Roman Evstratov / Роман Евстратов 86 North–West: Petrogradside.ThisratereductionisalsoconfirmedbyLudmilaReva,brokerageservicesdirectoratASTERASt.Petersburg. She points out that in the last 3–4months rental rates have sunk on average by 15–20% in outer suburbs andby 35–50% in the center. Thus, ASTERAreportsthatinthethirdquarterof2008rentsrangedfrom$1,800to$7,200/sqm/yearonNevskywhileinJanuary<strong>2009</strong>itwasalreadypossibletofindpremisesfor$1,560/sqm/year.Duringthesameperiodrateswentdownfrom$1,800–$2,400to $960–$1,200/sqm/year on Ligovsky Prospekt (transverses with Nesvky) andfrom$1,200–$1,800to$1,020–$1,200on Vladimirsky Prospekt and from $1,560– $2,400 to $1,440–$1,800 on Sadovaya Ulitsa(nearSennayaPloshchad). Atbustlingplacesnearmetrooutletsinoutersuburbstherateshavedroppedfrom $720–$1,200 to $360–$1,200 duringthistimewhereasinplaceswithlittlepedestriantraffictherentalrateschanged Landlordswillbecompelledtolowertherent,ortheyrisklosingtheirtenants.Notsolongagolandlordscalledtheshotsbutnowthependulumhasswungtowardstheleseeandlandlrdsarealreadycompetingforattractiveretailers. insignificantly: from $180–$420/sqm/ year to $180–$360/sqm/year. At shoppingcenterstheratespeakedin2007andbeganslidingin2008.Thus,therentalrateforclothingstoresclimbedfrom$450/sqmin2005to$640/sqmin2007andattheendof2008itfellto$500–thelevelof2006.Themaximumratesforathleticgearstoresdivedevenfurther–from$550inlate2007to$350attheendof2008.InthewordsofArinaSender,executivedirectorofthemanagementcompany Alliance,almostallshoppingcentersinSt. Petersburgloweredtherentby20–30%. Competitionforthebuyerwasstifferherethaninthestreetretailsegmentwheretheownersofgoodpremisescouldalwayschoosefromagreatnumberofclaimants,sheexplains. Trying to secure themselves againstthe tenants’ exodus, developers meetthemhalf–way.Theaveragerentreductionoverthecityattheendoflastyearwas20%,shecomments.Howeverrentsgodownatadifferentpacefordifferentcommodity groups. The premises occupiedbyclothingstoressawthegreatestslumpinrates. Tenants also confirm this trend. Development director of Euroset, Artem Perevozchikov, says his company is nownegotiatingwithlandlordsonthereduction of rental rates. They can often beloweredby50%,heremarks.“Thisfigureshould not surprise anybody, since cellular communication stores paid almostthehighestratesonthemarket,”hesays. InthewordsofEvgenyBogdanov,CEOof Pharmacia(NovayaAptekaandZdravnitsachains),hiscompanywasabletoinsistona10-15%rentreductionatsomepointsofsale.InthebuildingsownedbyPharmaciaitselftherentalrateforthirdpartieswentdownby5–10%. AndreiKhromoi,executivedirectorof BoscoNeva(thelocalsubsidiaryofBoscodi Ciliegi), confirms a rent reduction of 20–30%.Hesaysthisreductionmaytakeondifferentforms:forexample,thelandlordsometimesgivesuponannualindexationofrentalratesstipulatedinthecontract. However, Khromoi prefers not to talkaboutrentreductionathisstoresonthepremisethatthenegotiatingprocesswithtenantshasnotbeencompleted. Themarketofsurvivals Rental rates will further slide down atstreetretailpremises,believesEvstratov. In his opinion, this segment was mostoverheatedonthemarket.Mostexpertspolledby<strong>CRE</strong>sharethisview.Theypointoutthatlandlordswillbecompelledtolowertherentorelsetheyrisklosingtenantswhonowhaveawidechoiceofvacantpremises.“Notsolongago landlords called the shots but nowthependulumhasswungtowardsthelesseeandlandlordsarealreadycompetingforattractiveretailers,”reasonsSender.Therateshavestartedadownwardslideindeed,confirmsAlexeiKlyuchikov,directorofcommercialrealestateatZdorovye (thatownspremisesonNevskyProspekt). Theystatedatthebriefingserviceofthedevelopment company Makromir thatthere’snotalkofmassiverentreduction.“NeverthelessMakromiriswillingtomakeprice concessions to those tenants whoface problems with turnover reduction. Therentaldiscountwilldependonmanyfactors,”saidabriefer.Toallappearances,competingforthetenantwillbeatoughchallenge,predictmarket participants. Because of systemproblems,theretailtradeandspacemarkethasseriouslychanged.