Bulgaria Cities Anticipate Renewed Shopping Mall Expansion
The largest cities in Bulgaria are poised for a large expansion in the number of new shopping malls, despite a construction slowdown caused by the current economic situation.
A total of 18 malls are expected to open nationwide during 2010, most of them in Sofia, the capital, and in Varna and Ruse, according to a survey made by property consultants GVA Sollers Solutions.
A new retail outlet will open on March 5 on Sofia’s Tsarigradsko Shosse. With a floor area of more than 35 000 sq m, it will offer a range of clothing shops, various accessories, and sports goods, along with a restaurant.
This will be followed, in mid-March, by the inauguration of the Serdika Mall Center, with over 50 0000 sq m of shopping space. Over 96% of the retail areas are already let.
Carrefour, the second largest supermarket chain worldwide, is poised to join the expansion, with a new development scheduled to open in central Sofia later in the spring. The complex will house 185 stores for Bulgarian and foreign brands, along with restaurants and leisure areas.
The surge of completed mall projects contrasts with 2009 when, according to the report, only three malls of medium size opened – Mall of Plovdiv, the Burgas Plaza, and Gabrovo’s Terra Center.
Additionally, larger-scale retail projects opened in 2009 were few in number. They included the Arco Towers Mall in Sofia, Plovdiv’s Trimontsium Center, City Mall in Blagoevgrad, Sliven City Center Mall and Mall Sliven and Central Mall Dobrich.
The economic crisis, however, forced the postponement or freezing of many other mall projects across Bulgaria. The report cited a dozen projects spread across Bulgaria, noting that there were many other additional examples.
The survey showed that, at the beginning of 2010, Bulgaria had a combined shopping mall area of 243 460 sq m. The surge of completed development in the first two months of 2010 has increased this capacity by 30%. Despite this rapid expansion, the Bulgarian capacity of available mall space measured against population remains low by European standards.
Text source: novinite.com
Image: BGNES
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(04.03.2010)