From January to December 2020, commissioning of shopping centers in Russia reached 604.1 thousand square meters of the gross leasable area. This represents a 30% decrease of the new supply year-over-year.
The Russian leader in terms of introducing a new supply in 2020 was the Moscow region: GLA 276.1 thousand sq. m, or 45.7% of the total volume commissioned. The Urals Federal District is ranked second, with GLA 68.7 thousand sq. m, or 11.4% of the total volume. The Volga Federal District is ranked third, with GLA 64 thousand sq. m, or 10.6% of the total new supply.
Total supply of such facilities operating in Russia amounts to 48.45 million square meters of gross building area, or 29.1 million square meters GLA. Excluding the retail objects of Moscow, the Moscow region and St. Petersburg, total supply of the facilities operating in other regions of Russia amounts to 27.90 million square meters of gross building area, or 17.43 million square meters GLA
The share of regional cities in the new supply (GLA) commissioned in 2021 reached 37.8%.
The average floor area of a new shopping center increased by 4.6% compared to the previous year and amounted to 22.8 thousand square meters GLA. However, it still remains in the range typical for a district-scale shopping center. This trend towards an increase in the average area is considered temporary: a few months after, half of the objects under construction with a scheduled opening date in 2021 are shopping centers of a micro-district and district formats.
The market supply of new or renovated shopping centers is a key factor shaping the demand for professional retail furniture, in short to medium terms, in Russia. We are tracking this indicator more closely within our extended Market Reports.