In the first half of 2019, not a single shopping centre was opened in St. Petersburg. Against a background of zero growth, the main activity within shopping centres is the rotation of tenants, the transformation of store interiors and the launch of new formats. The vacancy rate in classic shopping centres decreased to 2.8% over the past six months, which is 1.4 p.p. lower than a year earlier. Given the shortage of vacant premises, competition for high-quality spaces is becoming more intense. This is leading to owners of high-class shopping centers being prepared to rotate tenants with an increase in rental rates.