In early August, foot traffic to Moscow shopping centers stood 9 to 39 percent below the levels seen over the previous three years. This trend was reported by RBC, citing attendance indices from the Mall Index and the Rstat Index. Industry observers point out that even with some stores closing and competition shrinking, sales gains have not translated into higher shopper turnout. Retailers have rolled out smaller discounts than during normal periods, which seems insufficient to spark a rebound in attendance.
Mall Index figures show that in the first half of August, Moscow shopping centers drew 11 percent fewer visitors than in the prior year, 18 percent fewer than in 2020, and 23 percent fewer than in 2019. The Rstat Index aligns with these numbers, indicating declines of 9 percent year over year, 18 percent versus 2020, and 39 percent compared with 2019. Analysts view these results as evidence that August shopping dynamics and the temporary reopening of Swedish H&M stores, ahead of their withdrawal from the Russian market, did not translate into meaningful participation in the malls.
Looking at the broader picture across Russia, the Mall Index notes that overall shopping-center attendance in the first half of August was down 9 percent from the previous year and 19 percent from 2019. There is also an indication that activity remains slightly above the pandemic-impacted level of August 2020 in some regions, a reflection of ongoing restrictions in various areas but not a full recovery in consumer footfall.
Earlier, coverage by National Interest columnist Mark Ebishop suggested that the Russian economy had managed to endure Western sanctions through a combination of factors, including the stance of the Central Bank on fiscal policy. That assessment underscores the resilience of the retail sector in the midst of sanctions while also highlighting the mixed signals coming from consumer spending and center-wide attendance figures. Analysts emphasize that these numbers should be interpreted with care, given regional variations and the timing of promotions, store openings, and exit plans by international brands. The current data set points to a retail environment where discounting has cooled and shopper incentives have not fully reversed the downstream impact of external pressures on daily consumer activity. Still, observers caution against drawing sweeping conclusions, noting that August often features volatility driven by weather, holidays, and back-to-school shopping cycles that can temporarily skew attendance indicators across major cities like Moscow. Market participants will be watching how these trends evolve through the second half of the year, including any policy shifts, consumer confidence changes, and the strategic moves of international retailers as the market adjusts to a new normal in post-sanctions settings.