These shopping malls are one of the most attractive retail destinations in Moscow as their concepts include strong anchor tenants, developed entertainment component and a wide set of international and Russian brands. Each of these shopping centres has impressive footfall, which might exceed 70,000-80,000 visitors on weekdays and 100,000-150,000 visitors on weekends.
Chain of shopping and entertainment centres Mega is the shining example of large-scale schemes in Moscow, developed by international company IKEA. Their construction had started in 2002 with one new scheme turned into operation every 2 years. Other developers-Russian companies Tashir, Ten, Crocus Group–followed this successful example of large-scale shopping malls and started development of their own projects. Peak of this activity was registered in 2008-2010.
Five shopping malls were delivered to the Moscow market during that period. Each scheme had GLA of more than 100,000 m². Large-scale projects in Moscow are still in a focus. 43% of all schemes under construction stage belong to shopping malls of regional and super regional format. The most noticeable schemes include Avia Park (231,000 m²), Columbus (140,000 m²), Vegas Crocus City (111,000 m²), Zelenopark (100,000 m²). There are no such large schemes under construction in Europe (Turkey not included).
Assuming that all announced projects will be delivered on time, Moscow can reach European level of quality retail space penetration rate by 2016. Worsening macroeconomic conditions in Russia, as a result of both internal and external factors, is the only obstacle for this plan.
About CBRE
CBRE is the global leader in real estate services with approximately 34,000 employees in more than 300 offices worldwide (excluding affiliate and partner offices). CBRE Group, Inc. (NYSE:CBG) is headquartered in Los Angeles.
CBRE has been operating in Russia for already 18 years since 1994.
