Eight international brands, including Armani Exchange, Hunkemoller, Lindt, Superdry and NYX, have agreed deals to enter the Russian retail market.
This article was originally published on 22 March 2017.
The deals are a vote of confidence in the Russian retail market, which has suffered recently owing to the political climate, volatile oil price swings and the devaluation of the rouble.
Shopping centre operator Ikea Centres Russia, part of the global Ikea business, has found eight international brands that are willing to enter the Russian market.
They have chosen Mega Shopping Centres, Ikea’s shopping centre platform, to open their first stores in the country.
Armani Exchange has recently closed all but one of its UK outlets as part of a wider business review by parent company Giorgio Armani Group.
International retailers are also using Mega Shopping Centres as a platform to showcase new store concepts such as Massimo Dutti, Adidas, Reebok, Puma, Nike and Samsung.
Arnoud Bakker, head of leasing at Ikea Centres Russia, said: “Russia represents an enormous retail opportunity within the European market for international retailers. Mega Shopping Centres are the top visited shopping centres in Russia and are therefore very attractive to international retailers. Our confidence and expertise in the local market make us the ideal and most stable partner for them to start their business in Russia.”
Currently, Ikea Centres Russia is undergoing a €2bn investment programme.
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