Dear Friends,
It is a pleasure to welcome you to MAPIC 2009 and to write a few words of
introduction in this guide to commercial real estate in Russia.
It’s certainly been quite a year since we last gathered in Cannes. High street
retailers and the property sector in general have been under considerable
pressure. The good news is that the worst of the economic downturn
appears to be behind us and that people are starting to look at a post-crisis
economy.
In the current context, MAPIC will focus on providing invaluable market
information in a conference programme that has almost doubled in size. We’ll
be looking at new consumer spending patterns, innovative retail strategies and
highlighting investment opportunities in Germany, MAPIC 2009’s Guest of
Honour.
It is often said that in tough economic times, companies, more than ever, need to meet
with their international clients and business partners to map out future strategies.
MAPIC is designed to help the retail real
estate industry do just that.
Impress Media Publishing’s 2009
guide to Russia’s retails real estate
market is an essential read for
anyone interested in entering the
Russian market or partnering with
Russian companies. The data and
contacts provide a real insight into
doing business in this extraordinary
territory.
I am sure that you will find it, as I did,
an enlightening read.
Best regards,
Nathalie Depetro
MAPIC Director.
Guide to retail real estate in Russia 2010
editor's letter
content
We see a number of mutually exclusive trends
in the Russian retail market today. On the one
hand, experts are noting the low consumer
buying power indicators, a quite high level
of unemployment and financial instability of
most target groups in the retail sector. On the
other hand, in these troubled times Russian
and international companies are continuing
development – and some quite actively. Would
they do this if they felt there was not going to
be a sufficient level of demand?
With shopping center financing almost
impossible to obtain, many projects have been
put on hold or are developing at a slower pace.
The forecasted volumes of retail areas simply
will not be achieved. On the other hand, this
year has witnessed a few commercial “giants”
come on the scene, such as the Golden
Babylon Rostokino (241,000 sqm, Moscow)
and Gorod (240,000 sqm, Moscow), as
well as several large shopping facilities in the
regions. Is this not the proof in the pudding?
The market is indeed alive.
Many shopping center owners are encountering
major problems in leasing out their projects many retail operators have suspended their
development plans and are refusing to enter
projects that are just in the initial stages of
construction. On the other hand, many wellknown foreign operators, which in quiet times
ran away from Russia's markets, like rats from
a sinking ship, are coming back.
The research conducted by Rosstat in the 3rd
quarter of 2009 shows increasing consumer
confidence. This is creating higher expectations
among retail operators concerning the future
prospects for the commercial real estate
market in Russia.
How do international operators cope on
the retail market in these difficult times?
What has happened to their profits and
expenses, the average purchase size and
consumer expectations? How did the financial
performance of shopping centers change in
the time of crisis? Answers to these and other
questions you will find right here - in our
annual yearbook, prepared by Impress Media
publishing house, specially for the MAPIC
International Exhibition.
We wish you enjoyable and rewarding
reading.
Tatiana Lomakina, Editor-in-Chief
Guide to retail real
estate in Russia 2010
Publisher: Annette Wassenaar
Copublisher: David Tzor
Editor: Tatiana Lomakina
Editorial Team: Tatiana Demidova, Tatiana
EDITORIAL 9
Prozorova, Olga Lobacheva, Olga Polyanskaya,
Elena Singer, Andrey Rechnik
Designer: Olga Gorenskaya
Cover and Issue Design: Alexander Nikitin
Head of Photography Department:
Dmitry Chetverukhin
Commercial Director: Tatiana Martynova
Sales and Business Development Managers:
Irina Mukhina, Ekaterina Bulinova
Telemarketing Department:
Tatiana Kochenkova
Head of Production Department:
Victor Krylov
Design and Production:
Fedor Pavlov, Olga Dzhumaeva, Alexey Koshelev,
Olga Rostova
COMPANIES 59
Marketing Director: Elena Petrova
Event manager: Elena Kitaeva
For advertising contact us at
sales@impressmedia.ru
Print run: 4 000 copies
Publisher:
115191 Moscow, Russia, 4th Roschinsky
Proezd, 20, Str. 9
Telephone: +7 (495) 926 7340
Fax: +7 (495) 926 7215
Email: info@cre.ru www.cre.ru
INDEXES 67
More Alive than Dead?
10
Facts & Figures
16
Economic Regions of Russia
18
Go East, Young Man!
22
Business Technology
28
Franchising: What’s it All About?
34
Crisis – One Year Later
36
Case Study
40
Tverskaya Still Looking for Tenants
46
Dynamics of Consumer Activity at Retail Centers
52
On the Wave of Slack Demand
54
For Your Diary
58
EDITORIAL
experience
More Alive
than Dead?
In the pre-crisis period, the retail property market had one remarkable feature - the occupancy
of building had little to do with its concept. Only in the extremely poorly planned shopping centers were vacant spaces noticeable. All other areas sold out like hotcakes. Today the situation is
quite different – a developer’s primary concern is no longer just the construction of the facility,
but understanding the demand for his concept on the part of retail operators. The vacancy rates
have significantly increased and now retail operators have a choice of many quality properties,
all with sound concepts. What are developers doing today in trying to retain existing clients and
attracting new operators? How is retail market in the regions doing now? Which retail operators
find the crisis an opportune time to set up shop?
Leonid Terentiev,
Asset Management Director, X5 Retail Group
Your company is simultaneously a tenant and a landlord. What kind of policy are you pursuing for each
of these positions? Do you demand discounts, and are you making concessions yourselves to lessees?
The only possible policy is to strive to increase the effectiveness of the company. Lease rates have fallen
for us and significantly so in comparison to the pre-crisis levels – by 30-40%. This is related to a variety
of factors. First, demand has fallen from solvent and reliable retailers, and since we are considered a
desirable tenant we receive more advantageous conditions. Second, given the growth in non-payment,
our guaranteed long-term solvency together with our disciplined payment scheme provides us with an
advantage over competitors. Third, we are a multi-format company, and we have experience working in
various “anchor tenant” formats, which are only becoming more attractive in light of the crisis situation.
At the same time, one should keep in mind that the tenants that rent space from us are provided
with an established customer flow. Thus the lease rates for space that we lease out to third parties
has of course fallen but not significantly. We pay close attention to the condition of the tenants
(in terms of sales) and consider their interests. It’s no secret that the market is becoming more
segmented: facilities lacking in concept and poorly situated are losing traffic and tenants. Demand
is focusing on facilities with well-designed concepts and good locations.
What has changed in company policy, in particular, following the visit of Prime Minister Vladimir
Putin to one of the stores of your chain?
We became convinced that it is not enough to have a low pricing policy, it must be made more
obvious. Unfortunately in society at large there are some unwarranted stereotypes regarding retail
sales, and in particular with regard to price formation. Many products of sold with zero mark-up,
and the net profit of a retail chain rarely exceeds 3%. However, many people are convinced that a
large portion of the price they pay for a product is the profit of the retail chains, but that is not so.
In terms of revenue, X5 Retail Group is the largest retailer in Russia. As of June 30, 2009,
the company managed 1164 stores in Moscow, St. Petersburg and 40 other cities throughout
Russia and Ukraine. The company developed a versatile network of retail stores catering for every
segment of the population: 900 Pyatorochka discount stores, 211 Perekrestok supermarkets
along with 53 Karusel hypermarkets. X5 Retail Group depositary receipts have been traded on LSE
since May 2005. Net revenues of the retailer for the first half of 2009 was 3.959 bln.
