Romania’s luxury market to grow in 2011
The current stable economic and political environment in Romania, the growing foreign direct investments as well as the increase in exports, especially industrial (auto – Renault/Dacia, Ford), seems to have provided the necessary data for the International Monetary Fund which estimates that the Romanian economy will grow by 5,1% in 2011. This would be the biggest increase in the entire European Union, also compared with the 0,8% estimated for 2010.
According to CPP, the general economic recovery is likely to stimulate further the growth of the Romanian luxury market, especially retail and hospitality. By 2012, at least two deluxe five star chains will sign agreements for opening in Bucharest (Romania) by 2014 (each with an average of 200 rooms). As for retail, luxury fashion brands will see more openings of monobrand locations, especially franchised operations. EMPORIO ARMANI and GUCCI are set to open in Bucharest late 2010.