Retail parks as the citizens’ first option in times of coronavirus

Novaston continues to develop the concepts of retail parks – Pirot gets its first one soon


In September, Pirot will get its first retail park – PULS Shopping Park and thus join the cities in Serbia that offer their citizens a unique shopping experience in the open-air shopping center. It will be one of the few such centers where the investor is a domestic legal entity, AB MARKET PIROT. Its founders are PD Agomarket from Kragujevac and PD Borjana from Pirot. Novaston platform participates in the entire project creation process, from idea to realization and promotion: Novaston Asset Management, Novaston Project management, and Novaston Marketing Consultancy.

PULSE SHOPPING PARK Pirot will have a GLA of about 8,000 square meters with more than 100 parking spaces. It will have an excellent offer of domestic and international brands with a large Lidl retail chain in the immediate vicinity of the retail park. This great selection will enable consumers a memorable shopping experience. Our leasing team was in charge of the whole leasing process from initial communication with future tenants and on to conducting negotiations to finalizing the contracts. We have managed to bring well-known national and international brands to this part of our country. After the opening of the park, we will lead the process of property management and further continue to monitor the business of tenants and cater to the needs of investor as well as tenants, coordinating with both parties on a daily basis, which undoubtedly presents a well-known practice in Novaston’s work, “, said Olga Vlahović, leasing manager of Novaston.

“Our technical team was in charge of the development of this project from the very beginning. We developed the conceptual design, proposed technical solutions based on previous experience in our cooperation with respective Tenants. We defined implementation models and throughout shell & core and fit-out-phase. We determined the project implementation schedule, monitored the execution of works concerning the specified deadlines and budgets, communicated with the competent institutions in the process. We also organized professional supervision for the construction phases and preparation for technical acceptance for obtaining use permit. At the same time, we coordinated with Tenants the formation of initial bases for contracting and project development throughout the process. The coordination was also done between Tenants and main design team in charge of designing and building the facility and organizing the handover of the premises”, explains Jelena Jolović, project manager at Novaston Project Management.

The new open-air shopping center in Pirot will be another indicator that the retail sector, although among the first to be affected by the outbreak of the pandemic, has shown great flexibility and resilience. In our country, these open-air shopping centers functioned most of the time, following the measures; unlike the indoor shopping centers, which had to close their doors or introduce more significant restrictions for visitors. The main characteristics of business flexibility in pandemic conditions were quick responses to lessees’ requirements as the main partners in the business of the investment real estate sector and specific goals that preserved long-term business.

“Our platform is already widely recognized as a leader in developing and management of shopping centers and retail parks. We are currently in the middle of the development of another retail park near Belgrade. It is Ava Shopping Park, next to Ikea. The contracting of long-term lease agreements is coming to an end. Construction works have begun, and the opening is intended for the next year. We expect that this shopping destination will be very popular. At the same time, the retail concepts of IKEA store and Shopping Park will enjoy the mutual synergy of business”, said the CEO of the Novaston platform Mia Zečević.