Sun Plaza sees revenues reach EUR 26.3 mln in 2013, expects growth this year

The 81,000 sqm Sun Plaza mall in southern Bucharest reported total revenues worth EUR 26.3 million in 2013 and expects that this year it will surpass this level, announced on Wednesday representatives of CBRE Romania, the mall’s property manager. While consumption didn’t rise significantly, consumers are more confident to spend money and the mall has managed to attract more visitors this year, they explained.

The EUR 26.3 million represents about 15 percent of the total turnover the mall’s approximately 140 tenants reported last year, said Luiza Moraru, the head of CBRE’s retail department. In the third quarter, Sun Plaza’s turnover was up by 11 percent y-o-y, she added. Some retailers, such as cafés and restaurants reported higher increases.

The highest sales levels by sqm are presently reported by cafés and restaurant operators which report between EUR 4,000 and EUR 5,000/sqm/ year. Lingerie stores report between ERU 4,200 and EUR 4,500/sqm/year followed by fashion retailers with EUR 2,500 – EUR 3,500/sqm/year and footwear retailers with EUR 2,500/sqm/ year.

The tenant mix has changed constantly since opening in early 2010 and it is estimated that only 40 percent of the originals tenants are still present in the mall. Sun Plaza presently has about 140 stores and by Christmas, the occupancy will reach 100 percent, added Moraru. However, this does not take into account the fact that the space occupied by the former Mobexpert store – approx. 10,000 sqm – remains unoccupied. Mobexpert closed the store in 2012 but the furniture retailer is still listed as a tenant. It is presently battling Sun Plaza in a litigation case.

Rents in Sun Plaza are between EUR 38 and EUR 55/sqm/month for stores located on the first floor and EUR 45 and EUR 55/sqm/month for stores located on the ground floor.

This year Sun Plaza reported on average some 36,000 visitors during the weekdays and 50,000 during the weekend. This was up by 10 percent compared to 2013. The number has been increasing constantly since the mall was opened almost five years ago and should go up even further, said CBRE representatives.

Sun Plaza is the only mall in Bucharest which is directly connected to the subway network through an underground passage. This has made it easier for the mall to attract visitors from outside its immediate catchment area – some 16, 17 percent of the mall’s visitors are estimated to arrive by subway. As the authorities are working on several infrastructure projects in the area which will make access easier, CBRE representatives expect the number of visitors to go up even further.