Vacancy in St. Petersburg shopping centers may reach 13% by the end of the year
12.12.2022 3052

Vacancy in St. Petersburg shopping centers may reach 13% by the end of the year

According to experts from NF Group in St. Petersburg (ex-Knight Frank St. Petersburg), by the beginning of December, the share of vacant space in key shopping centers in St. Petersburg reached a record 12,6%, having increased by 11 percentage points over 10,7 months. By the end of the year, due to the departure of a number of foreign brands, the vacancy rate may be 13%, and in 2023 - 15%.

For comparison, in December 2021, against the background of pandemic restrictions and a drop in attendance, the vacancy rate in the shopping center was 4,3%. By the end of the year, there is high uncertainty for a number of major international players. The level of vacancy in shopping centers will depend on their decision regarding the continued existence of business in Russia. If these players decide to leave Russia in 2023, the share of free space will be about 15%.

A large amount of free space in shopping centers affects traffic. Thus, in large-format retail facilities, by the end of the year, traffic may be 30% lower than in 2021, and 40% lower than in pre-pandemic 2019. The most resistant to external challenges are small-format shopping centers and facilities located in the city center, as well as in densely populated residential areas.

The NF Group report also notes activity in opening new retail outlets by shoe retailers. Among the most active brands are Rieker, Kari and Mascotte.

 

According to experts from NF Group in St. Petersburg (ex-Knight Frank St. Petersburg), by the beginning of December, the share of vacant space in key shopping centers in St. Petersburg reached a record…
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