colliers international - retail sentiment survey
DESCRIPTION
executive summary of the resultsTRANSCRIPT
THE RETAIL MARKET IN BULGARIA2011
Accelerating success.
Population of 7.351 million (2011)10 cities over 80,000 inhabitants 4 cities over 200,000 inhabitantsAverage monthly income EUR 343 (Q1 201)Unemployment rate 8.9% (May 2011)Inflation rate 4.8 % (May 2011)Stabile currency and political climate
MACROECONOMICINDICATORS
BULGARIA FACTS
Operational Shopping centers (Country wide) › 605, 000 sqm (GLA)
Shopping center pipeline for 2011/2012 (Country wide)› 230,750 sqm (GLA)
High Street (Sofia, Varna, Plovdiv, Burgas) › 101,440 sqm
RENTAL RATES
*Prime Rent represents the average top open-market rent estimated to be achievable for a new lease of a 100 sqm (net internal area) unit of the highest quality and specification in the best location, excluding service charges and taxes and not reflective tenant incentives
RETAIL MARKET OVERVIEWTOTAL STOCK
AVERAGE SHOPPING CENTERRATIO (SQM GLA/1,000 INHABITANTS)
PERFORMANCE OF EXISTING MALLS
OPERATIONAL SHOPPING CENTRES IN SOFIA
CITy CENTER SOFIAOperational since 200620,000 sqm GLA Anchored by: Piccadilly, Cineplex, Marcs & Spencer, Oviesse, Technomarket
MALL OF SOFIAOperational since 200621,500 sqm GLAAnchored by: Piccadilly, Cinema City, Intersport, Mango,United Colors of Benetton, Technomarket
TZUMOperational since 1957 15,000 sqm GLAAnchored by: Piccadilly, Bianca, Bobo Zander, Adidas
SERDIKA CENTEROperational since March 201050,000 sqm GLAAnchored by: Zara, Peek and Cloppenburg, Reserved, Esprit, New yorker, Koton (their first shop in Bulgaria), Piccadilly (their largest store in the coun-try), Hippoland, Technopolis, etc.
THE MALLOperational since April 201066,000 sqm GLA Anchored by: Carrefour (their largest store in the country), Zara, Peek and Cloppenburg, New yorker, Esprit, Intersport, Arena Cinema, Playground Entertainment Centre, Technopolis, GAP (their first and only shop in Bulgaria), Marks & Spencer, Public, Technopolis, etc.
SKy CITy CENTEROperational since 2006 15,000 sqm GLAAnchored by: Fantastico, Mega Xtreme Bowling
SOFIA OUTLET CENTEROperational since March 201015,000 sqm GLABrands: Vinello, Max Mara, Canali, Tommy Hilfiger, Mango, Hot Spot, United Colors of Benetton, Sisley, Rollmann, Oxette, Cassidi, Vayk, Triumph, Guess, Miss Sixty, Geox, Addidas etc.
SHOPPING CENTRES IN SOFIA - MALLS IN THE PIPELINE
Alex
ande
r M
alin
ov B
lvd.
Tzarigradsko shousse Blvd.
Tzar B
oris I
II Blvd
.
Vaptsarov Blvd.
Yavo
rov Blvd
.
Levs
ki B
lvd.
Vasil
Bulg
aria
Blv
d.
Che
rni V
rah
Blvd
.
Sim
eono
vsko
sho
usse
Blv
d.
Botevgradsko shousse Blvd.
Vladimir Vazov Blvd.
Ring Road
Ring Road
Ring
Roa
d
Tzaritza Joana Blvd.
Slivnitsa Blvd.
Slivnitsa Blvd.
Al. Stamboliiski Blvd.
Rhoj
en Bl
vd.
Obel
sko
shou
sse
Str.
Lomsko shousse Str.
202 Str.LULIN
Ovcha Kupel
Centre
OBELYA
MLADOST
VASIL LEVSKI
ORLANDOVTSI
LOZENETS
NADEJDA
Tzum
CCS
Mega Mall
Carrefour
Bulgaria Mall
IKEA
Europa Park
Acropolis Complex
Sky City Center
Serdika Center
The Mall
LEgEnd: Shopping centre
LOZENETS
Operational
On HoldUnder construction/Pipeline
Cancelled
Paradise Center
SHOPPING CENTRES – OTHER CITIESEXISTING SHOPPING CENTRES
Billa
Billa Vis Vitalis
Mr Bricolage
Billa
Kaufland
Sport Depot
Billa
Billa Technomarket
Jumbo
Billa
Kaufland
Metro
Metro
Martineli
G Park Plovdiv
Praktiker
Technomarket
Technomarket
Landmark Retail Park Technomarket Baumax Martineli Vis Vitalis dm Sport Depot Deichmann Sprider
Metro Technopolis Nov dom (Simeonov) JYSK Hippoland
Mall Plovdiv Mall Markovo Tepe
Trimontium Center
Civis Center Plovdiv
Galeria Plovdiv
LeGeND: Retail Park Shopping centre Consumer-electronic sector Food sector Furniture sector DIY sector Fashion sector Kids sector
OperationalUnder construction/PipelineOffline
Retail map – Plovdiv, Bulgaria
SHOPPING CENTRES – OTHER CITIESEXISTING SHOPPING CENTRES
Retail map – Varna, Bulgaria
Varna Towers
Mall Varna
Grand Mall
Pfohe Mall Galleria Varna
LeGend: Shopping centre
OperationalUnder construction/Pipeline
SHOPPING CENTRES – OTHER CITIESEXISTING SHOPPING CENTRES
Billa
Billa Vis Vitalis
Mr Bricolage
Billa
Kaufland
Sport Depot
Billa
Billa Technomarket
Jumbo
Billa
Kaufland
Metro
Metro
