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New Format Department Stores Will Take the Place of Defunct Brands in the Mall | Rusbase

Date: October 2, 2022 Time: 19:42:29

Within two years, department stores of a new format will open in place of some brands that are no longer there. They will sell different brands. Telegraph plans to open eight department stores, Slava – 20.

The places of disappeared brands in the shopping center will be occupied by new-format department stores

karina pardaeva

Telegraph will open in Moscow at Outlet Novaya Riga instead of a Nike store, and in the Sofia shopping center, instead of H&M. The department store of the Slava network will open in the Ambar shopping center in Samara instead of Bershka, Izvestia writes.

Telegraph founder Nikolai Konstantinov said they receive up to four requests a week. Interest in this format is noted at the company in Moscow, Krasnodar, Sochi, Yekaterinburg, Voronezh and other Russian cities.

The demand for the opening of department stores is associated with a greater amount of free space in the shopping center, which left foreign brands. Multi-brand department stores are suitable for large surfaces.

Knight Frank predicted that Russian shopping malls could lose 30-70% of revenue if most foreign brands are pulled out altogether. There will be nothing to replace them, even friendly country brands and local brands will not save the day.

In Moscow, in the first quarter of 2022, rental rates in shopping centers decreased by 5%. By the end of the year, space owners stand to lose up to 35% of renters and 30% of annual revenue.

In May, owners of shopping centers in Russia were allowed to prematurely terminate contracts with tenants on the list of so-called “unfriendly” countries. Russian businessmen incur huge losses due to the special terms of the contract.

Cover photo: Unsplash

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Source: rb.ru

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