Based on the results for the initial three months of 2024, the long-awaited opening of Kuzminki Mall (GLA=33,000 sq m) took place in Moscow, with two more facilities added to the Moscow area market: Atrium SC (GLA=7,400 sq m) in the town of Ramenskoye and Tsentralny SC (GLA=9,200 sq m) in the town of Dolgoprudny. The average vacancy rate went down by 2.4 p.p. in Q1 2024 relative to the end of the previous year to 7.6%.

In the midst of aggressive expansion of Russian fashion brands and the entry of new international players, the footfall is gradually rebounding at shopping centers. According to the Mall Index, in the first quarter of 2024 the footfall went up 1.5% year-on-year. Yet this indicator is still 7.2% behind the level of attendance for the same period of 2022. In parallel, retailers of various profiles continue their aggressive expansion on the market.