St. Petersburg is one of the most developed Russian regions in terms of retail space supply – 574 sq m per 1,000 inhabitants. In 2019, two shopping centres with a total area of 19,400 sq m (GLA) were opened in St. Petersburg – the first phase of Fashion House Outlet Centre (GLA 11,000 sq m) and a local format shopping centre in the Solnechniy Gorod residential complex (GLA 8,400 sq m).
The low growth in retail space is maintaining the vacancy rate at a stable low level in St. Petersburg. Throughout 2019, the amount of free space did not fluctuate by more than 0.5 p.p. By the end of the year, the average share was 3.1%, which is almost identical to 2018 (3%).