10
Guide to retail real estate in Russia 2010
Valery Afinogenov,
General Director, Patero Development
Today many developers are rescheduling the implementation dates for their projects. Your company
also went through a critical period when the completion dates of Golden Babylon Rostokino could
have been rescheduled. How did you nevertheless manage to stay on schedule?
Initially, the entire burden of financing the Golden Babylon Rostokino project rested on our partner
– the Immoeast Fund. At the end of last year we were really afraid that we would not meet our
deadline, because the fund ran into serious difficulties. In this difficult situation, we acted like a
good partner should, because this project was very important to the Immoeast Fund as well. We
turned to the Sberbank and they were very supportive. They also realized that the project would be
very successful. They were confident in the profitability of the project and clearly understood that
with the building 75% completed, this object and the land it stood on provided good security for a
loan. As a result, in April of this year Sberbank opened a $175 million line of credit for us.
How would you rate the current consumer purchasing power in Moscow?
The crisis has forced many Muscovites to count their real income, because when easy credit was
available there was not much need to count one's money. Based on our research, I have not seen a
drop in the turnover of the major retailers in Moscow, despite the fact that wages have declined and
jobs were lost. But, let me emphasize that we are talking only about the capital. In the regions the
situation is quite different, and there the effects of the crisis have created difficult situations. And here
we have something to compare, as in May this year we opened the Golden Babylon in Rostov-on-theDon. Although, at the same time we feel that people have become accustomed to the crisis and realize
that this is not a catastrophe. Just a difficult time. However, it is necessary to assess their purchasing
power and to understand that everything is worth something, and one must spend money sensibly. In
general, I believe that the situation will normalize in the near future. Of course, such amazingly fast
growth seen in the very recent past will never return. But gradually the situation will stabilize.
Patero Development focuses on construction and commercial real estate investments in Moscow,
Russia's regions and abroad. The company's portfolio includes the retail and entertainment
centers Druzhba, Vremena Goda, Golden Babylon Otradnoe, Golden Babylon Yasenevo and several
office centers. The largest city shopping mall, Golden Babylon Rostokino (about 200,000 sqm)
will open in Moscow in November. The shopping centers Golden Babylon Otradnoe and Golden
Babylon Yasenevo were sold as investment properties to Immoeast fund and the office center on
Ivana Franko street was sold to Quinn Group.
Ivan Potekhin,
General Director, Espro Group
How has the crisis affected relationships with tenants? What steps has the company taken to
retain them?
In addition to the traditional methods connected with advertising and promotion of projects, in the
current circumstances the most important thing, in my opinion, is to establish trustful business
relationships with the tenants. Last year there was some imbalance in this relationship, there was
a kind of a dictating on the part of the property owners, now the landlords have come back down
to earth and realized that they needed to find ways to negotiate with their tenants. Demonstrating
increasing flexibility is the key factor for successful conclusion of negotiations.
For example, earlier all landlords were interested in concluding long-term lease agreements. Of
course, the longer the contract term was, the more interesting it was from the point of view of
investment. But now, the tenants have become much more cautious and are unwilling to enter into
contracts for 5-10 years, because their positions in the market are uncertain, just like the positions
of the landlords. On one hand, it is possible to insist on a long-term contract, but on the other, you
Guide to retail real estate in Russia 2010
11
EDITORIAL
experience
EDITORIAL
experience
can meet the needs of the tenant and sign the contract for a short term, and try to explain such a
step to the investor as a least-evil solution in the current conditions. In a couple of years, when the
market stabilizes, one can return to the discussion of this issue with the tenant, and then sign a
contract on the terms that will be dictated by the market at that time.
What do you think about the built-to-suit format? Has it become more relevant in the new
environment? Does your company have plans with regards to this format?
This is another characteristic of today. These projects will be advanced to the forefront due to the
fact that the supply of speculative warehouses has been reduced. It is expected that demand for
them will increase. Life goes on. In the next 3-4 months, it might well come to pass that even the
previously unwanted storage space will be exhausted. In connection with this, the built-to-suit
scheme would be popular and in demand like never before. Now we are beginning to implement
a new interesting project – the creation of the industrial A-Park for supplier companies and vehicle
component manufacturers; the initiator of its construction is Volkswagen.
We always wanted to implement such projects but often found that companies did not want to wait for
1.5 or 2.5 years, until something is built for them. Why wait when there are ready premises, where you
can move. We have started such negotiations with various companies many times, but it all eventually
ended with nothing. In this case, the specific features of the Russian state come into play, where it is
impossible to buy a site with pre-development approved. Any potential client needs to accept the fact
that, before the first stone is laid, one has a lot of work to do, and we cannot guarantee and say that this
will take a month or several months or even a whole year.
Development, operation, management and promotion of commercial real estate in Moscow and
regions are not the only lines of business for Espro Group. The company also specializes in Class
A warehouses. Projects include the Istra Logistics Park, Kulon – Pulkovo (office and warehouse),
the Baltia Warehouse, Vostochny Industrial Park and the office and warehouse complex on March
8 street in Moscow. Raven Russia, one of Espro partners, bought the Yuzhny and Baltia projects.
The Espro received the Golden Brick award at CRE Moscow Awards 2009 for its developments.
Tatiana Kluchinskaya,
Retail Real Estate Department Director, Colliers International
A blessing in disguise? A perfect crisis? What problems of the Russian real estate market will the
crisis help to eliminate?
While the Russian real estate market was booming, every now and then many new developers
spoke about multibillion-dollar projects with unspecified dates of completion. Retail operators were
bogged down in paper projects – wasting time, money and effort. Now, with loans not easily
available, the developers market is becoming healthier. Only the fittest survive – those who have
launched a number of projects and won the trust of retailers. Retail operators have changed their
strategy too, considering only those projects which are most likely to be finished. It looks like we
can finally talk about the maturity of the developers market in Russia.
In the coming two to three years there will be smaller projects except those which are at an
advanced stage of construction. This can be explained by limited amount of available loans and
less aggressive plans for growth of retail operators. If a project is small it is much easier to finish it
without investor leverage. It is also much easier to find tenants for such a project. In a couple of
years as the economy gets back on track, a trend toward larger projects will take shape.
Colliers International is an international consulting company that provides services in real estate,
lease and sale of office, retail and warehouse facilities. The company provides consulting in hotel
real estate, evaluation and management of real estate and market research, concept development,
facility management and investment projects analysis. Clients include AFI Development, Capital
Group, Ernst & Young, FedEx, Fleming Family and Partners, Forum Properties, General Electric,
Millhouse, Ikea, Johnson & Johnson, Oracle, Procter&Gamble, Regus, Solvay Pharma and Total.
12
Guide to retail real estate in Russia 2010
Anna Shyriaeva,
General Director, Magazin Magazinov in association with CB Richard Ellis
How can retailers can use the current economic situation to their advantage and access the
Russian market, beating competitors?
The answer to this question hinges on the retailer segment of the market. If we are talking about
food retailers or consumer electronics, strong start-up opportunities can appear with the purchase
of the large Russian retail chains. At the same time both buyers and sellers seem to have different
valuations regarding businesses for sale. This makes chances for such a start up rather slim. And
don’t forget, we are talking about the Russian market, which Western retailers traditionally consider
rather risky. On the other hand, some Western retailers think that the food discount stores segment
is vacant. Clothing retailer H&M and Starbucks' forays into the Russian market make us think that
the market is far from been saturated. The key is to choose the right niche!
With regard to construction of shopping malls in the regions and retailers entering regional
markets – what are the options, risks and the future prospects?
