First outlet center for Serbia (RS)

Black Oak Development has appointed European Outlet specialists, GVA Outlets, to manage, operate and lease the Belgrade Outlet Shopping Centre, the first Outlet center in Serbia.

Nikola Senesi, Managing Director, Black Oak Developments, explains why GVA Outlets make the ideal partner: 'We needed to ensure we can provide a great outlet center with a high profile mix of tenants. Therefore, we have chosen GVA Outlets, the largest independent Outlet management company in Europe. We will be looking to them to provide their expertise and understanding of the Outlet sector, maximize their brand and manufacturer relationships and utilize their local marketplace understanding to manage and operate our Outlet."

Serbian consumers are amongst the most sophisticated in SEE with a high positive perception of brands and an undersupply of prime retail with only 105 m² per 1,000 m². The capital, Belgrade, was tipped by the Financial Times as 'City of the Future in Southern Europe' and with the most vibrant economy in the region with a 6.5% GDP growth and the lowest corporation tax of 10% this is an ideal location for the Outlet offer.

Belgrade Outlet Shopping Centre is due to open in November 2010 and offers 30,000 m² of retail space. With more than 100 Outlets attracting a mix of local, European and International designer, high street and sports brands, 2,000 parking spaces, a wide range of coffee bars and restaurants, and a children's play area all set in a stunning state of the art design, offering discounts of 30-70% all year round, this will be an exceptional shopping experience.

The center is located in a highly visible and easily accessible commercial park to the northwest of Belgrade, just off the E75 on Europe's Corridor 10. Strategically located between western and eastern Europe, it is within a 25-minute drive time of Belgrade and Novi Sad accessing over 2.8 million consumers, which is more than 50% of Serbia's total purchasing power, and has a 4 million catchment within a 90-minute drive time. The park will also be home to a non-competitive big-box area, office park and hotel.

Brendon O'Reilly, Director, GVA Outlets, said: "The Belgrade Outlet Shopping Centre is a welcome addition to GVA Outlets ever expanding European portfolio. Our team thrives on the challenge of not only providing the expertise and knowledge of everything to do with Outlets but also being a first for Serbia. Introducing the Outlet concept in a new marketplace is one of our areas of expertise and something we have successfully done in several other markets. We are also delighted to be playing a part in the wider economic growth in the region and creating more than 1,000 jobs."

Source: GVA Grimley Ltd

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