The retail real estate sectors in Croatia, Slovenia and Serbia are showing strong potential for further development, according to research by global real estate consultancy CBRE, which highlights robust investor interest, expanding pipelines and an increasing shift toward modern formats, particularly retail parks.

After a relatively slow start to 2025, a series of reports from CBRE point to the strong potential in the markets of Zagreb, Ljubljana and Belgrade. Slovenia, despite being a very small market, is one of the most affluent of the Emerging European EU members. As one of the bloc's poorest countries, Croatia has strong catch-up potential, while candidate country Serbia is also growing at a faster rate than most European countries. 

Retail parks drive growth in Croatia 

Croatia's retail property market remains buoyant, driven by a wave of new retail park developments that are expected to boost supply by around 10% in 2025.

“Since the beginning of the year, the Croatian retail market has been rather slow,” says the report on Croatia. However, it adds, “Zagreb's retail market is poised for significant growth, with a wave of new retail space expected to open in the coming months.”

New supply at retail parks increased by 11% in 2024 and continues to climb, making this the “most dynamic retail subsector”, according to the real estate firm. One notable completion in Q1 was the 6,400-square metre Green Park Kneginec in Varaždin.

In the capital, Zagreb, activity is accelerating. The FT Retail Park in the Jankomir district is nearing completion, offering 10,000 sqm of space focused on home furnishings. The nearby Joy Retail Park and the second phase of the Designer Outlet in Rugvica are also underway, each expected to add thousands of square metres of new space by the end of the year.

Outside the capital, the Stop Shop brand – owned by CPI Property Group – continues its expansion. New Stop Shop locations in Nova Gradiška and Ivanec are due to open in 2025, with further sites planned for 2026 in Samobor, Sinj, Knin and other towns.

Slovenian focus shifts to mixed-use

While Slovenia’s retail market has seen fewer new completions, its future pipeline is underpinned by ESG compliance and mixed-use development trends.

Activity in Slovenia’s retail sector has been affected by inflation in recent years, but the inflation rate is expected to remain low in 2025. 

“In the first quarter of the year, the Slovenian retail market experienced modest activity, with no new completions recorded. This trend is expected to continue, largely due to the well-balanced supply of retail space across the market,” said the report. 

"Inflation and the surge in interest rates have impacted [on] spending power, but the recent uptick in real incomes is expected to bolster household spending in the upcoming period.”

As in Croatia, "In recent years, Slovenia's retail sector has experienced a period of low activity,” according to the report. However, it adds: “In terms of upcoming developments, Ljubljana's retail market is poised for significant growth, with new retail spaces slated to open over the next two years.”

The landmark Emonika Shopping Centre, scheduled for completion in 2026, will add over 21,500 sqm of space and be the first mixed-use retail development in the capital to achieve BREEAM certification.

Retail parks continue to attract investor interest, with the upcoming Brežice project expected to deliver 9,700 sqm in 2025. Meanwhile, the €40mn Fashion Outlet Village in Šentilj, developed by HG Invest, will bring 70 units across 20,000 sqm once completed in two phases by 2030.

Despite a modest inflation uptick to 2% in March, Slovenia's macroeconomic environment remains stable. Retail rents have held steady, with prime shopping centre rents between €19-22 per sqm and retail parks at €10-13 per sqm.

Looking at the type of projects under development, CBRE says: “There is a growing emphasis on mixed-use developments that seamlessly integrate retail, residential and office spaces, creating multifunctional environments. Furthermore, ESG considerations are becoming a crucial aspect of the retail sector, with retailers increasingly prioritising these standards to enhance their brand reputation.” 

Momentum maintained in Serbia 

Following a record-breaking 2024 for retail park completions, Serbia's retail real estate market remained stable in the first quarter of 2025, though the pipeline remains “highly dynamic”, according to CBRE.

“In the previous period, investors have remained focused on enhancing the variety of tenants and introducing new retail concepts to customers,” says the report. 

“This includes improvements in entertainment options and refurbishments aimed at making the shopping experience more efficient and comfortable. Also, a particularly active market segment on the retail scene in the recent period has been health and beauty, with pharmacies and drugstores demonstrating robust performance on the market.” 

Significant ongoing projects include Home Park in Sombor and Retail Park Bačka Topola in Vojvodina, as well as the BIG CEE developments in Šabac and Čačak in western Serbia. Central and southern regions are also seeing activity, with parks underway in Aranđelovac, Velika Plana, Leskovac and Zaječar.

Belgrade’s shopping centre stock remains unchanged at 431,000 sqm, but the reconstruction of the Usce Shopping Center – slated for completion by mid-2025 – is expected to boost quality and variety. The Be Shopping Center and Delta Planet Niš are also being expanded.

Rents have remained unchanged, with prime shopping centre rates at €26-29 per sqm and retail parks at €9-12 per sqm.