St. Petersburg, December 18, 2013. By the end of 2013, the total volume of existing shopping centers increased by 323 thous. sq m and reached nearly 2.5 million sq m. The retail spaces provision of St. Petersburg reached 489 sq m per 1,000 people. This fact defines the city market as the leading (one of the leading) in Russia. In case of timely project completion, the shopping centers provision will reach 565 sq m per 1,000 residents in 2016.

However, such performance is achieved at the expense of only a few of the city districts - Primorskiy, Moskovskiy, Central, Vyborgskiy, Frunzenskiy, Nevskiy, Admiralteyskiy. At the same time, the retail spaces provision per 1,000 residents is lower than the average in the city in more than half of the city districts (Kirovskiy, Kolpinskiy, Kalininskiy, Petrogradskiy, Krasnoselskiy, Krasnogvardeyskiy, Vasileostrovskiy, Petrodvortsoviy, Pushkinskiy). The retail spaces provision in six districts (Petrogradskiy, Krasnoselskiy, Krasnogvardeyskiy, Vasileostrovskiy, Petrodvortsoviy, Pushkinskiy) is lower than the average in the country (the average provision for Russia is 243 sq m/1,000 people).

The situation is expected to change in the next 3-5 years only for the Kalininskiy district, where the Europolis Shopping and Entertainment Centre will be put into operation, and the Krasnogvardeisky district, where Okhta Mall will be constructed.

Anna Nikandrova, the Regional Retail Director of Colliers International Russia:

“Developers understand which districts have the highest potential, and soon we will see there the quality square meters emergence. However, according to our estimates, the quality of existing projects allows the quality shopping centers increase almost in every district. It is important for a new project to be several times better than operating ones."