ "" !I.;" ......

. ,_ " " of o m ~ " " " ' " 01 RomanOon c<i. . . . . 1OW<Irn.oIheo-. """'-PfOS!*OW """"" ... h<>Iy, :>po.. 0..0 UM.AI.... Roman" Q d",'I' in bO"" "' . ond " no. of

m o n o ~ 1 y roM.

"tI>w ... l.9" ' ' '51 •r . . 311" . . ,

•0

- •a..; p > rod.cI b i!omo"'" in 2009 '"'\1'-.,:1

" a.rnuIotWe dfOl' 0/ 7,1" ' " compa,ed ,..ill> !he " ' . , .

po<iod 01 2008. It>ough most ""'_ waIWn ....E_n U.,;"" ,- ; ;- . ,:1 " dig. . " " '_ . ' " <lOg""'"'" . .

let .... o / G O I ' g ~ in HI 2010. in Rorno.., MW<I. not..... ""...Con1fOdicting init>al p o o ~ .. ~ i c t i o n •. GOP lIfowtl1 will, ....... , ~ f o , 2010 _"",d. Un .."" ,aouugHbo

boctJOl " ' ·2.5%, 1«.,<><>01 C"" " "_ oIl 'rog""; ' " " ' "mo<e _pond ...... _1.9'%. " largo conIribution 10 "'i.""IPiYo po<Iom.:o""" "" 2010 ho. 'he " , i.. 0/ VAT by5 pop 10 ( M ~ "" 0/ "'" h;gI'ood Ifr..I in .... CEE&SEE

feQioo).

FOREIGN INVESTMENTSDU<ing 2009 1M "1,,, . . 01 <Ii_foreign in........... in1!omo";" we, 5 (A . . . . . . 1hon . , . 1M " ,m e period 01 lostY""', _"" 0 I....! 01 EUR 4.89 bOnion, Tho ptod<oion

from!ho N c r I ~ 1 Bonk 01 Romani<> ;. thai io 1<110 1M/o.e ig n i",""" .01, .... boo 01 """'..; WR 5 biIIOo<o.

For 2008. out 01 . . . . _ ........ oIlo<.igo . , . . . ." ..". 4I,n;__ d i . . - - . - ,d . o.du.I..,.. 2 0 _ ~ """"'<l, ~ " " " , " " I adMliM " " " '"' ' ' ' ' ' ' ' ' ' ' ' ' ' 12.6% """".d. "",,,,..mon ond. .01._ . ...., ':prr . . . 12.4%1owords_.ln ....... 01

"",-.,.;01 p/oooo , .", 01 d i_ fo,oign " ' 6 ~ " " ' ' ' ' 1M . . .majo<ily {OW< 60%) hoI -.. .s>oticdly dirodo<l .,..,«1>8uo::".,_ _ I/IoY "'llOon, ""'" eo.- ond SouOh·EsI roogion io..,

INFLATION

foil<rwM>g 1M QU.. .n ty

_.«.,;0",,1Bonk 0 1 _ " " ,

for.." .. on inllariof'l rate 0/ 8 .a for ond 2010 {,.,i.,ocl

fo<.«,,, os 0/ NoY 2(10). Tho " " ~ ;,, 110,;0.. ""-. '" . . . '"..... begiMing O/ ..... _ 0 1 3.5"" fot..-.d 20 10 . .. . . ."'in! in 0 row"""" tI>O io!lcrlion I o ~ , 01 >Of bjo N8R isnot och;....j,

1Io,-.M1rMIo oIComu_Prilll

- ------

INFRASTRUCTURE PROJECTS

C u r ~ " -0 a,. only 323 I<m 01,,<010""0)'1 ""GUll""'" ....._r i y , bvI .... po,,",,;01 ;0",,,,, h;gh !hat ....,1 . .<00_ Ib ""'''g''''I' OM BuIga,", ........ a l ~ opp<o.<.

700 bro _ I " ""', . . . . . 450 01 h;ghway>.

SEClOR KM

Bucharest_PiIoosIi

fiMofi,;.,g.-lBucharest _ Cemavoda

lu,cIo _ G;1ou """"

R.oma"'" ;0 01 .... r-I Pan E"""*,,, cor,""", (Nuremberg• Pmg . . . . Bf< I6_ • !IucIopesl _ 8ud>o,. . . . ConsIoo"") tho!

....... in ~ I a " , : at ..... border -.ill> Hungory OM " ' ..........._ ....... _d. CoroJlonta at . . . . BIod< s.o ....... (,;" had .10"";000,",,' o.e.o. Si ..... • p;....,•• 8ud>o,... _ Whe<o

c a m ~ U . d ...... rauIo wil «N W . ". .. 800 bro. AI " '; ......n:" -0 oro N . . . . .con_ ..... oro ';';0 portku'" rauIo'

had ,;,-,g.-l, Atod· 1Om;."c"a h;g",.",.. Tom;ooo" ';,-,g. - I . SibW 0"11 rood OM ..... N",'h ... 0"11 rood 01

_ r e s t . Thew worh , . . '" bo camplol.d oro two )'00"1'

~ . , . .

"'00II•• /;conl . . <>ie<' ;0 ..... T"""I*-on", highway """wil l_" " ' " Sta""" 10 .... Hung.o,"'n bot<Iot.., Torgu MY. . .

. Cluj t " ' ~ ". 0""'"" . Sors. _nOn; • I3 ~ " ' . 0r>Iy , 2

........ boon <0 . ",1: 10<1 >0 la, bo, eo , T""'" ,...; O;iau, ""'"10 .--I<m 10 bo dol.........,. in No ......boo- 20 10 b.r "n Turdo

OM Co"""" T....

.Tho "'n........", 0I11ucho. . . . . f'\o;O .... Am 19 bro

aM ..... _on<!.,.,. -...t. ..... oIhoo- , 3 I<m 10 Wo.loo

0. . ..- 5011. oomplmd on<! . . . e>.peeIOd 10 !;"' ... in 2012.

INCOMETho """,,"I)' not medium ir>eomo in "'" Iif.r 8 ._.h 011QIO "1Iomon"..,. 01 RON 1,4161_ _ W R34O), !I.; '

""' ''''''* ~ _ a ~ i ........ b)o Qr<>o,><Id 100<ompooodlO

1I>e.,:: ToO o c ~ ~ . , 1008 Ii" lION). but colcubted at~ u _ cu ,,.....,. ..... ncom. 1>0. d o ~ . "I/O in.......~ t i o n 01 "'" "",;0".,1 r u ~ _ .... E",a,

Ao ..... ""pitoI tity. Iiuct>o,", . . . . . tho t o g ~ ..... ,..,..,.,11';,.....,...,.. in a ll Roman . RON 1,9..01-= EUR 46S).K ;, widely bo lioYed,.,.,.__ n _"io <><1 0"" ;.,

But ..., . " g o,

hiu"-' tho" .....offi<ioI /;g ...... ' " pe<>pIo

- " " , " - 1M ' incornoo with bIad< """koI -.; . . o>r juS!

cIo no< declo, . ++>OJ /ul l__ """" '" _rGIio<> made

br offi<;ok lrom Iho EO Oboe ....., _ • ...." "'" bIod.m a ~ oom;og. """ ""',.,._ b o ~ . . .n 36 _ 39% 01 ....

oW.'" oomonlll . r.:.r.;.,g +h i> iolo co- ,io. o'ion the rnon'I'oly..... i.""' , . foo 0. . . . - in Bud ....... _ 10 be 0/.,..... EUR

6301"""""-

I

EMPLOYMENTA«o«Iin,j 10 !he Notional _ 01 S/m...,. and Econom;c.

S!u<I;" .... 'o to in Ifomooio (..kned 10 " '"

"""I""'' '- """""".,.) wo o 011.8 5')1, ... .... 8 """"'"' of2(1)0, ""'Ie in e..:horesl "'" y, , , , pl' l " " " rot. .. <lill at ' Iiv<->, . ~ S ~ For . , . . " ' ~ Romonio, lhi. _" I> on

'roc,..,. . by 1 . ~ p.p oompo...d " ' . . . ,..". "'11;-..1 in 2009

OM "" 01""", dooblo f<>Id ;<><10<1" """po...d '" 1008. """"!he _ ,og . . . .od """",p lo,,, ...1 ro te ~ n o o 1990_r>OIod , f o r l u ~ . os 8o.d. . .1_1ho kI'lI"' port " ' . . .

b.;gn '''' ''moM..... _ m ~ ,..". " dill ' " a ,..,.,m

low ..... b a caplOl ciIy in Eu ropoan Union. """ on"""- i>yjwto,e p,p . . . . . . 2008.

