SUBSCRIBERS

'Not the best time' to open Europe's biggest mall

Published Wed, Nov 26, 2014 · 09:50 PM
Share this article.

Moscow

THIS week's opening in Moscow of Europe's biggest shopping mall comes at an inopportune moment for investors backing the project.

The Aviapark mall opens its doors on Friday, just as Russia is headed towards recession and its businesses are contending with international sanctions over the conflict in Ukraine. Meantime, the rouble's plunge to record lows, rising interest rates and the fastest inflation since July 2011 are eating into consumers' finances.

"It's not the best time for opening such a large venue," said Ivan Fedyakov, general director of St Petersburg-based researcher InfoLine. At 230,000 square metres of space for about 550 stores, the glass-roofed Aviapark mall will overtake the MetroCentre in northeast England when it opens for business. It's triple the size of the nearby Metropolis mall, acquired last year by Morgan Stanley for US$1.2 billion in R…

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to  t.me/BizTimes

Property

SUPPORT SOUTH-EAST ASIA'S LEADING FINANCIAL DAILY

Get the latest coverage and full access to all BT premium content.

SUBSCRIBE NOW

Browse corporate subscription here