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30.06.2008

Retail Sector, Moscow, 1 quarter 2008

Two shopping centers were opened in Ql (see Table 1) increasing the total supply by 114,000 sq. m. (gross leasable area (GLA) of about 49,000 sq. m,). At the beginning of Q2 2008, the total area of professionally developed shopping centers in Moscow was approximately 3,547,000 sq. m. (GLA more than 1,858,000 sq. m.), that in recalculation amounts to 177 sq. m. per 1,000 people. By the end of 2008, about 20 shopping centers (total area of more than 1,580,000 sq. m.) are expected to enter the market.

DEVELOPMENT OF RETAIL PROPERTY MARKET BEYOND THE MKAD

Lately, the interest of real estate developers and retailers towards the Moscow Region market has increased remarkably. This is due to the increased level of wellbeing of inhabitants working both in Moscow and at enterprises of dynamically developing economies of the Moscow Region (see Chart 2). In 2007, the average nominal wages in the Moscow Region exceeded average nominal wages All Russian by more than 20% even without taking into account the inhabitants of the Moscow Region working in Moscow (see Chart 1). In general, the following trend can be observed: the level of income increases the nearer one is to Moscow or other more economically developed cities. The above-mentioned increase of wellbeing promotes increased demand for the services of modern concept retail properties, and stimulates their development.

Economic Development of the Moscow region

Economic Development of the Moscow region

Nowadays, the most developed cities in the Moscow Region are towns neighboring Moscow (Khimki, Mytishchi, Krasnogorsk, Balashikha, Odintsovo, Lubertsy), industrial cities (Stupino, Ramenskoe) and science cities (Troitsk, Dubna, Chernogolovka). It is important to mention that the people living in cities close to Moscow are the target group of Moscow shopping centers. The presence of modern shopping centers in these cities induces the local population to use, first of all, their services, along with Moscow's objects. In such situations, the inhabitants of cities more removed from Moscow become regular customers of local shopping centers. Currently in the towns neighboring Moscow there are more than 20 modern shopping centers (see Table 3). But this fact does not characterize the market saturation since the market here is not an organic unit (not Moscow Region -a big city), but is segmented by the location of retail objects. Though, in some towns the supply level is rather high. For example, in the town of Mytishchi professional retail space equals 300 sq. m. per 1,000 people taking into consideration shopping centers located within the administrative border of the town. However, since some properties are targeted not only at the residents of the town, but also at the residents of Moscow (for example, shopping center XL III) the saturation rate of the local market requires additional analysis.

At the same time, modern retail real estate is still absent in many towns. This is, first of all, related to the most distant towns of the Moscow Region, which are comparatively poorer and less inhabited, than the nearest Moscow suburbs. The far reaches of the Moscow Region do not have such a uniform level of well-being as the Moscow suburbs. Among the towns located in the Moscow Region far from Moscow, two groups of towns stand out as having good prospects: science cities and industrial towns. Lately a trend of renewing these towns has emerged.

In the science cities the well-being of people is growing along with the construction of institutes, industrial parks, plants and new modern accommodation. For example, a target regional program titled Technology Town Dubna is being

Shopping centers Opened in 2008

Major Shopping Centers in the Pipeline for 2008

The Largest Operational Shopping Centers in the Moscow Region

realized in Dubna. One of the main goals of the program is to create a scientific and technological park. On die town territory there are profit tax exemptions for organizations producing high-tech products.

Along with science cities, cities like Stupino continue their steady development, characterized by industry rebirth and the construction of new plants. New well-paid jobs are being created and this leads to personal income growth as well as the growth of demand for concept shopping centers. Today manufacturing complexes of foreign companies (Mars, Campina, Knauf Insulation etc.), along with Russian companies (JSC Stupinskaya Metallurgical Company and Stupinskoe Machinery Construction Plant) are situated in Stupino and a Kimberly Clark plant is being constructed. Industrial growth makes a significant positive impact on the city's economy.

It is necessary to understand that target groups of modern concept shopping centers in those types of cities have a lower income than in Moscow. This needs to be taken into consideration while creating the concept and compiling the tenant mix. Retail market saturation in the Moscow Region, the economy and personal income growdi in die most distant of Moscow Region will lead to die replacement of markets and non-professional objects by modern shopping centers.

MAJOR EVENTS OF Ql 2008

- In January, as a result of a strategic partnership between the Sistema Hals and Apsys companies, die St Petersburg SC Leto (total area 108,000 sq. m.) was bought from the Russian owner, Sistema Hals, by die partnership itself.

- In February, two investment deals become known: die St. Petersburg LLC Balt-Klin-Komplect become die owner of Nizhny Novgorod's SC Shokolad (total area 26,000 sq. m.); Ermak Development sold SC Magnit in Moscow and Voronezh to the X5 Retail Group company; the developer of SC Altair (total area 55,000 sq. m.) in Yaroslavl announced its sale; and development company OST Group is going to sell 50% of SC Mosaika (total area 134,000 sq. m.). Morgan Stanley, Rodamco and TriGranit are announced among the potential buyers.

- On January 28, phase II of SC Semya was opened in Perm. The total area of shopping center is 43,000 sq. m.

- In February, it was announced diat two chains are entering die Russian market: the gifts and accessories chain Coach (in partnership with. Jamilco) and the clothing chain Van Graaf. The first Coach shop (total area 140 sq. m.) will be opened in SC Vremena Goda in April, and the second in SC Gum in autumn.

- In February, it became known that the chains Vester and Tehnosila are planning a joint investment in the construction of shopping centers in Russia's regions. According to the signed agreements the chains are co-financing the construction of four shopping centers in Kirov, Stavropol, Almetevsk and Bryansk (with total areas ranging from 35,000 to 40,000 sq. m.).

- In February, it was announced that the St. Petersburg development company Makromir had purchased sites in several of Russia's regions: Nizhny Novgorod Region, Perm, Krasnodar and Yekaterinburg. $196 million were invested in the project. Another $62.2 million was spent on purchasing the 3 sites in St. Petersburg.

- In February, the vice-president and co-owner of the Adamant Holding, Evgeniy Gurevich, acquired a controlling stake in the company owning the Korloff* and Boucheron chain of jewelry boutiques from the St. Petersburg Campanella Group. According to experts' estimations, the sum of the deal may amount to $3 million.

- IKEA is purchasing a 50 ha land plot in Mytischi area near the Chelobityevo village.

- In March, three investment deals became known: AFK Sistema became the sole owner of the Detsky Mir department store on Lubyanka Square in Moscow; the British investment fund London & Regional Properties completed the sale deal of two shopping centers, Solnechny Rai on Borovskoye Shosse (total area 11,700 sq. m.) and in Ramenskoye town (6,500 sq. m.), to Finnish investment company Sponda. Oriola-KD Company signed an acquisition agreement of 75% of LLC Vitim &. Co (managing the Stary Lekar pharmacy chain) and 75% of LLC Moron.

/ Source: Colliers international



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