Also. tho "'11'-"<1 unomplo""*,, " ' . lot ". . . " IIRomanio ;.one oI .......... ... ;n .... Europoon Union , Tho " " " " ,p i : ) , , * , ,

,..". for tho I;U 27 0...., " 10% for !he po.riod Oct 2009 _ :;.pMl0 .".;on .,>ricr6ano (0""""" Imm SIooa1Ua [10%1. C."""~ i c 16.9%) and G,,,,_; 16,7%11_1<1: Euroslail .

.__ ._- ..- .-..

!•,

" " 1 J f l - . . r . ~ ... f w _ ~ _ f w " _ ' RETAIL TRADE_ ,' trodo .......... oIIon °,....".. ,nto _ I r ode "

....""",..j ~ In Roman;., _ ob.....,o dod,,,, in

.... po.riod H2 2009- HI Ml0. wi tt. " " ......... '_ " ' '1 inJuno 1010 : ;,;M<! 00 a short torm _ 01 tho VAT

"""- """; "Ii """ JvIy Ml0. Sin<e'" me.- '" VI<T tho,"""" . . ..... 1>00&0 paoI' . . . . . . . . . g_ "",be<> ani ", II.ingio digits. Ott.- counIr'" in CEE "11"",0<1 a docnooso in.-...,;1 :.-ode tu,, - , n BvIgono. duo 10 0 "" .. 01 doc....,. .in poc</>Mi"li_, M<I """"" '" <"""'"..... <recli". inSIooa1Ua, a. 0"" I q " , n<e 01 .... , j , ~ 1 i o o 01 EIKO <II !he

bowinOng 01 .... """.

I

i

TOURISMitomo.,., <eg i_od a decr.oo. . . 4 ~ in ourist am.,," in

.... ... 9 """""' of WID, ..,.""",od ",;,t, 7009,"fW,," • .69 ..,;nOon vioiIo<s. ",,-,"i . """"Is, ." ,Oed 7 7 . ~ 0 1 " " _I, 0'';'''' ' '''',.22.3lIo. Tho """ ""';0."" of fo..;,gn""";" ''''''''''..,mo !.omEurope 19•.6%) , H""V"'Y 138.8"l, Bulg,,,,, 11 6.9%),

G. "",ml' [B.9%), _no:! (5,M;).

In MnnI 01 o w m ~ " " in Q "., . , joli.", una. Romo"",

Iaaod Q J.... ...... 01 9.0% in tho ..,"'" poOod """por.d wi ..2009 mIoctiog Q On """ .. ,... """.;00, o

_ tI>o lor>;#> 01 sIoy. (Soureo, NotionollnsliM. of

SI<dioIi<s).

R,g : d;"g _Mo" ""IOn d.p:"tu<. to _ counm...woo "'IIi_ Q 000 . . .. . 01 7.8% com",,"" ,.;,to, 2009,

. . . . , . ._111 " _I ""mbet of 8.5(} mil l"" ';, i""""""ile ..... inIomclional number oIloutists decreosed at

_ 10-.1, - . , .... och;ovo.d on inoooo>o 0116" """""'" so",. pe<iod. Tho mom n i g ~ . . . .nI", 8ud>o,... ........inu TTi wiIh 7.' ,.,in 2010 c : o m ~ _ od wiIh 2009. Moo! of

tI... i"""" , ....... '" " <-..It 01 doOly """lADRl <Iocreo. . Itom "'" 10 .. ...., I""'" """oi ...... tour.... 10""'_,osI,eBR:E e<>n<iOon !hal _0,....,1."'''' ..aI fu<ri>o, im!>t_on . . . . .hort '" mod. .", . . .", and by .... _ of WID _ . .

.ih '51 on .... ..... 0110% 01 I ......... pO< "",,;I.,bIo

mom night) ".-,'!>'>"" 10 2009. EIucha ..... li""..,."" 0<><1

a..; .--;0'" wi1 _ """,b,t><rIion 01 doomond

one! Ii"," signiftalnl , " ~ p f ) growih, ,",,",n will <reaIo a uniq ...oppo<II.w>ity fo< holel;'" " , , * , <oom _ ond0«"", , ""1 ' . . . . .

_ __ put on hold 100-11>0 ..... 14.........n, one! only Q lor... pmjod . camo '" ",mplooion ;" 2010.Duo ' " 11>0 loci< of fioaneing OI'P ,,,,,,,iMs moo! of .........1>0001 __ .... ...,..., 13Q - 60_) nd nomojo.- _ ;ng ...1 bo Qn""".-.ced in 201O.

EXPENDITURE

In Bud ....... "' QJ 2009 87 .9'!Ii 01 .... """I '''<Omo """'labl.lot oocn ho" . hoId woo <Ii..-d Q...."d .expend ....... OJ! 01 !hi, oum. n ,6" "'" di- 'od _..os"""",mplion .......od;"",. wilt. mo.. than ~ I A d ; , ~ _,do food &__ ............. Q. d_ iled boIaw,

" ' . . . . & . . . . , :- ....... 00.,, ) , . . . .. 0

&_' , J'" _ & 1 , U

' " . . . . . . . .. _ l U

" . . . . . . . . . . . . 1..... $., - .,'' 06 ' ' ' . ' ' H09 _ $ ,'

". _........... ... 0.'

1J .......

__.. .

,,""" -p .......... -

1.."

ANALYST'S VIEWPOINT

Wit/, .. .t.-. "'" 2010 no' in _, , ' . why_

....,,;/ indu"" Ioodo<:III><>l:ingo Q "" ."""" in Iioonot>ia, b p<Aa limply _ INs ;" /110 .. c .,; biwnt "",,1<eI in " , . CfE '-II"'"in ...." " o l ~ . ....... , with .......'j,.I, ow...,...,pIo, ......., """ ' <Md..n.r. _ ... lot <hopping ood

bto>t>d ""'11)0 ..... _ disGPF I : ed.

Tho . .pocMd 0<"""" ,0< •• o . . ), wiU c. rO<>in/y be feh wifh

"""" doIay by"" m:jw;1y 01 in " , . )'OOfJ 10 come,

" -. " " ...U,,!/e<t _I n;.h """0"' "" ",. ....J;"", . ,

1Mg ....... Tho C/wi......,. .... ,... . . i...m.d to >UtpQSS " '"

o"owI " ' . ..." .. '" ",..,."..., but ",. ...tail M" I I_ and «><Ir .pring , . ; ~ __ 1;I,. 1y be .. '"

oulMtily "*"_ win MIy l 'd in.

RETAILER ACTIVITY'N $a ...... ?OIW, " " ' - .... ", 01 ", ' .p !ono - .... ."'j, . 1010h__ '_ ... , ,'$ duplill.

,..,....,., ........-. "" io... ,. wi . . . . . . . . . . . . . . .

r ,w i .... ' ,.............. _ . • Jib t.."'"""'r• o r ..... .-- ._; . , ..

_-_D......

,.J ' . . -- ._

' j . . . . . . . . . .__ "juoo_ "........ """'._01.. , ~ ; ' ; I •. _ IGabi _....:IIhooi, r...o 10" ... ;.", . . . . . "' .....holg . . 01 .... ","eo,,",';'; mo/tdown in 2009, Tho 11101. . !or

in. . . . . ionoI .......... ho. - . o . . . . . 011 ...."' .

""" ' " bo po ...,. in bMo . . . """ ........ ";C'nG

_...

.....

to,

II:oqcl

$10. , ' ;"

......

"••

,,

n..... .....__ . , ·1o_in ... ""Iioo .... a! 1

. . . . . . D _ " ' ~ (Iik.ol . .dG,.Y,,- '.f ................ O , "I_b . ',__ _: ....... o ~ _ o i n < e . _ .. ""'..... o/

c o m p o n ~ ~ i I o o o.demon.,.-c...o RoJ.ul_. . . , .... 2010

...... an OW .......... *"PO"""" ;" "'" motko!••" "" '"pm . . . . od . . . ip'"II1 cumpoign. and low pricon F !'cioo.

