Moscow and the Moscow region are the leaders in space development
Based on the results of the first half of 2024 , 3 new shopping centres of modern quality were opened in Moscow : the project of Mall Management Group company Kuzminki Mall ( 33,000 sq . m GLA ) and 2 projects of ADG Group company on reconstruction of the capital ’ s cinemas , namely Orion ( 19,823 sq . m GLA ) and Praga ( 6,289 sq . m GLA ). The major part of the planned facilities ’ opening was postponed to the second half of 2024 . Nevertheless , the extent of new supply in January — June ( 59,112 sq . m . GLA ) became the maximum for the same period of time during the last 3 years , according to the report of the company “ Magazin Magazinov ”.
A total of 16 more modern-level shopping centres with a total usable area of 235,000 sq m are expected to be opened in Moscow by the end of 2024 . These include a shopping centre within Seligerskaya transit hub ( 60,000 sq m GLA ), a shopping centre within BOTANICA mixed-use complex ( 26,000 sq m GLA ), West Mall ( 16,000 sq m GLA ), Afimall Tverskaya ( 15,000 sq m GLA ), 7 district shopping centres of ADG Group ( Vityaz , Patriot , Pervomaysky , Baku , Planeta , Solntsevo , Almaz ), as well as a number of other facilities .
In case of implementation of all announced plans , the amount of new supply in Moscow will become the peak for 3 years . The experts of the company believe that the final figure will be 130,000-170,000 sq m GLA , which is fully in line with the expectations voiced at the beginning of the year .
Vacancies are becoming scarce
n the first half of 2024 , the trend that emerged in the middle of last year continued : the vacancy rate in Moscow shopping centres continued to decline and eventually reached 9 %. The dynamics of vacancy rate is positively influenced by relatively low level of new supply and gradual opening of new shops of Russian brands .
The vacancy rate achieved by the middle of this year is similar to the rate in 2021 ( which is certainly better than 2022-2023 ), but still significantly higher than the normal rates recorded back in the pre-Covid time period ( 5-6 % in 2017-2019 ).
With regard to the near future , the experts of “ Magazin Magazinov ” predict the continuation of the existing trend — the vacancy rate in Moscow shopping centres may continue its gradual decline ( by another 1-2 % by the end of 2024 ).
Russia is not in a hurry to get the capital
At the end of the first half of 2024 in Russia ( including Moscow ), eight shopping centres with a total usable area of 126,390 square metres were opened . This is more than twice as much as in January – June last year ( but still much less than in the period up to 2022 ).
The share of Moscow in the total volume of new supply in the first half of 2024 reached 47 %, which is the maximum value since 2021 ( when considering data for January – June ).
Excluding Moscow , five modernquality shopping centres with a total usable area of 67,278 square metres were opened in Russia . The largest facility was Lyubimovo shopping centre in Krasnodar ( 28,200 square metres GLA ).
Throughout Russia , more than 500,000 square metres of GLA is expected to be opened in modern shopping centres by the end of the year . The prediction for the total result in 2024 is approximately 230,000 – 280,000 square metres of
GLA .
What about consumer demand ?
Experts still expect the annual dynamics of customer demand to slow down before the end of the year due to the segment of nonfood products . The partial growth in demand for durable goods over the past 12 months , together with the price out of the psychologically comfortable range , determines a decrease in further dynamics of
Shopping centres planned to be opened in Moscow in 2024
Seligerskaya transit hub
58 000
Kuzminki Mall 33 000 Botanica Mall 25 578 Orion 19 823 ZUM 19 500 West Mall 15 830 Afi mall Tverskaya 14 700 Chkalov 12 350 Vityaz 11 945 Patriot 11 551 Pervomaysky 10 933 Liner 10 500 Baku 9494
Prokshino mixed-use complex
9000
Praga 6289 Planeta 4732 Solntsevo 4677 Almaz 3878
demand for such goods in the coming months .
At the same time , we should expect long-term price growth for a wide range of goods , taking into account the limited ability of retailers to transfer the increase in costs to the consumer ’ s receipt without losing revenue . Meanwhile , this process will stimulate further development of the trend towards fragmentation of consumer groups . Taken together , this will put additional pressure on the operational efficiency of the business and require a creative approach to reallocating costs and growth focus .
Resource : Magazine Magazinov
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