Retailing in Bulgaria

Retailing in Bulgaria

EXECUTIVE SUMMARY

Demographic developments influencing strategies

Modern grocers seek to adapt to evolving market conditions

Rise of internet retailing exerting growing influence

Lidl most dynamic amongst leading players

Forecast period set to see a shifting retailing landscape

OPERATING ENVIRONMENT

Informal retailing

Opening hours

Summary 1 Standard Opening Hours by Channel Type

Physical retail landscape

Cash and carry

Seasonality

Christmas
Back to School
Summer holidays

Payments and delivery

Emerging business models

MARKET DATA

Table 1 Sales in Retailing by Store-based vs Non-Store: Value 2013-2018
Table 2 Sales in Retailing by Store-based vs Non-Store: % Value Growth 2013-2018
Table 3 Sales in Store-based Retailing by Channel: Value 2013-2018
Table 4 Sales in Store-based Retailing by Channel: % Value Growth 2013-2018
Table 5 Store-based Retailing Outlets by Channel: Units 2013-2018
Table 6 Store-based Retailing Outlets by Channel: % Unit Growth 2013-2018
Table 7 Sales in Non-Store Retailing by Channel: Value 2013-2018
Table 8 Sales in Non-Store Retailing by Channel: % Value Growth 2013-2018
Table 9 Grocery Retailers: Value Sales, Outlets and Selling Space 2013-2018
Table 10 Grocery Retailers: Value Sales, Outlets and Selling Space: % Growth 2013-2018
Table 11 Sales in Grocery Retailers by Channel: Value 2013-2018
Table 12 Sales in Grocery Retailers by Channel: % Value Growth 2013-2018
Table 13 Grocery Retailers Outlets by Channel: Units 2013-2018
Table 14 Grocery Retailers Outlets by Channel: % Unit Growth 2013-2018
Table 15 Non-Grocery Specialists: Value Sales, Outlets and Selling Space 2013-2018
Table 16 Non-Grocery Specialists: Value Sales, Outlets and Selling Space: % Growth 2013-2018
Table 17 Sales in Non-Grocery Specialists by Channel: Value 2013-2018
Table 18 Sales in Non-Grocery Specialists by Channel: % Value Growth 2013-2018
Table 19 Non-Grocery Specialists Outlets by Channel: Units 2013-2018
Table 20 Non-Grocery Specialists Outlets by Channel: % Unit Growth 2013-2018
Table 21 Mixed Retailers: Value Sales, Outlets and Selling Space 2013-2018
Table 22 Mixed Retailers: Value Sales, Outlets and Selling Space: % Growth 2013-2018
Table 23 Sales in Mixed Retailers by Channel: Value 2013-2018
Table 24 Sales in Mixed Retailers by Channel: % Value Growth 2013-2018
Table 25 Mixed Retailers Outlets by Channel: Units 2013-2018
Table 26 Mixed Retailers Outlets by Channel: % Unit Growth 2013-2018
Table 27 Retailing GBO Company Shares: % Value 2014-2018
Table 28 Retailing GBN Brand Shares: % Value 2015-2018
Table 29 Store-based Retailing GBO Company Shares: % Value 2014-2018
Table 30 Store-based Retailing GBN Brand Shares: % Value 2015-2018
Table 31 Store-based Retailing LBN Brand Shares: Outlets 2015-2018
Table 32 Non-Store Retailing GBO Company Shares: % Value 2014-2018
Table 33 Non-Store Retailing GBN Brand Shares: % Value 2015-2018
