According to Colliers International, an international consulting company, over the past 12 months, every seventh premise on the central trading corridors of St. Petersburg has changed its tenant. This trend was mainly formed by catering establishments, which optimized their chains, and fashion-operators. The rotation in the street retail market took place mainly within the same location or within the same segment.
Over the past year, active rotation was observed on the main shopping streets of St. Petersburg: from the end of March last year, 15% of the premises, that is, every seventh, was replaced by a tenant. Retailers were in search of better trading corridors and premises, more favorable commercial conditions. The structure of tenant profiles on the main trade corridors of the city has not changed. According to the results of the first quarter of 2017, most of the premises are still occupied by public catering establishments (28%) and clothing, footwear and accessories stores (25%).
Due to the closure of a number of chain catering establishments of the middle and affordable price segment, as well as some small non-chain stores, the vacancy in the main trading corridors of the city increased by 1,5 percentage points over the past three months and amounted to 4,9%. The main increase in vacant space was observed on Vladimirsky, Nevsky and Liteiny Avenues. Until the end of the year, vacancy in the main shopping streets may drop to 3-3,5% due to filling the premises with souvenir shops, flower and gift shops, as well as federal drogerie chains, grocery supermarkets and pharmacies. “If last year retailers were cautious and developed point-wise, now they are setting themselves more ambitious plans. For example, such networks as “Smile of the Rainbow”, “Girlfriend”, the pharmacy “Ozerki”, and “Pharmacy Doctor” announced the expansion of their presence in St. Petersburg, ”notes Alexander Prosenkov.
Tenant profiles on the main shopping streets of St. Petersburg, I sq. 2017
Vacancy on the main trading corridors of St. Petersburg
Colliers International Group Inc. - A world leader in commercial real estate, with more than 15 000 employees working in 68 countries around the world. Colliers International specialists provide a full range of professional consulting and agent services to tenants, commercial property owners and investors around the world. Services include brokerage, global solutions for corporate clients, investment sales and capital markets, project management and effective workspace planning, real estate and asset management, consulting, valuation, as well as individual research for clients and specialized market research. For several consecutive years, Colliers International has been part of 12 for the best outsourcing companies of the International Association of Outsourcing Professionals Global Outsourcing, which is a unique case in the market of consulting services in real estate.
Colliers International’s activities in Russia began in the 1994 year; today more than 250 employees work in the company’s offices in Moscow and St. Petersburg.