Some may find it unbelievable but it is true - Bulgaria has been ranked number one in the European Union based on the number of new shopping malls that have opened in the first half of 2010. This was reported by the Cushman and Wakefield consultancy.
In most EU states we see the increasingly falling number of malls available which has been on the slide due to the market crisis. in Bulgaria however, there was a whopping 90% increase over one year. Making cities such as the capital Sofia, Bourgas, Varna, etc. perfect for the bargain hunters and shopping holidays.
A similar trend is also found in other nearby countries such as - Bosnia&Herzegovina, Romania, Slovenia, Serbia, and Croatia - but their growth rate is much lower than that of Bulgaria and is only about 5-10% growth.
The amount of shopping mall space in Bulgaria has now doubled during the first six months of this year (2010) with the recent opening of five brand new shopping malls which reach up to 451,000 sqm in total.
There are other developments planned – in total 5 of them and are expected to open by the end of 2010, these will as an extra 126,000 sqm of contemporary stock to the market.
"Although most of the newly completed retail space in Sofia has generally been absorbed so far, a surplus in markets such as Varna, Ruse, and Stara Zagora is expected based on the economic slowdown and the fact that available retail space significantly exceeds potential retail demand", says Iglika Yordanova, who is the manager Retail Services at Colliers International.
So pack your bags and go on a shopping trip to Bulgaria. Everything is cheaper there and you get to enjoy a break away from the hassle and bustle of the UK!