One of " '" ..... . .•• of W10 1>0. t -- . "'" 0<IMty . ." '" food """,100-0 ""' .....,boot. Cor<. and ""-'<hen on"""",*"

rno<o projeds Ihon >t...,. hod ;., ......,.,. . . . oi.;, _ " .c.,.-,.Iw, .....od...:llho;, fv>I "'P"""motko! J.;.m.;,o inBucho_ICa,r.!<>u< Motkot). MfII'" also 1 0 0 _ a .....,1 ....Iomm __ Pu<>d.!.Iogo lingo and _ ......."" ' .....

a,.1ooIUng or oxpondi"li ...... ,.. " ' ~ . bolt. . . lIuo;ho<..Iand .,.".;0..

Seleaion Of Rmilen

--

----. . or

... "',.,.

......

' .'0 ..r... C&A._- '" •

- , ,.

-- 0:;;0 _·v. '"So _ .

---

..•.- .~ -- $00, . "

---' ,. ,-- , ..

••.. ' ..,--

""'. "-

E _ _n"';' oot ~ " ' f O U \ I ~ " " ' _ " 'oomio:: andpoI;,;coI bo<kil""'.-.:I, . . . ."..,.;onoI _; *> ..,... OI/Oin 0.-.:1

"II";n• .-..offi,med ....... imo,'" ;n - . . n Itomonlo.

In G hi ....... b<ondo loom 1009 1 e c I wit+> n o . . - I ; Send •D..igwl. IIMX. ,koc;k _ v.., Modo>.

Coohlr.el. _ im""",, '" b<onds 0. . '" follow inWI I : H&M..le<oy _n. UdI {whio:Io hoi linoIiHd ....._ ..._ ...,,,,,,,,,;0.. g /" ... ~ . . . . . . . . n . botIo in

_...., and BuIg.otlo), E""""lo Mno" ; 0.-.:1 1M . . entronc.oI_BM>nc,

0...01_ ""..,.. ..... rnos! impotkl"' for ...... >o!>POng

cenIe< ind-,. i. !he en!') ' .,j Ii&M. " " " ..,.. been "". . . ..""""- , , * , ~ ' " _""" witIo _ ...._K_1h o , t

H&M"'; II .,.,... """,.-.:I 10 - . . n spring WI 1 in ..... boo!

porlo<.,.;"g show',"", """,",, ;n Sucho_. C"".Io'-', ClujNoo><><o ond r"","""",_ he.."." 01 H&M .. "",,"-nlo .-oj . ' " "'-I' "'* ..... """"* """ "' .kl. h;on _;Ie< in EV'OpO g,..j "'-I' .,.. "';lling 10 c o m m ~ 10sud> "" "' '''' . . . . . . .....mt.o, 01 - . . in G d;l!;wl._.0:-FASHION

f 1I1od _ , ,_ ..... pool m < > I ' ~ ' S : on !he

""" ho,..j "'-I' .tnwlod .nih 0 conti......... .-.dudion of ooln.' " Itomon"ns foo , 5i on p........, goods and ..... ..... . ""'"",.h;on on 0 • mnd,,., hi 01 prioriMo..... 10 on ..... _

1.0.-.:1 "'-I' .... .....:1 ...-1>10 ~ o o n O o I 0/1.", loom showing"." .... ond on·" " ' " ,.... spoces. ""Od> in """ ' " " "_

_ _ . 10 '" m... .

h sud>•.-0 ... 11<0 _ Yotlco,. lakko. Doid>moM. Ind ....

b<ond •• N;..., 0, . ,.,... .... yo<>< _ of ....... baI ·potIomoing

- . . 1 !he Ibnonion choin_ Ot\oo , """' . . . ~ I e d .nih. .soI.otq pmc. . ... ond wit+> 0 'Mnking cho;n 01 -.._

JoIOdon• .....,.,.,.,.,. . . . . C:o;a .

ENTERTAINMENTNk>< CNWO I Romeoia tho '010 01 aclmissions I """,b;,o", i. 01

0.1., ....1below Iho ~ ' - " O p O O " 0.",,,,,, 011.98; in_, . .

"'is ""mboor ~ b I y n;g ..... ' 1 •8. Th i, h;gMigtm ....

coooicle<oblo"lg........... oIdioposoblo io ... ,. . " "_IMng "",,, ~ " I I ;., - . . . . . . . . ood tho higho< fo,

"'is type 01 " " " " " " " ' ,

In 2009, ' " _ below"'" ci_ hod ' " t.o.t,.."~ n c . 2(I()Q __ 5 milion acI.., " ' · ... , Iho highM! pti«I per

!W:QI, ood It>is d"';"11 , , _ l i nG I : : nomic . . " , ; ~ . Somo 01

..... ,,,......fo, " ' ~ <>wooI"-

""".lIom<>nia",

hod"""'"_n Mma .......... """,lobi., otI>o, . . -no '"on_ " " " ' " __ "",reo, """""ic_. UI1icI0 " " " ' ....do,,,..1 0.-.:1 _ ................. __ II oIlho ~ ' " IIMX0<..., ;., Ramon . . in Afll'bk>c.o C"" ...... ; (wtMd> onroc1ed

.,..,.. 5UlOO 00:1"""""" in less ""'" 2 ..,.", .. . 01 o p e ~ . '" on "''"_ """ 01.,.., EU R7)

-. . . _""" "" of "" ' " 01""""_ r__ G-"<H ...... W,

•.U " ' .0

-J.7"'._ 0. 17

", .

=,1.1'28,<150 0.' 3

"3.53

-U16 ,S' 6 O. l l " '.0

- 2,8,9,143 0.13 • , •- 1 l < ! 0.23 m ••'"' 9A<!.n. O.<J '" ••

s...; 1iIIIIy_,..... -010

'

...4 j

Tho best performing ci....,... in 1009 __ multip4o.x

cinemo•• ,.;,t, just , , ~ . w y . . ~ 0 ..."",. low"'" on

h igh ._ onl'<lC1'>g , , ~ b I o """""'" 01 ....... 0 ...Cinemo Pro in _ . . . .. I'aIria in _ ,est and 1I".:Iorio in

Cluj N<:opoce .

" ., . : ' .", ..."," , ....,0 - '

-oo . . "

------O_C . , .

. . . . . . . . . .

- -~ ,, "

•=-• ,.. """ ', ..- ,=""-

."...1. 1' "

.-..

.".11'

,., ,.".•.. . . . '. 4

-• ,= .c.._ .

, , 1116,'S<

".'"" '"-co, .......... . ...... I.'"

: ~ ~ , ' ~"""'"' co, .... .... ... ."

_. . . • .... ..."" " ...

c;..."""C.,.......... _

- ... I,". ... .1....,,--. ... 1 1 4 au;-

I,'"'".

'''. 11 ',ro,'"

')1, '"" ...,

,.....,.,,,

s.- -..,._tr ......r- lie " " " 11M

Cir>Om<l ..,. oo! l -> 1ho..,.._ " ' " ~

b:;1tj.-.g.....,-og booo1 "", Pc""""', """"II lOp "" . ..-..pod;' '!! ,otoil." _ con name belling ,go ' .. Bot

CoU Neoo, _ O¥e< 100 _....:! u ...... i....t <>Ole _'I .

plu< " ..."" """'...,.... Whilo """ . - - __ .....'F , nood . . lOW, _ ""-' ... «>Ir; 01 !'uno !'il ••• s> ""I,nd . .

AA Po loee Cotoouni by .... on.! 01 ..... _ '.

FOOD RETAILERSMarte! .no,. i. 1M ""me of 1M game ......., .- to food

_; .. . I""" .....," 100 >Q ' " /0.....". IW<-Ro) to12,000 S<! m lot""" ~ i k o . <:"",,1, oU food bn>ndo demoo>d Q

.ignificont Ii . of ..... grooo<y

_etio _.,;c,. " '- '>g Iho

moo! ;,' ..... '0 .. ...... I00

in j1n18 - 10 """ ,"" ..."""'" opened """,rod l ~ O un'"in BucM_ alone 0<><1 pic", 10 co<o;"""".;,n " " " , , - 3,000units . . a ll Ro<nonia. Tho broed eu,,.ntty OF ' 01. . " omaI l 70

- 100 '" m f<wm"o, """ " ...,.,.10 <;g,,,,,,," hmot. ThoRom<>nOo" b. . ' " Ossrno<l 0;"" "",,,Oc", "'so acq.nu.d "'"

""'.0'" MOo",- [l;>COU<>I. """"" c u , , ~ opo.a.s _ 36" " .. _ h of oppn;romottoly , ,000 >q m ....... Tho pIo",,""""" " '" ..".,nsOon 01"';, <ho," 01__ o _ 100 ... ts.

