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Street retail market 2021 results

29 November 2021, 11:42
Analysts of Maris| Part of the CBRE Affiliate Network have summed up the results of 2021 in the St.Petersburg's street - retail segment.

According to Maris experts’ opinion, following the results of the outgoing year a steady reduction trend in case of the volume of vacant space has formed on the market. The negative dynamics of vacancies was demonstrated by almost all the central trade corridors of the city. The exceptions were zones 6-7 lines of V.O. (+1.3p.p.) and Liteiny prospekt (+0,6 p.p.) Only the shopping area of Bolshoy prospekt PS returned to the pre-pandemic level of vacant space.

The post-pandemic reality has formed a distinct trend of seasonal demand in the St.Petersburg street retail market: an increase in the volume of vacant space has appeared in shopping areas focused on the tourist flow during the low tourist season.

The average vacancy rate in the main central trade corridors of the city by the end of 2021 was 9.5% (–1.5 p.p. by 2020).

The predominant share in the tenant structure of the central shopping area of the city is occupied by trade companies – 47% (+1.8 the end 2020). The second largest - catering, the share of which increased slightly by the end of the year by 33% (+0.7 p.p by December 2020)

This year, the trend of reducing the number of service sector enterprises has been in continue (-0.7 percentage points by 2020). At the end of the year, the share of service sector enterprises was only 9% of residents of the central trade corridors of the city.

Overall, the market situation was more stable than in 2020. By the end of 2021, the market reached a positive balance: the number of openings exceeded the number of closed companies  by 13%. Only the service sector has not recovered: the number of representatives is rapidly declining in the central trade corridors of the city.

In 2021 the decrease in the volume of vacant space was mainly due to the growth in the number of catering establishments, grocery stores and alcohol markets. The permanent leader in the number of new catering companies is Nevsky Prospekt (+24 new). A significant number of new caterings have opened on Vosstaniya Street. (+14).

In terms of the number of grocery stores and new alcohol markets, the central shopping street of the city – Nevsky Prospect – also took first place. Fifteen new points have appeared there in a year. The main driver of growth were confectionery stores - more than half of new openings.

This year, the Bolshoy Prospekt P.S  fashion-zone has strengthened its position whith attraction of  ten new residents. In this rating Nevsky Prospect took the second place with a result of 9 new fashion-points. The Bolshaya Konyushennaya Street area continues to attract new fashion-operators, despite the decline in the in the interest of this segment in the location in the last few years: by the end of the year  + 4 fashion-operators.

In 2021, there were no significant structural changes in the profile of residents of the central trade corridors of the city.

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