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THE RETAIL MARKET IN BULGARIA 2011 Accelerating success.

Colliers International - Retail Sentiment Survey

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Page 1: Colliers International - Retail Sentiment Survey

THE RETAIL MARKET IN BULGARIA2011

Accelerating success.

Page 2: Colliers International - Retail Sentiment Survey
Page 3: Colliers International - Retail Sentiment Survey

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

Page 4: Colliers International - Retail Sentiment Survey

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

Page 5: Colliers International - Retail Sentiment Survey

AVERAGE SHOPPING CENTERRATIO (SQM GLA/1,000 INHABITANTS)

PERFORMANCE OF EXISTING MALLS

Page 6: Colliers International - Retail Sentiment Survey

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

Page 7: Colliers International - Retail Sentiment Survey

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.

Page 8: Colliers International - Retail Sentiment Survey

SHOPPING CENTRES IN SOFIA - MALLS IN THE PIPELINE

Alex

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Tzarigradsko shousse Blvd.

Tzar B

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Vaptsarov Blvd.

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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

Page 9: Colliers International - Retail Sentiment Survey

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

Page 10: Colliers International - Retail Sentiment Survey

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

Page 11: Colliers International - Retail Sentiment Survey

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

Page 12: Colliers International - Retail Sentiment Survey

EXISTING SHOPPING CENTRES

Page 13: Colliers International - Retail Sentiment Survey

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

Page 14: Colliers International - Retail Sentiment Survey

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.

Page 15: Colliers International - Retail Sentiment Survey

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.

Page 16: Colliers International - Retail Sentiment Survey

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.

Page 17: Colliers International - Retail Sentiment Survey

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.

Page 18: Colliers International - Retail Sentiment Survey

RETAIL PARKS IN THE PIPELINE

Page 19: Colliers International - Retail Sentiment Survey

• 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

Page 20: Colliers International - Retail Sentiment Survey

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

Page 21: Colliers International - Retail Sentiment Survey
Page 22: Colliers International - Retail Sentiment Survey

Tel. +359 2 976 9 976

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