Soho
Landlords switched to rubles
18.07.2014 4144

Landlords switched to rubles

Since the beginning of this year, an increasing number of retail property owners in Moscow began to set rental rates for their premises in rubles, not being tied directly to the dollar exchange rate. This is also true for street retail format premises.

Today in the capital market no more than 25% of lease agreements are concluded in rubles, about 50% of agreements are concluded in foreign currency, but the owner and tenant fix the upper and lower boundaries of the "currency band". In the regions, about 70-80% of lease agreements for retail space are concluded in rubles, and rates have been initially displayed in national currency for a long time.

“The transition to ruble settlements is primarily beneficial for retail real estate tenants, since they receive their proceeds in rubles, and with a sharp fluctuation in the dollar exchange rate, they cannot quickly raise prices in order to pay off the automatically increased dollar rent,” says Anton Belykh, Managing Partner of DNA Realty ... Therefore, tenants have always insisted on ruble contracts, but in times of over-supply demand, persuading owners to switch from a relatively stable dollar to an unstable ruble was extremely difficult. Now, due to a decrease in demand and an increase in the volume of supply on the market, tenants are increasingly able to achieve at least a narrow “currency corridor” or even conclude a lease agreement in rubles ”.

According to the expert, now operators are already appearing on the market who, in principle, do not sign dollar lease agreements, and owners are forced to listen to such market wishes. Unless, of course, we are talking about top-end shopping centers or premises near the metro, where landlords can still dictate their terms to tenants.

Since the beginning of this year, an increasing number of retail property owners in Moscow began to set rental rates for their premises in rubles, not being tied directly to the dollar exchange rate. It…
5
1
Rating

Latest News

Salvatore Ferragamo changed the logo

The Italian luxury shoe and accessories brand Salvatore Ferragamo, following the latest trend of high fashion houses, has shortened its name, leaving only the name of its founder in the logo…
23.09.2022 199

Geox presented a new collection at Milan Fashion Week

The Italian brand Geox, known for its technological "breathable shoes", continues to develop and strengthen the direction of elegant shoes in design. In the women's collection of the spring-summer 2023 season, which was presented at Milan Fashion Week,…
23.09.2022 198

The largest department store of Russian designers SLAVA will open in Samara

The SLAVA department store will open in Samara on September 24 and will occupy the premises of the Bershka store, a brand that has stopped trading in Russia. On an area of ​​1 sq. meters, collections of fashionable Russian brands from different regions will be presented ...
22.09.2022 292

ECCO opened a pop-up store in Tsvetnoy department store

The new pop-up space of the Danish shoe brand ECCO in the Moscow department store Tsvetnoy presents a collection of bags and accessories Ecco Leather Goods. The pop-up shop will be open until 5…
21.09.2022 222

Prada buys stake in Tuscan tannery Superior

Italian luxury holding Prada Group has announced the acquisition of a 43,65% stake in the Tuscan tannery Superior, which specializes in the processing of calfleather. The transaction amount is...
21.09.2022 388
When you sign up, you will receive weekly news and articles about the shoe business on your e-mail.

To the beginning