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Q2 2020| Russia | St.Petersburg | Street Retail

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The coronavirus pandemic and self-isolation that started at the end of March had a serious impact on the operations of street retail tenants. Only 15% of outlets on the five key retail corridors were able to operate without restrictions during Q2 2020 (pharmacies & opticians, grocery stores, mobile phone shops, and several operators included in the list of backbone companies). The remaining tenants could only offer deliveries or completely suspend business operations. Some tenants were not able to continue to pay rent without a stable income, which led to an increase in the vacancy level. In April–June, the share of vacant premises on key retail corridors increased immediately by 5.9 percentage points and reached 12.9%, which is record-high value.


Q2 2020| Russia | St.Petersburg | Street Retail

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