The Garden Ring Street in Moscow contains around 27,000 sqm of vacant street retail, according to the company Welhome. Across Moscow’s central district, estimates the company, there is around 50,000 sqm of empty space on the streets, or as much as 13 percent of the total. This figure is expected to rise, predict analysts, as international brands continue to focus on large shopping centers when making their debut on the Russian market. Rental rates now begin at RUB 25,000 per sqm per year in the cheapest buildings on Novy Arbat Street and up to RUB 250,000 per sqm per year in the most expensive locations on Stoleshnikov Lane. Welhome writes that tenants are mainly looking retail space located near the metro stations.
The most active tenants in the street retail are the grocery network Dixie, Perekrestok, Pyaterochka, and Kopeika, which are looking for space from 350 to 800 sqm. Stores of 80-250 sqm are sought by chains such as Izbenka, Myasnov, Otdohni and Perekrestok Express.
