Neda Buljević Vlačić, Director of CC Real, shares how malls can navigate rising energy costs, shifting consumer behavior, and evolving investor expectations.
With global political tensions continuing to influence energy prices and operational costs worldwide, the ability to manage commercial real estate efficiently and strategically is becoming more important than ever.
These challenges will be among the key topics discussed at the upcoming RE:D Conference, which brings together industry leaders to explore the future of real estate development.
As CC Real has two decades of experience managing major shopping centers in Croatia and internationally, we asked Neda Buljević Vlačić to share her insights ahead of her panel discussion at the conference.
Energy Prices and Operational Efficiency
How can shopping centers adapt their operations to manage rising energy costs while maintaining a high-quality experience for visitors?
Energy costs are managed through tendering and fixing prices for two to three years to avoid volatility and constant increases.
Our experienced property management team managed to secure such agreements at a favorable moment. We enhance building performance through a day-to-day operational approach, constantly monitoring and fine-tuning cooling, heating, ventilation, and energy systems to ensure optimal operation.
Investment in efficiency is also essential. We have replaced all lighting with LED technology to reduce consumption and achieve meaningful savings. Also, properties under CC Real’s management have either already installed solar panels or are in the process of doing so.
Ensuring a certain level of energy independence is essential for long-term operational stability, cost predictability, and sustainable asset performance.
Cost Management and Tenant Stability
Rising operational costs can put pressure on both property owners and retailers. How is your property management helping them remain resilient in such conditions?
In addition to what has already been mentioned, a large part of our work involves finding creative out-of-the-box solutions that create synergies and help optimize or eliminate certain costs.
Ultimately, resilience comes from constantly reviewing and improving existing processes, as well as from the everyday effort of running the asset efficiently. While we are often praised for efficient property management, this also means there are rarely quick and easy wins.
Instead, it is about the daily fine-tuning of processes to keep costs under control and performance at its best, supported by targeted investments where they truly make a difference.
Changing the Shopping Center Concept
The role of shopping centers is evolving beyond traditional retail. How are you adapting your malls to meet changing visitor expectations and maintain strong footfall?
Shopping centers are evolving beyond traditional retail, and we are responding by reshaping our assets into places that meet the broader needs of the local community.
To strengthen the role of our centers in local communities, we design programs and initiatives that bring added value beyond shopping. These include educational, entertainment, and socially beneficial activities that create vibrancy and connect people across generations.
Strategically, we continuously review and adapt the tenant mix, expanding into categories such as services, dining, entertainment, health, and family-oriented concepts.
However, it is our firm belief that there is no one magic solution fitting all assets. It is rather about tailoring the offer to the specific needs of each micro-location.
We refer to this as the “Place to Be” concept — transforming existing properties into multifunctional neighborhood destinations that bring the atmosphere of a lively city center closer to where people live.
Adapting to Consumer Trends
Do you believe recent global developments will further impact consumer behavior, and will this require additional changes in tenant mix or retail concepts?
Continued shifts in consumer behavior are “business as usual,” although they appear to have accelerated in recent years.
This increases the need for agile tenant-mix adjustments and the introduction of new concepts that balance convenience, value, and meaningful experiences. Some markets react faster than others. For instance, the Croatian Food & Beverage scene, particularly in retail schemes, is only now catching up with concepts already seen in the region.
Therefore, our asset-management strategy remains flexible and data-driven, ensuring that each property can evolve in line with its market.
Investor Interest and Value Creation
As you manage City Center one Split, where two investment funds entered the ownership structure last year, can you tell us what makes a shopping center attractive now to institutional investors?
Institutional investors look for assets that offer stability, growth potential, and long-term resilience — and City Center one Split ticks all those boxes.
The center has a strong operational track record and has recently been refurbished, with updated tenant concepts and the introduction of entertainment and F&B concepts that match today’s customer expectations. These improvements enhance the visitor experience and support healthy ongoing performance, making the asset more attractive to investors.
Just as important is the level of professionalism behind the asset. A transparent and well-structured due diligence process, supported by robust data, clear documentation, and internal procedures, reduces risk for institutional investors and builds confidence in the asset’s reliability.
Ultimately, during that “dating phase,” what reassures investors most is a dedicated and highly professional management team that understands the market, anticipates future developments, and can deliver on those plans, which is essential for keeping KPIs stable and growing.
Future Outlook
Looking ahead, what do you believe will be the key factors that determine the long-term success of shopping centers in a rapidly changing economic environment?
I believe I have already answered much of that question, but to summarize: the key is the capability to adjust to an ever-changing environment and evolving customer behavior.
At the core of this capability is a professional and experienced asset and property manager. One who sees beyond the asset as it exists today and understands how to manage its potential to ensure it remains relevant in the future.
This is what CC Real is known for.
Meet the CC Real team at RE:D Conference on 18–19 March at the Hilton Hotel in Zagreb.
