In response to the growing market the branch looks at the first edition of the #RETAIL SHOW.
Undoubtedly, one of the business sectors, which has demonstrated a tangible development over the last decade, is the one of the retail sector. With the accession of our country to the European Union in 2007, a change in the economic situation was achieved, which enabled Bulgarian representatives of the sector to take a look at the West, and large foreign players to open their markets to our country and open their representative offices here.
"The expectations for the period 2019-2023 are for the Bulgarian retail sector to show certain growth of a number of indicators", according to a specialized report prepared by EUROMONITOR INTERNATIONAL. Among the indicators are the growing retail market, the developing Internet retail and digital solutions.
According to the survey during the 4-year period under consideration, while preserving current economic trends, the retail market will be steadily and consistently growing. If, in 2018, it was around 23 billion EIR, the expectations were in 2023 to reach 28 billion EUR. In 2007, when our country joined the EU, the sector amounted to 15 billion EUR. This means that under the current economic conditions in 2023 the sector will show nearly 80% growth compared to the year of our joining the European business family.
Market indications create a need for a top-level business forum
The data provided so far clearly indicate that the sector needs a business forum to provide a comprehensive platform for presenting innovations and meeting the companies that produce and import equipment and services in the field of retail. In response to the growing market this year the first edition of the #RETAIL SHOW is to be launched, which will be held at Inter Expo Center.
The first exhibition for the retail industry in Bulgaria and the Balkan region draws the attention on the sector from 6 to 9 November. The event will enable specialists in the field of equipment and technology for the retail sector to present their products and to create new commercial contacts with companies from Bulgaria and abroad.
"The rapid development of the retail industry globally and the impact of the trends in Bulgaria pose new challenges and high goals for both the producers and traders", commented the organizers. They also added that the forum in Bulgaria will be held in parallel with the biggest business event of the year for Sofia – the Multiexhibitions MEATMANIA, THE WORLD OF MILK, BULPEK, INTERFOOD & DRINK and THE WINE SALON. At the last edition 23 560 people visited the stands of over 500 direct exhibitors, occupying an area of 16 000 sq. m, deployed in all 6 exhibition halls of Inter Expo Center.
In response to the demand in the sector, #RETAIL SHOW will offer a variety of solutions for the equipment of shops, cooling systems and hot showcases, POS marketing and digital solutions, POS software and hardware, payment systems and solutions for e-commerce. The companies will offer security equipment, ideas for design of shops, visual trade, for building and engineering of space, management of warehouse and supply chain, as well as specialized means of transport.
Internet retail - fast-evolving digital channel
One of the interesting aspects that the #RETAIL SHOW will focus on are digital solutions and AI and IоT services in the sector. This actually directly corresponds to the trends and forecasts for growth that the various research and analyses of the retail sector present.
The growth of the retail sector in Bulgaria in 2019-2023 will be extremely sensitive in terms of internet retail and in particular – through the use of mobile devices and applications. Players in the sector, including smaller ones, are expected to get engaged increasingly with the development of their commercial channels on the internet, which will lead to further development of e-commerce in Bulgaria.
EUROMONITOR also devotes special attention to the challenges before the sector. These include demographic indicators and internal urban migration processes. The evolving market development environment has an impact on retailers in developing more effective strategies and formats to reach the consumers. According to the report, the sector in Bulgaria is catching up in terms of growth rates and capacity compared to the Western European partners. And this in turn is a clear sign of good potential of the retail sector and the benefits for future investors and new players in it.
Based on the report of EUROMONITOR INTERNATIONAL, we can conclude on the positive tendencies in the Bulgarian retail sector.
The potential of the industry actually gives outstanding prospects, and the opportunities of e-commerce create an exceptional starting point for development. However, this raises a number of questions. These include: What will be the short-and long-term trends? How do we develop our business? How to master the potential of the retail sector?
The answers to these questions will be sought from 6 to 9 November – the first edition of the exhibition #RETAIL SHOW.