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RUSSIA / CIS ERES Holds First Seminar in Russia; Moscow Retail Demystified

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RUSSIA / CIS ERES Holds First Seminar in Russia; Moscow Retail Demystified RUSSIA / CIS ERES Industry Seminar ERES on tour: View over panel (from left to right): Moscow and the Moscow Oleg Voytsekhovsky, river (above) from top of General Director, RCSC ERES holds !rst seminar be a ‘Mystery in the East’ but a normal, developing emy and supported by the German Society for Prop- construction company Stroyservis Construction Asso- Imperia Tower at MIBC Mos- Russian Council of Shop- metropolis –with differences to western cities but erty Research (gif) as well as real estate investment fair ciation. !e group is additionally engaged in retail and cow International Business ping Centers; Anastasia Center Moscow-City. Main Ostretsova, Translater; in Russia; Moscow retail with comparable professionalism, comparable chal- Real Vienna. Russian firm Garant-Invest, developer commercial banking via the Garant-Invest Bank, while o!ce tower (centre). Andreas Schiller, modera- lenges and solutions, similar research requirements and owner of Gallery Aeroport, was host. Garant-Trade M is the operator of Moi Magazin chain, tor, PIE Editor-in-Chief demysti!ed and tasks ahead. Retail real estate in Russia has an enormous poten- which also manages several neighbourhood shopping Russia-CIS; Heiko Davids, Partner, Knight Frank Despite the crisis, retail real estate is and remains a tial for retailers and investors, Davids said. “Despite centres. Its best known malls to date include Gallery Russia & CIS; Florian By Andreas Schiller, PIE Editor-in-Chief, Russia-CIS key theme: Only three weeks after the seminar, the current unfavourable macroeconomic situation, re- Aeroport, Retail Park, Kolomenskiy and Prazhskiy Schneider, Lawyer and country’s biggest compact retail space celebrated its tailers continue to develop traditional formats and are Grad – and some 12 more, all in Moscow. Belying the Partner, Salans; Bernd Hallier, President, Euro- It was a premiere for both: !e first-ever European opening: the shopping and entertainment centre Gold- starting to develop new chain projects,” he said. Fund- name, the three-storey Gallery Aeroport, comprising pean Retail Academy. Real Estate Society seminar in Russia at the end of en Babylon Rostokino in the Sviblovo district of Mos- ing is also available. But the crisis has made clear that roughly 60 shops, is not located at an airport at all but October, bringing academic and experts together cow. At 170,000 sq.m. GLA, Rostokino offers 440 even if Russia is one of Europe’s largest consumer at a metro station at Leningradskiy Prospect. It was around the topic, Russian Retail Real Estate Market shops and a rental income of around €100m p.a. It was markets, project parameters must be right and expec- named after a former airport premises, and designated – Yesterday, Today, Tomorrow, and many ERES del- developed by Russian company Patero and Austrian tations must correlate with experience. “Price pres- Best Shopping Centre in Moscow and Russia. egates visiting Moscow for the first time. investor ImmoEast. Its opening only just pre-dated an- sures will continue for projects in the wrong location Another Garant concept is Retail Park, while a fur- Delegates were impressed by the dimensions of the other, at the opposite end of the country, the City Mall or with weak concepts. Recent reductions in costs of ther important component of retail real estate are city and its huge real estate investment market. But Sakhalin in Yuzhno-Sakhalinsk on the remote island of construction, rent, sale, marketing campaigns, logis- neighbourhood shopping centres, about which Ga- more important than size and all the topics discussed Sakhalin, north from Japan (see details on next page). tics and wages now allow international retail operators rant-Invest notes: “Opportunities for investing in and projects visited: Moscow was shown no longer to !e ERES Industrial Seminar broke with tradition to take up new projects and reclaim new regions.” construction of such centres are greater than with of university campus locations and took place in the Hallier recommended tracking retailers, citing brands common shopping centres, due to smaller size of conference venues of shopping centre TK Gallery Aer- already active in Russia including Auchan, C&A, land plots, short construction periods and great pop- oport. On the panel were Heiko Davids, Partner, GAP, H&M, IKEA, Leroy Merlin, Metro Cash & ularity.” It implements these with funding via closed- ABOUT ERES Knight Frank Russia & CIS; Prof. Dr. Bernd Hallier, Carry, Real and OBI. However the sector comprises end real estate investment funds. The European Real Estate Society was established in 1994 to create a structured and Founder and Managing Director of European Retail so many different types – shopping centres, high- Bringing historical perspective to the ERES discus- permanent network between real estate academics and professionals. Incorporating Institute EHI and President of the European Retail street, mega malls, factory