The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Retail Wholesale Trade, Except Of Motor Vehicles And Motorcycles Wholesale Of Agricultural Raw Materials And Live Animals 46.2 - Wholesale of agricultural raw materials and live animals
1,000 jobs Number of planned job creations
Announcement Date
5 September 2005
Employment effect (start)
5 September 2005
Foreseen end date
15 October 2005
Description
In fall 2005, the capital city will see the opening of a new market centre, City Mall, which will provide modern services for the 700,000 inhabitants living in the southern part of Bucurest(BucureÅŸti region).
Seen by its architects and designers as the most elegant and spectacular mall in town, City Mall absorbed a €30 million investment and will generate over 1,000 new jobs. The facility, which spreads over a 38,000 square metre surface, including a 24,500 square metre commercial area and a 4,113 square metre terrace, will be the only such centre in southern Bucharest. It will include elegant stores, coffee houses, Romanian, French, Italian and exotic restaurants, a large cinema hall and amusement services. Rental contracts were concluded for three years and in some cases even for 10 years.
‘Our company created a new brand for this investment, the City Mall brand. It is for the first time when a company, owner of a market centre, Jaguar Developments, has decided to externalize its marketing services. We thus managed to attract new brands among the City Mall retailers, compared to other locations in the country’, company’s officials said. Jaguar Development is owned by companies in Greece and Israel, in equal shares. Its investment plans for 2006 include other real estate facilities worth €50 million.
Sources
5 September 2005: Economistul
Citation
Eurofound (2005), City Mall, Business expansion in Romania, factsheet number 62214, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/62214.
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