World Cup will affect St. Petersburg street retail St. Petersburg. Big Avenue of the Petrograd Side
09.04.2018 1945

World Cup will affect St. Petersburg street retail

Colliers International predicts a decrease in the vacancy rate in the central corridors and pedestrian streets of St. Petersburg in the second quarter of 2018 in connection with the World Cup.

“The reduction in vacancy will occur primarily due to the most popular tourist locations. A surge in demand for street retail premises may lead to a short-term increase in rental rates up to 10-20%, ”experts say.

According to the consulting company Colliers International, the rotation of tenants in the key shopping corridors of St. Petersburg in the period from March 2017 to March 2018 amounted to 14,2% - this is every seventh store. According to Veronika Lezhneva, Director of Research at Colliers International Russia, during the year the central streets of St. Petersburg mostly left the middle segment clothing and footwear stores, moving to shopping centers and bank branches. Their places were taken by catering establishments, grocery and souvenir shops. The highest level of annual rotation was demonstrated by such city highways as Bolshoy Prospekt of the Petrogradskaya Side (14%) and Staro-Nevsky Prospekt (18%).

In the second quarter of 2, the FIFA World Cup will have a noticeable impact on the St. Petersburg street retail market. The largest growth in income during the competition period occurs in such areas of the consumer market as fast food, takeaway food, bars, cafes, alcoholic and soft drinks, as well as souvenirs associated with the host country of the tournament. Representatives of these areas will be most active on the eve of the championship. Against the background of the traditional opening of summer verandas, the demand from catering will grow by about 2018%, and the share of catering in the structure of tenants will increase to 10-31% from the current 32%. 

Colliers International predicts a decrease in the vacancy rate in the central corridors and pedestrian streets of St. Petersburg in the second quarter of the 2018 year due to the World Cup ...
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