Shoe retailers leave shopping centers

There is an excess of free spaces in the capital's shopping centers: now, on average, 6% of the space is empty in them, and in the objects that have opened over the past two years, 13% at all. First of all, tenants of small premises (up to 100 sq. M.), As well as clothing and footwear retailers, which account for 61% of all closed stores, come out of them. As in the 2008-2009 crisis of the year, shopping centers that entered the market in an unfavorable period require two to three times more time to attract their audience.

The gap in indicators between the shopping centers opened in different years is explained by the fact that crisis factors are added to the fundamental factors: the financial position of retailers, the flexibility of the lessor and its tariff policy, says Olesya Dzyuba, deputy head of the research department at JLL in Russia and the CIS. The occupancy rate of a shopping center is influenced by the moment of its launch on the market: during the global financial crisis of 2008-2009, a similar situation developed. "The high proportion of vacant space in the recently opened shopping centers is logical: the volume of commissioning in recent years has been high, and the macroeconomic situation has noticeably deteriorated. And those that opened more than two years ago have already been promoted and have developed a target audience, so they have less free space," - says Olesya Dziuba. In addition, the time of "promotion" and occupancy of shopping centers that opened during the crisis increases two to three times compared to shopping centers that entered the market at a more appropriate time - up to three to four years instead of one or two years in a favorable economic period.

According to the consulting company Magazin Magazin, 11% of the space in Moscow was empty in the first quarter, and by the end of the year this figure may rise to 14%. The share of empty or non-working stores at the time of opening of the shopping center, put into operation since the beginning of 2014, is on average 50%, the company calculated. So, in Columbus 94% of the area was empty, in the shopping center "Vesna" - 8%, and in the recently opened "Aviapark" - 65%.

Deteriorating occupancy rates for new properties are changing investor preferences, says Andrey Novikov, Managing Director of Capital Markets at CBRE. "The number of deals has decreased. When it comes to buying, investors are only considering existing properties with a stable cash flow," he says. The volume of investments in retail real estate in Moscow, according to Novikov, amounted to € 200 million over the past 16 months.

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