T h ~ oatioool b<ood!argot> Iho """,bo, 1 poo'""" ;n ...."" 01Iood ",leo fo, tho Romon;"n m<><1<oI.

• 1'1", 0;, ." . , . , . , . . . . ,,<Ie _. bougM by lid l "'!he beg",ning

of It.., )'9<" f.-.d"""'u ..... __ n " " " Iho Iogioli<;......,,;"" . , b.II ..... ' ' ' ' ~ W<I. ju.. ,oc.nli). (No. omber

2010) "Wooed by the _rOo" Com ... ;,;.,.-, Council. Wdh.,... 100 _,,,ling PI.,.0 ;_ ..... 0"; .....-15l.'d1 un. .

in _""" _ 0/ d • 1_. h" ,_.otk wi l

be "'" """,be< 1" " .... I00<Id i_ mo<I<et . . Io<m. of

...... """''--· eo....Iour decOded to od O\III' ....... " " ..... .....,. . •

.....,.,,,,,,'-'10<,,,,,, oog ....... by ito fvot 5 unm. . .

8u<ha. . . . . . . r. ,d , ",,1 0 _ ' ond 10 """'" """'" urW, .; ,j ," Romeo";" (o.dud"" tho ...b<oodocI - . . . . unit>.bougM", 2001)_ c..,,.,otI)o CorroIouo- _ " ,.. 30

..",. 'ma ...... & 23 hypetma.- .

• Coo" RomM. . Q __ 01 """' to be:p • ....:! in !he I ...... in p-imo 1oca1".,.1; ...,

HOdrome«loWco .,...".,.. (..+.ere eo,., hoo bougl-t 0 "" p4o!

0110<><1 in !he <i!Y. eM< .,....... '" boo in 0 mood;...., ·

. . . . . . ~ o p p ' r > g cenlerj," - EioaIu (0 3,5 ho Iond """ re Coro

.. opel> 0 r.Iod p o ~ , 0 Io<vo plot in DroboIo T ..... ~ . , . . ;",

o j",. ...... 10< 0 ~ . p<WI. ...... pions 10_ 0

........ ........ ;" c;;o, I'orI< C ' ... AIoo ;" 1(110. eo..., . . . _ " " " " Suto "'- M .......... ...,-. .....

Gold ....... " d,"111_.

DIYTho DIY mo""-'...,. one 01 .... ..- _ _ 01, ollwctwd by tho

0<"""" , " , " - ; . . of 2009 ood 2(}]O. As Iho """,be< 01 '-ap<> I,,,.,,, , sold 0£O«l. month by monlh ond , I :,11 _ •

. . ucI<>nt ;n ...,rl;ng ,.Iuo1,;,""-....,.1oo J"o-l!,.;. ox ''';''Q""""_. DIY """; .... sow.n..;, 00.... ""-",,,,.

Top _ "", . . . 0:1..-. .. .... ON mo<ko! .,... ""'klike , ood

0 7 Noma ..; oomo <>n<>!y", ~ . . . . " rt.;, reo', booed ono c : ~ ..,1 . . . H'" " - " " 012010. tho """0"01 e\o;lo<,

o.demGn , . ; ~ .- . '" po>ihon ' " ....... 0/'1"',"'00,

In 2009 p..,k1 ii<er nV_oodlOles o H 257 million, will>o.dom<:on doM by (EUR252 " " ' ) . bvI in 0 <ORIoxt in

""*"<h tho nolional .....",. . is fcct."ng on ..".,n ..... (wim.."" ' l I ...... ,il<e e..:_ _v".., Cay ,:,,1 ond '"0

moobto.w ot>d price -*"". _ miyl-l ex!"'d0: Noma .. to lead .... DIY morbi On W)O.

Among .... ott.~ n t p I o ~

.. Ih.. mo rbi _ """no".,., 81'''''''''''''. Homboch (wh;d> . . , . . ".,. 3 .....,. ond .. in

II>e <:<>nSII>.Odion _lor """ neG ' _re"). "',B.<oIo goo

FURNITURETho Iv""",,,, ....,.lo,o. .... Iho DIY, . . , . oFfoocJood .,. 0110<"""","= II.<buIenceo ond ..-.0 0 '* '- in .., ...

"""""'" by,...,...1+-. 15%.

ImporlOnI . . . . ""\iond ....,; .... (Ii"" II\EA ond o ) . " . . _HI inlhomo rl<. . . bvllheyo; _ oed onlyon< ~ _ . b.f<>o-o 2001l . n.... b<ondo. """""oo;eo;I - '" 01 expOn._.. _res! <>nd mojot em.. .. Roma.,.,. bvI so fo, "'

pion, ..,.,.. " '"-. ut in p<O<IQ .

IKEA modo a SIm/'Ifj """'* in . . . . morUt, ' " "'"'" """" bouv'". . . . IKEA, _ . . RomaoOo , 10"", fho Itomooianm,och_

Mooob Trod;"".

Tho JOles oI ll\EA __ 0/ WR 78 , . , ; " ' " in Sept 2009 _ "'-'II

:ztl10. Q """'.... " 1 "4 """"",,-.d to .... . . , _ "..nod 011001 ,...... _Iho ocqu;.m"" 0/ tho __ and bI. ....... in

II, __ II(£A c..:' .od 0 _ 01' . . .,. '--

p<Qo lot ............. hollo/tho p • tho ....._.""

e • • , 0/ Ia .

....... .. · Oo · , .. . . ," .. aall. ' .._" . " ...... 11 ... . .... , , . ,;'.;J ·"".r . -.. . . . . " .... ',,/oor .. pd ..._o / .......... EURI,900,tho ............ o/Iuril, ',••pcp_ . . . . . . . tho """" ,"",,,, ' . • ond ;, . . . . . . . ".,;d b,

.... ,"ila on bohoIf " ' .... (!,j • ' ••

"n . _'"' . , .... " ' " " " - ..... n .. in • Co",Ituw, e '",'M"" ,...,,,,,At'<I,,, .. ond e pro.d.· ..oohw , . ' , , r_n ; D , ,wanj.C- I I . - oII.s

............ '" Iowp<Qoond ihu" i 0, " ' ' ' ' ' j : Iz_p" , " ' _ ~ t h o " .... ~ C o u o I t u w " " " 9 , . t "..... , . , . . . to _ ' " Iuosa 5 . . . . . . . . . ;" 1010 ond 1011.

a-onthoooluo ., "./oor QI1OIO._ .......C-...... .,-..Irom ........ OJ od WR 11 , , '5 , ,

ANALYSrS VIEWPOINT

1..0<0", Bono.Resoo,chMo_"'U«I,benao@d>:•.<Om

8os_ "- world·..;.;. """'"" btond.. . . . . . .,... 0 -;0. 01, . ~ ""'" """" /ooo,ood , """" , fIOO'1

"'""""'"' """lily I pn.:., OOI$IQoditJg " " " ~ <""opo;g.u """_...n..d 1000'...... cot> mol. on. diff«O<lCO bo_n p r n ~ ' God ; " ' 'Ch ."" ,. We. I/o, Nisoa. Dodo"""" Cow!Mo,

e_ ,.....,.". o. "'" btoodo "' . . .", . .;1 t;gM ""'" (bathby """""'*" one! by _i' """,to..).- . . . . . n - ~ _ ~ ~ d.,,·g."' .. I,o Morio L..,., Hohon /,\;fIo.t/cr 01.. " Ingrid

VIooov. Coo'" . . " . """'" 0 """'" lor "''''''II''>.,....,. __ No<.,.,iy IhtM..,_ ,""" 'Ja J 0 pOx. lor pet__ I o ~ but 0 JO<.o<n 10<

I\>•.,.N.", a ...;der. " . " .

g_.............. """ .Ioopp"" g<>t<>.

&.o>;r """"" <hopping ;, _ 0 " * " " , 0001 - , , oIlOdoY••aIeS. rGpjd!y • .."..-ds os '11>0 "" " 0 ° lor price r n m ~ on..""