The largest, classic and core chains are still considering different options – to lease or buy retail space
in the regions. Certainly, because of the crisis, there are fewer who want to buy. However, the interest
is there. The challenge is that other retailers (clothing, footwear, accessories, etc.) already leasing space
have become more choosy. They plan their growth cautiously. The market is very touch and go despite
the traditional fall rally and extremely flexible approach of retail centers owners. Each option, no matter
how appealing, is reviewed meticulously. In our view, the market has good prospects. But don’t expect
active regional development until retailers tally the financial results of this year.
Magazin Magazinov is a retail sector consultant in association with CB Richard Ellis. Established
in 1999, the company has launched many different projects in Russia and the CIS. Currently
the company has more than 1,250,000 sqm (GLA) of shopping malls in more than 30 Russian
cities under construction. In February 2009 Magazin Magazinov signed a license agreement with
CB Richard Ellis to provide exclusive services in retail real estate in Russia. Magazin Magazinov
consults retail networks and facility owners, developers and investors alike, performs market
research and develops shopping malls concepts, rents out and sells retail facilities, provides retail
real estate rights market acquisition services.
Alberto Scandelli,
Property Management Director, Larry Smith International
Which ways of reducing operational expenses can you offer your clients in retail centers?
Throughout Europe retailers ask for operational charge reductions due to the crisis, so we usually
face this kind of requests. In the Russian market we think that many things are similar.
Energy saving is a concept not so common in Russia and it is a strategy that must be improved
to save money, even if the utilities costs in Russia are not so high as in Western Europe. Gas and
electricity consumption must be constantly monitored to obtain strong savings. Therefore many
other service expenses (security, maintenance, cleaning service) could be decreased by services
optimization. So we can point out three main opportunities for savings:
1) Saving utilities (constant monitoring);
2) Management service optimization (personnel optimization, outsourcing);
3) Optimization of management processes like security, cleaning, loading zones
Do you think that the attitude of Russian developers/owners towards property management
companies has changed in crisis period?
We can say that in Russia it was the first crisis with such strong impact on the market. For many
developers the crisis was unexpected and they were shocked. Many projects have been frozen and
shopping centers lost their tenants. It is difficult to maintain the old rent roll in the existing shopping
Guide to retail real estate in Russia 2010
13
EDITORIAL
experience
EDITORIAL
EDITORIAL
experience
center. Landlords have shown probably less interest to the usual work of property management
companies because they are focused on the decreasing value of their premises and are not asking
for brokerage services or everyday management activity. Shopping center managers were frustrated
and their behavior was not reasonable in the crisis situation.
The crisis influenced less or even made some improvements only in those shopping centers where
property management was provided according to modern standards worked out within a long period
of gaining experience both in growing and contracting markets.
On the other hand, regarding several cases of shopping centers that were hit hard, we also found
increasing demand by owners in respect of advisory services and property mamagment activity.
We believe that this crisis, in addition to the negative impacts, will leave behind also important
lessons. As soon as the market starts to recover we will see strong demand for property management
services. In Russia this crisis should teach many developers to demand a more professional approach
with regard to the management of shopping centers in future.
Larry Smith International is the Russian brand of Larry Smith Italia, one of the most experienced
and well-known retail consultancy companies in Europe. The expansion in new countries is a part
of the company's strategy to expand into markets characterized by economic growth and high
potential. Founded in 1939, Larry Smith has more than 60 years of experience. It was involved in
many historic and prestigious projects and acted as consultant for the world’s very first shopping
centers in the United States. The company’s aim is to provide developers, retailers, investors
and customers with high-quality services according to international standards, thus maximizing
shopping center performance.
Prize-Winner in Large Retail Center, Moscow Nomination
Oblaka
Marianna Romanowskaya,
Development Director, TriGranit Development Russia
What is TriGranit’s strategy in Russia during the crisis?
TriGranit’s strategy in Russia is aligned by the overall principles approved for the company at the
corporate level for Central and Eastern Europe, namely concentration on the most efficient projects
in the development stage and improved efficiency of the operating assets. This means transitioning
from extensive to intensive paths in development. In Russia we focus on central Moscow and our
flagship project, the Mosaica shopping center (134,000 sqm GBA, 67,000 sqm GLA).
How different is role of Russia in TriGranit’s operations vis-a-vis European countries?
There is no obvious apple-to–apple comparison since all projects and properties differ by use, size
and stage of development. However looking at macroeconomics, the current situation in real estate
markets of individual countries and projections for post-crisis rehabilitation terms we distinguish
Poland and Russia as the most promising for TriGranit’s further endeavors.
Does Russian retail development have more risks or more opportunities?
Opportunities in Russia stem from the overall market capacity, which is still largely untapped,
and the potential shortage of quality shopping center stock in 2012-2013, when the country
is expected to recover after the crisis. The major risks lie in the instability of Russian regions,
growing stratification between the capital and periphery areas, and the challenges of the tricurrency (Rbls-Euro-Dollar) business environment. The situation on the financial market is
omnipresent in the industry; however, the quality of a project can still impact debt-financing
opportunities.
TriGranit is one of the largest developers in Europe. Since its establishment in 1997, the company
has so far completed projects with a total value of 2 billion euro. TriGranit is currently working
on several developments, with a total planned investment of 4 billion euro. The current base of
operations includes offices in Belgrade, Bratislava, Budapest, Cluj, Katowice, Ljubljana, Moscow,
Warsaw and Zagreb, with a portfolio of unique development projects.
14
Guide to retail real estate in Russia 2010
Prize-Winner in Medium Retail Center, Moscow Nomination
RIO, Kolomna
Guide to retail real estate in Russia 2010
15
EDITORIAL
FActs & Figures
4,376,000
Dynamics of the vacancy rate in shopping centers
in Moscow
According Colliers International, not a single new retail real estate property came onto the market
in Moscow in the 3rd quarter of 2009, therefore the general volume of supply did not change since
the summer: the combined area of high-quality shopping centers today stands at 4,376,000 sqm
(GLA – 2,258,000 sqm).
Examples of postponed commercial projects
№
Name
1
Cheremushki
Location
Intersection of Lomonosovsky
Prospekt and Vavilova Street
Total area, sqm
103 000
2
Mosmart
Intersection of Shosse
Entuziastov and MKAD
81 500
3
Big Box
6 km from MKAD on the
Novorizhskaya Highway
68 000
Source: London Consulting & Management Company | LCMC
Average leasing rates in shopping centers of Moscow
in the 3rd quarter of 2009
Area, sq m
Average range of leasing rates, in US$ per sqm per year
(excluding VAT and operating expenses)
Более 3000
100–150
1000–3000
300–600
500–1000
500–800
250–500
950–1350
100–250
1250–1750
Менее 100
1600–2500
Source: Magazin Magazinov in association with CB Richard Ellis
15
8
12
6
9
4
6
2
3
0
Capitalization rate of shopping
centers, %
Capitalization rate of streetretail properties, %
0
Q1 2008
Q2 2008
Q3 2008
Q4 2008
Q1 2009
Q2 2009
Q3 2009
Q3 2008
Source: Magazin Magazinov in association with CB Richard Ellis
590,000
sqm
According to GVA Sawyer the announced volume of
retail areas that in the 4th quarter of 2009 will come
onto the market is around 590,000 sqm – which
is a new record in the last few years. The company
estimates that about 350,000 sqm of the areas will be
ready by the end of this year – if things go follow the
optimistic scenario;
Q3 2009
Source: Magazin Magazinov in association with CB Richard Ellis
Dynamics of the retail space construction in Moscow
Volume at the beginning of the period, sq m
4 000 000
New construction, GLA, sq m
GLA increase, %
350 000
300 000
250 000
200 000
150 000
15-25
100 000
%
According to Penny Lane Realty, the average vacancy
rate in the market today is in the range of 15-25 %.
