Page 120 - bne IntelliNews SE Outlook Regions 2024

Real estate consultancy CBRE says there are numerous new retail parks in the pipeline in Serbia.
The main event in the second quarter of 2023 was the reconstruction of Zira shopping centre, where a new Jumbo store opened. Others in the works include the Nova retail park in Ub.
CBRE also reports “prominent” interest in the sector from foreign retailers. Among the recent entrants is Philips, which opened its first store in the Galenika mall.
CEE BIG is a major developer of retail parks and shopping centres, which is set to receive a €100mn loan from the European Bank for Reconstruction and Development (EBRD) to finance the development, upgrade and/or acquisitions of modern retail parks and shopping centres in Serbia and the Western Balkans. The loan will enable BIG CEE to expand its portfolio of modern retail parks and shopping centres in the region.
Meanwhile, BIG CEE sold two of its Serbian retail parks, NEST Obrenovac and NEST Kraljevo, to RC Europe at the end of 2023. The deal gives RC Europe two parks with a combined area of 20,500 square metres. Both are fully occupied.
Mega Home Center, known for its cash & carry facilities, announced in 2023 the €40mn Megica – Mega Marketic investment project, aiming to launch 300 retail facilities over the next three years, with 120 slated for Belgrade and 180 in other towns across Serbia.
These smaller-format stores, ranging from 100 square metres to 200 square metres, will be strategically positioned in high-traffic locations, the company said.
The cost of living crisis in Serbia and the rest of the region affected the local retail sector. The government stepped in with initiatives such as "Better Price”, which includes a list of affordable food products. Since September 13, retail chains have been offering discounts ranging from 20% to 40% on milk and milk products, cosmetics, chicken meat, beverages and coffee among other products.
The aim of the scheme is to combat inflation and enhance citizens' living standards. Over 80% of the Serbian market is covered by retail chains participating in this initiative. Reductions have been implemented on a range of products including flour, sunflower oil, sour milk, margarine and cheese.
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