globe retail outlook data

 

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Bulgaria

Retail space in modern shopping centers in Bulgaria exists since 2006. In their infant phase the new retail developments have been given a hard time by the overall economic and market environment. Some projects have been frozen; others tried finding a free niche; we have witnessed both redeveloped shopping centers as well as such that closed doors for an indefinite period. As of the end of Q1 2017, the total stock level of shopping centers in Bulgaria amounts to 770,000 sq.m.  The latest completed project was marked by the opening of Markovo Tepe Mall in Plovdiv in October 2016. At the moment, there are no projects under construction and the overall vacancy rate is 16.4% (down from 17.7% in Q4 2016). For Sofia, the vacancy rate goes down to 16.2% compared to 17.4% during the previous quarter.

One of the key highlights on the market was the exit of food retailers Piccadilly and Carrefour from all their locations, including the ones positioned in large shopping centers in Bulgaria. This scenario implies the need for restructuring changes related to the entry of other food chains in the vacated areas. Apart from that episode, the main focus for well-performing shopping centers continued to be the tenant mix development and targeting the optimal positioning among shoppers. Overall, the rental levels in the shopping centers remained stable.

The investment activity in the retail segment was marked by the sales transactions related to three shopping malls in the country, two of which are located outside the capital city. The Mall in Sofia was acquired by a South African investment fund New Europe Property Investments (NEPI) for EUR 180 mln, based on media announcement. Based on public sources, two of the leading shopping centers outside of Sofia – Galleria Burgas and Galleria Stara Zagora, were recently acquired by the South African MAS Real Estate from the previous owner (Polish investment company GTC) for a total amount of EUR 62 mln.

Our Top Tip For
New Arrivals

The public transport system in Sofia is serviced regularly by 14 tram lines, 9 trolley lines, around 100 bus lines, taxis, shuttles, and 2 metro lines. The price of a one-ride ticket for any of the routes is €0.80 and the monthly pass is €25. Taxis should cost no more than €0.40 per km.

Currency

Bulgarian Lev (BGN)
EUR €
USD $
GBP £

Language

Bulgarian
Hello: Zdravei
Thank you: Blagodaria

International Dialing Code

+359

Time Zone

GMT + 2

Cost of a Pair of Jeans

75.00 BGN

Cost of a Cup of Coffee

1.30 BGN

Cities in Bulgaria

Contact Us

Boško Tomašević
Navigator Business Center
Milutina Milankovića 1Ž, 11070 Belgrade
+381 11 735 0015 | bosko.tomasevic@cbre.com