outlets, flagship stores, hy- sion, Voytsekhovsky put short-term approaches into a national property research societies, academic researchers and real estate practition- Academy; Oleg Voytsekhovsky, General Director of permarkets, supermarkets, and other more. long-term content. !e famous department store ers, ERES is a non-pro!t organisation a"liated with the International Real Estate So- the RCSC Russian Council of Shopping Centres, and In fact, differentiation plays into the strengths of the GUM – at Red Square in Moscow opposite the Krem- ciety and is dedicated to promoting and advancing real estate research. ERES activi- ‘father’ of the Moscow retail real estate exhibition Mall privately-owned Garant-Invest Group. Key business lin – dates back to 1893 and takes its name from the ties include the annual conference (the next on 23-26 June 2010 in Milan), industry and Mallhouse Publishing – media partner alongside areas for the company, established in 1993, are invest- trend of upper retail rows in the 19th century, he seminars, education seminars and publications. More information at www.eres.org Property Investor Europe. !e seminar was held in co- ment and development as well as property and asset noted. It became the sole department store in the operation with RCSC and the European Retail Acad- management, and has boosted market share through former Soviet Union, and immediately after the lat- 58 PROPERTY INVESTOR EUROPE l Edition 146 l December 2009 / January 2010 l www.pfeurope.eu PROPERTY INVESTOR EUROPE l Edition 146 l December 2009 / January 2010 l www.pfeurope.eu 59 RUSSIA / CIS ter’s demise was placed into dustrial premises and new-build business districts. Russian Far Eastern island the joint venture GUM Trade Dating back to 1867, former textile factory House. Another historical ex- Danilovskaya Manufacture near Varshavskoe Shosse Sakhalin opens City Mall ample is Detskiy Mir (Chil- is nowadays a refurbished loft construction with near- dren’s World) built in 1957 ly 8,000 sq.m. of office space - beside residential Just 18 years after the Russian Far Eastern island of and currently under complete apartments and other uses. Most parts of the red brick Sakhalin, a few kilometres north of Japan in the refurbishment. Another his- buildings, located on a total site of 7.65 hectares, have North Pacific, lost its forbidden military area status, toric department store is undergone full reconstruction, while others are to fol- a new City Mall opened its doors in mid November Garant Group’s TsUM, also close to the low. Among tenants are well-known Russian fashion in Yuzhno-Sakhalinsk, the administrative capital. Galeria Aeroport retail mall, located Kremlin and dating back to 1857, while the centre label Kira Plastinina and realtor Knight Frank. Next Comprising 64,000 sq.m. GBA and 42,000 sq.m. at the Leningrad- Okhotny Ryad underneath the Manege square in the year, Danilovskaya Manufacture 1867 will see the GLA for retail, food and entertainment City Mall is Sakhalin Island o!cials skiy Prospect met- Moscow centre was opened in 1997. Drawing a bow opening of the first Azimut Hotel in Moscow. the most modern retail space in Russia’s Far East. !e tomer service quality. While designing the concept of open City Mall. Here ro station in Mos- (from left to right): Alex- cow, was named to current malls, Voytsekhovsky’s wide historical ap- Refurbishment work for this and Krasnaya Roza, planning concept was developed by Oleg Voyt- station modernisation, NAI Becar used western best- ander Rezaev, Director after a former proach sharpened the consciousness of the ERES au- another refurbishment of a textile factory dating back sekhovskiy, General Director of RCSC Russian practice. !e concept will make the train station a of Sberbank Yuzhno- airport premises dience for a perspective into the future - the topic of to 1875 and nowadays a successful loft concept as Council of Shopping Centres, and branding was multi-use passenger and transport interchange sta- Sakhalinsk; Konstantin on the site. Reznitskiy, General sustainability. Many current problems encountered well, has been done by Moscow real estate company done by SCG Strategic Consulting Group, London. tion. Finlyandsky Station became famous during the Director of Brilliant, by existing malls derive from this perspective. KR Properties, named after the latter. Both refurbish- Developer and owner of City Mall is the Russian Russian revolution when Vladimir Lenin was wel- Alexander Khoroshavin, Governor of Sakhalin After participating in a lively discussion, the semi- ments conform well to Moscow city development firm Brilliant, with financing partly arranged by one comed in 1917 with jubilation by his Bolshevik fol- Oblast, Andrey Lobkin, nar – among the audience representatives from IKEA, plans, which have set relocation of industrial compa- of Russia’s largest lenders, Sberbank. lowers on arriving in a sealed carriage after a journey Mayor of Yuzhno-Sa- Russian consultancies Avers Group and NAI Becar, nies out of the inner city and the new-use of their With 900 parking places City Mall is located at the that started in Zurich.
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