“Alreadynowonecanseenumerouspremiseswith'forlease' signs in those places where theywouldneverhavestayedemptybefore,”comments Sender. “Chain operators nolongerstriveforgeographicalexpansion.Thetimewhenonecouldkeepunprofitableoutletsforthesakeofenteringanyparticular district has passed and theprofitabilityofeachstoreisthekeyfactornow,”saysEvstratov. Indeed, out of the more than 90 PetersburgstoresoftheDixiechain,nomorethan10arenowoperatingandthefederal chain is phasing out its operationsonthecellularphonesandcontractsmarket.ThePetersburgoutletsoftheBetalinkchainwereclosedfortechnicalreasons. Thecrisispresseddowntheratesandthushelpedretailers. AccordingtoarecentsurveydonebytheManagersandDevelopersGuild,theaveragedropofrentalratesinthecityinthelastfivemonthshasbeen26%inrublesor48%inUSdollars.Vacantspacescanbefoundeverywhere,includingthebusieststreetsandshoppingcentersincloseproximitytometrostations. "Euroset is also optimizing the numberof its points of sale and this companywillcloseupto10%ofitsstoresinthenorthern capital,” Artem Perevozchikovtold <strong>CRE</strong> in an interview. In his words, Euroset is closing unprofitable outletswhere the company failed to negotiatetherequisiterentreduction.Heforecaststhatthenumberofmobilecommunicationstoresinthecitycouldbecutroughlyby 50%. It’s clear that surviving retailerswillobtainacceptabletermsoflease,hepointsout. Not only is it cellular communicationstoresthatarebeingcloseddown. As predicted by Bogdanov, the number of drugstores in St. Petersburg willfall by 15–20%. Banks are also closingtheiroffices.AsestimatedbyAlexanderKonyshkov,mostbankswillgiveuponthedevelopmentoftheirretailchainsunderthecurrentcircumstances.Theturnoverofstorestradinginluxuryandpremium-classclotheshasalreadydroppedby30–50%,notemarketparticipants.KhromoiadmitsthatBoscoNeva’sturnoverhasfallenbyroughly30%YoY. However this slowdown is not critical. Unlessthedemandfurthersags,theSt. Petersburg division of Bosco di Ciliegiwon’t have anyproblems withovercomingthecrisis,heassures. Roman Filimonov, vice-presidentofCaligula incharge ofmarketing, alsobelievesthatexperiencedplayersinthemarketofluxuryclothesandaccessorieswillgetthroughthecrisis,althoughtheirturnoverwillbeslashedby30%.ASTERA’sLudmilaRevaassumesthatthecrisiswilldealtheheaviestblowtoluxuryclothesstores. From data of a survey done by thiscompany, 72% of chains operating intheupmarketsegmenthaveceasedtheirexpansionandsomearephasingouttheirbusinesses.Afterrentalratesareloweredtheycanbereplacedbybrandsthathavelongforsakencentralthoroughfaresbuthave the ambition to come back. “Wedon’truleoutopeningourstoresonthecentralretailroutesofSt.Petersburg.Butweuseaverycarefulapproachinchoosingplacesforourbrand,thoughit’squitepossiblethatwe’llhaveawidechoice,”pointsoutIrinaStaroverova,PRdirectorat Malon Fashion Group (Zarina, BeFreeandTaxibrands). Now it’s not clear how the situationwill further develop, point out marketplayersandexperts.ToomuchwilldependonthestrengthoftheRussianeconomyatlarge,fluctuationsofcurrencyexchangeratesandthesolvencyofthepopulation.Butonethingiscertain:norentgrowthcanbeexpectedintheyearstocomeandtheownersofretailpremiseswillhavetoenterintostiffcompetitionforattractiveretailerswhosenumbersaredwindlingonthemarket.Whoknows.Perhapstheformerpremisesofsomestoreswillhavetobeturnedintoofficesandtheirownerswillbecompelledtotightentheirbelts.
В новых выпусках Commercial Real Estate читайте следующие региональные приложения: –ЮГ WWW.<strong>CRE</strong>.RU/REGION_SOUTH # 8(112) /15.03.<strong>2009</strong>-15.05.<strong>2009</strong> ЮГ РОСТОВ-НА-ДОНУ / МАЙКОП / НАЛЬЧИК / ЧЕРКЕССК / НАЗРАНЬ / ВЛАДИКАВКАЗ / МАХАЧКАЛА / ГРОЗНЫЙ / КРАСНОДАР / СОЧИ / СТАВРОПОЛЬ /ВОЛГОГРАД / АСТРАХАНЬ Нужно знать, для кого вы строите yOu NeeD TO kNOW WhO yOu buILD FOR 82: 84: Про Азов-Сити забыли AzOv-cITy FORgOTTeN Интервью с директором проекта Megalogix Давидом Гуссе INTeRvIeW WITh DAvID gOuSSeT, megALOgIX pROjecT DIRecTOR 94: Судьба южных гигантов The Fate of Southern Giants 98: Краснодар вчера и сегодня Krasnodar Yesterday and Today #113 (апрель <strong>2009</strong>) Мировые тренды & Уральский ФО #114 (апрель <strong>2009</strong>) Поволжский ФО #115 (май <strong>2009</strong>) Сибирский ФО #116 (май <strong>2009</strong>) Южный ФО