The amount of commissioned quality retail space in Russia at the end of H1 2023, including Moscow and St. Petersburg, stood at 77,200 sq m. Compared to the previous year, the space commissioned in Russia’s regions has halved year-on-year.
The expansion of Russian retailers is quite aggressive. Many of them focus on the widening of their assortment matrix and leasing most interesting vacant premises in key locations. In addition to Russian retailers, new foreign players keep entering the market. Twenty three out of the 66 foreign brands that have announced their intention to enter Russia since the beginning of 2022, have already opened their points of sale to customers.
After a long period of austerity, throughout the previous year the consumer’s need for emotional replacement spending has become more evident. As a result, the role of marketing and commercial management of retail facilities has grown, as shopping malls are no longer just places to shop, but also event centers with a comfortable environment on offer.