St. Petersburg, 27 March 2023. In April 2022 through March 2023, St. Petersburg five major thoroughfares, including Nevsky Prospekt, Staro-Nevskit Prospekt. Bolshaya Konyushennaya, Rubinshteyna and Bolshoi Prospekt, saw 108 retail openings, with 30 new clothing stores and 46 new restaurants. While the total number is smaller than in 2021, when 126 openings were registered, it’s notable that the number of closures over the last twelve months also went down to 93 from 115 in 2021.

The growth was mostly driven by clothing and footwear retailers, represented primarily by local brands such as Gloria Jeans, Econica, GRIOL, 2MOOD, Pompa and Kangaroo. Moreover, in January – March 2023, there were two newcomer Russian brands establishing their first foothold on the city’s key thoroughfares – Oxouno (replacing B&C for juniour) and NN2sisters. Meanwhile, the total number of retailers, positioned as temporarily out of business, has reduced to seven brands, including Prada, Zara, Brunello Cucinelli, Dior/Bvlgari, Luis Vuitton, Fendi and Chanel.

Nikoliers data show vacancy rates along the key shopping thoroughfares had fallen to 5.6% by the end of the first quarter 2023 from 10.2% in the same period 2022. The lowest vacancy of 1.3% is registered in Rubinshteyna Street, with the only vacant venue being the one formerly occupied by RS 20 restaurant.    

As the Russian retailers were actively taking over the spaces vacated by international brands, supply of top quality venues in premium locations has shrank dramatically by the end of March 2023. Thus, Gloria Jeans is going to open a branded store in Dom Mod shopping gallery in Petrogradsky District taking over the spaces from the former tenant – Uniqlo.

However, some international brands apparently continue to be interested in St. Petersburg’s street-level retail format. Thus, the Swiss trademark Gresso is planning to open an eyewear boutique in Bolshaya Konyushennaya St. 13, replacing a Tourbillon watches outlet.