Table 34 Grocery Retailers GBO Company Shares: % Value 2014-2018
Table 35 Grocery Retailers GBN Brand Shares: % Value 2015-2018
Table 36 Grocery Retailers LBN Brand Shares: Outlets 2015-2018
Table 37 Grocery Retailers LBN Brand Shares: Selling Space 2015-2018
Table 38 Non-Grocery Specialists GBO Company Shares: % Value 2014-2018
Table 39 Non-Grocery Specialists GBN Brand Shares: % Value 2015-2018
Table 40 Non-Grocery Specialists LBN Brand Shares: Outlets 2015-2018
Table 41 Non-Grocery Specialists LBN Brand Shares: Selling Space 2015-2018
Table 42 Mixed Retailers GBO Company Shares: % Value 2014-2018
Table 43 Mixed Retailers GBN Brand Shares: % Value 2015-2018
Table 44 Mixed Retailers LBN Brand Shares: Outlets 2015-2018
Table 45 Mixed Retailers LBN Brand Shares: Selling Space 2015-2018
Table 46 Forecast Sales in Retailing by Store-based vs Non-Store: Value 2018-2023
Table 47 Forecast Sales in Retailing by Store-based vs Non-Store: % Value Growth 2018-2023
Table 48 Forecast Sales in Store-based Retailing by Channel: Value 2018-2023
Table 49 Forecast Sales in Store-based Retailing by Channel: % Value Growth 2018-2023
Table 50 Forecast Store-based Retailing Outlets by Channel: Units 2018-2023
Table 51 Forecast Store-Based Retailing Outlets by Channel: % Unit Growth 2018-2023
Table 52 Forecast Sales in Non-Store Retailing by Channel: Value 2018-2023
Table 53 Forecast Sales in Non-Store Retailing by Channel: % Value Growth 2018-2023
Table 54 Grocery Retailers Forecasts: Value Sales, Outlets and Selling Space 2018-2023
Table 55 Grocery Retailers Forecasts: Value Sales, Outlets and Selling Space: % Growth 2018-2023
Table 56 Forecast Sales in Grocery Retailers by Channel: Value 2018-2023
Table 57 Forecast Sales in Grocery Retailers by Channel: % Value Growth 2018-2023
Table 58 Forecast Grocery Retailers Outlets by Channel: Units 2018-2023
Table 59 Forecast Grocery Retailers Outlets by Channel: % Unit Growth 2018-2023
Table 60 Non-Grocery Specialists Forecasts: Value Sales, Outlets and Selling Space 2018-2023
Table 61 Non-Grocery Specialists Forecasts: Value Sales, Outlets and Selling Space: % Growth 2018-2023
Table 62 Forecast Sales in Non-Grocery Specialists by Channel: Value 2018-2023
Table 63 Forecast Sales in Non-Grocery Specialists by Channel: % Value Growth 2018-2023
Table 64 Forecast Non-Grocery Specialists Outlets by Channel: Units 2018-2023
Table 65 Forecast Non-Grocery Specialists Outlets by Channel: % Unit Growth 2018-2023
Table 66 Mixed Retailers Forecasts: Value Sales, Outlets and Selling Space 2018-2023
Table 67 Mixed Retailers Forecasts: Value Sales, Outlets and Selling Space: % Growth 2018-2023
Table 68 Forecast Sales in Mixed Retailers by Channel: Value 2018-2023
Table 69 Forecast Sales in Mixed Retailers by Channel: % Value Growth 2018-2023
Table 70 Forecast Mixed Retailers Outlets by Channel: Units 2018-2023
Table 71 Forecast Mixed Retailers Outlets by Channel: % Unit Growth 2018-2023

