10.0%Moscow shopping-centre vacancy
5.3%St Petersburg shopping-centre vacancy
New supply over nine months
Moscow added six retail properties totalling 87,000 sq m during January–September 2026. Two St Petersburg openings contributed a further 16,000 sq m.
Retailers review their networks
Vacancy increased as operators reconsidered underperforming locations. Moderate construction volumes and the expansion of stronger businesses are limiting the pace of that increase.
Concept and execution matter
The review describes a more cautious approach among developers, retailers and consumers. Location, audience understanding, the quality of the concept and the operating model receive greater attention as participants reassess expansion plans.