There are central streets
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NEVSKY PERSPECTIVA
In August last year, according to the Economist Intelligence Unit, St. Petersburg was included in the list of the most comfortable megacities in the world. The Knight Frank St Petersburg confirms: in 2018, a large number of significant events took place, each of which had a significant impact on city life and the retail space market. The most striking and memorable was the FIFA World Cup, during which St. Petersburg was visited by more than 1 million tourists, which had an exceptional impact on the image and recognition of the city, the company is convinced.
Much attention in 2018 was paid to the development of the city's transport structure, within which two new metro stations were built and opened (Begovaya and Novokrestovskaya), two new bridges were commissioned (Betancourt and Yachtny) and the interchange at the intersection of Danube Avenue and Pulkovo highway. Since January 2018, the law on changing signage has also come into force. It is assumed that thanks to it, the quality of the urban environment in the historical center will improve, where signs of large formats and different styles will disappear. In addition, in 2018, changes were made to the procedure for obtaining permits for the installation of ventilation and advertising in residential buildings, as well as the transfer of residential premises to non-residential: now it is necessary to obtain the consent of all owners of the house.
According to Knight Frank St Petersburg, in 2018 in In St. Petersburg, 838 new retail outlets have started operating, which is 13% less than a year earlier. "In St. Petersburg, as in Moscow, catering is the leader in the structure of tenants on the main shopping streets: catering establishments occupy 29% of the premises, while the second-ranked fashion – only 16%, – is divided Vladislav Fadeev, Head of Research at JLL in St. Petersburg. The holding of the World Cup and the expected surge in tourist traffic also stimulated the opening of new establishments. Mainly cafes and restaurants in the central part of the city tried to open for the World Cup. Of course, when opening an institution for the Championship, the restaurateurs counted on a high flow of visitors. These plans were generally justified, and in some cases significantly exceeded expectations. However, we note that if the demolition of the summer terraces had not occurred, the revenue of many restaurants would have been even higher. Comparing the activity in street retail with the dynamics of previous years, we can say that about 10% of openings in the main trade corridors in the first half of 2018 were due to the 2018 World Cup factor.
As a result, in 2018, for the first time, the number of new cafes and restaurants exceeded the volume of closures throughout the year, while the last quarter of the year was also marked by the maximum number of closures since mid-2015. As expected, after the end of the FIFA World Cup, many establishments stopped working, but, thanks to the activity of new concepts atypical for the last quarter, even more catering facilities were opened than closed, JLL notes.
Among the new tenants of this profile in St. Petersburg is dominated by establishments of the lower price segment - small cafes, fast food and street food. "Launching such projects does not require large investments and does not carry significant risks, besides, they have lower requirements for premises," explains Vladislav Fadeev. "Recently, there have been a lot of startups that focus on the youth audience, often counting on hype in social networks." Bars (22%) became the predominant format of the opened establishments on the main restaurant streets, cafes (18%) took the second place, restaurants (12%) took the third place. The segment was actively replenished with new restaurants of Asian and pan-Asian cuisines. Among the major discoveries of the last year – ramen J. Ramen, sushi bar Crazy Sushi, Cafe Bao Mochi and cafe «Chinese Apartment of Bruce Lee», are listed in Knight Frank St. Petersburg. The coffee shop segment continued to develop: in the summer, the "True Coffee" chain came out, and at the end of 2018, the DOZA caf coffee shop chain appeared on the St. Petersburg market.
According to JLL, the share of vacant premises on the main shopping streets St. Petersburg for the 4th quarter decreased from 7.8% to 7.2%, while in general there was a slight increase of 0.5 percentage points over the year. It is worth noting that the share of unoccupied premises on Nevsky Prospekt reached the lowest value since 2014 of 3.3%, in primarily due to the filling of the premises on the segment Staro-Nevsky Prospekt, – informs Vladislav Fadeev. The beginning of the year is traditionally a period of demand formation on the eve of the spring-summer season, and it is too early to talk about the formation of any long-term trends. Certain changes related to the development of public catering are also continuing, especially bright events are taking place on Rubinstein Street, where for a number of reasons restaurateurs are forced to close relatively recently opened establishments. These reasons include both weather and seasonal factors, as well as the discontent of street residents with the inconveniences that bars and restaurants create.
According to the estimates of Knight Frank St Petersburg, the increase in rates on pedestrian streets St. Petersburg was 5%. On major peripheral highways of the city – 4%. A sharp increase in rates is observed in the location of Opticians/Tourist (16%), as well as on Avenue of Glory (16%), which is associated with the introduction of new metro stations. Also, the change in rates was associated with an increase in tenants' interest in the new location: for example, on Nekrasova Street, rates increased by 7%, by Kirochnoy – by 12%, on the street Uprisings by 8%.
As for the fashion segment, Knight Frank St. Petersburg notes, for example, the entry into the market St. Petersburg in 2018 Victoria's Secret, which began its work in February 2018 in the shopping center « Gallery». At the end of 2018, the opening of a premium accessories store TUMI at 57 Nevsky Prospekt (Hotel Corinthia) was also announced, and the watch brand Rolex opened its doors at Nevsky Prospekt, 150. Brand St-James, also located on Nevsky Prospekt, also debuted in 2018. At the same time, in 2018, from the market St. Petersburg gone shoe brand Obuv.com , household chemicals store «Alpari», home goods stores «Laverne House» and «K-Rauta, a repair shop Castorama, an electronics and home appliance store Media Markt, as well as a grocery chain "Net". "Of the key trends of 2018, it is also worth noting the emergence of new shopping clusters in the city center and in residential areas," shares Anna Lapchenko, Head of Retail real estate Department Knight Frank St Petersburg. Densely populated residential areas are favorable for the creation of new concepts aimed at a permanent target audience of residents of new buildings.
Author: Ekaterina Reutskaya
Photo: from free sources
