UK-listed Orchid Developments has announced the opening of a EUR 150 mln shopping centre in Bulgaria's third largest city of Varna. The Grand Mall Varna is one of the biggest retail complexes in Bulgaria and the largest in Varna, providing 50,000 m[sup]2[/sup] of retail space.
UK-listed Orchid Developments has announced the opening of a EUR 150 mln shopping centre in Bulgaria's third largest city of Varna. The Grand Mall Varna is one of the biggest retail complexes in Bulgaria and the largest in Varna, providing 50,000 m2 of retail space.
Major tenants of the scheme include Adidas, Arena Cinema, Bata, Beautizone, Bershka, Calliope, Carrefour, Deichman, DM, Douglas and Zara. Orchid said that it has entered into an agreement with Colliers International for the management of the centre.
Grand Mall Varna is one of the three projects the company has been focusing on in recent months as a result of the economic downturn and the lack of available funding. Orchid said in March this year that it had 'limited its ongoing developments to projects which it believes have the best prospects in terms of market demand and financing availability.'
Separately, Swedish furniture maker Ikea broke ground last week on its flagship Bulgarian outlet in the capital city of Sofia. The chain plans to develop two other stores in the coastal city of Varna and in Plodviv, according to Greek company Fourlis, which holds the franchise licence in Greece, Cyprus and Bulgaria.
The new store in Sofia will offer 30 000 m2 of retail space and 1,200 parking spaces on opening in the second half of 2011. The Swedish retail giant is also expanding in Croatia where it plans its first 140,000 m2 shopping centre in Rugvica, near Zagreb, scheduled for opening in mid-2012.