DEFINITIONS

SOURCES

Summary 2 Research Sources

Discounters in Bulgaria

HEADLINES

PROSPECTS

Discounters growing strongly after initial challenges

Lidl expands store network

New player expanding in the market

COMPETITIVE LANDSCAPE

Changing competitive environment

Investigation of concerns over price fixing

Lidl focuses on advertising over pricing competition

CHANNEL DATA

Table 72 Discounters: Value Sales, Outlets and Selling Space 2013-2018
Table 73 Discounters: Value Sales, Outlets and Selling Space: % Growth 2013-2018
Table 74 Discounters GBO Company Shares: % Value 2014-2018
Table 75 Discounters GBN Brand Shares: % Value 2015-2018
Table 76 Discounters LBN Brand Shares: Outlets 2015-2018
Table 77 Discounters LBN Brand Shares: Selling Space 2015-2018
Table 78 Discounters Forecasts: Value Sales, Outlets and Selling Space 2018-2023
Table 79 Discounters Forecasts: Value Sales, Outlets and Selling Space: % Growth 2018-2023

Electronics and Appliance Specialist Retailers in Bulgaria

HEADLINES

PROSPECTS

Threat from internet retailing expansion

Shrinking core consumer base

Shopping centres provide potential to target core consumers

COMPETITIVE LANDSCAPE

Domestic players dominate

Technopolis pulls away from nearest rival

Zora focuses on online expansion

CHANNEL DATA

Table 80 Electronics and Appliance Specialist Retailers: Value Sales, Outlets and Selling Space 2013-2018
Table 81 Electronics and Appliance Specialist Retailers: Value Sales, Outlets and Selling Space: % Growth 2013-2018
Table 82 Electronics and Appliance Specialist Retailers GBO Company Shares: % Value 2014-2018
Table 83 Electronics and Appliance Specialist Retailers GBN Brand Shares: % Value 2015-2018
Table 84 Electronics and Appliance Specialist Retailers LBN Brand Shares: Outlets 2015-2018
Table 85 Electronics and Appliance Specialist Retailers LBN Brand Shares: Selling Space 2015-2018
Table 86 Electronics and Appliance Specialist Retailers Forecasts: Value Sales, Outlets and Selling Space 2018-2023
Table 87 Electronics and Appliance Specialist Retailers Forecasts: Value Sales, Outlets and Selling Space: % Growth 2018-2023

Food and Drink Internet Retailing in Bulgaria

HEADLINES

PROSPECTS

Hectic lifestyles drive demand

Store-based players reluctant to engage in internet retailing

New legislation makes for a more controlled environment

COMPETITIVE LANDSCAPE

Small operations with limited geographic reach

Category leader looking to expand

KOOP’s online presence lacks commitment

CHANNEL DATA

Table 88 Food and Drink Internet Retailing: Value 2013-2018
Table 89 Food and Drink Internet Retailing: % Value Growth 2013-2018
Table 90 Food and Drink Internet Retailing: % Value Growth 2016-2017
Table 91 Food and Drink Internet Retailing Forecasts: Value 2018-2023
Table 92 Food and Drink Internet Retailing Forecasts: % Value Growth 2018-2023

Health and Beauty Specialist Retailers in Bulgaria

HEADLINES

PROSPECTS

Ageing population boosts demand

Increasing health-awareness to influence demand

Growing threat from online sales

COMPETITIVE LANDSCAPE

Varnapharma retains lead

SOpharmacy sees dynamic growth

Direct competition between drugstores/parapharmacies and beauty specialists

CHANNEL DATA

Table 93 Health and Beauty Specialist Retailers: Value Sales, Outlets and Selling Space 2013-2018
Table 94 Health and Beauty Specialist Retailers: Value Sales, Outlets and Selling Space: % Growth 2013-2018
Table 95 Sales in Health and Beauty Specialist Retailers by Channel: Value 2013-2018
Table 96 Sales in Health and Beauty Specialist Retailers by Channel: % Value Growth 2013-2018
Table 97 Health and Beauty Specialist Retailers GBO Company Shares: % Value 2014-2018
Table 98 Health and Beauty Specialist Retailers GBN Brand Shares: % Value 2015-2018
Table 99 Health and Beauty Specialist Retailers LBN Brand Shares: Outlets 2015-2018
Table 100 Health and Beauty Specialist Retailers LBN Brand Shares: Selling Space 2015-2018
Table 101 Health and Beauty Specialist Retailers Forecasts: Value Sales, Outlets and Selling Space 2018-2023
Table 102 Health and Beauty Specialist Retailers Forecasts: Value Sales, Outlets and Selling Space: % Growth 2018-2023
Table 103 Forecast Sales in Health and Beauty Specialist Retailers by Channel: Value 2018-2023
Table 104 Forecast Sales in Health and Beauty Specialist Retailers by Channel: % Value Growth 2018-2023

