The new phase of East Point shopping center is currently 90% occupied, according to Teiko Lominadze, Marketing Director of managing company Quadrum Global Georgia. The new phase opened in March this year, adding 2,500 square meters of additional space to the shopping center.
Lominadze said the older phase is 99% occupied, while the new space has reached 90% occupancy. The expansion brought brands to Georgia that had not previously operated in the country, as well as several concept stores making their local debut.
According to Lominadze, the strong occupancy reflects high demand from both retailers and consumers. She said supply and demand in the market are currently relatively balanced.
However, she noted that the balance could change as new shopping centers planned across Tbilisi open. While these projects will increase supply, it remains unclear whether demand will keep pace or whether excess retail space could emerge. “Time will show whether supply and demand will maintain today’s balance once these projects open,” Lominadze said.