Given the current economic recession the importance of
qualitative characteristics of a property has considerably
increased.
Vladimir Pantyushin,
Director for Russia and CIS, Department of Economic and
Strategic Research, Jones Lang LaSalle,
During the 3rd quarter the investment market in Russia has
been quite active, and the volume of transactions came to
more than 660 million euros. However, most of the deals were
in the office real estate segment, and less than 10% of the
total investment in the first three quarters of 2009 were into
retail space. Nevertheless, interest in commercial real estate
in Moscow and in regional cities is still quite high, and we are
predicting growth in investments during the 4th quarter.
16
Percentage
of vacant areas
10
sqm
Capitalization trends in Moscow
4
From January to September 2009
the commercial real estate market of
Moscow saw the entry of four new
shopping centers, the general area
of which is 414,400 sqm, GLA –
208,000 sqm (according to Magazin
Magazinov in association with CB
Richard Ellis).
Guide to retail real estate in Russia 2010
50 000
0
2003
2004
2005
2006
2007
2008
2009
H1 2009
Q3 2009
Shopping centers in Moscow expected to go into operation before the end of 2009
Name
Address
Total / Available area for
lease, sqm (GBA/GLA, sq m)
Current situation, projected delivery in 2009
Markos-Mall
SVAO, Altufevskoye Highway,
estate 70
36 200 / 15 000
The project is finished, the opening has been postponed
Rio (former Trjapka)
SAO, Leningradskoye Highway,
25
25 000 / 20 000
The project is finished, the opening is planned
Vegas (previously known
as Kashirsky Mall)
JuAO, 24 km MKAD
210 300 / 120 000
The project is under construction process, the opening may be postponed
Mall of Russia
ZAO, Krasnopresnenskaya Quay.,
lots. 6, 7, 8B
179 423 / 114 213
The project is finished, the opening is planned
Rechnoy, 1st phase
SAO, Festivalnaya Street
Golden BabylonRostokino
SVAO, Prospect Mira, 211
Gorod
VAO, Entuziastov Highway, 12/2
26 000 / 18 140
Project is finished, the opening is expected
241 000 / 170 000
Project is finished, the opening is expected
240 000 / 100 000*
Project is under construction, the first stage is
expected to open soon
*Estimate
Source: GVA Sawyer
Guide to retail real estate in Russia 2010
17
EDITORIAL
FActs & Figures
The Russian Federation is divided into 11 officially recognized economic regions. Each economic region is a group
of neighboring constituent regions of the federation, differing from other economic regions and sharing similar characteristics of historical development, geographical location, environment and climate as well as labor forces and
common economic and social goals and specializations.
The economic regions are broken down as follows:
Northwest Economic Region:
This region is relatively compact in size, conveniently
located economically and geographically, with the St.
Petersburg agglomeration as the region’s obvious economic
center.
North Economic Region:
This is the largest region in size in European Russia, with
rather extreme and difficult environmental and climatic
conditions. The region is one of the richest in the European
18
EDITORIAL
EDITORIAL
Economic Regions of Russia
section of the CIS in terms of its volume and variety of
natural resources.
Central Economic Region:
This region is the historical center of Russia and the
birthplace of the Russian state and economy as well as the
oldest developed industrial region. Moreover, the region is
the leader in terms of population, production, culture and
science and research potential.
Central Black-Earth Economic Region:
This is a compact forest-steppe and steppe region whose
main economic and geographical features are its close
proximity to Moscow as well as the Don Basin and the
Dnepr River basin.
Volga-Vyatka Economic Region:
Nizhny Novgorod, Russia’s third city in terms of industrial
potential, is located in this region. The region’s special
features are its contrasting environmental and climatic
conditions, as well as the settlement and economy of the
northern section of the Greater Volga
Guide to retail real estate in Russia 2010
Volga Economic Region:
This is one of Russia’s historical regions whose economic and
geographical features are its close proximity to the Center, Don
Basin and Urals, on one hand, and its position as a doorway
to the Caspian Sea basin, on the other hand. This location
facilitates the region’s ties with the Transcaucasus and Central
Asian regions.
North Caucasus Economic Region:
This region is characteristically southern and seaside
in nature, with heavily contrasting environmental and
climatic features. The population is also multiethnic. This
location facilitates the region’s ties with the Transcaucasus and
Central Asian regions.
Urals Economic Region:
This is one of the country’s historical regions, having
played a significant role in the establishment of Russian
technology, especially metallurgy. The region is also
characterized by being at the crossroads of the western and
eastern economic zones The region is also characterized
by being at the crossroads.
Guide to retail real estate in Russia 2010
West Siberia Economic Region:
This is the third largest region in terms of size and opens
up onto Russia’s eastern economic zone.
This region also is one of the country’s largest natural
resources regions, especially in terms of the high density
of fuel resources.
Moreover, the region is the leader in terms of population,
production, culture and science and research potential in
Russia's east.
East Siberia Economic Region:
This is the second largest region in terms of size, with
some of the most complicated conditions for development.
The region is, first and foremost, characterized by its vast
amount of natural resources.
Far East Economic Region:
This is the largest economic region in size; however, it is
thinly populated.
The region has the longest sea coastline among the other
regions. This location facilitates the region’s ties with Asian
countries.
19
EDITORIAL
cover story
Go East, Young Man!
Tatiana Demidova Western retailers marching towards Russia’s borders fully understand that a crisis
is a time of opportunity. They understand that such an opportunity only surfaces
once in a lifetime. And when it does it should be taken advantage of, as it allows
entering a market on highly profitable terms and with much less effort.
of the domestic infrastructure
has a most negative impact on
the attractiveness of the market.
Undoubtedly, even the strongest
European companies take a very
long time evaluating the possible
risks of entering the Russian
market, and the last announcement
by IKEA about a temporary freeze
on its investment program due to
bureaucratic barriers is a very clear
sign.”
International operators are weary
not only of the bureaucratic barriers
but until lately of the high cost of
entering the Russian market. The
financial crisis has lowered this cost
and has served as a loud sign to
the outsiders to finally invade. Last
March, H&M installed itself in the
Metropolis Mall and MEGA Khimki.
In April, the Novorizhkoe Shosse
was taken over by Kika, a furniture
and homeware hypermarket. River
Island, Ipekyol, New look, Bebe and
Gap have also moved in. Invasions
are also planned by Debenhams
and Harvey Nichols, Habitat, the
British supermarket Sainsbury’s
and the supermarket Hamleys.
Second Try
Some Western brands have already
attempted entering the Russian
market some years back and are
trying once again to take up their
place on this most interesting
The Invasion
The domestic market is a Klondike Gold Rush that
many Western operators have been dreaming of for
International operators are weary not only of the bureaucratic barriers but until lately of the high cost of entering the Russian market.
The financial crisis has lowered this cost and has served as a loud
sign to the outsiders to finally invade.
more than just a year. “Russia has always been and
remains a major priority for international retailers. With
a population of some 150 million, it’s a huge consumer
market,” says Maxim Karbasnikoff, Head of the Retail,
Jones Lang LaSalle Russia & CIS. “The Russian market
isn’t saturated. There are some 27 hypermarkets in
Warsaw for half a million people. This would equate to
some 270 hypermarkets in Moscow.”
According to the latest surveys conducted by CB Richard
Ellis with regard to Russia’s potential on a global
perspective, it was rated seventh (42% of international
22
retailers are already represented
in Russia), attracting international
operators with high revenues.
