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27 january 2014

13 shopping centers were commissioned in Saint Petersburg in 2013

In Saint Petersburg 13 shopping centers with a total GLA of 284,7 thou. sq.m were commissioned during the reporting year setting a 7-year record in retail space delivery. Thus, the overall shopping centers supply reached 3,081.7 thou. sq.m. of gross leasable area.

Nevsky, Krasnoselsky and Frunzensky districts were the most active actors in delivering premises in 2013. Their share estimates to more than a half of the total commissioned leasable area. “Adamant” and “Fort Group”, the largest developers of shopping centers, delivered a total of five projects with the overall area of 175,6 thou. sq.m. (61.7 % of new supply).

Eleven projects (about 188 thou. sq.m. of retail premises) are announced to be commissioned in 2014. If all announced projects are fully delivered, gross leasable area of shopping centers in Saint Petersburg will increase by 6.1 % and will be estimated at 3,270 thou. sq.m. Following new deliveries, retail space rate will reach 644 sq.m. per 1,000 population.

Shopping complexes, such as “Europolis” and “Fashion House Outlet”, are among the most notable projects of the next year. According to architectural concept developed by “Chapman Taylor”, the former will unite images of four European cities in one place. “Fashion House Outlet” will be the first project of “outlet” format in Saint Petersburg. The developer operates several “outlets” in Moscow, Poland and Romania.

Due to high rate of new projects introduction during the last several years, the market came to saturation. This problem became especially important in high-ly competitive segment of regional and superregional shopping centers. As a result, developers key task now is to find a unique characteristic which will be able to attract customers and increase their loyalty to the project.

The full "Retail market review: the results of 2013, St. Petersburg" is available in "Market research" section.

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