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Tbilisi Outlet Village wins Project of the Future at CEE Investment Awards
Georgia’s first outlet project took home the award for Project of the Future at the CEE Investment Awards in Warsaw.
Tbilisi, 21st October 2021 – Developed by Georgian Outlets & Resort Group (GORG) in close collaboration with TORG International, the team behind Tbilisi Outlet Village is thrilled to have been recognized as Project of the Future at the 11th “EuropaProperty Investment & Manufacturing Awards”.
Says Robert van den Heuvel, Partner at TORG International: “We feel hugely honored to receive this prestigious award for Eastern Europe. Ever since we started working on Tbilisi Outlet Village almost three years ago, developing Tbilisi Outlet Village has been an amazing journey – a great team effort! A big thank you goes to the relentless efforts of the local investors who have been giving us all their trust since day one. The response so far has been overwhelming. Never in my career have I seen a project leased over 50% at this early stage of construction including so many top brands. We are determined to make Tbilisi Outlet Village the #1 outlet in Eastern Europe.”
Guram Tsanava, Founding Partner of GORG, adds: “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 square meters and 70 units, is well on track for spring 2023. It will ultimately bring together a well selected mix of brands on 20.000m2 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, a destination that is projected to create over 1,000 full and part time jobs upon completion, will be a major contribution to the local economy engaging many local parties already well before opening.
It is expected to attract more than 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 particularly well suited – just 30 minutes south-east of the capital and 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 also 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 or wine, thus extending their stay in Georgia and increasing tourist expenses. A strong gastronomic offer will be of particular focus given the country’s food culture and its 8000year-old history in winemaking.
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Notes to editors
For more information about Tbilisi Outlet Village, please visit tbilisioutletvillage.com.
About TORG International:
TORG International is one the fastest growing global outlet development groups. It is the only alliance of professionals that delivers a truly 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. 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 is in charge of development, leasing and future management of Tbilisi Outlet Village.
Contact TORG International:
Barbara Horatz
Partner Marketing & Retail
TORG International
+49 175 34 27261
About Georgian Outlets & Resort Group:
Founded in 2018, Georgian Outlets & Resort Group is led by a number of prominent Georgian entrepreneurs including Guram Tsanava, Sandro Kordzakhia, Baadur Urushadze, George Giorgadze and Aleksandre Shaishmelashvili.
About Domus Group:
Founded 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 a diversified portfolio of various leading companies including real estate development, construction, manufacturing and distribution of construction materials as well as design and architectural agencies.
Guram Tsanava, the project’s initiator, is a seasoned executive, entrepreneur and business strategist with over 20 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), Georgian Industrial Group Holding and RAKIA Georgia. He also oversaw the management of the largest shopping mall in Georgia, Tbilisi Mall and one of the most recognized hotels Sheraton Metekhi Palace. Guram has ownership stakes in various successful companies in the pharma, coffee, retail, fashion, real estate and other industries. He is a member of prominent business associations as well as a board member on a number of leading private companies. An alumni of Stanford Graduate School of Business, he is also a professor of Strategy at Caucasus University and at Grenoble Graduate School of Business.
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