Image: CBRE
Development

News from Moscow – “Ordzhonikidze 11” Second Phase

CBRE, the exclusive consultant of the second phase of the new “Ordzhonikidze 11” discount center, has recently announced 90% occupancy.

The scheme is located in the center of Moscow, near “Leninsky Prospekt” metro station. This is the only project in this segment, located within the Russian Capital’s Third Transport Ring Road. The developer of the project is Discount Center, LLC.

CBRE has attracted well-known outlet concepts to participate in the second phase of this new discount center as well as new brands that had not previously been presented in this format in Russia. Over the last months, Stockmans Outlet, which will occupy over 600 sq m, DrKoffer, Levi’s, Timberland, New Balance, Gualtiero, Geox, Semplice, Lusio, and many others have leased premises at “Ordzhonikidze 11”.

Alexandra Chirkaeva, Head of Moscow Retail Leasing, Moscow Retail Department, CBRE, said: “The Ordzhonikidze 11 project is unique due to its location inside the Third Transport Ring Road as well as the fact that it has established flows of loyal visitors, approximately 500,000 people per month, during the first phase. Its location in the city center makes it equally popular with customers on weekdays as well as on weekends. We recognize that the active development of outlets is one of the main trends in Russia and around the world today. According to CBRE, conversion at outlets is 90%, versus 20-60%, on average, at classic shopping centers, which is one of the main factors of their success and the reason for high retailer interest in this format.”

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