_;1 . , "-<h ond,Jo;ly We "'- oI<eody

hod •...,...n """ ......,.. """""" /tom "" • ..d ..... """""0....,., '" 0 PfONnOI (m," E""'IIJ.

&...;r _1i tJQ 10 """ , , " ...... " " " " .. . . , ." ..

"""* '" l iM""""" 01 r"",ocioI wbili ly and roinfotct CNdibjlify 0"""" ,

.,..".,. Je "", . . . '" "'"""""" ." . . . 01 ;n,oI."""ood f<I";';-. .."". : , ... .,g " ' - do, ,1..,..-:1 diu"", ; .- .T-' ro. II!e "".t period;""OM ...... _iIors coming '" fI>o""""- ' (Jil. l o « > r ~ ! 0"" "","""""...,;r..-, ._06"11_ h<Itdoi. (lib_J.

MODERN RETAIL

SUPPLY & PIPELINETroond• • • o.rn ;" .... """",II of !he EMU. '"'II"'" <On

be a pplied ..;tf, greo! <>C<.'U'<>q in _...., " _:

- . . . . . "",opontJ bot.... prin'IO' ond "''''''''' '1' a_.,

.....I<>!I 0,"",' O I I r o n i . ~ ...... - major ... 01 d ..... (boll><OmmOrciaI oocl ...... ,.,..,, p40y.n).

- .... Iong ""'110'........ f"" ;.,d fo, signing 0 ......

..... .-oi .... pres..,,. .......... _ I o r " ; _ ; ~ . _ ,

E"'"'lI;"II marbm in Eumpo sud>' "

Roman;", oro01 . , _

.to . . . . """-01 _ i .... th i, l '""". bea.u>o d>or.co> Gill hOg"fo, " '- mooi.. . . e> ,""_ SO "",obi .t.o..,. and brnnd<>wore. . . . .

Ao . . . . in " '" <hoof.....,.. .... """I <lOCk 01 """*" _ , Ispooo . . " . . , . , ; . , [onc!ud iJ\g &.:ho,esI} .. olmos! o tlroiJed 1001 ' Goo , '"""'""" c.oIe" a nd . . .", po<\<> _ 0 totoI of

' .17 ""goo oq m. Tho", .. Q h;g h .....,t..< 01 .-;I w-...undo, plar>ning 1780,000 oq mi. ""'" consIru<:tion ":P i1609,000 >q ml, ..+.;10 ot.o ",heme. vnOo< wnsIn.otl ion

"'"... . . 11 . . . . ""'" 10% 01 "'" """I pOpoli ... 112J.OOO oq mi.Ther. 0'" oIso 0 ""mber 01 schomo. jNmonio BraOIo. r_:;hopping c.m.. 50"'" ond MonoOIMol Gokm l..mch _t - . . dooood OM 0,. ""' . . opo<a,. . . . . . . . . . """" ' " " .

Tht' _i l IIOd< in " " " . . .,. 0 ""pOl ond """"""'"r ron_ ",ty in tho i>OCI 3 _ _ r l , ....., 2006 & 2009

' " '«.'O<d _rs , Irdudi"ll .how""" c.nIo" and....,,1 """"'. in ,,"-I ~ ' " ....... 0 . . . 101 oq m 0/modern .-.!oj I 1.000 inI>obaaM. Ob,;"u-.ly. _ . are

-. 1M h>ur m.. hOgI.-, Ii • : ~ 5 4 oq m I1,000 """'bitDnto ... 0...; Nopo<o, oq m f 1,000;"hobilonts ;" Pitool i, one! ",ill> m"m<Jm. of 89 oq m 10< So,,"

Mo ... and oq m leo- C"';oYO,_ ...

- - - ~ -

-------1=---------- . -- - -__ • .,... 0/ tho m o_ p<i<no , . . hove

suII....:I a <loo ...... 1,y """" ""'" wmporod 10 P"'*pot;odL SliD _ '""!j i"',od °mIMt otobIo ~ o n d ; " tho 10.. " '"

q__ ,,;,t, FWirno ...,,, for shoWn; __ " ' b i l i l ~ aIEUR50 f Oq m, '" with other CH m<" . . . . . "" 'W"U ........

, . . hove boon a_1,y ho r«IU<.Od pu"""""11 _ 0/

tho _ i>O!>UloOion 0..0 I,y tho distfus<".... tho--"I _ peofo.mo_,

....."ile " '__ '" Oove .......olly been di""""""",, ,,;,t,

"" ' ' I I ... of 10 -2Q'J, b- """ '.~ m i n o d

potiodo ah "",. in"""roll Ilomon;" tho 10>.1 of di ......." roociMd ....., 5O'!I.1orpot;od. reocloi"U 9 _ 12 rnonIIlo. Will> .... wideni"U i/OP 0/

p ' . . . . . . . . . , . _ _ _ odo.., sho,>p;,'11 c.nIo", . ."" ... besI.... 1onni"U <en_ hove boon 10.. oflwc loo:l. 0..0 ;" _ ....

premi_ IandIoo-do Oove 10 owon:I 0 <On.isIonI 0"",,,,01 0/

d_ .. pi. . fit_" . . eonIrit.Jtion lor i'''''''''''''U ..,,',,"',

M . . . 2010, !he \old ,,"," I _ deI"",red woo juslSOIIOof ..... >pa<e deI"'-ed ;" 2009, _ had ..... oporOng 01

"",oding ochomo" boIh ;" I!omo"", c..-, Amd

ond Gold 1'1<1'0 80., More) ond BuchafMllSun 1'1<1'0 ond

COCO< 00"""","", 510<0).

Throughoul Romon.,...... """""" 01 mo il p<><I<s " ,M<! in2010 hoI t-. ""a..;,

• bttodo Shop,,;ng Po ...... l!u.:l>c.-..I. 0 by

IlooI I!omon." """'" consists 01 0 Obi, 0 Metro Co.n&Co«yond 0 IlooI H w e < m o ~ unit, pl.. 0 moodi"", oize >hopping

gooll••., 01 10,800 oq m.

. s.-;n SI ........ng Po ..... 0 ~ b y BelRom in

DmbooIo Tu,"" s....v. ..... ... n>o><Iom "......,;.e in . . . . ""p<Io1city 011 00,000 imcbilanlo, n.;, _ io oncnor.d by

Co ,oeb.oo ond_ .

In BuchafMl ..... ohoppi"ll.- " " ' ~ is higMy do> , I,;

ond Ope<.,I"*<!, ,.;,t, P'O"""'" ......... 01 24,000 oq m '"

Ia<go• .-.gionol 01 "'*' 60.000 oq m GlA. In 0..,.,.,.."' . . _ .... oconomic IU<blJIen<oo hove modo on

0 ....... "" P'J""""'''II_ ond """"' .... tIooi", foo.now;ng. in Bucha. . . . _ ' o g ~ "'" oponing 0 1 _ "" ' I '

IafgO 00 ••1" .... .1 " '_ . .,."' .. di .... .,.:

_Sun PIa", _ .... i n ~ , . , 2010, ..... >hopping.........

bM,;;. ""iq"" feaIu<es : 0 Iorg. hypoanori<oI ,od>otICo<aj. 0

IofgO .i. DIY outlot !tIc'""""- "'i. eing II> rot __ n

1Ivo:""'-'l. 0;_ "' ... outrwo,. I1<rtion . . , 0

I I a ~ , , , " , IunnoI ond _ o"""' ..... ,i.... , "'_,

<iolema _0 : " ; by C......., c;,y. b<ondo Ii,. laro,

"" ..... , • . . Nino _ ond McDonoId..



..--.a.._,Coo ' . _

I I ............

" h 'd ' ...."-c· ..

...."d '_

" e ' -.. . . . , . - , ._ ... If' '. r - U . ~ • C! .... _

,0.-.., 11 ' ....." 1 -",_'$1 : ' ,e....

' : t"-T_ '1rio1l

' .e . - .. . . . . I' ' . 0 . -1•.__ . . .

,....... c...." __ .0.0 c.w.r - _1 I , ~ _ " "'_c. ~ " c - p , ,*.",,"

,

- ' - - " ~ .-.",,-..., ._ .•.- .c.- ._ ...---... _...............

._-INSOLVENCYIoool"n<) "" . . ..,... "'" a mark "",.no _ ;10<_. ..o

they ........ <>01 bypGsood"" ohoppiog corio< "",,,,", G . . . . . . .

