Fashion House Development secures St. Petersburg site (RU)

FASHION HOUSE Development (FHD) are taking the Outlet Centre offer into Russia and have their sights set on a number of locations. They have completed the acquisition of their site in Moscow they have just completed on their second site in St Petersburg.

Neil Thompson, CEO, FASHION HOUSE Development, explains: 'Currently Russia has no factory outlets and yet there is the potential for at least 20 based on population, brand awareness and potential spend. So far we have secured two locations with Moscow due to open in Nov 2011 and St. Petersburg in 2012 and we have a feasibility studies being carried out on a further 11 sites.'

The St. Petersburg site is located South-West of the city limits on a major highway intersection allowing easy access from all main routes and near the Pulkovo airport. It is 37,000 m² and will be home to 172 units, foodcourts, children's play area and 1200 car parking spaces. It has a catchment of over 4.2 million within a 90 minute drive time.

Neil adds: 'We partnered with GVA Sawyer Moscow to act as local project managers for our Moscow site and they also acted as a broker representing the land owner, Credor Management Company, on the St. Petersburg site.'

The Moscow site that has already been secured is North West of Moscow near the Sheremetyevo International airport on the main highway connecting Moscow and St. Petersburg. It is 39,000 m² and will be home to 193 units, 7 foodcourts, 2217 parking spaces and a children's play area all themed with Moscow classic and traditional architecture. It has a catchment of over 8.3 million within a 90 minute drive time and is due to open in November 2011.

He adds: 'This is a new and exciting marketplace that we feel is ready for the FASHION HOUSE branded Outlet offer. There is high brand awareness amongst consumers who have money to spend and extremely high demand from our current tenants wanting to move into this market.'

Source: GVA Grimley

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