Georgia’s first outlet project that took home the award of Project of the Future at the CEE Investment Awards in Warsaw in October 2021 is scheduled to open in autumn 2022. Construction of the 12,500 sqm phase1 of Tbilisi Outlet Village outside the Georgian capital has progressed well since the project celebrated groundbreaking in early September this year.
Developed by Georgian Outlets & Resort Group (GORG) in close collaboration with TORG International, Tbilisi Outlet Village was awarded the prize for Project of the Future mid-October at the “EuropaProperty Investment Awards”, well ahead of its opening in autumn 2022. 60 percent of the space is already leased including many top brands.
Barbara Horatz, Partner Retail & Marketing at TORG International, commented: “Georgia is a strongly emerging market and a fashion hotspot at the edge of Europe that many brands are looking at in these turbulent times. We felt hugely honoured to receive the prestigious prize as Project of the Future at the CEE awards in Warsaw in October. It is a testimony to the recognition of the project in industry circles. We are determined to make Tbilisi Outlet Village the #1 outlet in Eastern Europe.”
Robert van den Heuvel, Partner Leasing & Development at TORG International, added: “Ever since we started working on Tbilisi Outlet Village almost three years ago, developing this project has been an amazing journey – a great team effort. The response to the project has been overwhelming. Never in my career have I seen an outlet 60 percent leased at this early stage of construction including so many top brands.”
Guram Tsanava, Founding Partner of GORG further explained: “We are creating a completely new shopping experience for Georgia, one that has no analogues in the region, a fusion of tradition and modernity. It is an initiative that would not have been possible without the active support of the Government of Georgia for which we are grateful. It is also the fruition of a close collaboration between our team of outlet experts at TORG International, Barcelona based L35 – one of Europe’s leading architectural firms, who designed outlets like La Roca and Las Rozas in Spain – London based Innesco, who created its premium positioning and marketing material, and our local construction team, the Domus Group.”
The opening of Phase 1 of Tbilisi Outlet Village consisting of 12,500 sqm and 70 units, is well on track for autumn 2022. It will ultimately bring together a well-selected mix of brands on 20,000 sqm and 110 units. The official groundbreaking ceremony took place on 8th September 2021 and was hosted by the Government of Georgia in the presence of Prime Minister, Irakli Garibashvili.
Tbilisi Outlet Village is expected to attract more than 7 million visitors in its first three years alone, including a significant number of cross-border travellers from Azerbaijan, Armenia, Russia and Turkey. The outlet’s location is particularly well suited – just 30 minutes south-east of the capital, directly on the busy E60 motorway. It benefits from a strong catchment made up of Tbilisi’s 1.4 million resident population in a country of close to 4 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, especially in the post-pandemic period.
Tbilisi Outlet Village will play an important role in the growth of Georgian tourism, offering a world-class shopping experience to international visitors attracted by the culture, history, cuisine and wine, thus extending their stay in Georgia and increasing tourist expenditure. A strong gastronomic offer will be of particular focus given the country’s food culture and its 8,000-year-old history in winemaking. Added leisure & entertainment attractions next to the outlet are already in the planning in the years to follow the opening of Tbilisi Outlet Village.
In the post-pandemic era, particular attention has been given from the start of construction to provide for superior safety and hygiene standards. 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 ensure long-term value for all its stakeholders.
