GTC To Open Third Galleria Mall, In Piatra Neamt

Israeli-based real estate developer GTC yesterday announced intent to open a new mall in the Galleria chain in Piatra Neamt on 4 September. This is the company"s third Galleria Mall, after the ones opened in Suceava and Buzau. According to a press release to BURSA, Galleria - Piatra Neamt required an investment of over 20 million EUR and measures 1.8 hectares. The mall itself measures 15,000 square metres, has 200 parking spaces and will generate 500 jobs. The mall is located in the northern part of Piatra Neamt on General Dascalescu Boulevard.

The list of tenants includes Takko Fashion, Orsay and Deichman. Takko Fashion is one of the largest discounters in the fashion industry, Orsay is a brand that supports and promotes womanhood, while Deichman is the largest footwear retailer in Europe, having already 15 stores in Romania.

Galleria Operations Manager Stefan Cremene said the tenant mix in the Galleria - Piatra Neamt was adapted to the local specificity and offered a variety of options for leisure and entertainment. GTC introduced the Galleria brand in Romania two years ago and built the malls in partnership with Aura Europe. The three existing malls are part of a countrywide chain that targets cities such as Arad, Galati and Bistrita. The average investment in a Galleria Mall is 20 million EUR. GTC is also an active player on the Romanian real estate market, on all the three main segments - office, commercial and residential.

Upon launching the Galleria chain, GTC officials said the locations for the first ten Galleria Malls had already been purchased. The expansion of the Galleria chain has been slowed down by the gridlock on the real estate market.