NEPI Rockcastle, the largest owner, developer and operator of shopping centers in Central and Eastern Europe, recently hosted in Sofia the third edition of its annual Retailers Day, a key event dedicated to industry partners. The event brought together over 150 representatives from international retail brands and strategic partners. Discussions focused on the company’s new greenfield project in Plovdiv (Bulgaria), global retail trends and macroeconomic perspectives.
The event was held at Paradise Center in the Bulgarian capital. With a gross lettable area of 85,200 sqm, Paradise Center is one of NEPI Rockcastle’s best-performing properties in terms of net operating income growth. It is part of the company’s portfolio of 60 assets, valued at 7.9 billion euro, across eight countries in the CEE region.
“Bulgaria is undergoing rapid development and represents a major opportunity for retailers, which is why we are expanding our footprint in this dynamic market. No other real estate company in Europe currently has retail development projects worth almost 800 million euro underway, including Promenada Plovdiv. This is proof of the economic momentum and consumption growth we are seeing in the CEE region, where we operate,” said Rüdiger Dany, CEO of NEPI Rockcastle.
Manol Goygadjiev, Asset Manager for Bulgaria at NEPI Rockcastle, emphasized the future potential of Promenada Plovdiv, a shopping center with a gross lettable area of 60,500 sqm. The project is set to redefine the shopping experience in Bulgaria’s second-largest city, introducing new brands to the region. As of the end of Q1 2025, the leasing rate had already reached 40%. Promenada Plovdiv will host more than 200 retail units and offer 1,500 parking spaces – a size comparable to the combined area of the city’s existing three malls. Completion is scheduled for late 2027.
Plovdiv is one of Europe’s oldest cities – predating even Rome and Athens – and stands today as a major industrial hub in Bulgaria. Its metropolitan area has a population of roughly 800,000, mostly young residents, and is the country’s fastest-growing urban region.
NEPI Rockcastle currently owns two shopping centers in Bulgaria: Paradise Center and Serdika Center, both located in Sofia.
Macroeconomic Outlook
During the event, Valentin Tătaru, Chief Economist at ING Bank Romania, noted that Bulgaria recorded the highest real wage growth among CEE countries – over 16% between 2021 and 2023. In 2025, private consumption is expected to grow by 2.8%, while inflation is projected at 4.8%. This strong economic performance has led to a swift convergence in purchasing power, from 47% of the EU average in 2012 to over 65% in 2024.
Carsten Brzeski, Global Head of Macro at ING Germany, presented two possible macroeconomic scenarios for the coming years: a return to post-pandemic stability or a wave of prosperity in the CEE region as countries continue their integration into the EU single market.
Experiential Retail – A Response to the loyalty challenge
Jack Stratten, Director at London-based retail trends agency Insider Trends, delivered an interactive presentation on how brands can respond to the growing challenge of customer disengagement – especially among Gen Z consumers. According to his insights, 64% of shoppers feel overwhelmed by choice, while 90% report significant fatigue from excessive advertising.
In this context, physical stores must evolve from transactional spaces into experiential hubs. Some retailers are creating “Instagrammable” environments focused on digital content, while the concept of “affordable luxury” is gaining traction by offering premium experiences at accessible prices.
In his closing remarks, Marek Noetzel, Chief Operating Officer of NEPI Rockcastle, noted that change in the retail sector will accelerate significantly over the next decade. However, people’s need for interaction, social connection and spending time in shopping centers will remain high. As such, NEPI Rockcastle’s strategy of active portfolio management and strong retailer partnerships will be more critical than ever.
He also emphasized the company’s ongoing commitment to sustainability. NEPI Rockcastle is working to reduce its carbon footprint and support its retail partners in meeting ESG targets, by providing green energy at competitive prices. At the same time, the company continues to invest in impactful initiatives for local communities, upholding its role as a responsible industry leader.