 |
 |
 |
 |
 |
 |
 |
 |
Shopping Centers Today -> July 2007
 PRINT THIS STORY: |
  CHANGE TEXT SIZE: |
SPREADING THE WORD
Loredana Croicia Entreats Investors To Share In Romania’s Economic Boom
By Nicky Godding
Much like the economy in her home country of Romania, Loredana Croicia’s career is on an upward trajectory. The 27-year-old law school graduate is making a name for herself in the East European country’s burgeoning retail real estate industry. Croicia is retail communication and promotion manager at Baneasa Developments, which is building one of the largest private urban development projects in Europe, north of Bucharest, the Romanian capital. Romania’s commercial real estate market, which has been booming since 2000, is now in overdrive following Romania’s entrance into the European Union in January.
After graduating from law school in 2002, Croicia went to work for Anchor Group, a Turkish real estate investment firm, as lease coordinator at its Plaza Romania, the second shopping mall to be built in Romania. “Then, when Anchor Grup began refurbishing Romania’s first shopping mall, Bucuresti Mall, I started work on this center too,” she said. “It was a great experience for me, because I got the chance to know the retail development business in detail.”
Besides her legal skills, she discovered she also had a knack for the communications angle of the job. When she had finished her leasing work within the shopping center, the firm offered her the position of media coordinator. Croicia has no formal training in marketing, but Anchor Grup promoted her to chief press officer, with responsibility for both shopping centers. Then came an opportunity she felt she could not miss: working on Baneasa’s € 1.2 billion ($1.6 billion) development. “I was ready for the big league, so I grabbed the opportunity and moved to the new company.”
Croicia, who is single and enjoys her urban lifestyle, is typical of the new generation of Romanian professionals. “I love my job and like to be on top of the new trends, seeking out what is fashionable and discovering the newest cool places to go,” she said. “As young professionals, we must take a leading role in helping raise Romania to be a more modern country.”
The new Romania does not hold its women entrepreneurs back, she says. “Whilst I did face some difficulties in my first role as a leasing coordinator because it was a very male-dominated profession, it was great training for me,” Croicia said. “If you are confident in your own strengths and possess certain skills, these barriers disappear. Women are becoming more and more appreciated in this business environment — the doors are being opened.”
Romania overthrew its communist regime in 1989. When local and international ventures began to take off, about seven years ago, the middle classes responded and embraced the opportunities. Croicia is currently working on the grand opening of Baneasa Shopping City, planned for this fall. But her excitement at the growth of retail in her native country does not stop there. “There are many good projects currently under way across Romania,” she said. “I am glad this is happening, because at the moment there are 0.07 shopping square meters per person, and the need exceeds the offer. My message for international retailers and developers is: It is the time to come to Romania now!”
And Croicia has some advice for foreign entrepreneurs. “We are still in the learning process, but we are fast learners,” she said. “We see what other countries are doing, but must realize that each market has its own identity, its own culture and history. In this sector, you have to know the business, but more importantly you must know the market you are addressing. If you have a great project but you do not speak the language of your customers, you won’t succeed.”
To be sure, Croicia is trumpeting Romania’s success across Europe. “An increasing amount of my time is taken up telling the story of Romania’s growth and the investment opportunities existing here,” she said. “Last year we presented to international retailers and developers at Mapic in Cannes and have just finished a Real Vienna real estate fair with Bucharest City Hall, where we presented the public and private developments in our capital.” In April she spoke before a global audience at the ICSC European Conference, in Warsaw, Poland.
Working about 14 hours a day for weeks on end might tire some people, but Croicia says her enthusiasm for her work carries her forward. “I love people,” she said. “Working with my colleagues and seeing the mall taking shape, becoming the place where people enjoy shopping and having fun, is the greatest inspiration and satisfaction for me. This is where I get my energy.”
Colleagues have noticed that energy. “Loredana joined our organization as an entry-level customer-service representative and demonstrated incredible initiative and strong dedication,” said Ali Ergun Ergen, retail development manager at Baneasa Developments, who first worked with Croicia at Anchor Grup. “She moved up the ranks quickly, and her work has produced high-quality results time and time again.”
One lesson to draw from Croicia’s career could be to never define career goals too narrowly. “I’ve learned from every role I’ve had,” she said. “As lease coordinator, I met most of Romania’s retailers and many international ones, and learned about how they do business. As chief press officer, I discovered the way the media works. And as a customer relations officer, I learned about our customers, for whom we all work.”
She recognizes that she owes much to the opportunities her homeland offers. “At this moment, we are experiencing a boom period in the real estate market,” she said. “These are Romania’s sweetest years, and I’ve got the chance to live it.”
