Despite the intensification of construction activity and the growth of new space commissioning, the supply of vacant space in SCs is shrinking amid the aggressive expansion of federal retailers. Based on the results of H1 2024, seven shopping centers with a gross leasable area of 99,600 sq m were opened in Moscow and its satellite cities.
Foreign brands keep on entering the market, even though the breakdown of new retailers by their country of origin is undergoing marked changes.
Given the shortage of space supply in retail facilities and growing commissioning of residential projects, retailers are increasingly often consider placement in street retail facilities on the lower floors of new housing estates. From 2010 and to the end of 2024 this kind of space commissioning will reach almost 2 million sq m (about 30% of the existing SC stock. However, this format is not suitable for all tenants.
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