Martineli
G Park Plovdiv
Praktiker
Technomarket
Technomarket
Landmark Retail Park Technomarket Baumax Martineli Vis Vitalis dm Sport Depot Deichmann Sprider
Metro Technopolis Nov dom (Simeonov) JYSK Hippoland
Mall Plovdiv Mall Markovo Tepe
Trimontium Center
Civis Center Plovdiv
Galeria Plovdiv
LeGeND: Retail Park Shopping centre Consumer-electronic sector Food sector Furniture sector DIY sector Fashion sector Kids sector
OperationalUnder construction/PipelineOffline
Retail map – Plovdiv, Bulgaria
EXISTING SHOPPING CENTRES
EXISTING SHOPPING CENTRES
SHOPPING MALLS – LEASE ABSTRACTLeaseTerm 5 - 10 years
Rent Net rent and Turnover Rent
Service charge Open book policy EUR 5 - 7 Euro/m2/month
Marketing fee Part of the service charge, or additional fee of EUR 0.7 – 1/m2/month
Indexation Euro CPI
Guarantee 3 months rent + service charge + VAT
Payment structure Monthly
HIGH STREET: SOFIA
Total supply of high street in Sofia is 43,650 sqm (net retail area)
Average unit size is 170 sqm
Prime rent is EUR 55/sqm/month
International retailers include Mango, Max Mara, United Colors of Benetton, Terranova, Miss Sixty, Guess by Marciano, Longchamp, Rolex, D&G, Levi’s, Cartier, Pierre Cardin, Motivi, Hush Puppies, Garde Robe, Just Cavali, etc.
HIGH STREET: vArnA
The total supply is 16,600 sqm (net retail area)
Average unit size is 77 sqm
Prime rent is EUR 28/sqm/month
International retailers include New yorker, Mango, Adidas, Camel Active, Hush Puppies, Terranova, Stefanel, Miss Sixty, United Colors of Benetton, etc.
HIGH STREET: PLOvDIv
The total supply of high street space in Plovdiv is app. 29,500 sqm (net retail area)
The average unit size is 150 sqm
Prime rent is EUR 30/sqm/month
International retailers presented include Fox, Terranova, Kenvelo, Adidas, Miss Sixty, Levi’s, Diesel Hot Spot, Fox and many others
Local brands include Dika, Miro and others.
HIGH STREET: BUrGAS
The total stock of high street space in Burgas is 11,900 sqm (net retail area)
Average unit size is 81 sqm
Prime rent is EUR 23/sqm/month
International retailers include United Colors of Benetton, Playlife, Adidas, Levi’s, Diesel, Hush Puppies, Geox, Tally Wejl, etc.
RETAIL PARKS IN THE PIPELINE
• Saturation of shopping mall formats
• Strong expansion and performance of big-box formats
• Highest penetration by discount retailers
• New market entrants are: Penny, Mercator (RODA), Lidl, Plus, Tempo, BAUHAUS
• Forecast is for ongoing expansion of value-centered retailers, mid- and high-end
retail to expand at moderate pace
• Retail-park clusters are new formats, existing in few locations
• Ranking of big-box retailers in terms of number of outlets: 1. Food retailers2. Consumer electronics3. Furniture & home décor 4. DIy retailers 5. Toys and children’s wear 6. Sports goods
BIG BOX RETAIL OVERVIEW
This map is created relatively to scaleLast update: June 2011
Alex
ande
r M
alin
ov B
lvd.
Tzarigradsko shousse Blvd.
Tzar B
oris I
II Blvd
.
Vaptsarov Blvd.
Yavo
rov Blvd
.
Levs
ki B
lvd.
Vasil
Bulg
aria
Blv
d.
Che
rni V
rah
Blvd
.
Sim
eono
vsko
sho
usse
Blv
d.
Botevgradsko shousse Blvd.
Vladimir Vazov Blvd.
Ring Road
Ring Road
Ring
Roa
d
Tzaritza Joana Blvd.
Slivnitsa Blvd.
Slivnitsa Blvd.
Al. Stamboliiski Blvd.
Rhoj
en Bl
vd.
Obel
sko
shou
sse
Str.
Lomsko shousse Str.
202 Str.LULIN
Ovcha Kupel
Centre
OBELYA
MLADOST
VASIL LEVSKI
ORLANDOVTSI
LOZENETS
NADEJDA Praktiker HIT Nov Dom Simeonov Densi
Billa Technopolis
Retail Park Ovcha Kupel Roda
Retail Park Vazov Baumax Mercator Technomarket
Billa
Billa
Metro
Bauhaus
CCS
Mega Mall
Bulgaria Mall Paradise Center
Sky City Center
Serdika Center
The Mall
Hippoland HIT JYSK
Sport Depot Technopolis Como Yavor Furniture
Lege ND: Retail Park Shopping centre Consumer-electronic sector Food sector Furniture sector DIY sector Fashion sector Kids sector
Metro Sport Depot Factory outlet Hippoland
Jumbo
Retail Park Sredetz Technopolis Yavor Furniture Tempo
OperationalUnder construction/Pipeline
Gazit Globe
Black Gold
Mr Bricolage
IKeA
Tzum
Carrefour
europa Park
Acropolis Complex
On Hold
Jumbo Lidl
Technomarket Metro
Tel. +359 2 976 9 976
Colliers InternationalBusiness Park SofiaBuild.7BБ, floor21766 Sofia, Bulgaria
www.colliers-residential.bg
www.colliers.com