GALLERIA STARA ZAGORA
ESTABLISHES AS LEADING MALL IN CHALLENGING TIMES
Galleria Stara Zagora faced multiple challenges. On the one hand, Bulgaria suffered a deep recession in 2009 and consumer spending was slow to recover thereafter. On the other hand, the competition in the city of Stara Zagora was very intense with another operational project, where existing tenants were bound by long-term non-breakable contracts. To make matters more complicated two more projects were opening in Sofia, which distracted the attention and resources of retailers.
That, along with the difficulties that other shopping centers had in the province and the relatively low disposable income of the local population, was a huge challenge for developers and consultants alike.
Galleria Stara Zagora opened with 75% occupancy and a number of international brands like Zara, Bershka, Pull & Bear, Stradivarius, H&M, NewYorker, etc. It provided balanced and diversified merchandise mix and was the preferred facilitated the first-time access of international retailers to a large regional market. In the following years Galleria Stara Zagora established as the dominant shopping center in the region and showed consistent improvements of performance as measured by footfall and turnover rates. Forton helped readjust the mix by securing additional prominent tenants such as Levi’s, Adidas, Skiny and Hippoland.
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