“There is whole slew of companies
that consider the Russian market
as a high priority for their future
expansion, and investing additional
resources in the present complex
macroeconomic
environment,”
notes Evgeny Kovrov, Head of
Research, Magazin Magazinov in
association with CB Richard Ellis.
“For instance, Metro Group is so
interested in Russia’s potential
that it in order to supplement the
company’s
Russian
expansion
budget for 2009 decided to sell part
of its stores in Western Europe, and
reinvest the raised resources into
the Russian market. On the other
hand, the administrative aspect
Guide to retail real estate in Russia 2010
Hamleys
The first Hamleys, a British chain
of children’s goods, will open in
the former location of Samsung
Electronics’ flagman gallery on
Tverskaya (main retail street in
Moscow). Hamleys franchising
partner is the company FD.Lab.
The British retailer was planning on
entering the Russian market for over
a year but couldn’t find a suitably
priced and adequate facility. The
overall surface of the store will
represent 1,750 sqm. Furthermore,
the company plans on opening
stores in St. Petersburg and other
major Russian cities.
“Prior to the crisis, the rates on
Guide to retail real estate in Russia 2010
marketplace. In 2006, Debenhams opened its first
franchised supermarket on Krasnaya Presna. But
consumers weren’t attracted and the supermarket was
closed within a year. Debenhams has found another
partner, AS Capital Department Store, and plans on
opening two supermarkets simultaneously, each with a
surface of about 3,000 sqm – one in the Mall of Russia
in Moscow City and another one in the reconstructed
building of the Minsk Hotel on Tverskaya.
Besides these two stores, the company plans on opening
a store in St. Petersburg and Riga. “Debenhams already
has the experience of entering the Russian market via
franchising, but now it has found another partner and
is trying again,” says Tatiana Klyuchinskaya, Director,
Retail Real Estate, Colliers International. “How the new
partner will do and what success the brand will have in
Russia is unclear. And Debenhams, which already once
decided to pull out of the Russian market, is taking a
Russians have the advantage of better understanding the local market and the existence of relatively well integrated retail chains. This
however is weakened somewhat through the headhunting for local
managers, or by straightforward M&A.
big risk, just as AS Capital Department Store, which
is investing its own resources in the development of
the brand.”
Nice Try, But Maybe Next Time
June 18, Moscow, Russia, the first Carrefour
hypermarket opened at Filion shopping mall. Although
the retail company considered the Russian market in
the middle of 1998 crisis, back than it all seemed
too risky. This year Carrefour made up its mind about
Russia. But don’t hold your breath! After a year and a
Tverskaya were about $3,000
per sqm annually. I believe that
Hamleys is paying today some
$1,500 to $2,000,” considers
Maxim Karbasnikoff. “The location
for Hamleys flagman store has
chosen very successfully. However,
if comparing with the chain’s store
in London (a surface of 6,000 sqm,
which allows the implementation of
many concepts), Moscow’s facility
has but 1,750 sqm, with an overall
retail surface of 750 sqm. But in any
case, the location is most fortunate
especially in consideration that
there are no other similar stores in
the center of the capital (Detsky Mir
is closed for reconstruction), and
they can take up their place in the
said niche.”
23
EDITORIAL
cover story
EDITORIAL
cover story
half the retailer decided enough was enough and is
leaving the Russian market. Why? Carrefour stands no
chances of becoming a leader of the Russian market in
the nearest future, says the company's report.
Direct Contracts
According to market specialists, the new expansionary
The international operators that will be celebrating their success are
those that will choose the best possible expansionary strategy, work
out every single penny and take the risk of entering the market right
now in order to win over the niches that are still available.
wave by Western retailers onto the Russian market
differs from the previous ones as they seem to have
switched from a franchising approach to direct
contracts.
“Certain chains have sufficient resources for expansion
and are aware of the high profitability of the Russian
market for their own brands, know the risks and in
order to heighten their presence and to maximize the
profits are ready to affront the Russian market directly
H&M
“We planned on entering the
Russian market in the spring of
2009 and this is no mere chance
but a well thought out initiative,”
say Ekaterina Prosvirkina, Chief
Press Attache, H&M. “We entered
the Chinese market in 2007, in
2008 the Japanese, and in 2009
the Russian, and by 2010 we hope
to be in South Korea. Things have
historically developed in such a
way that H&M never really had to
deal with any financial difficulties
24
brought about economic impacts,
but the present economic downfall
is undoubtedly having some impact
on our company, but our position
is very stable, which allows us to
concentrate on the future.”
A good strategy and a practically
sure-fire concept, good-quality
stylish clothing at a very good price
have guaranteed the success of
the fashionable brand in Russia.
Metropolis, where H&M has settled,
has practically become the Mecca
for young people’s stylish clothing,
and not only. During the first days
without relying on their former
partners and master franchisers,”
says Evgeny Kovrov. “Among the
major international chains that took
such an approach we can mention
New Yorker and Inditex.
Some of their competitors such as
H&M decided to enter the Russian
market
directly
without
any
franchising agreements. It is very
possible that H&M is aware of a
badly needed aggressive expansion
and isn’t ready to rely on a Russian
partner: the company has sufficient
capital and experience for expanding
without the assistance of anybody.”
However, according to Mr. Kovrov,
franchising also remains timely:
such world renowned brands as
GAP or Marks & Spencer work in
Russia through franchising.
Working directly or through franchising
is a personal question (even for major
following its inauguration, the
lineups to the fitting rooms could
only have been compared to those
of Soviet days. The company was
expecting success, but never such
excitement. It would be appropriate
to mention that three months have
passed since the opening but the
lineups have not subdued.
H&M plans to open another
store in Moscow (with a surface
of 2,300 sqm) in the Golden
Babylon Rostokino Mall. There is
also a signed agreement for the
inauguration of a first store in St.
Petersburg for the year 2010.
“H&M’s sales volume is much higher
than they expected. This is very
important,” says Maxim Karbasnikoff.
“The brand has a successful concept.
Muscovites were waiting for H&M,
a combination of affordable prices
with a fashionable style, and
notwithstanding the crisis, are ready
to purchase its products. This is a
good example for all other brands. The
future cannot be overlooked. It should
be mentioned that the crisis has its
good side, the market is becoming
increasingly transparent with popular
brands that are liked by Muscovites,
that understand their business and
can withstand in any circumstance.”
Guide to retail real estate in Russia 2010
enterprises) and depends on the
financial situation, readiness to accept
all the risks, and the level of interest
in the Russian market.
Normal Heroes Are Wary
“Prior to entering the Russian
market,
western
companies
Carrefour
Carrefour, the world's second largest
grocery retailer, is leaving the
Russian market.
Carrefour started rather nicely at the
beginning of this year with opening
of hypermarkets both in the capital
and in Krasnodar. Bad news came
in September when the company
started cutting investments for further
development in Russia and froze land
acquisition deals in the regions. On top
of that, the retailer refused to seal a
deal to acquire the Sedmoi Continent
chain.
“We find Carrefour's decision to sell
its Russian affiliate rather strange,”
says Maxim Gasiev, Managing
Director, Colliers International. This
is especially so, as we have already
signed a lease agreement with
them to have a 14,000 square feet
hypermarket in River Mall. According
to the source, the retailer is likely to
be in deep troubles with landlords.
And with reason, it’s a huge
headache for an existing shopping
mall to change a hypermarket. You
just can’t put up another sign. It
doesn’t’ work this way! Repair and
installation of new equipment may
Guide to retail real estate in Russia 2010
carefully review the market situation, the competition in
their segment and price category. There is an exception
with companies that choose a different expansionary
strategy,” says Tatiana Klyuchinskaya. “The German
company Globus, for instance, understood that it
is useless even thinking about entering the markets
of Moscow and other major cities which have been
practically taken up by Auchan and other local
take several months. The result is
obvious – most of the consumers
will go to some other place. Tenants
will ask for lease discounts right
away. Another consultant says that
such a step will bring significant
repercussions for the tenants – they
will have to pay penalties.
