Park Lane Developments is set to transform the retail landscape in Bulgaria with plans to develop 10 modern retail parks.

The retail park chain in Bulgaria will be developed in partnership with the Belgium fund Mitiska REIM.

We spoke with Kalina Ivanova, Commercial Director of Park Lane Developments,  to learn more about what’s driving their investment strategy and what will set their projects apart in the region.

1. What has motivated you to invest in this specific retail property type? Why do you consider retail parks a strong investment opportunity today?

Retail parks have proven resilient across various economic cycles, including the pandemic, making them a stable and secure investment.

Our decision to focus on this segment is also driven by the growing consumer demand for modern, convenience-oriented, food-anchored retail experiences.

Park Lane Developments is strategically focused on investing not only in Bulgaria but also in Romania—two markets where prime land plots are still available, purchasing power is increasing, and retailers are actively expanding within the retail park format.

In both Bulgaria and Romania, shoppers are looking for value-driven retail, especially in secondary and tertiary cities where modern retail developments are still limited or completely lacking.

2. When selecting locations for your retail park developments, what are the key criteria you consider?

Our priority is to develop retail parks that offer maximum convenience by being located close to customers’ daily routes, in line with the 15-minute city model.

This approach promotes sustainability by reducing reliance on cars and encouraging easy access to amenities like schools, parks, and shops.

In retail, visibility is key—so we focus on land plots with high traffic flow and excellent exposure from main roads and intersections.

We also look for locations near existing standalone retailers that complement our tenant mix and help generate additional foot traffic.

3. What will differentiate your retail park chain from others in the country?

Our retail parks stand out through strategic partnerships, modern design, and a strong focus on convenience and sustainability.

We’ve partnered with Mitiska REIM, Europe’s leading specialist investor in convenience real estate. Their international expertise ensures best-in-class solutions.

In Q1 2025, EBRD (European Bank for Reconstruction and Development) joined the partnership by investing €50 million in the MEREP3 fund, which finances Mitiska REIM’s projects in Central and Eastern Europe.

Our developments are food-anchored, offering high visibility, easy access, ample parking, and a seamless customer experience.

Sustainability is a core value—we aim to achieve BREEAM “Excellent” in-use certification for all projects, focusing on energy efficiency and eco-friendly practices.

Key sustainability initiatives include:

• Solar panels – promoting renewable energy use;
• Green spaces and landscaping – enhancing the customer experience;
• EV charging stations – supporting green mobility;
• Rainwater collection systems for irrigation;
• Waste reduction and recycling measures – contributing to the circular economy.

These features are not only appreciated by environmentally conscious consumers but also create long-term value for our tenants and the communities we serve.

We also offer co-development opportunities and maintain strong retailer relationships, helping create vibrant retail hubs that benefit both tenants and communities.

4. What key advantages can potential tenants expect by choosing your retail parks over other retail formats or locations?

Our parks are strategically located in high-visibility, high-traffic areas, offering flexible unit sizes—from 30 sq.m. to several thousand sq.m.—with layouts that can be adapted to market demands.

Compared to shopping malls, retail parks are more cost-efficient to build and maintain.

Our units are designed with 12-meter column spacing and large window frontage, offering maximum visibility to our tenants’ showcase.

5. How do you plan to attract footfall and revenue, especially in the age of online shopping?

We prioritize speed, convenience, and accessibility.

Our retail parks are designed to offer a hassle-free, quick shopping experience, with ample parking and easy access.

At the same time, we aim to transform our parks into community hubs, where people come not just to shop, but to socialize, dine, and relax.

Green areas, comfortable seating, and thoughtful aesthetics will help create a welcoming atmosphere that encourages return traffic.

6. What is your ideal tenant mix? Which retail categories do you believe will perform best in retail parks?

We aim to build a diverse and synergistic tenant mix that turns each retail park into a one-stop destination.

Each park will include at least one supermarket anchor, either within or adjacent to the site. Other key categories will include DIY, electronics, furniture, drugstores, pet stores, and fashion. We will also feature home décor, toys, books, and a variety of dining options—from fast food to restaurants.

Additional tenants will include fitness centers, sporting goods, cosmetics, shoes, telecom, pharmacies, and fashion accessories. We will also incorporate essential services such as banking, insurance, utility payments, convenience food shops, dry cleaners, and car washes.

This well-rounded mix caters to a broad audience, encouraging more extended visits and supporting both revenue growth and customer retention.

7. Are you looking to attract any newcomer brands to Bulgaria? How can international retailers explore partnership opportunities with you?

Yes, we actively seek to introduce new international brands to Bulgaria, particularly those that align with the retail park format.

Bulgaria is a growing market with strong potential for innovative retail concepts. We offer international retailers the opportunity to enter multiple locations across the country through a single, reliable development partner.

Leasing Opportunities

Retailers interested in partnering with Park Lane Developments can reach out via their website or contact retail.leasing@park-lane.eu.

Park Lane Developments team is happy to arrange one-on-one meetings, provide market insights, and discuss tailored expansion strategies.