Fashion House group, the leading outlet developer and operator in the CEE and Russia, is showcasing its projects, including the second phase of Fashion House Outlet Centre Moscow and its new project in St Petersburg, during the international retail and real estate conference MAPIC 2015.
Russia remains the key market in Fashion House’s plans as the performance of Fashion House Outlet Centre Moscow as well as the customers’ interest in outlet shopping remains high. As reported by JLL, Moscow is ranked first on its Russia Retailer Presence Index, thanks to a high level of income, rising population, quality modern shopping centres and actively developing street retail supply. Customers are seeking the best value for money, turning to outlets for bargains and becoming frequent customers. Fashion House Outlet Centre in Moscow is experiencing over 30% growth in sales and footfall this year.
Fashion House Outlet Centre Moscow - Russia's first fully enclosed outlet centre - is the company’s leading project. Construction on the second phase of the scheme started in October 2015 and is scheduled to open on November 4 2016. It will add 4,500m² of GLA and will be home to over 30 new brands. The foundations are already completed, walls are ready in 60% of the development and the fitting of steel roof structure is about to begin. Total cost of construction is approx. €11m and investment will be fully financed using the company’s own equity.
The second scheme showcased at MAPIC is Fashion House Outlet Centre St Petersburg, located 20km south of St Petersburg city center, the property is being developed on approx. 30 acres. An important part of works on road access and utilities, including power and water systems’ connections, traffic lights and bus stops is completed. With a GLA of 20,260m², Fashion House Outlet Centre St Petersburg will be home to 120 store units and is expected to open in spring 2017. The total investment is estimated at €70m.
