panels , glass surfaces that reflect the sky , as well as wood-like panels .
NF Group analysts believe that the areas of new commissioning will lead to a rethinking of the market , object formats and the creation of new concepts in existing shopping centers . The new look of a shopping center will resemble a multifunctional complex that combines various useful functions , while the excessive retail space will be partially optimized .
The market will be moved by small formats
According to the NF Group base case forecast , retail real estate market will continue to grow at the same speed as in 2022 . New plan for the end of 2023 in Moscow might be 176.6 thousand sq . m . Thus , the area of planned commissioning will be 42.8 % more than in 2022 — provided all projects will be open by the stated deadline . However , during the year , there is a possibility of adjusting the dates of entry of some new projects announced for opening in 2023 .
According to IBC Real Estate forecast , in 2023 , the commissioned area in Moscow may amount to 67 % of all announced projects or 115 thousand sq . m .
The situation with the development of Russian retailers and the entry of new players into the market is complicated
The new structure in Moscow will be formed in the regional format , the NF Group notes . Small-format shopping centers don ’ t take much time from customers , attract consumers with their small size , and the pool of tenants in them is focused on the functionality and price segmentation of the target group , rather than on the brand . Community centers have become in-demand and necessary for everyday projects with a clear target audience , but at the same time they are great for conceptual experiments .
“ In the next year , vacancy rate in shopping centers will peak , retailers are adapting and starting to occupy the vacant niches , however the process is slow . Consumers still follow the savings model , but over the past year they have accumulated a significant amount of money on hand . The formed potential of consumers is “ waiting ” for implementation , which will provide an impact on the segment , however , the possibility of its implementation depends on the duration of the period of absence of geopolitical changes ,” concluded the CEO of IBC Real Estate Alexey Efimov .
The interviewed experts also expect owners to provide discounts and more attractive terms for tenants . According to Ivan Tatarinov , the “ percentage of turnover ” scheme will be implemented more actively .
In 2023 , the processes for the transfer of business by foreign companies that have suspended their activities in the country will be completed , according to the NF Group . Many retailers will make a decision to reopen stores . The areas of brands that left can be occupied by international retailers that remained on the Russian market , and local , mainly chain players ( Gloria Jeans , Melon Fashion Group , “ Snow Queen ”, Lady & Gentleman City , Lime , etc .).
56 | SHOPPING CENTERS RUSSIA | МАЙ-ИЮНЬ 2023