Gica Popescu’s Rahova Bazaar To Be Turned Into Supermarket

05.31.2011 ZF English

Four months after opening, the bazaar in which former soccer player Gica Popescu and another two partners invested EUR10 million is set to turn into a supermarket, as the initial business model has not brought the expected results.

"All the calculations we made before the bazaar opening are now irrelevant," answered Marius Roates, Gica Popescu's business partner when asked about revenues generated in the first months in operation by Rahova bazaar.

The concept of the shopping center, called Doldora Bazaar, was similar to the one used by IDM, SIR or Dragonul Rosu. This type of bazaar uses stands to sell products, starting from clothes and sometimes even food.

"They could have been better," was Gica Popescu's answer to the ZF question about the revenues the bazaar brought after the first months in operation.

ZF visited Doldora Bazaar ten days ago to speak to clients and tenants, but in the area that can accommodate 100 stores and 325 boxes and a stand space, it found only two clients and several vendors at the few boxes taken. It found fruit and vegetables only on two stands, at hypermarket prices.

"We have been waiting for clients to come for more than four months, but only one or two people a day come to look. Boxes near us are closed because many have chosen to leave after Easter, as they did not sell anything. Unless something changes, we'll leave as well," says Mioara, a vendor at a clothes box. She says she is waiting for the supermarket to open as "people may start coming". The monthly rent for this box amounts to almost EUR200, while sales are almost "non-existent".

One of the two clients ZF found in the shopping center maintains, "we don't buy clothes from this place", despite most of the shops selling clothes, "we go to Niky Scorpion". Near Rahova market, Niky Scorpion is in a good location, being close to a main boulevard in the area.

"We made the decision to turn the bazaar into a supermarket after we noticed there is an unexploited market niche. We want to have a supermarket on half of Doldora's area". Bucharest has 80 supermarkets.

Marius Roates specifies he would talk about the shopping center's financial results starting June, after the supermarket has opened.