globe retail outlook data


  • Retail
  • Office
  • Log In


Over the years, Serbian retail market has come into focus of the international brands, becoming an interesting retail destination in the Balkans. The existing modern shopping centres record almost no vacancy rate, while the high street brands offer has been enriched in the past few years with more globally renowned brands as new entries.

Belgrade as the capital dominates the real estate scene, however in retail segment other key Serbian towns mark upward trend and generate more interest of the developers. Retail parks lead development sector in Serbia, marking huge expansion in the previous few years. Lower initial investment, shorter construction period and possibility to be developed in phases are the key drivers of growing investors’ interest into retail parks throughout Serbia. On the other hand, one stop shopping, easy access, ample parking and wide range of retailers offering value for money brands are the key factors attracting customers to this retail format. The first Serbian retail park, Aviv Park Pancevo of Israeli investor Aviv Arlon, was developed in phases, in the period 2010-2015, currently holds app. 30,000 sq m and hosts numerous domestic and international brands. Besides, other key investments in this segment are: BIG CEE Novi Sad (34,000 sq m), Aviv Park Zrenjanin (25,000 sq m), IBC’s Zemun park (16,000 sq m), Fashion Park Indjija (15,000 sq m), Stop.Shop Nis (13,500 sq m), Capitol Park Sabac (10,000 sq m), etc.

The modern retail stock in whole Serbia stands at the level of 650,000 sq m of GLA. Over years, the share of retail parks formats grew, currently amounting to 32% of the total stock, as compared to the share of 8% marked in 2013. After larger Serbian cities, other locations such as Pozarevac, Sombor, Smederevo, Kraljevo should also witness the development of retail park formats.

Belgrade retail stock reached the level of app. 300,000 sq m of GLA (including all types of retail schemes), or 180 sq m per 1,000 inhabitants, which is still significantly below the average of the capital cities in the region. Having substantial catchment area, Belgrade can support higher shopping centre provision rates.

In terms of the new developments, Belgrade market is currently experiencing the expansion after a period of reduced activity. After a 4-year period, Belgrade has witnessed the opening of the forth Western-style shopping mall, BIG Fashion of 32,000 sq m on April 20, 2017. In terms of the new projects, during 2017, Belgrade is expecting the opening of Rajiceva Shopping center of 15,300 sq m, the first modern shopping centre located in the heart of the city, along Knez Mihajlova street. There are several other projects in different construction phases, including GTC’s Ada Mall of 34,000 sq m, Capitol Park Rakovica of 20,000 sq m, BIG Fashion Vidikovac of 70,000 sq m and BW Galerija of 93,000 sq m GLA.

The recent investment transactions confirmed the increased attractiveness of the Serbian retail market, when the two largest Serbian malls have been purchased by South African funds. Atterbury Europe, jointly with Attacq Limited, has acquired a one-third stake in a EUR 259 million-worth MPC Properties’ portfolio of seven retail schemes, including the country’s largest mall, Usce Shopping Centre of 47,000 sq m GLA. In February 2016, Hyprop Investments Limited and Homestead Group have confirmed the purchase of two Delta City malls in Belgrade and Podgorica, of 30,000 sq m and 23,000 sq m GLA respectively, for EUR 202.8 million in total. The most recent acquisition occurred when Israeli developer Plaza Centers has signed a binding share purchase agreement with BIG Shopping Centers for the sale of the Belgrade Plaza (renamed into BIG Fashion). As stated, the final agreed value of Belgrade Plaza will be calculated based on a general cap rate of 8.25%.

Our Top Tip For
New Arrivals

Being at the crossroads of Asia and Europe, charm and hospitality of people represents a mix of Eastern spice and Western moderna. As such, Serbia is becoming an attractive retail destination for international brands. Existing modern shopping centers record almost no vacancy rate, while the high street brands offer has been enriched in the past two years with more global-renowned designer brands as new entries. Despite the lower standard of living, Serbian urban population can be primarily characterized as that of consumers, with keen spirit of shoppers.


Serbian Dinar (RSD)


Hello: Dobar dan
Thank you: Hvala

International Dialing Code


Time Zone


Cost of a Pair of Jeans

7,200.00 RSD

Cost of a Cup of Coffee

120.00 RSD

Cities in Serbia

Contact Us

Boško Tomašević
Navigator Business Center
Milutina Milankovića 1ž
+381 11 735 0015 |