Page 110 - SE Outlook Regions 2022

months of 2021, retail trade turnover increased by 15.2% year on year
at current prices, and by 10.1% at constant prices.

Major players in the grocery retail segment include Delhaize Serbia,
Mercator-S and Lidl Srbija, the last of which has been expanding
rapidly. There are also a number of local players, while Germany-based
retail chain Mix Markt is opening new stores in Serbia and other
Western Balkans countries.

CEE BIG bought two shopping centres in Serbia – Kragujevac Plaza
and Kruševac Shopping Park – from NEPI Rockcastle for €60.8mn in a
deal announced in 2021. That leaves NEPI Rockcastle, which is
focussing on core dominant properties and increasing its presence in
countries with investment grade ratings, with just one shopping centre
in Serbia, Promenada Novi Sad. In a separate deal, Athos Group
bought Delta City, one of the most popular shopping centres in
Belgrade, from Hyprop Investments Limited and Homestead Group in
September.

A study by real estate company Cushman & Wakefield says that after a
strong development cycle in the retail segment, development activity
slowed down in 3Q21 when there were no new completions. This
comes after around 275,000 sq m of modern retail space was delivered
to the Belgrade retail market between 2017 and 2021. The extension of
IKEA's Retail Park Ava is planned for 2022.

3.10.2 Banks

110 SE Outlook 2022 www.intellinews.com