Sergey Galitzky, Magnit retail chain
co-owner, isn’t surprised at the
Carrefour decision to leave the
Russian market. Mr. Galitzky reminds
that the French retailer couldn’t come
to an agreement with any Russian
retailer to purchase a local partner.
One more nasty surprise came when
Carrefour realized that all paper work
regarding land plots for the future
stores didn’t come on the cheap.
“The retailer took stock! Auchan
its main competitor on the French
market, was way too far ahead on the
Russian market. So, they decided not
to waste time and efforts,” comments
Sergey Galitzky. Currently Auchan has
34 hypermarkets in Russia and 27
Atak supermarkets. Market players
who have discussed with Carrefour
their decision to leave remark that
the company was scared by red tape
and in particular by the “Trade law”
which is being considered.
“Let’s talk about Carrefour decision
to leave the Russian market in some
weeks. When it is clear what will
happen with existing hypermarkets
and preliminary signed lease
agreements. However, two options
are obvious now. First, Carrefour can
find a buyer for its Russian assets.
For example, a new retail network
planning to enter
the Russian
market, possibly Wal-Mart, may
get interested. Option number two lease agreements will be terminated
and hypermarkets closed. A new
operator will come into play,” says
Tatiana Kluchinskaya. “We can only
speculate why Carrefour is leaving.
One of the reasons may be the
following – the company decided to
reconsider its assets and diversify
risks in various countries. Sure, it’s
much more easier to quit the market
where a retailer has 2 hypermarkets
than 200”.
The source close to the Russian
Carrefour office told Kommersant
that the company is still looking
for an opportunity to stay in the
Russian market. Franchising may
be an option. The source says that
Carrefour had a meeting with several
Russian retailers. A top manager of
a large retail network knows that
an offer to acquire a franchise has
been made to Magnit. Carrefour was
ready to provide its brand for the 21
Magnit hypermarkets in return for
1-1,5% franchise royalty turnover.
The first payment would have been
zero. The retailer declined the offer,
the source said. Sergey Galitzky,
Magnit general director, declined to
comment the situation.
Franchise presents an opportunity
for Carrefour to return to the
Russian market later, buying out the
business from a partner, says Alexei
Krivoshapko, Director of Prosperity
Capital Management.
25
EDITORIAL
cover story
EDITORIAL
chains, and decided to open stores in small cities
around Moscow and neighboring regions. Globus is
inaugurating facilities in Schelkovo and Vladimir, and
takes over practically the whole city leaving no room
for the competition. The sales volume is huge and the
target audience is already accustomed to them.”
Globus has already five hypermarkets: in the Moscow
suburbs in Klimovsk and Schelkovo, and also in
Vladimir, Ryazan and Yaroslavl, and uses every
possible means to spread its presence throughout the
territory.
They have plans to open two new hypermarkets in
Kika
The first steps by one of the
five major European furniture
retailers were most assured – Kika
opened a furniture and homeware
supermarket in Moscow with a
surface of 12,000 sqm. The store
is located in the Uni Mall on the
Novorizhkom Shosse, 5 km from
the MKAD. Kika has an inventory of
over 30,000 products and a large
assortment of furniture, textiles,
interior decorations merchandise,
carpets and accessories by
renowned international brands
like Berloni, Hulsta, Nolte, Fratelli
Rosseto, and some Russian ones
as well. Some 10% of the inventory
is made up of luxury items, 50%
in the affordable segment, 15%
of middle-low to middle-high, and
10% in the discount bracket.
The company’s entrance onto the
26
Russian market was prepared for
a whole year. As told by Mikhail
Kuchment, Vice President, Kika
Russia, the investment for the
inauguration of the store represented
some 120 million rubles and an
advertising budget of 24 million
rubles. “Since the rental rates and
advertising costs came down because
of the crisis, the inauguration costs
came down as well, by some 30%,”
says Mikhail Kuchment. “Kika is
working on the Russian market on
a franchising basis, but regardless
of this, we have a series of direct
contracts with suppliers.”
The company is planning on
opening another 10 stores with
a surface of 12,000 to 20,000
sqm by the year 2012 in cities
with populations of over 500,000
people. The next stores are to
appear in Samara, Krasnodar and
Moscow.
EDITORIAL
cover story
Yaroslavl (the retailer is planning
on opening an overall three
hypermarkets with an overall surface
of 72,000 sqm. The investment
represents 22.5 billion rubles), and
another one in Smolensk and Tula.
By 2010 it plans on opening one in
Kaluga as well.
The strategy comprises the opening
in Russia’s European part of some
three-four stores every year, and
according to the press secretary,
it will not bulge from this position.
It should be noted that the retailer
prefers building with his own
resources. The company’s turnover
allows it to invest considerable
sums in the construction of new
stores.
“Globus’ example clearly shows
how important it is to fully review
one’s expansionary strategy in
order to end up in the right place
at the right time,” says Tatiana
Klyuchinskaya.
“International
operators entering the Russian
market will undoubtedly represent
a serious threat to Russian
chains. “The volume of their
financial resources, experience
and technologies is just part of
the advantage of westerners,” says
Evgeny Kovrov. “The Russians on
the other hand have the advantage
of
better
understanding
the
local market and the existence
of
relatively
well
integrated
retail chains. This however is
weakened somewhat through the
headhunting for local managers,
or by straightforward M&A which
are
traditional
expansionary
mechanisms of such monsters
like Wal-Mart.” According Maxim
Karbasnikoff,
the
competition
between local and western retailers
will only serve the consumer: it
will lower the prices and provide a
better service.
With regard to the activities of
Western retailers in Russia, we can
assuredly say that the international
operators that will be celebrating
their success with champagne are
those that will choose the best
possible expansionary strategy,
work out every single penny and
take the risk of entering the market
right now in order to win over the
niches that are still available.
Guide to retail real estate in Russia 2010
Prize-Winner in Small Retail Center, Moscow Nomination
Stolitsa
Prize-Winner in Mixed-Use Complex, Moscow Nomination
Metropolis, Phase I
Guide to retail real estate in Russia 2010
27
EDITORIAL
Tatyana
Prozorova
Business Technology
Shopping centers became more modest – especially after retail operators started closing stores and vacating premises. Shopping center owners had no choice
but to make concessions to their tenants – reducing rates, operating costs, and
provide more and better quality services. How has the performance of leading
shopping centers in Moscow and the regions changed today compared with the
glorious pre-crisis times?
INFORMATION
Stolitsa shopping center. A three-level
shopping center with a total area of
13,500 sqm is located in Moscow on 21
Solntsevsky Prospect, in the center of a
Royal Park
residential area that 100,000 people call
home.
Anchor
tenants
are
Perekrestok
(supermarket), Detsky Mir (children's
store, and SportMaster (sporting goods).
The Shokoladnits Cafe is located there
as well as restaurants serving Japanese
and Italian cuisine. The grand opening of
the shopping center took place in August
Occupancy rates at Stolitsa have recovered and now stand at 3%, with
a waiting list for new tenants
2008. The total investment into the
project is around $20 million.
Stolitsa
Shopping Center
Novosibirsk’s Royal Park opened
in 2007 and currently draws up to
27,000 visitors on weekends
INFORMATION
The Royal Park shopping and
Entertainment Complex, Novosibirsk,
Avtoyarus OJSC
A four level building, located on the
Krasniy Prospekt on the border of
three residential areas in the center
of Novosibirsk. Total area – 65,562
sqm. Leasable area – 30,000 sqm.
