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| (Paradise Center in Sofia, Bulgaria) |
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| (Paradise Center in Sofia, Bulgaria) |
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| (Paradise Center in Sofia, Bulgaria) |
Bulgaria
Bulgaria’s Paradise Center, the country’s largest shopping mall in the city of Sofia, is set to open at the end of 2012. The 1.1 million sf center will have 860,000 sf of retail and 270,000 sf of entertainment venues. Built as a lifestyle center with both interior and exterior venues, the center will also have an ice rink, be connected to the city’s transit system and provide 1900 parking spaces.
RTKL (London) designed the center and the Management company that will lease the development is Forton International. Forton is a regional alliance partner with Cushman & Wakefield. CA research recently confirmed Bulgaria saw the largest growth of shopping centers in Europe. This will be one of 5 centers that are expected to open by 2013 in the city of Sofia. For an overview of the Bulgarian Retail Market (Q1 2011) see this document from Forton.
Peru
And an article from Living in Peru stated that their country will add 22 new malls by 2013 which equates to an investment of $687 million. To understand the scale of this economic growth you only have to look back to 2000 when Peru had only seven shopping centers of which six where in the capital city of Lima. Since that time, Peru has added on average 3 centers per year and now has a total of 39 centers. These new projects will bring the total to over 60 retail centers throughout the country.
I spent several months in Peru in 1996 and the lack of retail centers was quite evident then. At the time it was a two class society of the very poor or the very rich. There was little or no middle class that would support such centers. And as an editorial comment – what an amazing and wonderful country. The poverty that I witnessed there was not due to lack of effort. I have never experienced more hard working people than the Peruvians. I hope these new retail centers are an indication that Peru is developing that middle class.
Read more about Bulgaria:
Bulgaria’s Next Largest Shopping Mall to Open 2012 End
Bulgaria Sees Highest Growth of New Shopping Centers in Europe in 2010
Sofia Citizen to Enjoy 5 New Shopping Malls by 2013
Read more about Peru:
Peru Will Have 22 New Shopping Malls by 2013
And for past posts relating to other international retail development projects:
Turkey and US Retail Development Update
India Shopping Center Explosion: 94 New Malls by 2012
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