Bulgaria offered 475% more new space in its retail centers in 2010 compared with the previous year, according to a Cushman & Wakefield report. The increase in development placed Bulgaria in the top five countries in Europe based on amount of new commercial space last year. It follows Russia, Turkey, Poland, and Italy.
Russia and Turkey are the top countries in Eastern and Central Europe with the largest amount of commercial and retail development underway, according to a new report by Cushman & Wakefield. Bulgaria and Croatia are also poised for rapid growth with a large number of retail developments scheduled to open in 2010 and 2011.
Bulgaria's retail sector is undergoing significant development, with 18 malls expected to open this year, according to a new survey by property consultants GVA Sollers Solutions. One example is a new retail outlet on Sofia's Tsarigradsko Shosse that is scheduled to open this month.
A four-story project in Haskovo, Bulgaria, by Akra Proekt will cost $34.7 million and include stores, restaurants, a movie theater and a grocery store. Developers hope to attract the city's many tourists in addition to locals.