Bulgaria is located in South-Eastern Europe. It shares a border with Romania to the north, Serbia and Macedonia to the west, Greece and Turkey to the south and the Black Sea to the east. The country joined NATO in 2004 and the European Union in 2007.
Bulgaria is a fast-expanding market with GDP growth often among the top 10 in the EU. Thanks to this, in 2024 the World Bank re-classified Bulgaria as a high-income country. Domestic consumption is the most important pillar of the economy, having had consistently strong contribution to growth in each of the last 10 years.
With about a third of the territory dominated by mountains, large part of the 6.5 million population is concentrated in urban centers along the Danube, the Black Sea coast and interior plains. This diverse geography is an economic blessing of its own attracting about 6 million tourists annually.
Aside from the capital Sofia (1.3 million residents), there are five cities with over 130,000 inhabitants – Plovdiv, Varna, Burgas, Ruse, and Stara Zagora. These urban areas are the main economic, commercial and cultural centres where most of the modern retail schemes are located as well.
After years of active development, the Bulgarian market offers a variety of retail formats and schemes. As of mid-2024, the modern retail stock amounts to 1.4 million sqm of shopping malls and retail parks. Almost two thirds of this volume is concentrated in the capital and the top five cities.
Following the Covid-19 pandemic, the market experienced a retail park development spree. Over 30 such facilities were introduced within the span of three years, adding near 330,000 sqm of new retail space. Yet, enthusiasm for this format is far from over. Such schemes currently under construction are expected to bring further 110,000 sqm to the market, while additional 130,000 sqm are in planning.
Steady growth of household incomes and consumer spending encourage many international brands from the fashion, health & beauty, and sport goods categories to enter the market in Sofia and then expand nationwide.