Woth _ , . fw>b "" .... ma",""..hid> __

....,_" ago. ootIW ; , mot , «oUIio<>s

--.One 01 !ho ~ ' " ""goo "",;1 '"" ,1_ " dooo its _ """Armor>io 8<a;jc,. G_ '," ,,"n' 01 ~ 5 . 0 0 0 sq ' " by lied. . . . . , ~ . which ,..... II) ('./c "",be< 2 0 1 0 ) _ ~ """ 1M)' ........ !ho " """"'n<) pro<:<odu ..... _ G

sIn.!ggIe ' " ",.conI>gvre "cod <e ...... : ' , ; , . , . . . . cenIe<.

" " " " - ~ ' " on Iho ma""" """ Iho ;nsot..ncy "cod '- ' " "",10 at pub&<; <H.ICIioo 01" modi....,·..... shoppiog c.nteo•. . . . ."___ .... _ 90'10 .....;11. Th;,,,,,,, r_....., 11. by """"'n o. ..I,,,,,*,, whd> woo baught ;" Q3 2010by Sl,:>ppM'Ig !ioIdmg. G compo<Jy part 01 Boooooa_ . ho. . . . . . pic,.. " " ....dMi(,n oI.no """'" ,nIO a

I o m ; ~ and . . . . .""; ........ """"'.

AAoItoo" m","..,...., ,_. """ Cily Mall. a5_, old

at.opp;og aonIw " e...:h<>rest whd> ""'Iored ib bonkN;oI<Y'"

" " b.y;nrOou 0/ _...0..- 1010. Tho """"'" 01"" ma ll.V""",", !ioId;o>g. ........ a ~ " " , _ 01 EUR

",n;.... 10 Unic"",a Sanl<.

PIPELINE RETAIL

,.,.., ........ ",,0 ;. . - '" ~ I ' " of ohowiny and. .-,1 orb hos I<> be into ...... 00,""",*' ""'_ a < e ~ " " - ~ pIormoocl, bulool

..... .- 0..:1 pIormoocl ""Wedl .All in0 1, _ CU«WIIIy 6 ~ " , - !hal ;n Ilo<non;a " " ' . "'* afOUnd

1 . ~ " , ~ OQ ' " 01 modem _ II in vaMu. stoveo 01

d o . v . ~ _ Aloe, n.....,.. ....... ..oio<'>.......... """ .."has-. nnounood . . . . . Io!e 2006. buI ""<:I>, u ......~ b I . "","-01 <:<><>do ....... can be ,.·ma<keled.

""""" ' . . . . _ projects """ '" a ... onnounood 10

be _oed in " '" no" , 2 _ 14 """""" .... <on '"""'":

• _010 51- , ~ p ' ' ' I I Center, Q de •• Iop, .. ' by Immfi"""f'I>.

in eoo."'ntu . The coomor ..... 5<1,000 sq m Gl).. and ispIo"'*' '" boo _. . . .0 by Q3 1011 . . , .j",jl bo by

names 11«1_01 ond H&M.

• ...,..,. 10'; _ port of " '" Iotg**!pri__ Iop,,*,! in Ro.monio by lui,,, 0.0<11'. tho "'-'''IIaooIo< leU"'"'" ".;11 >ave.,..,- ~ O . O O O oq m GLA. and tho I<>Od

oothot i • .rn.duIod '" too Audio" "- 'mo'*" ' ,

Tho _II "" . t , """"ot hos __ Q big dovelopmenl in !he

2 0 0 ~ - 2008 period, . . th Q mucJ, dompe.... oc;';I» in krto,

,..or>. CU«enIIy in Bucharest. " """,bof 01 ,"';1 rchomo.

"""" been """"",Ionno.d 0> ,..,.;I ",,<b:

·C:I::. . ,., ""'" _ 10 opon in mid 2011 .... ~ ' " phase 01

"'" conoi1Ii"ll 01 Q I..o<oy Moo1;n DIY ovti.I. 0

Ca,,,""'''' "-'mo ...... ond ohopp;ng The pbno "'"!he 130,000 oq m GlA ohoPI'i<>lloooter havo been PIlI on"_ p/>o... '" bo complel.d in !<do 2QI • .

_ Pallody 5/- :p , 'r>g l'b<lr _ " I o ~ _il do, " : p ,....

low"'" on .... ",",.."..,nJI, AJ. .. _ """ (eo.-) by ....1.known ..... g 35. So "I<, "'" on"""",*" .....,,"" fot!h I, KI . ,.. ,,"':__ ii ... ".,,.,., God 0ecai!>1o<> spo<Io

_ I!eo. Tho "", .. .,.. "'" 0 6oI;",.y in . ." . lO l l .

_.... . , . _ _ 0 .. in pIo... for _ ';'..g in 2011 :

• Cote s..w.in _ !he <:oro Hn-ma..u. pu«:i>osed 0 pIoI 01

Io..d in Drobeia T...... Severn ........ It...,. pion 10 open 0

_;1POoi. otMoudyo""""od by <:oro .Tho _ .. og ...... i,

""I..nown 0.0 <I,,,1d be .rn.duIod for I0Io 2011. """" 2011.

· Elooot_", em""", fbol: IIoII!.>m 1>,,,...-......... do. ,b",,. . , in Po.r! 01 "'" f l e c ,_ 10"",.,. . be , . · ~ o e d . induding " '" forme , p<Oduchon ..,11 •i" " , a Io.-go ....,.1 0><><1<, 01 .,.., 50,000 oq m.

Woth ~ 0 1 " ' " Iorog...... (10 be oponod in 2012 _

201l)"'- mO ~ ' . """"" promi.. 10 boeoo ..primo shoppitog_:

• Mom MaM, a 59,000 oq m do"I_, oISonao Siom>in era""",

• p,,,,,,,,,,",," Mall. by ,","'*'on f...oju1ion, P O ~ 0I1a.rge.

""""" . , . . do" l:p ,. . " in Bucha,os!

• Meg<> M a ~ , a Io<go, .-.g"""",, do ••lo".... . in fbmol;mon,

Bucharoo! by II..,MV"".

BROKER'S VIEWPOINT

Ooniel Nisior

d o n ; . ! . , r n m

n...-. ;. 0 o;onI.Wicturr ........ 01 d«>o . . . . , _ ~ '*"" "..J/

o ro shopp;ng "",,.,. ".,fotming' .. or,.. inM v o ' ~ " " " ~ cliKIIssiornbo'__ . .- . . bel• ••" Jo ,&op.... bo' . . . . '-'_

«>fI<.""""" Ao a 1lO'''''''' ,..,ir.r. 10)0'

""" _ " 'FP "-g .-. '*>oro tf>O)' ,... prE " oro not

.eDing,. tho d••0' ........ >0)' " " " ! h o i < ~ "'" II,. ""Iy,,-rlotmiOQ""" and.., OIl . £Xu ,,/ioru eo<t/irm on. Mo. For

" ,. bon. .. perlo<mit>g 'Mpr'"" ceo"" a<e _ //>at """"'

Iho" loon",.. """" r#,.

no.... .,...__ aj'" ' ' '" ' I " D " ~ f y " " podo<,...,o<» 01 a""",_..,;,4_, ho m.ffi< of.;,;1O«. Iho ......be< of"'- 'r _ s ",11.dOC/in PlIo _n . .....".,..), " ' " ~ "' ' '- ",. " ' . _ ren' co/JecIe<J by"" de.<,.; " . o<c. n..... isa ,;gil. "",'00<1. . . be, "".,/j rhe.. and, . . onIo<

' " " " " " a corrO<1 coo .....wri..... " ~ , ... hal to be" " ....>oJ will, " '" """" ' ...",.....,.

Ih t obow _;,Ocs ;. ",,,,,,,,,,ni. " '" . , . o,",,{o"II\;o <Mis is "'"one Il>ol h<n uooOeing.,.,.... " '"d,'"",; ,oo"", bon ... "'" ...., ooPt• ...;., '*"II crysf'O/ d. co+,, " , , ~ TN> . <pIains why in fIud>a . . . _ ' " " """

a ",go o""" 01 "'-' <>tid. impt;cir!)- 01 . . . . . . . . . .Iowotds I<JCCUIf'" oot1C<Ipls . _ oro """len

" " ' " 0 hq. rate.. "'*'on. oaIo. '-0 " '" dramaticallydo....,..-J duMg "'" <rioi. potiod, . . " , . or "'" .",......;.. end,_ oro """ters """""". <>Inoody J zd,.ed. ,"'" "''4'.

