Sofia’s Vitosha rated as one of the most expensive shopping streets
The Vitosha fashion Boulevard in the Bulgarian capital city of Sofia took its 59th position among the world’s most costing shopping streets, a recent report shows.Although, Vitosha Boulevard has undergone repair works and thus, it has lost its attractiveness. Another major factor is the huge number of newly opened shopping malls in Sofia. It has dropped seven positions in a row since 2009 but now this number remains the same.
The rents have also their strong influence upon the lowered position of the shopping street. They have reached about € 480 per square meter.
Some banks and telecoms have withdrawn from the shopping street which has contributed to favourable conditions for international brands.
The vacated prime shops turned out to be attractive for the retailers, because the Vitosha Boulevard has been transformed into an entirely pedestrian zone.
The positive fact is that a big number of domestic and international retailers show steady business interest and many new international brands are introduced in the Bulgarian market.
Luxury retailers pay more than the standard rent for prime space but it comprises a very inconsiderable area compared to the market as a whole.
Yet, the most expensive shopping street in the world is Causeway Bay in Hong Kong. It supersedes even Fifth Avenue in New York.
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