Underground parking – 582 vehicles
Tenants
Among the anchor tenants are the KORA supermarket, CINEMA Park multiplex
cinema, Tekhnosila consumer electronics store, and PAPAYA children's goods
store. Some other tenants are the first ESPRIT clothing store in Novosibirsk,
O'stin, Sephora perfume and cosmetics store, Byeliy Veter Digital, and Evrodom,
among others.
Leasing rates, vacant spaces
The average leasing rates have declined 10-15% because of the crisis. Operating
costs have not been changed. At the moment there are no vacant spaces, and
the owners have a long waiting list of tenants. The crisis has caused some
tenants to leave the shopping center, mostly those in the luxury segment – an
expensive watch store, gifts shop, etc., because of the specificity of demand
fluctuations. The average flow of visitors on weekdays: 15-17 thousand people
a day, weekends this reaches 23-27 thousand per day.
Financial Indicators
Total volume of investments into construction came to 1.95 billion rubles.
Estimated payback period is 5 years. Operating expenses per sqm are $80 per
year, excluding VAT.
28
Guide to retail real estate in Russia 2010
Leasing rates, vacant areas
According to the company, the average leasing rates have
dropped by 15-30% during this crisis. Average leasing rate
before the crisis was in the range of $1200-2300 per sqm
per year. Now it is in the range of $1000-1900. Vacancy
rate stands at 3% today (on August 30, 2008 it was less
than 1%). Anastasia Balmochnyh, director of commercial
real estate at LCMC (exclusive consultant for the project),
adds that in September-October 2008 (the peak of the
crisis) the 3rd floor was fully vacant. Now there is a waiting
list of tenants for that area. Operating expenses have
remained unchanged, according to company reports.
Financial indicators during the crisis period
Gross income of the facility without VAT (lease,
maintenance, utilities, advertising) - 5,898,305 USD /
year
Expenses, without VAT - 1,027,200 USD / year.
Gross profit (before income tax) – 4,871,105 USD / year
Capitalization ratio - 7.00%
Project appraisal, without VAT - 69,587,215 USD
Price per one sqm of total area, excluding VAT - 5,155
USD/sqm
Tenants
At the peak of the crisis, there was some rotation of
tenants. Such stores as Expeditsia and Voltaire left
the shopping center. The main reason given for the
termination of the lease was financial difficulties faced by
the retailers. Since there is a waiting list of tenants, the
management company does not feel that it is necessary
to significantly reduce leasing rates, says Anastasia
Balmochnyh. But the management company tries to
understand the needs of its loyal tenants. For example, in
January 2009, when the retail market showed no signs
of life, a one-month's deposit was credited as the January
lease payment for those tenants experiencing financial
difficulties, she adds.
Guide to retail real estate in Russia 2010
29
EDITORIAL
Business Technology
EDITORIAL
MEGA
EDITORIAL
Business Technology
Belaya Dacha.
IKEA’s MEGA Belaya Dacha is the
third major shopping center of the
Swedish chain in the Moscow area.
INFORMATION
The
MEGA
Belaya
Dacha
family
shopping center is one of the largest
retail complexes in Europe. The MEGA
shopping center concept brings together
shopping and entertainment for the entire
family. Total area of the shopping center
is more than 300,000 sqm. Over 300
tenants sell their wares in the complex.
Anchor
tenants
Stockmann,
are
Belaya
IKEA,
Ashan,
Dacha
Garden
Center, OBI, MediaMarkt, Decathlon,
Kinostar, M.Video, Cosmic, Crazy Park,
Santa House and Detsky Mir.
Prize-Winner in Warehouse Complex, Moscow Nomination
Istra, Phases I, II, III
Leasing rates, vacant spaces
Leasing rates at Mega Belaya Dacha are not made public, as company reps
site the confidential terms in their agreements with tenants. “All questions
regarding leasing rate reductions or changes in terms, etc. are solved on an
individual basis with our tenants. Individual support programs are developed if
they are needed,” says Irina Johansson, public relations manager of the MEGA
family shopping centers.
Information about the customer traffic flow is also being kept under wraps.
However, according to their press service department, the number of visitors
has not diminished with the economic crisis. “We did not need to develop
any special anti-crisis offers, we are simply sticking to our overall operating
strategy, which include active marketing, 'seasonal' promotions, advertising
and PR support,” says Irina Johansson.
Tenants
The owners of the center believe that in any crisis, a tenant gets feedback from
the marketplace, which confirms the strength or weakness of his concept and/
or his brand and sees how loyal his customers really are.
“We do not wish to generalize the reasons why certain stores have closed
their doors, says Johansson. In most cases, this is just a natural process that
accompanies any economic situation, and tenant rotation is a common process for
all shopping centers. You could say that during an economic recession the situation
is different for every business.”
Financial Indicators
The company has reviewed all its expenses. Optimization plans have been
implemented to reduce utility and electricity bills. The operation life cycles
of technical systems increased. Shuttle buses from the subway stations to all
company complexes are no longer free. Supervision over facility management
has become more stringent.
30
Guide to retail real estate in Russia 2010
Prize-Winner in Industrial Complex, St. Petersburg Nomination
AKM Logistics
Guide to retail real estate in Russia 2010
31
EDITORIAL
EDITORIAL
Business Technology
Torgoviy Kvartal
INFORMATION
The Torgoviy Kvartal shopping center in
Naberezhnye Chelny. This three-level
shopping center is located in the city
center at the intersection of Prospect
Mira and Academic Korolev Street.
The total complex area is 40,000 sqm.
Retail area occupies 24,138 sqm.
Parking spaces for 1,026 vehicles. The
complex opened for business in the 4th
quarter of 2006. The total traffic flow
on adjacent highways averages about
4,000 vehicles per hour; the pedestrian
flow is about 700 per hour.
Naberezhnye Chelny is a large industrial
and manufacturing center and the
Prize-Winner in Large Retail Center, St. Petersburg Nomination
Atlantic City
second-largest city in the Republic of
Tatarstan (according to Standard &
Poor's and Moody's Investors it is on the
Top-10 list of the 89 Russian regions
in terms of low investment risks and
high potential). Population: 507,000
people. Retail turnover of 23.8 billion
rubles.
While some tenents have departed,
new ones have helped Torgoviy
Kvartal maintain occupancy
Tenants
Major tenants are Perekrestok (supermarket), Snezhnaya
Koroleva (clothing store), M.Video (household appliances and
electronics), Detskiy Mir, the shoe stores – Carlo Pazolini,
Salamander and Geox, and clothing boutiques O'stin, Sela,
Henderson, Wool Street, Westland, Camelot, Tvoyo, Kira
Plastinina, etc.
Tenants, which have left the facility recently include: Dzintars,
O'Shade, Olsen, Betalink, Adamas, Pur Pur, Finn Flare, Wool Street
and LTB. The reasons are varied. Some companies have gone
bankrupt, as Pur Pur and Betalink. Some, such as Wool Street,
decided to scale down their regional network. But the majority of
tenants who have left were the local franchisees, or those who
could not correctly build their sales volumes or replenish sold
goods, or ones who closed their outlets because credit resources
for the procurement of new collections became scarce.
New tenants which have come: STEP, Diva, Expeditsiya, Style
Park, Betty Barclay, M.Reason and DEVORE.
32
Leasing rates, vacant areas.
According to the Torgoviy Kvartal
development company, the average
leasing
rate
reductions
were
approximately 25% during the crisis.