Home and Garden Specialist Retailers in Bulgaria

HEADLINES

PROSPECTS

Demand tied to fortunes of property market

Strong online expansion

Potential shift to smaller format stores

COMPETITIVE LANDSCAPE

Praktiker thrives under Videolux

Jysk expands store network

International players have strong presence

CHANNEL DATA

Table 105 Home and Garden Specialist Retailers: Value Sales, Outlets and Selling Space 2013-2018
Table 106 Home and Garden Specialist Retailers: Value Sales, Outlets and Selling Space: % Growth 2013-2018
Table 107 Sales in Home and Garden Specialist Retailers by Channel: Value 2013-2018
Table 108 Sales in Home and Garden Specialist Retailers by Channel: % Value Growth 2013-2018
Table 109 Home and Garden Specialist Retailers GBO Company Shares: % Value 2014-2018
Table 110 Home and Garden Specialist Retailers GBN Brand Shares: % Value 2015-2018
Table 111 Home and Garden Specialist Retailers LBN Brand Shares: Outlets 2015-2018
Table 112 Home and Garden Specialist Retailers LBN Brand Shares: Selling Space 2015-2018
Table 113 Home and Garden Specialist Retailers Forecasts: Value Sales, Outlets and Selling Space 2018-2023
Table 114 Home and Garden Specialist Retailers Forecasts: Value Sales, Outlets and Selling Space: % Growth 2018-2023
Table 115 Forecast Sales in Home and Garden Specialist Retailers by Channel: Value 2018-2023
Table 116 Forecast Sales in Home and Garden Specialist Retailers by Channel: % Value Growth 2018-2023

Homeshopping in Bulgaria

HEADLINES

PROSPECTS

TV ad price rises increase pressure on homeshopping players’ costs

Concerns of older consumers shaping demand

In direct competition with internet retailing

COMPETITIVE LANDSCAPE

Studio Moderna strengthens grip on channel

Skyshop targets key demand areas

Addressing the issue of brand loyalty

CHANNEL DATA

Table 117 Homeshopping by Category: Value 2013-2018
Table 118 Homeshopping by Category: % Value Growth 2013-2018
Table 119 Homeshopping GBO Company Shares: % Value 2014-2018
Table 120 Homeshopping GBN Brand Shares: % Value 2015-2018
Table 121 Homeshopping Forecasts by Category: Value 2018-2023
Table 122 Homeshopping Forecasts by Category: % Value Growth 2018-2023

Hypermarkets in Bulgaria

HEADLINES

PROSPECTS

Lower pricing to boost performance

Smaller formats could entice consumers away from large-scale shopping

COMPETITIVE LANDSCAPE

Shift in competitive landscape

ABO Market moves to smaller format

Kaufland consolidates dominant position

CHANNEL DATA

Table 123 Hypermarkets: Value Sales, Outlets and Selling Space 2013-2018
Table 124 Hypermarkets: Value Sales, Outlets and Selling Space: % Growth 2013-2018
Table 125 Hypermarkets GBO Company Shares: % Value 2014-2018
Table 126 Hypermarkets GBN Brand Shares: % Value 2015-2018
Table 127 Hypermarkets LBN Brand Shares: Outlets 2015-2018
Table 128 Hypermarkets LBN Brand Shares: Selling Space 2015-2018
Table 129 Hypermarkets Forecasts: Value Sales, Outlets and Selling Space 2018-2023
Table 130 Hypermarkets Forecasts: Value Sales, Outlets and Selling Space: % Growth 2018-2023

Internet Retailing in Bulgaria

HEADLINES

PROSPECTS

Favourable conditions for growth

Demographic trends to have a slight dampening effect

Largest product categories to grow strongly

COMPETITIVE LANDSCAPE

Dante International holds lead

Store-based players increase focus on e-commerce

Dynamic online grocer looking to extend geographic reach

CHANNEL DATA

Table 131 Internet Retailing by Category: Value 2013-2018
Table 132 Internet Retailing by Category: % Value Growth 2013-2018
Table 133 Internet Retailing GBO Company Shares: % Value 2014-2018
Table 134 Internet Retailing GBN Brand Shares: % Value 2015-2018
Table 135 Internet Retailing Forecasts by Category: Value 2018-2023
Table 136 Internet Retailing Forecasts by Category: % Value Growth 2018-2023

Mobile Internet Retailing in Bulgaria

HEADLINES

PROSPECTS

Conditions conducive to growth

eMag leading the way in shift to m-commerce

Impossible to ignore the rise of mobile

COMPETITIVE LANDSCAPE

Pure players driving m-commerce expansion

CHANNEL DATA

Table 137 Mobile Internet Retailing: Value 2013-2018
Table 138 Mobile Internet Retailing: % Value Growth 2013-2018
Table 139 Mobile Internet Retailing Forecasts: Value 2018-2023
Table 140 Mobile Internet Retailing Forecasts: % Value Growth 2018-2023

