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Q3 2018 | Russia | St. Petersburg | Retail Market

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In the first nine months of the current year there was no increse in space in classic shopping centers, while over the quarter vacancies fell by 0.5 p.p., attaining the lowest level since 2013. The Outlet segment, however, saw an increase in space with the opening this autumn of the second stage of Outlet Village Pulkovo (GLA ~ 6 700 sq m)*, built within less than a year. Meanwhile, despite the lack of new quality projects in segment of classical shopping centers, developers’ interest in reconception is growing – which involves not only re-brokerage, including diversification of anchor tenants, but also reconstruction (often without closing). In particular, the legitimately justified interest of developers in entertainment formats is proven by the increased numer of openings of educational and entertainment concepts during this year. The reconception of classical SCs includes the appearance of food halls – gastronomic spaces combined with market formats, and a variety of restaurant conceptions, presented as a pool of different tenants, united by a single idea.

Q3 2018 | Russia | St. Petersburg | Retail Market

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