PANORAMA MALL

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PANORAMA MALL

Relevant property and Asset Management initiatives

Revived successfully one of the biggest projects outside of Sofia, whose development was put on hold in 2012.

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01

THE OPPORTUNITY

  • A compromised image and reputation of the shopping center among tenants and customers
  • The asset was challenged with pressures from the market due to no successful shopping center openings of outside of Sofia since before the 2009 crisis
  • Outdated floor layout
PA e
Krasimir Petrov
HEAD OF ASSET & PROPERTY MANAGEMENT SERVICES

02

THE SOLUTION

  • We rebranded the project
  • We developed completely new and up to date tenant mix, which suited local and regional profile customers
  • We updated the layout and secured an attractive premises for international and national retailers
  • We maintained a very intensive leasing process, including focused marketing and PR for retailers
  • We recruited and trained local center management staff
  • We developed preferential offers to preferred local retailers
  • We maintained speed in execution to keep PR momentum and build new status of the project

03

THE RESULTS

  • We leased out around 85% of the shopping center within a year and carried out a successful opening of the shopping center
  • Attracted several international brands, which opened their first stores in the region, i.e. HM, Sport Vision, Deichmann and others
  • Attracted target customers within the region and achieved high footfall and turnover results
  • The shopping center became the leading and primary retail location in the city and in the region
  • This was the first successful case of a shopping scheme that opened outside Sofia after the crisis changing the market perspective (both tenants, investors for new developments for the next couple of years)

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