Supermarkets in Bulgaria

HEADLINES

PROSPECTS

Supermarkets to develop urban networks

Leading players add new outlets

New T-market store targets modern lifestyles

COMPETITIVE LANDSCAPE

Leaders pull away

T-market development causing trouble for CBA

Leaders adopt different strategies to target similar consumers

CHANNEL DATA

Table 141 Supermarkets: Value Sales, Outlets and Selling Space 2013-2018
Table 142 Supermarkets: Value Sales, Outlets and Selling Space: % Growth 2013-2018
Table 143 Supermarkets GBO Company Shares: % Value 2014-2018
Table 144 Supermarkets GBN Brand Shares: % Value 2015-2018
Table 145 Supermarkets LBN Brand Shares: Outlets 2015-2018
Table 146 Supermarkets LBN Brand Shares: Selling Space 2015-2018
Table 147 Supermarkets Forecasts: Value Sales, Outlets and Selling Space 2018-2023
Table 148 Supermarkets Forecasts: Value Sales, Outlets and Selling Space: % Growth 2018-2023

Traditional Grocery Retailers in Bulgaria

HEADLINES

PROSPECTS

Increasing competition ahead

Evolving trends challenge traditional players

Decline of open markets

COMPETITIVE LANDSCAPE

Some consolidation in a fragmented channel

Expanded network drives leader’s growth

Few large chains

CHANNEL DATA

Table 149 Traditional Grocery Retailers: Value Sales, Outlets and Selling Space 2013-2018
Table 150 Traditional Grocery Retailers: Value Sales, Outlets and Selling Space: % Growth 2013-2018
Table 151 Sales in Traditional Grocery Retailers by Channel: Value 2013-2018
Table 152 Sales in Traditional Grocery Retailers by Channel: % Value Growth 2013-2018
Table 153 Traditional Grocery Retailers Outlets by Channel: Units 2013-2018
Table 154 Traditional Grocery Retailers Outlets by Channel: % Unit Growth 2013-2018
Table 155 Traditional Grocery Retailers GBO Company Shares: % Value 2014-2018
Table 156 Traditional Grocery Retailers GBN Brand Shares: % Value 2015-2018
Table 157 Traditional Grocery Retailers LBN Brand Shares: Outlets 2015-2018
Table 158 Traditional Grocery Retailers LBN Brand Shares: Selling Space 2015-2018
Table 159 Traditional Grocery Retailers Forecasts: Value Sales, Outlets and Selling Space 2018-2023
Table 160 Traditional Grocery Retailers Forecasts: Value Sales, Outlets and Selling Space: % Growth 2018-2023
Table 161 Forecast Sales in Traditional Grocery Retailers by Channel: Value 2018-2023
Table 162 Forecast Sales in Traditional Grocery Retailers by Channel: % Value Growth 2018-2023
Table 163 Forecast Traditional Grocery Retailers Outlets by Channel: Units 2018-2023
Table 164 Forecast Traditional Grocery Retailers Outlets by Channel: % Unit Growth 2018-2023

Variety Stores in Bulgaria

HEADLINES

PROSPECTS

Store openings to drive growth

Internet sales to constrain store-based growth

COMPETITIVE LANDSCAPE

Studio Modern retains lead

Differences in positioning

CHANNEL DATA

Table 165 Variety Stores: Value Sales, Outlets and Selling Space 2013-2018
Table 166 Variety Stores: Value Sales, Outlets and Selling Space: % Growth 2013-2018
Table 167 Variety Stores GBO Company Shares: % Value 2014-2018
Table 168 Variety Stores GBN Brand Shares: % Value 2015-2018
Table 169 Variety Stores LBN Brand Shares: Outlets 2015-2018
Table 170 Variety Stores LBN Brand Shares: Selling Space 2015-2018
Table 171 Variety Stores Forecasts: Value Sales, Outlets and Selling Space 2018-2023
Table 172 Variety Stores Forecasts: Value Sales, Outlets and Selling Space: % Growth 2018-2023

