Yekaterinburg has more trade centers than Moscow or Saint Petersburg

24 October 2007 (07:59)

According to a recent real estate market research, there are 18 trade centers in Yekaterinburg at the moment; their total area comes to 553,000 square meters. Two-thirds of malls can be classed as good quality ones. Corteo Fashion Mall, Pokrovskiy Passage, MEGA, Carnival Trade Center, Greenwich, Park House, and Hermes Plaza malls are generally regarded as the most professional shopping centers.

The city now has more trade centers than Moscow and Saint Petersburg (224 square meters per 1,000 dwellers against 180 square meters in Moscow and 154 square meters in Saint Petersburg), while the local population is seen as a very active group of consumers.

On average, a tenant has to pay $626 per square meter of a store every year (VAT included). Some very popular malls might cost up to $1,500-$3,000 a year. The profitability rate comes to 9.5% to 10.5% a year, which is the same as the Russian average. In the meantime, this figure only comes to 7% to 8% a year in Moscow.

The total shopping area of the city doubled in 2006, and seven new projects will be implemented in 2007 and 2008; this means additional 500,000-600,000 square meters of trade centers.

This information was presented in a report drawn up by Cushman & Wakefield Stiles & Riabokobylko.

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