'" ... """'" _1/IoOvI_;...too ....1100 0lil', -; fIoe- ', "w'-booowt_ . . , ",,'aJ"""'''- ' .....',, ", ................ " '__ . . . . , 100,... ..

"" - '& . . . . ~ . " ,w""', 'o;dr . .. ;", and' f W" , . . od . . . . . ..... ... ,.000:1 '" . . . 'Pi: o>Wooug/'I

• " ._,. .........."',04 .... _ _ .."". .. ' . . .

..._-r:.. ....<I",i,. ;, &loot, . . . . . . , . "HicooIt .... · { _ _ _

".:" . '" ....... ....Do' """ .... do. "" ,:..._>10<1;", ,. fI>M tp I dO . . . • .........-

" , " ' ' ' ' ..... " , ,"CO "'... n"" .. .._ ......" ,.-., ...d na;,.,g . . . do._ 01 ffw .....,.,.. I/ouo • •;.,;"g

OJ

_""i .~ / c r

.. ' ""o.o'p_dollIoomooil",,"w .. R,--o..

HIGH STREET2009"' __ ; ' ~ G ' ' r .01"__ 00- ......_"., .., ...... ~ _ G "", "" , in coo,. lOUtriM.' .... _ ....._ .............__.. . . . . . ...... ... " ....... 11, •• 10,_2009_- '1-2010 0_01 .. r "" .......oc" ...

...... tv.I_ .. L .......""·_ ,. ' rr,fNY_.V..,."., ...... _ . . - e oil. _ ........ , no., 0. . 10 bo

I,M, aJ br £ ._., Annon< ond ' ,,", iI 'I.cw;. Ihoo.oQh

"'Oh ...... ha, . . . . . . oH..-.d 0 eompo!;' ;"",. . , i . . , . . ~ ... ~ f t " " " ~ ' " -t.c... _ ......._ . . . . . . . , . _

t.q. . , ...... toond. _. . . , . CQ . .... a ld in ......

----.1

__.......... oIIooJ,bl. raM .

Rent> fo, IWQ h._ -., . .. . . .y ok...,. by .... _;_bil..,. _ ;, 8v</>o,.., primo "n" 0 .. . - 5(1,IIj '" whot"iI>O')' _ ... ....n"ll tho ~ ' " " ' .... oc.o.nomic boom, Evw>aignilicaol ...d .....;y" . 0. . no! ...-.commoo fo, tho CEE "",<ket.

too 10..1 01 0;. ."""" " ' . . . . h;g ..... ;, 1t.", PO" 01 E,,<OPO. '"

_ led boIooo ,

m 1'ri.. teoI RIIaiI KigIo·SInoi

-I:i :,-

•,•••••

--- ----- --

-- ./

, ,• • , ,• •

-

, ,• • , ,• • , ,• •

""-'II tho ."", au rcorioo of ..... ~ O O I " :jOI ""''' _ oon """'"too Old COy Comer ;n__ 01 wII;ch _ moke 0_ led d o o s c , ~ boIooo.

n _<011 Roman.... "'" '" 0" _I who. . -Ogh ......."";m and-. <>«In<'j' "n, hoI .-.. --. on m..:, "'"-. n 2009. 1 ' -0 a<eca;........ , " ~ " , i C O I pod_.,n0 . . . . . . ....t.;ch ..-.c<>U"""' ..... <of.. & bu , ......... and ¢! ; . . . . . . .

a """"" """'me boo., lit""",. SOI>", To""ooo,,",

Evw> ~ . . . , . 0 ... 0< ....._, . . Old CiIy Como" 0

deo!;na!ion fo, ........,;n....w ond__

ionoIlocil;';",b<oodo ';!o:e Tommy 1-I;H;ge,. Co<fure"; moooged to ~ n d ! h e i r 0p<>I "" .... "",,;1«q ' _

n mojo.. Roman.,n _ •.- for on·__ 1spocoo

t..... . . . . . , d by ocound 1 ~ " " " ' P O . . . d '" Iod _ _

C......"IIy .... oeoondory and . . Iiory _ .""--1 .....

b i i i _ L ~ blow On ....... of ¥<>«In<'j' und """ Oo!>rocia6on.

,no. :",._11 _ 1>.,.1ko ""t .. '" mo ' i '7 7 11>0

0_, "" _ D1 .... ......*'< k. ,.,,, in"'"",,_ of . . .ea"i .... boo 'on .... lJni.erIiIy and I..I<W' "", j"" . ,... , . . . . . . . N '- ' . . tIm "'" Centro oni<>\» loday.Thio " " " <II ........... " " .. • Q ....-.I " " lad boIf, . . .,..,.,

"""''''-'''-''(lMB. ondS;t>u) ...... 100. >.. . . .-- inf . - - (IiQ t...1t . t , .......,,': noI .

TtIo Old Or,. C •• . .... onIr ..." , ." _ ;"... ,. ........ _0111>0= •• ,. ...... ......__.... ' ... c( . . '" roc.. Thio 0... .. . . - . , . duoto ............ ,5 'on po i Pi ond " ' o ~ ......... """"" ", . . ".

!hot .....1'01

to be finaliood._ >'Ot\" ~ ; n v to I ,«.""," _ with ..,,,.......,..

""'.-. n i ob'i, ... y ....,... _ h i aI!o<I. _ ,;u' I 'd ............ and l ' ' ' I ~ oho . . , . . .. --'uob'>«l. l. . . iI ....... " L'!' ' ) 01 <10 alLP'"'' 100, ......... ....., """'1M! .04 ,""II' 0:1100< I bo _ M I Tho...-.l................ ","" ... EUl35 _ 50 / ... " ' / " ....... .". ..

. . . "' . . . . . _ '" " " , 100- ..., ' 5 '_ ...I _ •

... . :d_ .... L ' o o $ .... _ . oIo . . ..... , • ","I. i . . . . "'" '.0000' 1 .' loci Oft flo \l"0W . .floor, .. c , . . , good ....... «>old be,....... "" EUit 17 _ 7. IIII m I " * " , , , .",....... . . . . !!>on 100 ... "'. IoaoIOd ;".... ,_ ",tool...-., ........ __ "" _ ......... <.omp:uoc!

to 'lOO8. a . . . . . o..d .... d. , . . . .

-n " " ' " W i ' . . tho 011., lot Iho limo boinv __ .... "'"...., J " ..0"; ... Iot ......._ ; '0 h;ghoo .....,.bot""

Co ," . 1': OS 57 on ....__ . . . o o i I I " ~ ' : . _ ..... p , ~ ."j. b.os.. .. ' ,anelf,,,, . . .-..,.uc ddOl ld_c lOdliJaIIw.



UnIi I_ . . . . - . . . . , fom . . . ..,;...1 Cz• • i'w>s-.dor ' , in _ "' ..... " Iood _ ,;"" and «II!.oo - ' - -, --. . . . . ~ _ ~ __ J , . __ " _'-- -- =. """--In lIt.d...... 101 . . . . 5"", ' , . , ..... _ ' .0 ; .

.... Iorlho ... do .. ""'- . . . . 10 ........ "p" olio .....01_.

v;,.,....., 1><00'><1........... .bnoaI< .... ;,;,." . . . . . . . _ I ; ke Iy 10,..,...... Jl k ' I , -,.pior.olo lio r . . . . _

_ iii' one! 10' I, ' " . . . . . . . . . a . - .- paR;ng ""'"*....... . . . . .... l:UOOIOO=II'I _ I f , " efe I of .... old. . u" .""""_0"' ' ' ' ' ' ' ' '11''' 1 ...".

