A Market on the Rise
Bulgaria adopted the euro at the start of 2026, removing a long-standing currency conversion friction for European operators. Combined with a population of 6.4 million, a public sector debt ratio of just 24.5% of GDP, and domestic consumption that has been the single most consistent contributor to economic growth over the past decade, the fundamentals are compelling.
Consumer spending grew by 7.4% in 2025 — a rate that comfortably outpaced most of the bloc — and the trajectory for the near term remains positive, with forecasts pointing to continued solid growth through 2028. The country also draws around 6 million foreign tourists annually, a figure that creates meaningful additional demand in coastal and capital city retail markets.
Six cities anchor the country’s commercial geography: Sofia (1.29 million), Plovdiv (327,000), Varna (325,000), Burgas (195,000), Stara Zagora (142,000) and Ruse (138,000). These urban centres account for the majority of modern retail space and are the primary focus for international brand expansion.
The Retail Landscape: Malls, Parks and High Streets
Bulgaria’s modern retail stock is structured around three formats: shopping centres, retail parks, and commercial high streets. Shopping centres account for over half of total stock, with the largest concentrated in Sofia — Paradise Center (81,000 sqm), Sofia Ring Mall (69,000 sqm), The Mall (62,000 sqm), and Serdika Center (51,000 sqm) among the top performers nationally. Outside the capital, Grand Mall Varna (52,000 sqm), Plovdiv Plaza (43,500 sqm) and Mall Rousse (37,000 sqm) serve as regional anchors.
The top properties operate at occupancy rates of 97–99%, making Bulgaria’s prime mall stock among the most fully let in the region. Fashion anchors typically occupy 30–50% of lettable area, with entertainment, F&B and services filling the remainder.
High streets attract footfall through central pedestrian locations and remain important for smaller-format fashion, health and beauty, and F&B concepts. Lease terms on high streets tend to be more flexible than in shopping centres, and letting costs are negotiable between landlord and tenant.
Retail Parks: The Fastest-Growing Format in the Country
The post-pandemic decade has been defined by one trend above all others in Bulgarian retail: the rise of the retail park. Over 41 such schemes were delivered in just four years, adding close to 400,000 square metres of new space to the national stock. As of early 2026, schemes currently under construction are expected to add a further 140,000 sqm, with an additional 120,000 sqm in planning.
The format appeals to tenants for multiple reasons: modern, purpose-built space in markets that previously lacked it, lower occupancy costs compared with malls, and the ability to serve catchments that are growing in purchasing power as wages rise outside the major cities.
The largest retail park in Bulgaria is XOPark Sofia (64,000 sqm), which sits alongside the country’s biggest mall — Paradise Center — to form the most significant retail cluster in the country. Other major schemes include Holiday Park Stara Zagora (42,000 sqm), Holiday Park Krasno Selo in Sofia (34,400 sqm), Retail Park Sredets in Sofia (32,500 sqm) and Retail Park Plovdiv (26,000 sqm).
Where Brands Open: Location Priorities
For retailers targeting middle- to upper-income consumers, prime shopping malls in Sofia and the major cities remain the entry point of choice. These properties offer strong footfall, high occupancy, and the halo effect of being placed alongside established international peers.
Retail parks serve a different purpose — they are where brands expand after establishing a footprint in malls, often targeting a broader, more value-conscious consumer base and accessing markets outside the capital. The rapid development of the format has made regional expansion more straightforward than at any previous point in Bulgaria’s retail history.
High streets offer visibility and pedestrian traffic in central locations, but the last decade has seen a clear shift toward food and drink on primary commercial streets, meaning pure retail formats face more competition for premium units than they might have a decade ago.
In terms of city-level competition: Sofia leads in overall market size and the range of tenant mix, but Varna and Burgas represent meaningful secondary opportunities, particularly given the tourism-driven demand surge each summer that can absorb additional retail and F&B concepts.
New Market Entrants: Who Moved In Recently
Bulgaria is attracting international brands across fashion, sport, beauty, home and lifestyle. Recent arrivals confirmed in the market include:
- JD Sports (sports fashion)
- HalfPrice (off-price fashion, Polish group)
- Kiko Milano (cosmetics, Italy)
- Lego (toys)
- Levi’s (denim fashion)
- Salsa Jeans (denim fashion)
- OVS (fashion, Italy)
- OFFICE Shoes (footwear, UK)
- Kave Home (furniture and home decor)
- Worldbox (lifestyle, Polish group)
- Lensa (eyewear)
The trend is broadly aligned with the retail park boom: value and off-price operators entering through the lower-cost format, while premium and lifestyle brands continue to favour prime mall space in Sofia.
Lease Framework at a Glance
Bulgaria’s retail lease market is becoming increasingly standardised. Key commercial parameters for international brands to be aware of:
- Standard lease terms run from five years, with anchor tenants typically signing 5+5 year agreements. Terms over 10 years are uncommon.
- Rents are quoted in euros per square metre per month. Turnover rent structures are available, typically ranging from 3–8% of turnover, with higher rates applicable for certain F&B operators.
- Security deposits of one to three months’ base rent plus service charge are standard, either as cash or a bank guarantee.
- Service charges typically range from €6 to €10 per square metre. Utilities are paid separately.
- VAT is charged at 20% on rent but is recoverable for VAT-registered operators.
- Subletting is generally not permitted, except where the subtenant is a subsidiary of the prime tenant.
- There are no restrictions on foreign ownership of commercial property.
- Rents in most prime schemes are indexed to the EU28 HCPI or Eurozone HCPI — not Bulgarian CPI.
Shopping centres are valued using discounted cash flow models. High street properties are typically valued on a market comparison basis.
Find Out More
Cushman & Wakefield Forton is the Alliance member for Bulgaria and the local point of contact for international retailers and investors looking to enter or expand in the Bulgarian market. Our retail advisory team advises on location strategy, lease negotiation and market entry across all retail formats.
