Local benefits
Small shopping centers have been built in Russia in recent years: according to experts, there has not been a boom in the construction of new shopping malls since 2015. At the same time, the main volume of commissioning falls on small-format objects - district malls. And today, the attention of developers is also directed to the "districts", which in a rapidly changing world turned out to be a more stable format than large shopping malls, and feel quite confident. SCR figured out what the "trick" of district shopping malls is, why the mass exodus of tenants did not actually affect them, and how market experts see the future of "district residents".
LESS THAN 5% OF INTERNATIONAL
The total volume of high-quality shopping centers in Russia today is about 50 million square meters. m, of which 30 million sq. m - retail or leasable area (GLA): such data was provided by the regional director of the retail real estate department at Knight Frank, Russia, Evgenia Khakberdieva.
She notes that the main volume - 40% of the area - is concentrated in Moscow, the Moscow region and St. Petersburg, and at the same time, large shopping centers have not actually been built here for the past few years. For example, in Moscow, the number of high-quality small-format centers with a GLA of less than 30,000 sq. m. m, will increase from 9 in 2021 to 22 in 2022, and the trend towards a decrease in the areas of new Moscow shopping centers will continue: the average area of a retail facility (11,000 sq. m) will be 81% less than the values of the peak year of 2014.
“In recent years, it was district formats that opened, where the share of international brands is less than 5%, and the share of brands that have now suspended work tends to zero,” says Hakberdiyeva, noting that these shopping centers feel quite confident, and in 2022 no large-format malls are expected to open at all.
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