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RESEARCH REPORT RESEARCH REPORT

2013
Belgrade Retail Market
www.cbre.rs Q1 2013
HOT TOPICS
One of the most recognized
fashion brands in the world,
Swedish H&M will enter Serbian
market in September 2013, by
opening stores in Delta City and
Stadion shopping center
Rental levels remained mostly
stable, as compared to late 2012
Serbian retail scene enter into far
more positive phase with the
several on-going projects
announced for the forthcoming
period
SHOPPING CENTER STOCK
The total shopping center stock of in Belgrade remained unchanged at the
end of 2012, standing at 200,000 sq m of GLA, which includes all types of
retail schemes: western-style shopping centers, neighborhood malls,
department stores and secondary SC schemes.
The opening of Stadion shopping center of 30,000 sq m in late April, in
Vozdovac municipality will enrich Belgrade retail offer by a number of
renowned retailers, such as Roda, Lilly, Tom Taylor, Takko Fashion, C&A,
New Yorker, H&M (as of September 2013), Koton, Sport vision, Lindex, Tally
Weijl, Deichmann, Orsay, Parfois, Legend, Carpisa, DexyCo, Julia &
More...
With the opening of Stadion shopping center, Belgrade shopping center stock
will reach 230,000 sq m of GLA, or 140 sq m per 1,000 inhabitants, still
significantly below the average of the capital cities in the region which
amounts app. 475 sq m per 1,000 inhabitants.
SHOPPING CENTRE STOCK PER CAPITA, END OF 2012 (SQ M
GLA)
Source: CBS International, part of the CBRE Affiliate Network
Serbia essentials
Source: Statistical Office of the Republic of Serbia
Belgrade essentials
Population
(Census 2011)
7,186,862
Average salary (EUR)
February 2013
389
Average Household
Expenditure (EUR) Q4 2012
457
Unemployment rate (Labor Force
Survey -October 2012)
22.40%
GDP
Q1 2013 (y-o-y)
-1.9%
CPI
March 2013 (y-o-y)
11.2%
Population
(Census 2011)
1,659,440
Average salary (EUR)
February 2013
477
Average Household
Expenditure (EUR) Q4 2012
557
Unemployment rate (Labor Force Survey
-October 2012)
20.10%
The vacancy rate as a ratio in a total shopping center stock of all types of
retail schemes continued its declining trend, being below 7%, thanks to the
new lease acquisitions and increased absorption of vacant space and
redefinition of tenant mix in smaller-scale retail schemes thanks to new tenant
mix. More specific, the vacancy rate in western-style modern shopping mall
remains close to 0%.
The sports brand Djak entered Zmaj and opened the 1,200 sq m-large store,
along with the recently opened furtniture store Vitorog occupying 5,000 sq m.
As of March, Karaburma shopping center was re-opened, offering Danish
brand JYSK at 1,200 sq m, C&A, dm, Takko Fashion, Deichmann, Sport
Vision, Lavirint, Big Bang, as well as smaller format Merkur store.
122
920
339
540
183
788
632
0
120
240
360
480
600
720
840
960
0
200,000
400,000
600,000
800,000
1,000,000
1,200,000
1,400,000
1,600,000
Belgrade Bratislava Bucharest Budapest Sofia Warsaw Zagreb
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Shopping Center Stock in sq m Stock in sq m/1,000 inhabitants
RESEARCH REPORT RESEARCH REPORT
2013
Belgrade Retail Market Q1 2013
One of the most recognized fashion brands in the world,
long-awaited Swedish H&M will enter Serbian market in
2013, by opening stores in Belgrade in September
2013. The first store will be opened in Delta City,
holding 2,500 sq m, while the second one will be in
Stadion shopping center, comprising app. 2,100 sq m.
In terms of planned future offer in Belgrade, Israeli
investor IBC is planning to develop the retail park Power
center in Zemun, whereby the first phase will include the
development of 15,300 sq m, expected to be delivered
in 2014. As far as shopping centers are considered, Ada
Mall, Skadarlija, Delta Planet and Visnjicka Plaza are in
various stages of planning.
Also, local construction company Napred intends to
construct a large complex in New Belgrade block 41,
comprising 40,000 sq m of GBA of retail space at three
levels and two residential towers.
Elsewhere in Serbia, Israeli BIG CEE plans to open
another 30,000 sq m in late 2013 within its recently
opened BIG CEE center in Novi Sad. After the
completion, the whole complex should comprise 40,000
sq m of GBA.
Another Israeli developer Aviv Arlon is working on
further expansion of Aviv Park Pancevo, currently
comprising 19,000 sq m of fully leased retail park. The
construction of the last phase of Aviv park already
commenced and the retail park should offer additional
4,000 sq m by the end of Q2 2013.
In mid-2012, the construction works on the shopping
center Vivo of 10,000 sq m in Jagodina started, of which
the realization is expected in autumn 2013. Recently,
several brands have already chosen Vivo, such as JYSK,
New Yorker, Sport Vison, Lilly, etc.
Moreover, Poseidon Group and Yu Kapital scheduled
the beginning of the construction works on the first retail
park in Sabac, Capitol Park, holding 10,000 sq m in
June 2013, set for completion in March 2014.
