The Russian shopping center industry is on the verge of collapse

The Russian shopping center industry is on the verge of collapse

The departure of foreign brands put on hold the opening of new shopping centers in Moscow. In the incomplete year 2022, the volume of commissioning fell by 2.5 times. So, if in the three quarters of last year 162 thousand square meters were commissioned. m of new retail space, then this – only 64 thousand square meters. m. This follows from the report of the consulting company Knight Frank Russia, with which got acquainted “Vedomosti”.

In the nine months of this year, only four shopping centers were commissioned in the capital: Sun of Moscow on Mira Avenue, Discovery on Dybenko Street, Nagorny on Electrolitny Proyezd and Baikonur on Dekabristov Street. Permission to put into operation was also received by the shopping and entertainment center Skazka in Rasskazovka and Orion on the street. Pilot Babushkin. For comparison, last year 14 shopping centers entered the market at once.

The decrease in the volume of commissioning of shopping centers, interviewed by Vedomosti, is associated by market participants with a difficult economic situation due to the negative impact of the coronavirus pandemic, and then the outbreak of war.

In addition, the solvency of Russians is decreasing, which leads to a reduction in traffic in the shopping center. Before the pandemic, the daily norm of objects was at the level of one visitor per 1 sq. m of rented area, now this figure has fallen to 0.5 people or less. Only a week of mobilization, according to the Union of Shopping Centers, traffic fell by 8% compared to last year, and in Moscow by almost 13%. But some retailers recorded a deeper drop – up to 40%.

Because of this, many developers are postponing the commissioning of retail facilities for an indefinite period, says Victoria Shakhnazaryan, head of the commercial real estate department of the Tashir group of companies. She attributes this to the departure of a number of international anchor brands. The areas vacated after their departure continue to be empty. 14.5% of the premises are free, which is 1.5 percentage points more than a year earlier. At the same time, this indicator grew by 1.1 p.p. only in the last quarter.

All these factors have already influenced the reduction of rental rates in Moscow shopping centers, notes Ricci|Blackstone partner Alexey Sigal. According to him, despite the fact that the terms of transactions are a commercial secret, we can talk about their reduction since the beginning of the year by 20-30%. According to Knight Frank Russia, rates in large shopping centers now range from 4,000-8,000 rubles (for example, for entertainment centers) to 120,000-150,000 rubles (for food courts) per 1 sq. m. m per year.

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