According to Nikoliers, the vacancy rate in street retail in the five main shopping corridors of St. Petersburg continues to decline: by the end of September 2023 it averaged 4,4%, which is 0,5 percentage points lower than the previous quarter. This is the minimum vacancy rate since the beginning of 2019, when the share of vacant premises in street retail on the central streets of the Northern capital was 5,6%.
A decrease in vacancy from July to September 2023 was observed on almost all major retail corridors: on Bolshaya Konyushennaya Street - up to 2,9%, on Nevsky Prospect - up to 3,8%, on Staro-Nevsky Prospect - up to 5,7%. A slight increase in the vacancy rate - by 0,8 percentage points, to 4,3% - was recorded on Bolshoi Avenue P.S.
Thanks to the stabilization of the situation in the retail market, the level of rotation of tenants of premises on the main retail corridors amounted to 10,2% since the beginning of the year and 2,4% over the past quarter. In total, in the first nine months of 2023, there were 71 openings on five city streets, compared with 100 in the same period last year. Only 62 establishments closed this year, compared with 77 closures the year before. Rubinshteina Street became the only corridor where closures occurred more often than openings - 13 new points versus 12 gone.