Immersive technologies are reshaping retail, yet consumer adoption of Augmented Reality (AR) and Virtual Reality (VR) remains uneven. While prior research has largely examined these technologies separately and under simulated conditions in developed markets, limited attention has been paid to comparative insights grounded in lived consumer experiences in emerging economies. This study addresses this gap through 21 semi-structured interviews with Romanian consumers, exploring perceptions of AR and VR across the purchase journey, with attention to benefits, risks, and adoption barriers. Thematic analysis revealed that AR was primarily experienced in pre-purchase contexts as a utilitarian decision-support tool, enhancing product visualization, comparison, and convenience. By contrast, VR was absent from actual retail use and perceived instead as an aspirational medium associated with hedonic and social immersion. Risk perceptions diverged: AR was linked mainly to privacy concerns, whereas VR raised broader fears, including health, social, and psychological risks. Adoption barriers also differed. For AR, limitations were mainly functional and technical, with some participants reporting few obstacles, suggesting relatively high accessibility. VR adoption, however, was constrained by financial costs, limited retail applications, cultural resistance, and innovation fatigue. The findings show that AR and VR occupy distinct positions in retail: AR as a mature, utility-driven technology embedded in consumer journeys, and VR as a hedonic medium hindered by adoption challenges. The study contributes to immersive retailing literature by offering comparative, qualitative insights from an emerging market and provides practical implications for leveraging AR in decision-support roles while positioning VR for experiential branding and social engagement.