In 2023, the street retail market continued its recovery. The share of vacant premises on key retail corridors of St. Petersburg dropped to 4.8%.

Catering operators, as well as representatives of the fashion industry, are ramping up their presence in the central locations. In 2023, a total of 40 catering establishments and 27 stores of the clothing and footwear category have opened their doors.

The trend for splitting large-sized premises into several units is on the rise. On the other hand, operators developing large formats are eyeing accommodation by way of merging of several premises.

With foreign brands limiting their presence in the Russian market and closing their stores, many tenants got a rare opportunity to move to more attractive premises in terms of location and quality.

Despite the dynamic expansion of national players, foreign brands are also keen on expanding their presence in the market. For example, two Turkish brands of home improvement goods – Karaca Home and Madame Coco – are already planning new openings in the historical centre in the street retail format.