According to the consulting company Colliers International, in the first quarter of 2022, the share of vacant premises in the main shopping corridors of St. Petersburg increased by 0,6 p.p. and amounted to 10,2%. At the end of March, 21 retail and catering outlets were temporarily closed on five key shopping streets in St. Petersburg, 11 closures were in fashion segment stores.
An increase in the vacancy rate was observed on Bolshaya Konyushennaya Street and Staro-Nevsky Prospekt (+2,7 p.p. and +2,1 p.p., respectively), while on Nevsky Prospekt, Bolshoy Prospekt P.S. and Rubinshtein street the indicator has not changed. Over the past three months, the rotation rate on the key shopping streets was 2,5%. The total number of new openings in the first quarter slightly yielded to the number of closures - 39 versus 42. The largest share in terms of the number of closed establishments was occupied by one of the most traditionally active segments in the rotation - "public catering" (38%) and "clothing and footwear" (26%) .
“According to our forecasts, tenant activity may decrease in the coming months. Inflation, the depreciation of the ruble, falling purchasing power and demand, the disruption of old supply chains and interruptions in the supply of equipment are serious obstacles to the opening of new stores and restaurants. Against this background, the vacancy rate in key trade corridors will continue to grow. However, along with the increase in exposure, there is also a window of opportunity for renting premises in prestigious locations for existing and new companies,” comments Yulia Kuznetsova, Deputy Director of the Retail Real Estate Department at Colliers International.
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