Mall-ology or Mall-itus in Bulgaria?!!! (Sofia Ring Mall next to IKEA, coming soon!)

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The future Sofia Ring Mall – which is to become Bulgaria's largest retail and entertainment destination together with the closely located store of IKEA Bulgaria – is to be completed by July 2013.
The EUR 120 M shopping center will provide to its customers views towards the city and Vitosha Mountain and a lot of green areas.
This has been announced at a news conference in the Bulgarian capital Tuesday featuring represenatives of the two Greek investors Fourlis Group and Danaos Group as well as the project consultants Colliers International.
They have pointed out that the expansion of Sofia ring road, which is scheduled for the fall of 2012, will provide safe and easy access for the some 1.5 million residents of Sofia.
Sofia Ring Mall is scheduled to be completed by July 2013 and its opening is planned for the fall 2013.
It will feature a tenant mix of over 200 stores, including fashion and sport stores, entertainment facilities, a 10-screen cinema multiplex. More than 25 000 sq meters of gross leasable area are slated to anchor tenants and more than 20 000 sq meters to fashion brands. In total Sofia Ring Mall will have 69 000 square meters of gross leasable area, and 172 000 square meters of gross building area on 3 retail floors.
One of the biggest advantages of Sofia Ring Mall is that it's a unique cluster of "big box" operators working in synergy with a classical "shopping mall" mix, making it and all-in-one offer catering all needs of visitors, the investors say.
The total investment of the project, including the land and the infrastructure which involves green spaces and assisting roads on the side, is exceeding 120 million EUR.
Some of the tenants that have already made contracts for retail space at the Sofia Ring Mall include Piccadilly; Yavor Furniture; Mr.Bricolage; Cine'Grand; Technomarket; Public.
During the presentation of the project Liberis Moschovitis, General Manager of Sofia Ring Mall, highlighted the regional character of the development and the new experience that will be offered to the visitors.
He noted that "the new retail destination in Sofia has been created to provide the important tenants mix, especially with the combination with IKEA making it a new retail destination in the country."
"One of the strategic advantages of Sofia Ring Mall is its strategic location, convenient and easy access. Moreover, the successful concept "all under one roof" makes the classic shopping in the city very special experience among the big open spaces, a lot of green area and entertainment places", said Iglika Yordanova, manager "Commercial area" in Colliers International.
Sofia South Ring Mall EAD, a joint stock company owned by two major investors Fourlis Group & Danaos Group, is a company, active in the investment, lease and management of the commercial center Sofia Ring Mall.

Courtesy of Novinite

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COMMERCIAL PROPERTY MARKET IN BULGARIA – 2012

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According to analysts, there are three main tendencies concerning the commercial property market in Bulgaria for 2012.

The first one is that the number of purpose built industrial facilities has increased due to the increased volume of outsourcing of light industrial production from Western Europe to Bulgaria. Bulgaria is attractive with low taxation and low labour costs.

The second tendency is that the relocation of companies into newly build offices has intensified due to the fact that the owners offer 5 to 7 year leases at attractive prices, allowing firms to cut costs during the economic downturn.

The third tendency is that six new giant shopping malls are under construction throughout Bulgaria, three of which are opening in 2012 – Bulgaria Mall, Paradise Centre and a new mall in Bourgas. 

Source:
http://lmlegalservices.com/blog/archives/818

Contact Dynamic Space 

To rent offices with a service you can trust, in Bulgaria, contact the Dynamic Space property experts:

Website: www.dynamicspacebg.com

Mobile: +359 (0) 896670507 +359 (0) 897036030
Office/Fax: +359 (0) 2 953 01 16
e-mail: info@dynamicspacebg.com

Office Address: Ul.Vladayska 42, Sofia, Bulgaria

Twitter: @dynamicspacebg
  

An Anatomy of Bulgarian Business

Aging Bulgarian Business leaders

Young entrepreneurs in Bulgaria represent only 5% of all businessmen in the country, according to recent research.

The study conducted by the market research agency NOEMA, shows that businessmen of 60+ represent 15% of the total.  

33% of SME's are family run businesses. These family businesses are mostly run and managed (70%) by their creators representing 90% of all business in Bulgaria.

The study focused on the macro-economic environment for business in Bulgaria and their current state of competitiveness, the influence of the economic crisis and how/if they are recovering.  It also investigated the amount of innovation carried out by such firms.

There are 325,000 micro businesses in Bulgaria, followed by 23,000 small business, with medium businesses representing 4,444. There are only 774 large firms representing only 2% of the total.

Business is mostly concentrated in Southern Bulgaria with a strong difference compared to the North. Experts from NOEMA cite the poor infrastructure in many Northern regions.

The crisis has hit the manufacturing sector most with a large number being forced to shut down since 2008. 

Unemployment rose most in SME's, which provide 75% of all jobs in the country.

The financial indicators have worsened slightly with revenues and turnovers going down by several percentage points, leading businesses to cut costs and investment in new technology and equipment.

In 2011 SME's relied largely on exports of raw material, machines and equipment to the rest of the EU.

Experts raise concern at the aging population of leading Bulgarian entrepreneurs, with most over 46.  Banks are seen as loathe to lend making access to credit a key issue for SME's in Bulgaria.  This in turn affects competitivity, with reduced investment in innovations highlighting a need for alternative sources of financing.  In 2011, according to the study, 62% of SME's used funds from their owners or friends and relatives to plug the gap left by the banks.

Another problem for SME's is the protection of intellectual property.  Only 7% having registered patents; 13% a registered brand and less than 20% with enough funds to invest in the aforementioned.

Article courtesy www.novinite.com 

To rent offices with a service you can trust, in Bulgaria, contact the Dynamic Space property experts:

Website: www.dynamicspacebg.com

Mobile: +359 (0) 896670507 +359 (0) 897036030
Office/Fax: +359 (0) 2 953 01 16
e-mail: info@dynamicspacebg.com

Office Address: Ul.Vladayska 42, Sofia, Bulgaria

Twitter: @dynamicspacebg