May 15 (SeeNews) - Developers of retail real estate were were focused on projects in the secondary cities in Bulgaria in the first quarter of the year with new openings expected in Plovdiv and Varna, consultancy Forton, a Cushman and Wakefield partner, said.
"Unlike Sofia, supply in secondary cities is set to expand. Two shopping centres are scheduled for delivery in Varna and Plovdiv this year, while in Burgas MAS Real Estate announced extension of the Galleria mall," Forton said in a retail market snapshot for the first quarter of the year.
Forton noted that the first quarter was quiet following the acquisition of six shopping centres in 2017. However, the retail segment sustains investors’ attention.
According to the consultancy firm, many retailers consider expanding their store network. Sofia and the secondary cities remain on the focus of the leading fast-moving consumer goods (FMCG) operators, sport goods chains, low- to mid-range priced fashion brands and health and beauty segment.
The favorable market environment and the limited pipeline support strong tenant interest. The firm expects increase in the prices of the rents.