According to Knight Frank Russia There are more shops of foreign retailers temporarily stopped working in Russia on the pedestrian streets of the capital, 11,9% of the total space in this corridor. This is explained by the fact that a greater number of luxury boutiques of foreign brands are concentrated in the pedestrian zones of the capital, writes Sekret Firmy.
Among the empty retail space, 68% is for clothing and footwear stores, about 19,5% for public catering, 4,8% of the space was occupied by accessories and 3,7% by jewelry.
“Most often, closures are temporary due to the external situation and logistical difficulties. In general, most companies, including luxury operators, are now considering new supply options and are waiting for the right moment to return,” Knight Frank Russia commented.
According to experts, in the first half of 2022, the share of vacant premises of street retail in Moscow amounted to 15,7%. Over six months, it increased by 0,7 p.p., while compared to the first half of 2021, the indicator decreased by 1 p.p. Before the start of the pandemic, 9% of retail space in Moscow was empty.
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