Retail parks in Bulgaria have tripled, new brands are entering
The area of all retail parks in Bulgaria, which until the end of 2021 was about 100 thousand square meters, at the end of 2022 has already reached 300 thousand square meters. This is claimed in a report by the consulting company “Cushman & Wakefield/Forton”. The forecast is that in the next 2 years, the area of these parks will increase by another 50%, with which this type of commercial space will repeat the mall boom of 15-18 years ago.
However, the number includes only those parks in which the rental area is over 5 thousand square meters, otherwise they are much more. It is always a complex of properties on one or two floors located in a common courtyard and the premises are occupied by commercial chains.
Over the last year, the negative effect of the pandemic has completely subsided, and this type of retail outlets are actively being entered by brands mainly from neighboring countries, which are in the middle price range, especially in the category of clothing and shoes, says Yordanka Velikova, “Shopping Areas” expert in company.
Mall space is also gradually filling up after the ebb during the pandemic, but the difference in rents between malls and retail parks is significant. In malls, rents range from 25 euros per square meter in the countryside to 35 euros for a larger one in the capital. In retail parks, the minimum is around 8-10 euros per square meter, and the maximum – 12 euros.