Commissioning of shopping centers for the last two years turned out to be record low. In 2024-2025 the growth of construction activity will also be insignificant. In H1 2024, new supply in Russia’s regions, excluding the Moscow area and St. Petersburg agglomeration, amounted to 76,700 sq m with four new facilities hitting the market, which is 2.5 times more than a year earlier for the same period.

In the meantime, there has been a surge in the activity of Russian retailers, especially in the fashion segment. Operators are ramping up the pace of their expansion, opening a large number of new stores, widening their geographic span and entering new niches.