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Retail By City

BelgradeSerbia

city rank #125

City Overview

Both regionally and locally, shopping centers are still far from the world trends and from the trends in more developed countries of Central Europe.

After a 4-year period, Belgrade has witnessed the opening of the forth Western-style shopping mall, BIG Fashion of 32,000 sq m. This opening has increased the total stock to the level of app. 300,000 sq m or 180 sq m per 1,000 inhabitants. Belgrade total retail stock includes all types of shopping schemes: western-style shopping centres, neighbourhood malls, department stores, secondary SC schemes and retail parks, whilst the supply of western-style shopping centres totals app. 137,000 sq m GLA, split in four malls.

With only four regional shopping centres, the scarcity of supply in Belgrade market of 2-million citizens has created a competitive retailer environment. Belgrade remains relatively under-supplied market given the size of the economy and population, representing the excellent opportunity for shopping centre developments.Therefore, Belgrade rarely witnesses any vacant space in the prime shopping centers. The vacancy rate on the market usually stands around 5%, due to the available space in less attractive retail schemes.

In terms of new developments, several active retail projects indicate a strong increase in Belgrade stock in the forthcoming period. By 2017, Belgrade should be enriched by the opening of Rajiceva Shopping Center. Being developed along the main pedestrian zone Knez Mihajlova street, Rajiceva Shopping Center will comprise app. 15,300 square meters of GLA and more than 80 stores. The construction of Capitol Park Rakovica developed by British developer Poseidon group in cooperation with Belgian Mitiska REIM of 21,000 sq m is goes as per plans and opening is scheduled for late 2017. When it comes to the pipeline projects, well-known investor GTC actively works on its modern shopping centre Ada Mall, of 34,000 sq m GLA. Also, Israeli developer has announced the construction of its large-scale project BIG CEE Vidikovac, of 70,000 sq m GLA, planned for completion in 2019. UAE developer Eagle Hills announced the commencement of construction of Belgrade Waterfront shopping mall BW Galerija which will be, upon completion in 2020, the largest shopping destinantion totalling 93,000 sq m of GLA.

In terms of the new comers, the year 2016 has brought Calvin Klein Underwear, the first Spanish Zara Home and Polish shoe retailer CCC which entered Serbia by opening the store in various retail formats. Fashion retailer LPP is among the international names expected to enter the Serbian market, their first Reserved store was opened in BIG Fashion. The opening of BIG Fashion also brought Funky Buddha, Tezenis and Oxette to the market. In addition, Peek & Cloppenburg, Douglas, Decathlon are among others which are currently investigating Serbian market.

Prime rents in modern shopping centers depend on size and position and very between EUR 35-50 (for unit’s size between 150-500 sq m). For prime retail areas (Terazije Square/KraljaMilana Street/), net rents currently vary between EUR 30 and EUR 60 per square meter per month while the highest achieved rents are recorded in pedestrian zone, Knez Mihailova Street. In secondary retail areas (Pozeska and Glavna Street) rents vary between EUR 25-45 per square meter per month, depending on the visibility, shop windows, size, layout and condition.

Things to do

See

Work

Usce Shopping Center,
Delta City Shopping Center, Stadion Shopping Center

Rest

Kalemegdan Fortress, Usce plateau, Kosutnjak, Gardos, Skadarlija-old bohemian quarter

And be seen

Eat

Kalemegdanska terasa, Madera, Frans, Hunter, Duomo, Nachos, Dorian Gray, Monument, Zaplet, Dijagonala

Drink

Frida, Soho Bar, Brankov, Apsinth, Pastis, Iguana

Be Merry

Theaters and Galleries, Splavovi (Floating river clubs)

Other Cities in Serbia

Contact Us

Boško Tomašević
Navigator Business Center
Milutina Milankovića 1ž
+381 11 735 0000 | bosko.tomasevic@cbre.com