Apparel and Footwear Specialist Retailers in Bulgaria

HEADLINES

PROSPECTS

Online activity constraining channel development

Internet operations to grow in significance

Challenging demographic developments

COMPETITIVE LANDSCAPE

Consolidation as locals struggle to compete

H&M highlights direction of market

New player planning extensive presence

CHANNEL DATA

Table 173 Apparel And Footwear Specialist Retailers: Value Sales, Outlets and Selling Space 2013-2018
Table 174 Apparel And Footwear Specialist Retailers: Value Sales, Outlets and Selling Space: % Growth 2013-2018
Table 175 Apparel And Footwear Specialist Retailers GBO Company Shares: % Value 2014-2018
Table 176 Apparel And Footwear Specialist Retailers GBN Brand Shares: % Value 2015-2018
Table 177 Apparel And Footwear Specialist Retailers LBN Brand Shares: Outlets 2015-2018
Table 178 Apparel And Footwear Specialist Retailers LBN Brand Shares: Selling Space 2015-2018
Table 179 Apparel And Footwear Specialist Retailers Forecasts: Value Sales, Outlets and Selling Space 2018-2023
Table 180 Apparel And Footwear Specialist Retailers Forecasts: Value Sales, Outlets and Selling Space: % Growth 2018-2023

Convenience Stores in Bulgaria

HEADLINES

PROSPECTS

Contraction of core consumer base

Intense competition in urban environment

Unpromising demographic outlook

COMPETITIVE LANDSCAPE

Challenging environment

Some players seeing growth

Independents reluctant to enter chains

CHANNEL DATA

Table 181 Convenience Stores: Value Sales, Outlets and Selling Space 2013-2018
Table 182 Convenience Stores: Value Sales, Outlets and Selling Space: % Growth 2013-2018
Table 183 Convenience Stores GBO Company Shares: % Value 2014-2018
Table 184 Convenience Stores GBN Brand Shares: % Value 2015-2018
Table 185 Convenience Stores LBN Brand Shares: Outlets 2015-2018
Table 186 Convenience Stores LBN Brand Shares: Selling Space 2015-2018
Table 187 Convenience Stores Forecasts: Value Sales, Outlets and Selling Space 2018-2023
Table 188 Convenience Stores Forecasts: Value Sales, Outlets and Selling Space: % Growth 2018-2023

Department Stores in Bulgaria

HEADLINES

PROSPECTS

Debenhams closes, leaving only one department store

Growing competition from specialists

COMPETITIVE LANDSCAPE

Both players exposed to competition from beyond department stores

Potential new entrant

CHANNEL DATA

Table 189 Department Stores: Value Sales, Outlets and Selling Space 2013-2018
Table 190 Department Stores: Value Sales, Outlets and Selling Space: % Growth 2013-2018
Table 191 Department Stores GBO Company Shares: % Value 2014-2018
Table 192 Department Stores GBN Brand Shares: % Value 2015-2018
Table 193 Department Stores LBN Brand Shares: Outlets 2015-2018
Table 194 Department Stores LBN Brand Shares: Selling Space 2015-2018
Table 195 Department Stores Forecasts: Value Sales, Outlets and Selling Space 2018-2023
Table 196 Department Stores Forecasts: Value Sales, Outlets and Selling Space: % Growth 2018-2023

Direct Selling in Bulgaria

HEADLINES

PROSPECTS

Limited potential to add to sales force

Competition from internet retailing

Strong growth in consumer health, and food and drink

COMPETITIVE LANDSCAPE

Avon remains strong

Wellness trend exerting a significant impact

Players with natural focus seeing strong growth

CHANNEL DATA

Table 197 Direct Selling by Category: Value 2013-2018
Table 198 Direct Selling by Category: % Value Growth 2013-2018
Table 199 Direct Selling GBO Company Shares: % Value 2014-2018
Table 200 Direct Selling GBN Brand Shares: % Value 2015-2018
Table 201 Direct Selling Forecasts by Category: Value 2018-2023
Table 202 Direct Selling Forecasts by Category: % Value Growth 2018-2023

Vending in Bulgaria

HEADLINES

PROSPECTS

Hot drinks increases dominance despite diversification of offer

Expansion into non-captive spaces

Opportunities for health-orientated development

COMPETITIVE LANDSCAPE

Range of operating models

Cult Cafe extends lead

Expansion of new formats threaten potential for expansion

CHANNEL DATA

Table 203 Vending by Category: Value 2013-2018
Table 204 Vending by Category: % Value Growth 2013-2018
Table 205 Vending GBO Company Shares: % Value 2014-2018
Table 206 Vending GBN Brand Shares: % Value 2015-2018
Table 207 Vending Forecasts by Category: Value 2018-2023
Table 208 Vending Forecasts by Category: % Value Growth 2018-2023

Warehouse Clubs in Bulgaria

PROSPECTS

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