Footfall at Russian shopping malls drops 30 percent, says developer

MOSCOW, Russia: The son of one of Russia’s most prominent property developers has been quoted as saying that Russian shopping malls have lost up to 30 percent of their footfall and “de-energized,” after the exodus of Western brands following Russia’s invasion of Ukraine on 24th February.

RBC media reported that Emin Agalarov, pop star and first vice president at the Crocus Group, founded by his billionaire father Aras Agalarov, said the loss of key tenants could spell the end for shopping malls in the country.

In one of the most high-profile examples of a Western brand exiting, McDonald’s restaurants has closed and reopened under a new brand nationwide.

Many retailers have similarly left, resulting in Russians having fewer stores to choose from at shopping centers and in Moscow’s central luxury district.

Disclaimer: This report is automatically generated from worldwide news services. NTN is not responsible for its content and does not moderate it.

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