According to the consulting company Knight Frank, the vacancy of retail space on the Garden Ring by the end of the first half of 2017 will reach a record value of 20,3% (27 thousand out of 129 thousand sq. M.), RBC reports.
The renovation of the city and the reduction of parking spaces under the My Street program led to the closure of a large number of shops on the Garden Ring. Tenants refuse to renew their contracts and close stores.
According to Knight Frank, about 5,5% of street retail space on the main shopping corridors (Tverskaya Street and quarters in the Moscow Boulevard Ring) is currently empty in Moscow against 6,2% in mid-2016. The number of closed stores has grown by 2017% since March 50.
On the Garden Ring, the shops of Bahetle, Good Enough, Beverly Hills Diner, Abitar Interior, The ABC of Taste, Moscow Jewelry Factory, Near Gorki, LinLine, Book House were closed.
The situation will change no earlier than in one or two years, when the reconstruction of the Garden Ring comes to an end.