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0Vacancy Rates High in Moscow’s Major Shopping Streets
- New Europe Investor
- March 08, 2016
Jones Land LeSalle (JLL) have stated in a report that one in eight premises in Moscow’s best shopping streets are vacant due to economic troubles in Russia hitting the retail sector.
The report stated that a 12.5% vacancy rate exists in Moscow’s primary shopping streets. Rents for Moscow’s most expensive street, Stoleshikov Perulok are now being offered at about a fifth of what they were before the crisis began.
Real incomes in Russia have fallen by 9.5% since the beginning of 2015, with retail trade being hit particularly badly. The fall in retail figures year on year has not been seen in the country since 1970.
The report states that certain sectors remain robust, with the cafe and restaurant trade in the capital not experiencing the same affects as the upmarket retail sector. Restaurants and coffee shops make up 30% of Moscow’s city centre premises.
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