Business activities along Vitosha blvd to be restored with the launch of the new Sofia metro line

Business activities will resume along the Sofia's Vitosha Blvd. with the launch of the new metro line, which will become a fact within a few months, indicated a survey of Klassa daily. Nevertheless, in order to restore the waning fame of our main commercial street, further efforts are needed on the side of the Sofia Municipality and private investors, reckoned experts. The expected revival of the main commercial streets in Sofia will depend entirely on the formulation of a clear vision and strategy for their renovation as well as on the establishment of pedestrian zones and specific set deadlines for the projects funding and implementation, commented Iglika Yordanova, Manager Retail Department with Colliers International. The restoration of the primary function of the main commercial Street as a place for shopping, cultural and social events will be as a process of returning back to market of the sustainable mix of attractive fashion brands as well as resuming the business activity of restaurants and places for leisure and entertainment, added she. According to the company's data, the commercial areas at Vitosha Blvd. reach around 10%, which figure equals the percentage of stores having new tenants.

Currently, there is a general provision of commercial spaces at Vitosha Blvd. because of the continuous staff change as well as the closing down of stores and opening of new establishments, commented for Klassa daily, Polina Stoykova, Chief Operations Manager at Bulgarian Properties. The most offered premises are those of an area of around €40-50 per sq. m, while the prices are within the limits of around €80-90 per sq. m, considering only their commercial area. In practice, if the area of adjacent storage rooms and cellars to the establishment are added to the total area, they will decrease the price per sq. m up to about €50. The company's representatives reminded that the highest prices were registered in 2008, when the commercial areas and competition between the shopping malls was considerably lower and the economic crisis was not yet raging in its full force.

For the fourth year already, the rental prices at Vitosha Blvd. are going down, a trend which is also reflected by the prices the other real estates. The situation on the main commercial Street is further aggravated by the recent repair works on the launching of the metro line as well as by the closing of the Street for traffic and the strong competition between the shopping malls. The crucial moment proved to be in 2010, when the flow of people reached perhaps its lowest point. In 2011, more restaurants started opening up. It was precisely this entertainment element relating to the availability of place for amusement and walks as well as for friends and acquaintance, which was needed by the urban environments. After the opening of more similar establishments, the interest to the emblematic Sofia's Vitosha Blvd. was restored, according also to the observations of the experts.

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