Expectations are rising. Will Jumbo Mall in Bucharest deliver on its promises? This is not just another shopping destination. It is a statement of intent. Jumbo is ready to conquer the Romanian retail market.
Jumbo Center, as it is now known, has a story. Once called Liberty Center, this mall faced financial troubles. Inaugurated in 2008, it was seized by banks in 2012. It was quite an investment back then around EUR 70 million. The banks acted on a debt of EUR 61 million.
But in 2023, a new chapter began. The Greek retailer Jumbo bought the mall for about EUR 20 million. It was an unexpected move. Jumbo is known for its “big-box” stores outside cities. This was their first venture into a Romanian shopping mall.
The entire shopping center underwent remodeling. The cinema, previously operated by Happy Cinema, closed its doors. Now, the focus is entirely on the Jumbo experience.
The new Jumbo Mall is scheduled to open in November 2024. It will occupy the entire second floor. This is Jumbo’s first store in a Romanian mall. The group has aggressive expansion plans for Romania.
Jumbo already operates 18 stores in Romania. They also have an online store and two distribution centers. These are located in Popești-Leordeni and Craiova.
The retailer received authorization to set up a Jumbo store on the second floor of Liberty Center. Jumbo stores typically range from 7000 to 10,000 square meters.
Jumbo’s sales in Romania are growing. In April of this year, sales increased by about 10% compared to last year. In 2023, sales reached 231 million EUR. This is a 15.28% increase from 2022 with a profit of 83.1 million EUR.
The company plans to open at least two more stores in Romania in 2025. Jumbo is serious about its presence here.
This location was once ranked low among Romanian malls. Liberty Center was 72nd out of 78 malls in terms of business. But Jumbo aims to change that.
The original developers of Liberty Center faced their own challenges. The Irish investor Mivan collapsed during the 2008 financial crisis. The Awdi group, controlled by the Awdi brothers, was also involved.
Now, Jumbo has a chance to revitalize this space. The opening of Jumbo Mall is highly anticipated. Will it become a favorite destination for shoppers in Bucharest? Only time will tell. But one thing is clear. Jumbo is here to make a statement.