1. Executive Summary 
1.1. Demand 
1.2. Supply 
1.3. The Market 
1.4. Future Development 

2. Introduction 
2.1. Objectives 
2.2. Methodology 

3. Political and Economic Factors 
3.1. Basic Country Information 
3.2. Political, Legal, and Regulatory Framework 
3.3. Economic Indicators 
3.4. Social and Demographic Factors 
3.5. Technological Factors 

4. General Characteristics of the Retail Sector in Bulgaria 
4.1. Food and Non Food Products Retail Store Types 
4.2. Macro Trends Concerning the Retail Sector in Bulgaria 
4.3. Food and Non Food Products Retail Stores Development 
4.4. Legal Framework for the Establishment of a Supermarket 

5. Demand Driving Factors 
5.1. Households’ Budgets Development 
5.2. Households’ Consumption of Food and Beverages 
5.3. Major Consumers’ Shopping Habits 

6. The Supply 
6.1. Presentation of Key Retail Sector Representatives 
6.2. Key Players’ Sales Development 
6.3. Key Players’ Stores Development and Regional Concentration 
6.4. Key Players’ Financial Analysis 
6.5. Key Players’ Departments Data 
6.6. Sales Promotion and Advertising Methods 
6.7. Logistics and Distribution 
6.8. Private Label Products 

7. The Market 
7.1. Market Size Development 
7.2. Market Shares Development 

8. International Retail Market Data 

9. Conclusions 
9.1. Future Development of the Present Market Players 
9.2. New Entrants 
9.3. SWOT Analysis

List of Tables

TABLE 5.1 HOUSEHOLDS’ MONETARY INCOME DEVELOPMENT, 1999-2008 
TABLE 5.2 HOUSEHOLDS’ MONETARY EXPENDITURES DEVELOPMENT, 1999-2008 
TABLE 6.1 TOP 20 GROCERY RETAIL COMPANIES IN BULGARIA 
TABLE 6.2 TOP 25 GROCERY RETAIL PLAYERS IN BULGARIA REVENUE
                   DEVELOPMENT, 2004-2008
TABLE 6.3 TOP 25 INDUSTRY PLAYERS RETAIL SALES DEVELOPMENT, 2004-2008 
TABLE 6.4 TOP 20 RETAIL COMPANIES PROFIT AFTER TAX DEVELOPMENT,
                  2006-2008 
TABLE 6.5 TOP 10 RETAIL CHAINS NUMBER OF STORES DEVELOPMENT,
                   2004-2008 
TABLE 6.6 TOP 10 RETAIL CHAINS AVERAGE SALES PER STORE DEVELOPMENT
                   2004-2008
TABLE 6.7 KEY GROCERY RETAIL PLAYERS’ PRESENCE IN THE BIGGER TOWNS
                   IN  BULGARIA 
TABLE 6.8 OPERATING MARGINS OF TOP 20 RETAIL COMPANIES 2005-2008 
TABLE 6.9 EBITDA MARGINS OF TOP 20 RETAIL COMPANIES, 2005-2008 
TABLE 6.10 NET PROFIT MARGINS OF TOP 20 RETAIL COMPANIES, 2005-2008 
TABLE 6.11 RETURNS ON SHAREHOLDERS’ EQUITY RATIO OF TOP 20 RETAIL 
                    COMPANIES, 2005-2008 
TABLE 6.12 RETURNS ON CAPITAL EMPLOYED OF TOP 20 RETAIL COMPANIES,
                    2005-2008
TABLE 6.13 CURRENT RATIO OF TOP 20 RETAIL COMPANIES, 2005-2008 
TABLE 6.14 QUICK RATIOS OF TOP 20 RETAIL COMPANIES, 2005-2008 
TABLE 6.15 CASH RATIO OF TOP 20 RETAIL COMPANIES, 2005-2008 
TABLE 7.1 TOP 25 GROCERY RETAIL COMPANIES MARKET SHARES
                    DEVELOPMENT, 2005-2008 
TABLE 8.1 TOP 10 EUROPEAN RETAILERS 2007 
TABLE 9.1 RETAIL SECTOR IN BULGARIA SWOT ANALYSIS 

List of Graphs

GRAPH 3.1 ADMINISTRATIVE-TERRITORIAL REGIONS OF BULGARIA 
GRAPH 3.2 SNAPSHOT OF THE MACRO ENVIRONMENT, 2002 – H1, 2009 
GRAPH 3.3 BUSINESS CLIMATE IN BULGARIA DEVELOPMENT, 1999-2009 
GRAPH 3.4 TRADE, EXCHANGE RATE AND CURRENT ACCOUNT, 2002 – H1, 2009
GRAPH 4.1 BUSINESS CLIMATE IN RETAIL TRADE DEVELOPMENT, 1997-2009 
GRAPH 4.2 SALES EXPECTATIONS IN RETAIL TRADE, 1997-2009 
GRAPH 4.3 SELLING PRICE EXPECTATIONS, 1997-2009 
GRAPH 4.4 HARMONIZED INDEX OF CONSUMER PRICES DEVELOPMENT,
                    1997–JULY 2009 
GRAPH 4.5 TOTAL RETAIL SECTOR REPRESENTATIVES DEVELOPMENT,
                    2004–JULY 2009 
GRAPH 4.6 SUPERMARKETS AND HYPERMARKETS IN BULGARIA PER REGION,
                   2008- 2009 
GRAPH 5.1 FMCG TRADE CHANNELS IN BULGARIA VALUE SHARE, 2006-2009 
GRAPH 5.2 MAIN SHOPPING PLACE FOR FOOD 
GRAPH 5.3 MAJOR PURCHASING DECISION FACTORS 
GRAPH 5.4 CAR USAGE FOR SHOPPING IN BULGARIA 2007 
GRAPH 7.1 THE MARKET SIZE OF GROCERY RETAIL IN BULGARIA IN EUR 000,
                   2004-2008 
GRAPH 7.2 KEY RETAIL CHAINS’ MARKET SHARES, 2008