The trend of declining vacancy rates on the central streets of St. Petersburg continues. As of June 2023, the vacancy rate in almost all major retail streets and routes has fallen below 5%, reaching the pre-pandemic levels of 2019. In the midst of low vacancy rates, the number of new openings by way of rotation is on the rise.
Expansion of Russian players continues on the street retail market, with 15 out of 19 new fashion shops opened by domestic retailers, including Gloria Jeans, 2MOOD, Econika, Pompa and Griol. New international brands are also entering the market – Santoni, Iro, Tara Jarmon and Maag.
The space vacated after the exodus of inter-national brands is in highest demand among Russian fashion retailers due to the fact that it is the spaces in most interesting locations.
Given the money-saving behavior of the population, restaurateurs are primarily developing chain and democratic segments (fast casual and fast food); on the other hand, they are launching projects with unique concepts in carefully selected locations.