In St. Petersburg, the share of vacant retail space has increased on Staro-Nevsky
According to the consulting company NF Group, at the end of the first quarter of 2024, 6% of the space on the main street of St. Petersburg, Nevsky Prospekt, remains vacant. At the same time, on Staro-Nevsky Prospekt, which is one of the city’s key fashion corridors, this figure is 13%.
Since the beginning of 2024, nine stores have closed on Staro-Nevsky Prospekt, which exceeded the number of openings three times and led to an increase in the share of vacant space by 4,9 percentage points, to 13%, notes the NF Group report. The closures include Fendi, Salvatore Ferragamo, Dior boutiques, New Balance and Bootwood (Timberland) stores.
Stores of luxury brands Brunello Cucinelli, Comme des Garcons, and Chanel remain temporarily closed.
However, the sites of other international brands have already been occupied by Russian and European retailers: Radical Chic (Nevsky Prospect, 129), Ketroy (Nevsky Prospect, 150), Babochka Concept Store (Nevsky Prospect, 152) , in April the following stores are expected to open: “House of Porcelain” (Nevsky Prospect, 113/4) and Le Journal Intime (Nevsky Prospect, 150).
From January to March, clothing, footwear and accessories stores (44%), cafes and restaurants (19%), and tobacco stores (12%) were most often opened on Nevsky Prospekt. The following stores have opened in the fashion category: Norppa (Nevsky Prospect, 29–31), Borsetta (Nevsky Prospect, 29–31), Footbox (Nevsky Prospect, 29–31) and Bat Norton (Nevsky Prospekt, 77).
The largest share of closures is among fashion retailers - 41%, which is due to the vacancy of premises by foreign brands on Staro-Nevsky, as well as the relocation of some stores from the central shopping street to neighboring ones. For example, the Nikita Efremov store moved to Bolshaya Konyushennaya Street, the Linorusso boutique moved to Marata Street, and the relocation of the Stock Outlet discount store was announced.
The increase in the share of vacant space on Staro-Nevsky Prospekt is also due to the closure of a number of grocery stores.
“The share of vacant retail outlets that we see at the end of March is a temporary phenomenon,” says Anna Lapchenko, head of the retail real estate department of the consulting company NF Group in St. Petersburg. - According to our forecasts, by summer most of the sites will be occupied by new tenants. Already now, Staro-Nevsky Prospekt is witnessing many openings, covering not only the usual fashion segment, but also new categories, for example, “household goods,” which indicates a new vector of development of the street towards a multi-format premium assortment.”
According to the consulting company NF Group, at the end of the first quarter of 2024, 6% of the space on the main street of St. Petersburg, Nevsky Prospekt, remains vacant. At the same time, on Staro-Nevsky...
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