• Russian shopping malls are “de-energized.”
• They are losing up to 30% of their footfall.
• This appears as a result of the migration of Western brands.

According to the son of one of Russia’s most prominent property developers, Russian shopping malls are “de-energized” and are losing up to 30% of their footfall as a result of the migration of Western brands.

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The loss of important tenants, according to Emin Agalarov, a pop singer and first vice president of the Crocus Group, founded by his billionaire father Aras Agalarov, could mark the end of shopping malls altogether, according to a source.

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In an interview with RBC, Emin Agalarov said, “If you have a premium shopping center, you need Prada, Chanel, Louis Vuitton; if it’s the intermediate category, you need Zara, H&M, Reebok, Adidas.” “And if you don’t have them, the venue loses its identity.”

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