Slovenian company Toming targets Cacak to open its
first retail scheme of 7,000 sq m, Supernova intends to
develop the retail park of 5,500 sq m in Zrenjanin, while
Dayland Group plans to build Roses Designer Outlet
Park in Stara Pazova, totaling 24,500 sq m.
HIGH STREET RETAIL
After the slight slowdown in demand for Belgrade high
street units in the first months in 2012, the previous few
months brought a positive trend in this market segment,
which alsfuther continued in Q1 2013. The good value
for money fashion brands are among the markets
strongest performers, offering quality products at more
acceptable prices.
Source: CBS International, part of the CBRE Affiliate Network
Source: CBS International, part of the CBRE Affiliate Network
TOTAL LEASING ACTIVITY (SQ M GLA), END OF
2012
PRIME YIELDS Q1 2013 (%)
Source: CBS International, part of the CBRE Affiliate Network,
Project Project Project Project Investor Investor Investor Investor Location Location Location Location GLA GLA GLA GLA (sq m) (sq m) (sq m) (sq m)
Visnjicka Plaza Plaza Centers Visnjica 45,000
Rajiceva Ashtrom Downtown 19,000
Skadarlija Key Stone Downtown 42,000
Delta Planet Delta Autokomanda 70,000
Ada Mall GTC Cukarica 30,000
IBC Power center (1
st
phase)
IBC Zemun 15,300
SELECTED RETAIL SCHEMES PLANNED IN
BELGRADE
122
103
110
320
487
154
104
98
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100
200
300
400
500
0
50,000
100,000
150,000
200,000
250,000
Belgrade Nis Indjija Cacak
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Western-Style Shopping Center Neighborhood Mall
Department store Secondary SC schemes
7.5 8.0 8.5 9.5
Prime High street Secondary High street Shopping Centres Retail Warehouses
Location Location Location Location
Size of units Size of units Size of units Size of units
<150 sq m <150 sq m <150 sq m <150 sq m > 150 sq m > 150 sq m > 150 sq m > 150 sq m
Knez Mihailova Street Up to 100 40-60
Terazije Square/Kralja Milana Street/Kralja
Aleksandra Blvrd
45-70 30-40
Secondary high street (Pozeska, Gospodska) 25-40 20-30
Modern Shopping Centres 50-70 15-60
PRIME RENTS (EUR/SQ M)
RESEARCH REPORT RESEARCH REPORT
2013
Belgrade Retail Market
www.cbre.rs Q1 2013
After a number of brands entered Belgrade retail market
in 2012, such as Guess by Marciano, Italian shoes brand
Cinti, Dutch well-known brand Scotch & Soda, as well as
Portuguese Fly London, in Q1 2013 retail supply was
also enlarged by a few market entrants. A several
Scandinavian brands became available in Cream of
Scandinavia store in Kralja Petra street, while Italian
shoes store Bagatt opened in Delta City shopping center.
THE RETAIL WAREHOUSE STOCK (SQ M GBA)
Dragan Radulovic
Managing Director
CBS International doo Beograd
Part of the CBRE Affiliate Network
Airport City Belgrade
88b Omladinskih Brigada Street
11070 Belgrade, Serbia
t: t: t: t: +381 11 22 58 777
e: e: e: e: dragan.radulovic@cbre.rs
Goran Zivkovic
Deputy Managing Director
CBS International doo Beograd
Part of the CBRE Affiliate Network
Airport City Belgrade
88b Omladinskih Brigada Street
11070 Belgrade, Serbia
t: t: t: t: +381 11 22 58 777
e: e: e: e: goran.zivkovic@cbre.rs
Tamara Kostadinovic
Head of Market Research
CBS International doo Beograd
Part of the CBRE Affiliate Network
Airport City Belgrade
88b Omladinskih Brigada Street
11070 Belgrade, Serbia
t: t: t: t: +381 11 22 58 777
e: e: e: e: tamara.kostadinovic@cbre.rs
0
100,000
200,000
300,000
400,000
500,000
600,000
700,000
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
s
q

m
Total Serbia (incl. Belgrade)
Belgrade
Source: CBS International, part of the CBRE Affiliate Network
RETAIL WAREHOUSE
The first quarter of 2013 saw the opening of DIS store of 6,000 sq m
at the location of French DIY chain Mr. Brickolage in Nis. Also, local
retailer Univerexport renovated its 800 sq m large object in Novi
Sad, now holding 4,000 sq m.
In terms of new entrants, German Lidl is looking for proper locations
for its market positioning, aiming to open several stores across the
country. Beside Zrenjanin, Subotica, Novi Sad, Nis and Valjevo,
Smederevo is also added to the list of future locations. Also, French
Carrefour actively searches the locations in Belgrade, while another
French supermarket chain Casino intends to enter Serbian retail
market, planning the open seven supermarkets in Serbia, out of
which two will be located in Belgrade.
DISCLAIMER
CBS International (part of the CBRE Affiliate Network) confirms that information contained herein, including projections, has been obtained
from sources believed to be reliable. While we do not doubt their accuracy, we have not verified them and make no guarantee, warranty or
representation about them. It is your responsibility to confirm independently their accuracy and completeness. This information is presented
exclusively for use by CBS International clients and professionals and all rights to the material are reserved and cannot be reproduced
without prior written permission of CBS International.