Biser Petkov
Abstract: This article takes a holistic approach to examining retail parks as a retail format, an asset class, and a segment of the commercial real estate market. Based on a review of the existing specialized literature and an analysis of its evolution over time, the article identifies the characteristics and comparative advantages that make retail parks attractive to investors, tenants (retailers), and consumers. The development of the modern retail park design as a retail format is examined not only as a product of market factors but also as a result of changes in regulations affecting the process of retail decentralization. Based on an analysis of data from specialized sources, this study evaluates the current performance of retail parks as an asset class and tracks trends in the development of this segment of the commercial real estate market in Europe and, in particular, Bulgaria. For the first time in Bulgarian literature, the role of a specific financial instrument—urban development funds—is examined in providing financial resources (both public and private) for the construction of retail parks in areas with potential for economic development in Bulgaria. The study analyzes data on projects supported by urban development funds for the construction of retail parks during the 2014–2020 programming period, funded by the “Regions in Growth” Operational Program, and the prospects for continued support through financial instruments during the current 2021–2027 multiannual framework are outlined.
Key words: Retail Park; Financial Instruments; Urban Development Funds.
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