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H Știrbei Palace in Bucharest, exterior render. /// credit: CBRE
H Știrbei Palace in Bucharest, exterior render. /// credit: CBRE

Bucharest´s New Luxury Shopping Destination, H Știrbei Palace

CBRE Romania has announced its exclusive involvement in the leasing strategy of H Știrbei Palace, an emblematic historical monument located in the heart of Bucharest and one of the most anticipated retail projects in the capital. After the completion of the renovation works, Știrbei Palace aims to become a landmark shopping gallery for luxury brands in South-Eastern Europe.

The luxury goods market in Romania is estimated to generate 535.82 million euros in revenue in 2024, with a significant contribution from online sales (13.8%). Demand for luxury goods is growing, fueled by a population with a rising standard of living, according to statista´s outlook for the romanian market.

In this new mandate, CBRE Romania is focused on attracting premium and luxury retailers, responding to significant demand from this segment. The increased interest shown in recent discussions confirms the robust potential of the Romanian market.

“H Știrbei Palace is the ideal project for luxury brands that want a strategic presence in Europe, in a premium location. The Romanian retail market has proven its resilience and potential in Central and Eastern Europe, with remarkable results. We aim to transform Știrbei Palace into the city’s luxury shopping destination and bring Calea Victoriei back among the world’s major shopping streets. We believe this project will make a significant contribution to the development of the luxury retail market in Romania and will strengthen Bucharest’s position as a top shopping destination,” says Carmen Ravon, Head of Retail Occupiers CEE at CBRE Romania.

“We are delighted to join forces with CBRE, whose outstanding reputation and track record in the real estate realm speaks for itself. This partnership reiterates our commitment to place Romania on the map of luxury shopping destinations and validates the enormous potential of H Știrbei Palace, while marking an important step in our strategy to attract exclusive brands and offer customers a unique shopping experience,” adds Ana-Maria Nemțanu, Leasing Director at Hagag Development Europe. 

The luxury retail market in Romania is on a continuous rise, with Bucharest becoming an increasingly attractive destination for premium brands. This trend is fuelled by the development of prestigious real estate projects, including 13 new five-star hotels planned by 2028, which will host brands such as Corinthia, Mondrian, Hyatt, and Kempinski.

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