Boca Raton, Fla.-based Woolbright Development promoted Pete Schlang to director of leasing. Schlang joined Woolbright in 2002. 
New York City-based Cushman & Wakefield appointed Franklin Lavin managing director and COO of Cushman & Wakefield Investors Asia. Lavin will be based in Hong Kong and Washington. Lavin was undersecretary of commerce for international trade at the U.S. Department of Commerce. Phoenix-based Cole Cos., a real estate investment management firm, promoted Blair Koblenz to president, from executive vice president and CFO, posts he held since 1994. Atlanta-based Carter’s appointed Jim Petty president of retail stores. He will oversee the OshKosh and Carter’s chains. Petty was president and general manager of New 
Albany, Ohio-based Tween Brands’ Limited Too. San Diego-based Lee & Associates named Tony Villasenor principal. Villasenor was a founder of Business Real Estate Brokerage Co., which became affiliated with Chicago-based Grubb & Ellis/BRE Commercial in 2004. Forest 
City appointed David Patchin development director of the commercial development group. Patchin was a senior vice president and division head at Chicago’s LaSalle Bank. Columbia, S.C.-based Edens & Avant promoted Jessica Bruner to director of leasing for the mid-Atlantic. Bruner joined the firm in 2002 as a leasing representative. Washington-based Combined Properties named Richard A. Neville senior vice president of East Coast development. He was executive vice president at Cherry Hill, N.J.-based Site Development. Foothill Ranch, Calif.-based women’s specialty retailer The Wet Seal announced that its president and CEO Joel Waller will step down as of February 1, 2008, at the end of his employment agreement. The company has begun the search for Waller’s successor. Chicago-based Cohen Financial, a real estate capital services firm, named Adrian Corbiere executive vice president. Corbiere was senior vice president and head of the multifamily division of McLean, Va.-based Freddie Mac. Mesa West Capital, a Los Angeles-based commercial real estate finance firm, appointed Ryan Krauch principal. Krauch was a management executive at Santa Barbara, Calif.-based Somera Capital Management. New York City-based Deloitte & Touche named David Jacobstein senior adviser for the real estate group. Jacobstein was president and COO of Developers Diversified Realty. Beechwood, Ohio-based Developers Diversified Realty named Mark Stanfield vice president of new business development. Stanfield was director of new business and technology at Fort Worth, Texas-based Crescent Real Estate Equities. Houston-based Weingarten Realty named Cyndee Smith regional leasing director of new development. Smith was a senior vice president at NewQuest Properties, Houston. White Plains, N.Y.-based Acadia Realty Trust appointed Numa Jerome senior vice president and director of leasing. Jerome was vice president of retail leasing at Columbia, S.C.-based 
Edens & Avant. Northbrook, Ill.-based Pine Tree Commercial Realty appointed Greg Clarke vice president of leasing. Clarke was director of real estate at Staples. Dallas-based Holliday Fenoglio Fowler appointed Larry Wilemon managing director of its Los Angeles office. Wilemon was senior vice president with Los Angeles-based George Smith Partners. Paul Curtis, a longtime developer of residential and commercial real estate in central Florida, died on April 30 at the age of 79. Though only recently involved in commercial real estate, Curtis developed Grand Oaks Village, in Orange County, Fla., and one of the first mixed-use projects in Orlando, at the Peachtree Building. He is survived by his children, Caryl and Clinton, and eight grandchildren. Bart Chambers, an architect from Pasadena, Calif., winner of an ICSC design award for the Tower City Center, in Cleveland, among other awards, died on April 27 at the age of 51. Chambers served most recently as executive vice president of F+A Architects, in Pasadena, after spending 23 years with international firm RTKL.
ICSC Members take charity ride with Lance Armstrong
Twenty riders, each of whom made a charitable donation of $5,000, found themselves biking in blistering heat next to Lance Armstrong during Spring Convention in Las Vegas. After a keynote speech, the seven-time Tour de France winner took the cyclists for a 10-mile ride around Las Vegas. A police escort cleared the way and a van in front captured the event on film as Armstrong headed up the entourage. Before starting out, each member was photographed with Armstrong and was able to ride next to him for a two-minute chat.
“Being able to ride side by side with [Armstrong] and talk to him was definitely the highlight,” said Stephen Lebovitz, president and secretary of CBL & Associates Properties. “Having that one-on-one time was the best part.” The ride, described by Lebovitz as “leisurely,” looped around the downtown Las Vegas area before returning to the Hilton. Lebovitz, who cycles often, says he spoke with Armstrong about other cancer charity rides he planned to participate in. The riders came from all over the U.S., including Illinois, Maryland, New York Pennsylvania and Wisconsin. The proceeds go to the Lance Armstrong Foundation and the ICSC Educational Foundation.
 | Current Issue November 2008 |