The interest of investors in building retail parks in Serbia is not waning, and announcements of new projects and good news from construction sites keep on coming from all over the country. After Valjevo, Nis and Cacak, Immofinanz is planning to raise new Stop Shop facilities in
Pozarevac, Lazarevac and Vrsac. The Poseidon Group, having completed the Capitol Park in Sabac, is working at full speed in
Rakovica, where the opening is expected to take place in late October, and the completion of the investment in Sombor has also been announced. RC Reinvest is preparing itself for projects in
Kraljevo and Vrsac. NEPI has bought land in
Krusevac. Finally, the long awaited IKEA should reach the decision on raising a retail park next to the department store in
Bubanj Potok by the end of 2017.
The Serbian market is specific in many aspects when it comes to retail parks, which are taking over the primacy from classical shopping centers at an increased pace. The purchasing power dictates the rules, and, according to majority opinion, only big cities like Belgrade, Novi Sad, Nis and Kragujevac can feasibly accommodate shopping centers. The rest opt for retail parks, which offer considerably more favorable lease prices, whereas shoppers are offered brands in the medium to low price range. Nevertheless, instead of being raised on the outskirts of cities, or even several dozen kilometers away from the center, retail parks are drawing closer to the “good” locations. Instead of implementing the model from developed countries – come, shop and go – the local scene has in fact developed a model of open air shopping malls. Investments are made in additional features, marketing, maintenance, in short – in providing the customer with a full experience.
– Two important things have taken place in the Serbian market. The first is the development of retail parks in so-called secondary cities, which had led to the strengthening of local structures through new investments. On the other hand, Serbia is a pioneer in the implementation of a new concept of retail parks, which are in fact open air shopping centers – says Mia Zecevic, a partner at Novaston Asset Management.
Since the beginning of its operations in Serbia, Novaston Asset management has cooperated with big companies and investment funds, which keep on investing in the real estate market. Among them are renowned names like Immofinanz Group, Aviv Arlon, NEPI...