Foot traffic in the capital cities rose as colder weather set in and as the amount of free space in shopping malls shrank, according to a recent report in Kommersant. The piece outlines how the shift in seasons is affecting consumer movement, with notable differences between Moscow and St. Petersburg as they head into autumn and early winter shopping patterns.
In October, Moscow shopping centers saw a dip in visitor numbers compared with the same month in 2022, while St. Petersburg experienced a smaller decline or a modest uptick depending on the measure used. Specifically, St. Petersburg reported a 6 percent increase in turnout year over year, whereas Moscow’s figures showed a 10 percent drop when matched with the prior year. The trend was more pronounced in large-format centers, those exceeding 40 thousand square meters, where turnout slowed in both cities but remained resilient in some cases. In Moscow, large centers recorded a 12 percent decrease, while St. Petersburg saw a more favorable 15 percent increase in visitor numbers. This divergence suggests that city-scale dynamics and the mix of tenants influence how shoppers respond to seasonal cues and the layout of retail space.
Industry experts cited by Kommersant attribute the uptick in foot traffic to the seasonal change and a growing intent among urban residents to refresh wardrobes ahead of the colder months. The apparel segment proves particularly lively: clothing stores drew about 26 percent more shoppers in Moscow and St. Petersburg compared with earlier periods, while St. Petersburg posted an 18 percent rise. The analysis notes that the easing of vacancies in shopping malls is partly driven by new store openings, including fashion retailers, which helps sustain consumer flow and maintain a vibrant retail environment. Looking forward, analysts anticipate vacancy rates to fall further, with a projected range of roughly 9 to 10 percent by year-end as more brands establish a presence in these markets.
Rent levels for retail space, however, are not expected to rise in the near term. The report highlights that the office real estate sector in both capitals mirrors this cautious outlook: demand remains moderate because available space has been shrinking, yet a gradual return of activity is evident as tenants re-enter the market. This pattern points to a broader stabilization across commercial real estate, driven by improved occupancy and renewed interest from retailers seeking to capitalize on foot traffic and proximity to urban populations.
These observations come amid broader commentary about the Russian real estate cycle, where a degree of optimism has returned since the earlier phases of market tightening. The report notes a perceived revival in activity and confidence among buyers and tenants, even as the overall market remains prudent and selective in commitments. The emergence of new shopping venues and refreshed retail concepts appears to be contributing to a renewed sense of vitality within city centers, aligning with healthier occupancy dynamics and a more balanced relationship between supply and demand.
In this context, a former real estate professional commentary series—appearing under the heading Five rules on how to avoid falling for scams when buying real estate—offers practical guidance for buyers navigating a recovering market. The guidance emphasizes due diligence, verification of tenant histories, and careful appraisal of legal and financial safeguards to avoid common pitfalls. The included rules serve as a reminder that even during a recovery, prudent research and vigilant scrutiny are essential when considering real estate transactions in dynamic urban markets.