BROKER.S VIEWPOINT

Mil.t>olo ""''-OWSen . . . 8mkot" , _ , ~ u @ < " " c o m

".. . , - fh..n "I/O. ot.eon_ """'" p<Ohlo " '" otrittIy"",......-.d, domi.>or.d by pho""",,",", bo.1b <>o>d "" ......

righI ""'" . . . , . . . __ ieil . t1g a ropid of...."",.p«>lilo 01 ""';' ;'" Thio .. < . oi.. t>.n.f..;.;,1 r." ...- . .wI>o "'* """" a m..rn widet and I:.ioodot o/lot.fir.o. ,VI 0"'0<,;........ aM P"I<" '" """lob"lIy, _ """

, " , _ _ . . . . . " _ _0 _r -- ' .vOO" 00 . ' ........._ -..,. . , . . " I I " " ' ...... . " ' '" . 00w0"". .panditIQ " " " , ,fH f , " " " only wirfI.. <r><>de<n '""'"do ... " _ (l jo <1m C/O ....,., . """*'. IHi<ge< K"",!. The

""'* 10< " " .t.;.,. "'" Iod It' !he 01

prru;",; ,y..". . . /i", Corrolooi Morbi, RJod Mark.!, _.1In.. " " j dis<outotws, Ii"" Mirtimox Di>co<.o!t rx>d Plus Discount,

_ .;gn;Iicon'''''' ,odI.ct..,..,.. ""Sf monrh, ...... brought 0

"""'" JIobiIioarioo in " " " " " 011 . . . . 0/ ondThe biv ...:.pIion .. Iho 00 Cd)- ........ "",",-,.,.,.,.

1>0.<0 os 0 r n t 1 " ~ " " , , 01 ';';"11 domond ood p«>&mode by _ . . II>e Ore<! .

It! . , . """""Y, pri. . . ,,;g/I-. . . . . . loco'""" ., em.. .. Bmso.,5ihiu, r",""",,,, 0 . . . . detnom. -..irh 'oa""y__ I-.",

.. <'001'. A .- rwo '" city;' '" . , . In<v< " " """" no"""',C ~ " " will! """ ' 10,(01)_ton . lot • . ." .m . . " and

d_ c" . ' ...._t I I ood em.. wit/, CM9f 50,000

lot """" '" and ~ ~ _

INVESTMENTIn . . . firor __ " I 01 2010, .,.., of !he ""'" ;, ••"" . .. . . . . . . 0. . . . .- ., ..... .....___ _ ''''01. . . "04 " f: ,,'0 , . and " ' ~ 01 .... " ,. . 10,

. . . . Iot ......... ............... ...Of_, 01 ,

_'--.0 . ,......... '."Wi''' ' 7 ,;,,,,_1006: _ - ,___ ,..",.. ''"4' 2 od "-

43.4'101 ......... ( 2 0 0 7 ) I o 7 1 . ~ i n 2 0 0 9

W il,1II twrSu:.

- - ------ - - •••- ••- •

,- H••- ••- ••- ,

- -

.

w ....... .,.;oId h.. r b . ,_d: . . . . . . . . . . . 2 __ _

""" ....b . , ,\WI ",",'.;r, 1: r"..;t,;n ........ d, 1

_"' ' ' ' ' ' ......... E>-... ' ......... ~ « M _ , " " I I pm.. r.&dt ;" in« 'ovil ,Mr.c .... . . . . "..... r.ao... moIo 01 0t<IU0'>d 9 · 9 . ~ ;"10 be _, ·d . · . "iF """,",01.

8oIowO . . . . , ~

........ ...,......", 01 pri ... y;.kI by___

- '"'e """ 2001 and in COil F : :ioc.', with _ en

_.,

I11III10.. $ I""",,.

- ----- , --•

,

, \--~ a C < o

,- - - - - - - - - .""'-'" ""'" 0' " . , . . . . . '" f . . . . . . . . . . . . . _ , ..u. .. . , ' .....__ .. """_:

· ~ " , c K ' ' ' ' ' ' ' ~ G I o o cdp d '" , , . . . , ,,1

1001_ ' u·......... c ... C,' "'I<' ,.oM, ...... . . . 1 doe I. . . . . .. $! ,, ' iCC ...1""""'.v.....Tho' " r '_ ..... ., . l t ...... "IEUltl ...... .... .._ ',l' ,in ......... " IWl40"T" .

. fur" n ,,-,,"lh1o:o. ".... in .......# r .. ,,1 NEPi. ""'"

. . . b;", , ""k/o I i ' " JO,,",,", _ .2008 . 63 million. No

, . 1 w > i ,;old 01 9.3% lor G"" '_. . . , ; NO: ........ peojoci01_ _

$ , : f , , - ~ coIoo "" '410". "",,. . ""-d ""oW;"' ..

.... _d. I ;, . . ........-..u ........ _ G a o o o ~ _hoo .. , . . GoIoIi._ . . . . . "',in, , .. Iund . . .

"""" to,. .. . ono:I 01 ...._. . . " ....... 01 Gold .......,...... , oM , j vi!to<w. 21)1 01. . . . . . . FuiIo aol.

BROKER'S VIEWPOINT

R o d u ~ MoMgin,g O ~ o d o t rodu. I u o : : ; ' ~ . c " " ,

Tho """let has CONIGnri)o >hiflod b o ~ , • • " di<lfMMd_ ....

d'"""""r.d deo.oo"'l' "."" _wah p ' o c ~ 1 I y ""0-. at ",Jy

di$t,.....,J.".. .. "'" ."."" . . no.. t.o.o d.-n."..no.. <OCI-.._ ,I, , ..11 II< ,Md '" d;"""-""'Id " ' ' ' ' - ccmptJf.d to

2007 & 2008 .... JIuvJgo/ocuo " " " ' " been""vo

a......

Q_ . . . . ., .

01__ ri<eIdt. Ie<

.... .

Tho n.. ibiIO<y • ...,."u.d br 0 Iwgo PO" 01 .,..,.,..".,..".-.Is enon's. ho, oho booM _,[,Iwd info

1fe. ;biI;1y ""'" the r"",..a..u bon", />ave

ow....J ..oriooo Md it!</Q1monI po,."',' -.:Il00,;, .... "'_ fa< .....rp;n,g _ Ow .. .. '" continuo . bin;. . . . os

Tho strong poNS. . . . . from bo)oon ",,"ow poIonlio/ ...,.,. . .

,...." 01 "';0:. . . . hos up - '" .........K .. ""_ . . (......."fIr. """"Md_o ..... _. , . " . ; "g ' " be

<rWOtO 0/ morbi ad>Q"'c,,"" 01 oc.ap '"", "'" <UfI'O/It

.-.W. <:ONidw If>aI m.I» primo sherr'"" <:ell"" .. 1Iu<_

on<! ..,;o.1Icmt>nioon.. """" Q .,.,;q.... p<n;';'" "/hei<"",<h. pb:o aod . . . . . . . . . . ote obit "'..,.,..,.,." footfall ond"<>de """ ' " ' - _ Q , . , .", .j bosis "" _ reIums,._n_ o , ~ . . . t > . I o < a &.n ;!frtnJocIionJlo<

prime """,,",,",' ...... been do.,,,..,..,. .. f ' O ' I ' ~ " " _ might""",Ie< <> ,_ 0' /;" 201 I _ 2012.

DISClAIMER CB RICHARD EWS

C l I t M : ' . ~ "- _ . . . , . , __ " . . . : . : : : ' ; : : : "Ih io-" ' - .... .. . f . - ' ,. .dlD"- . -h" ' ._ . . . . . . h, " .........

,I. and , ," " ,but"""

"J'o , 01-......, ...""" ' ; ' : 2' 2 2 _ bo g;"'. rIM'... ca'· ' " , d ED;" __

ClItid .. " " " ; , 'I, _""'_, 2 ,LL 01 ClItU ..d

~ M i o .... 2 . ~ pta "*1 ... "" "'"" d-.:r ....... " \ C _0:1

1000 OtiWoG"- . . . . . . 01 2M d'- , .. ... .",...,.. Tho

,,,,,,,,,,,2,,,, and ,"rin•..... Ju.ood ;" II1io ....,orl . . . . ",hiL10 ,,;,t 'tII_.No _ ... po<tI 01 Jt.io ....,orl may be.- in 0 . . . . . . . . . .

:yo:.m or i... _ ... Lnon"""'-<l in 001)' Io:tm ." by any

to"" 2 · 00 .... " I .XaI.,_"""""" .....dO"."....... (II, _ _ ........" '" Jo be do,; I ,,;to . . . . " '" pr;.,-co: Ii"- ca ItM:/oonI m...

.1" ..._1 0 10

. . I" ,..



Economists coli "aeori.e destrvction:

Whon morUt "'""'" upend the tmditio",,1 ord. ,.

We coi l tho time 10 oct.

• 1 III RU l !5TATl S!RV ttU WORlUWtO!

,bte.,.m

romanian retail market 2010 small

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