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From Russia, with love

Stefan Wundrak

Stefan Wundrak, Head of European Research, discusses the opening of new shopping centres in Europe.

Avia Park, Europe’s new largest shopping centre recently opened in Moscow, providing 230,000 sq m of space; equivalent to approximately 22 soccer pitches. The centre spans four floors and retailers such as Debenhams, Media Markt, Adidas and Costa Coffee have signed up to the scheme.

Amidst all the political upheavals, nearly 100 new shopping centres have opened in Russia in the past two years. These developments mean Russia is now the second largest shopping centre market in Europe after France, displacing the UK into the third spot. Whether this rapid expansion in Russia is sustainable, remains to be seen; Avia Park opened with a 15% vacancy.

Europe’s top five largest shopping centres are:

Scheme

Country

GLA (sq m)

  1. Avia Park

Russia

230,000

  1. Metrocentre

UK

190,000

  1. MEGA Belaya Dacha

Russia

180,000

  1. La Coruña

Spain

177,000

  1. Westfield Stratford

UK

175,000

 

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Stefan Wundrak

Stefan Wundrak

Head of European Research

Stefan's biography