Tbilisi Outlet Village to open Autumn 2023November 17, 2022
Tbilisi, 17.11.2022 – Construction of phase1 of Tbilisi Outlet Village outside the Georgian capital is well on its way. Immense steel structures along with building blocs have been erected over the past months following the groundbreaking that took place in September 2021. The opening is now scheduled for Autumn 2023.
Guram Tsanava, Founding Partner of GORG explains: “We are creating a completely new shopping experience for Georgia, one that has no analogues in the region, a fusion of tradition and modernity. The response to the project has been overwhelming, even in these turbulent times. Tourism is skyrocketing this year, reaching unprecedented numbers, both from the region and globally. It is expected that the trend will continue with the majority of cross border travelers disposing of significant purchasing power. The Covid pandemic as well as worldwide supply chain issues of the recent past have somewhat slowed down construction, but we are now full speed ahead to open Tbilisi Outlet Village in Autumn 2023.”
Says Barbara Horatz, Partner Retail & Marketing at TORG International: “Georgia is a strongly emerging market and a fashion hotspot at the edge of Europe. Many more international brands are currently entering the country, especially premium and luxury labels. We are determined to make Tbilisi Outlet Village the #1 outlet in Eastern Europe.”
The opening of Phase 1 of Tbilisi Outlet Village consisting of 12,500 m2 GLA and 70 units will bring together a well selected mix of brands including well known designer labels from Europe, the US and Georgia as well as mainstream fashion and major sportswear brands. Two thirds of the space is already leased a year before opening. A strong gastronomic offer will be of particular focus given the country’s food culture and its 8.000 years-old history inwinemaking. Added leisure & entertainment attractions next to the outlet are already in the future planning. Phase2 is scheduled to follow within the 3 years after the opening of phase1 to bring the project to a total of 20.000m2 GLA and 110 units.
Tbilisi Outlet Village is expected to attract at least 7 million visitors in its first three years alone, including a significant number of cross-border travelers from Azerbaijan, Armenia, Russia and Turkey. The outlet’s location is particularlywell suited – just 30 minutes south-east of the capital, directly on the busy E60 motorway. It benefits from a strongcatchment made up of Tbilisi’s 1.4 million resident population in a country of 3.7 million people.
Financed by the Domus Group with the support of TBC Bank, one of Georgia’s leading banks, it is a strategically important project for Georgia’s national economy.
Tbilisi Outlet Village will implement a high level of ESG (Environmental, Social and Governance) criteria for a sustainable and responsible future of the asset and to ensure long-term value for all its stakeholders.
About TORG International:
TORG International is a rapidly expanding global outlet development group. It is a unique alliance of professionals delivering a comprehensive approach to outlets on a worldwide scale. The team aspires to create the world’s best outlet centres from the ground up focusing on non-saturated and emerging markets with yet untapped potential.
TORG’s breadth of knowledge spans from international retail expertise, project development, financing, marketing, leasing and asset management to centre operations. TORG has been part of the outlet industry ever since it emerged in the US and Europe. All team members have extensive experience with international market leaders and are of different European nationalities. TORG understands the local culture and demands for any given country and is able to translate this into all aspects of development – from the initial design and positioning to the appropriate merchandising mix and leasing approach.
TORG started to work on TBILISI OUTLET VILLAGE in January 2020. It was awarded the prestigious Project of the Future prize at the Annual Europa Property CEE Investment Awards in Warsaw in October 2021.
Contact TORG International:
Partner Marketing & Retail
+49 175 34 27261
About Georgian Outlets & Resort Group:
Founded in 2018, Georgian Outlets & Resort Group is led by a number of prominent Georgian entrepreneursincluding Guram Tsanava as well as Sandro Kordzakhia, Baadur Urushadze, George Giorgadze and Aleksandre Shaishmelashvili, all founding partners of Domus.
About Domus Group:
Since its beginnings in 2006, Domus has quickly established itself as the leading development and construction group and one of the most prominent real estate groups in Georgia. Based in Tbilisi, its portfolio today includes some of the most prestigious residential, hotel, office as well as commercial real estate projects. The group has adiversified portfolio of various leading companies including real estate development, construction, manufacturing anddistribution of construction materials as well as design and architectural agencies.
Guram Tsanava, is a seasoned executive, entrepreneur and business strategist with over 25 years of diversified, functional and industrial experience and a solid track record of managing large holding companies and nurturing new ventures. He was a CEO and a Senior Executive of the two largest holding companies in Georgia (both in Top 20). He also held senior positions in various companies in strategy consulting, banking, energy etc. Guram has ownership stakes in several successful companies in the, coffee, retail, fashion, real estate and other industries. He is a board member of prominent business associations as well as of leading private companies. An alumnus and global Ambassador of Stanford Graduate School of Business, he is also a professor of Strategy at Caucasus University andat Grenoble Graduate School of Business.
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