Hagag to open luxury department store in Bucharest

Business Forum
Hagag Development Europe is preparing to reopen the Știrbei Palace on Calea Victoriei, in H2 2025, as a luxury department store. 

With a leasable area of around 4,000 sqm, the store will host high-end brands in the fashion, perfumes, jewelry, and luxury accessories niche. The atmosphere will be complemented by a fine dining restaurant and a Champagne Bar.

"The unique location, rich history, and distinctive architecture of the building quickly attracted the attention of international brands," said Yitzhak Hagag, Co-Founder and Chairman of the Board of Hagag Development Europe.

Hagag Development Europe has invested significantly in the renovation of the palace, preserving the original architectural elements and integrating modern technologies to create an elegant and functional space.

Furthermore, the interior design combines neoclassical and contemporary elements. The reopening of Știrbei Palace marks an important moment for Bucharest, consolidating the city's position on the map of luxury shopping destinations in Europe, according to the developer. 

RECOMMENDED
Romanian investors dominate commercial property market in 2025
Real estate

Romanian investors dominate commercial property market in 2025

Romanian investors led the commercial real estate investment market in 2025, accounting for 34% of total transaction value worth €579.4 million, according to a study by Fortim Trusted Advisors, an alliance member of BNP Paribas Real Estate.

Property leasing in Romania keeps steady in Q3, says CBRE
Real estate

Property leasing in Romania keeps steady in Q3, says CBRE

CBRE reports that office demand in Bucharest remained stable in Q3 2025, with total leasing activity reaching 61,500 sqm, consistent with the previous quarter but down from last year's quarterly average and the first half of this year. Despite the constant activity levels, market dynamics shifted this quarter as net demand increased by 44% compared to Q2 2025, totalling 41,700 sqm.

RECOMMENDED FROM THE HOME PAGE
Romanias GDP drops 1.7% in Q1 2026
Economy

Romania's GDP drops 1.7% in Q1 2026

Romania's GDP fell by 0.2% in Q1 2026 compared to the previous quarter, according to data released by the National Institute of Statistics (INS).

Industry

EIB to advise Antibiotice on governance upgrade

The European Investment Bank (EIB) will advise Antibiotice, Romania's largest pharmaceutical company with majority Romanian capital, on strengthening its corporate governance to support future growth. Under a new advisory services agreement, the EIB will work with Antibiotice to align its risk-management framework and business operations with international best practice in the pharmaceutical sector.

Real estate

Penny Romania surpasses €2 billion revenue in 2025

Penny Romania ended 2025 with revenue of RON 10.6 billion lei (€2.1 billion), marking a 12.01% increase compared to the previous year. The discount retailer opened 40 new stores, reaching 456 units nationwide, and completed its fifth logistics centre in Mihăilești, Giurgiu County.

READ MORE
Business Forum  |  13 May, 2026 at 7:45 PM
Business Forum  |  13 May, 2026 at 7:00 PM