Yekaterinburg: up to 8% of floor space might get vacant

25 August 2015 (13:12)

August 25, 2015. Up to 8% of Yekaterinburg’s shopping space might become vacant by the end of the year, Ural Chamber of Real Estate reports.

It is reported that the amount of currently unused shopping space has gone up from 2% to 4.2% over the last year. For one, Gulliver Kinder in Vostochny Mall, Poltinnik Furniture and Corporation Center (a white goods store) in Antey Shopping Club, StroyArsenal Hypermarket in Wow House Mall, Corporation Center in Kirovsky Lux Mall, Eldorado in Fan Fan, and Snow Queen in Karnaval Mall all closed down in the last twelve months.

Given this dropping demand, the shopping malls’ management have to find new ways of retaining their existing tenants and find new ones. They have agreed to a fixed currency exchange rate in most rental contract, for example, or the tenants just pay them in ruble equivalents. Also, they are now accepting a minimum flat fee plus a certain percentage of a tenant company’s turnover rather than a larger fixed monthly payment.

Other materials on the topic::