Average leasing rates in shopping
centers (inclusive of anchor tenants)
were around $353 per sqm per year
before the crisis, and during a crisis
– $263.
Operating and maintenance costs
remain unchanged at $120 per
year. The vacancy rate has changed
though. Before the crisis it was
1%, and today it is up to 5%. The
number of the visitors per month
was 305,000, during the crisis –
260,000.
Guide to retail real estate in Russia 2010
Prize-Winner in Small Retail Center, St. Petersburg Nomination
PRISMA
Guide to retail real estate in Russia 2010
33
EDITORIAL
opinion
Franchising:
What’s It All About?
Until recently, the retail real estate market was one of the most dynamic and rapidly expanding
markets not only in the capitals but throughout all of Russia. Developers seeking to meet the
growing consumer demand were building shopping centers while retail operators were expanding their chains. Franchising was one of the tools used by agressive retailers when they grew and
forayed into regions. And the franchising market in Russia remains active today.
Galina Maliborskaya,
Director of Agency Group, Retail Property Department, Colliers
International
Franchising Types:
There are several franchising models. The first one is the
provision of a master-franchise (or general franchise) to the
partner. The franchisee not only receives the right to open
branded stores, but also to grant the franchise within the
confines of a certain agreed upon territory (however, the latter
right is not always granted). Such a system is implemented
in Russia by such companies as MEXX, Naf-Naf, Springfield,
Rosinter (Rostiks KFC, Planeta Sushi, Il Patio), Gloria Jeans
Cafe and others. Such are the expansionary plans of S’Oliver
even though it is having certain difficulties in identifying the
master-franchiser and temporarily inaugurating stores in certain
cities where it already has partners.
The second method consists in the parent company entering
the Russian market on its own and handling its own expansion
in the capitals (Moscow and St. Petersburg), and a regional
expansion through franchising. And here we are talking about
Russian companies as well, which are opening stores in the
capital on their own, while in the regions they are expanding
through franchising. There are some clear examples such as
Savage, Depeche Mode, SELA, Finn Flair. Colin’s in Moscow and
Podmoskovie, and in certain regions, is expanding essentially
on its own, and in other cities through partnership agreements.
This approach allows the retail operator to develop his own
chain rather quickly and without running major financial risks.
The third method consists in the presence of a representative in
Russia (or an individual from the company responsible for the
territory), which handles the identification of potential partners
and controls their activities. The final decisions and approvals
are taken at the head office. This is the method that was chosen
by Mango and Terranova.
It should be noted that each method allows the brand to buy
out the franchisee: the whole chain or just some of the stores.
The owner of Motivi initially decided to expand by masterfranchising, and afterwards the parent company entered the
Russian market and bought out the brand name titles. The
company is presently opening its own stores and developing
34
franchises in the regions. It is also
opening some stores (Mango, Promod).
Incidentally, some retail operators do
not implement franchising and prefer
expanding on their own, such as H&M,
Louis Vuitton, Chanel, and McDonalds
as well.
Operational Methods
There are several operational methods
implemented. One such method is the
provision of the merchandise by the brand
and stringent control over the product
and pricing (Terranova, Mango, Orsay,
Camaieu). Another method consists
in a mandatory yearly purchase of an
agreed upon volume of merchandise
(Naf Naf). And not only may there be a
fixed purchase volume, but also a yearly
growth ratio which implies an expansion
of the franchise chain.
The Pros and Cons
Let’s review the pros and cons of
franchising for each of the participating
parties. Let’s start with the franchiser.
A definite pro for him is the absence
of any major investment in the chain’s
expansion over a certain territory (country,
region, etc.), which allows him to greatly
expand over a specific territory, which
he wouldn’t be able to do on his own
for several important reasons: financial,
temporal, administrational and others.
The presence of a local partner allows
the brand to share the risks of expansion,
as a local player is better acquainted with
the Russian market, with experience in
the retail real estate business, better
understanding of how to better organize
the stores’ operations.
There are however some definite
issues and risks for the franchiser. As
Guide to retail real estate in Russia 2010
seen in the past, even with a relatively
developed market, it is quite difficult to
find an appropriate partner in Russia
that would meet all the requirements.
Also, just as complicated, is the process
of controls over the partner’s operations.
As a result, one of the reasons why many
international brands work on their own
is the possible tarnish to the brand’s
reputation. Furthermore, the possible theft
of the business’ organizational technology,
whereby a franchisee that purchases a
franchise for a period of 2-3 years and the
required instruments and skills, opens his
own business, just slightly changing the
technology and name. Such cases were
identified especially with regard to the
restaurant business.
Let’s take a look now at the interests of the
other party. The purchase of a renowned franchise allows first to
exploit a proven and developed business system. Implementing
a working model and recognized brand name allows the
franchisee to lower the risks, advertising costs, and provides
a consumer base loyal to the brand. The franchiser assumes
the training and support of an experienced partner. And just as
important is the guaranteed supply of merchandise.
The cons include the need for substantial financial investments,
stringent control over the operations, and the responsibility
over all the possible market risks. With regard to the terms
that the brand may request from the franchisee, they are
essentially technical (size of surface, power and water supply
requirements, sewage and so on); there are also certain
location criteria (the nature of the shopping center or retail
street, location within the shopping center). Furthermore, there
is a requirement for financial resources essential for the store’s
inauguration, working equity capital or debt financing.
Current Situation
By reviewing the current situation we see that no substantial
changes have occurred on the franchising market. We can note
that the control by the head offices over the operations of the
franchises has substantially stiffened (identification of offers,
Table. Franchising Schemes
Schemes, Descriptions
Examples
1) Master-franchise (or general franchise) to
the partner. The franchisee not only receives
the right to open branded stores, but also to
grant the franchise within the confines of a
certain agreed upon territory
MEXX, Naf-Naf, Springfield, Rosinter
(Rostik’s, Planeta Sushi, Il Patio),
Gloria Jeans Cafe
2) The parent company entering the Russian
market on its own and handling its own
expansion in the capitals (Moscow and St.
Petersburg), while in the regions expanding
through franchising.
Savage, Depeche Mode, SELA, Finn
Flair.
3) The presence of a representative in Russia
(or an individual from the company responsible for the territory), which handles the
identification of potential partners and controls their activities. The final decisions and
approvals are taken at the head office.
Mango, Terranova.
Source: Colliers International
Guide to retail real estate in Russia 2010
concordance of commercial terms,
concordance of technical issues and
so on). Furthermore, certain franchises
that have encountered difficult crisis
conditions haven’t been supported by
their partners: there were practically
no facilitating measures with regard to
discounts or supplies. This brought about
certain franchisees refusing to cooperate
with the brands. It is most interesting
that certain companies, having decided
to expand on their own, faced higher
leasing rates than those when they
worked with partners. This was caused
by the fact that some major franchisees
which had the rights to commercialize
several brand names were entering
shopping centers with all of those brands
at once, or at least with part of them,
in order to bargain significant discounts
from landlords. Such privileges aren’t
always available to one tenant, even if
popular on the retail real estate market.
As a conclusion…
Having reviewed the current situation,
we can assert that its future development
will be determined by the following
factors. On the one hand, franchisers
are interested in future expansion; on
the other hand, the potential franchisees
lack the required financial resources
for expanding. Incidentally, expensive
brand names have rather conservative
expansionary plans, which means that
they can expand essentially through
their own efforts. And in the long run
the situation will evolve according to
the overall macroeconomic situation,
the dynamics and structure of the
consumership.
35
EDITORIAL
opinion
EDITORIAL
market report
Crisis –
One Year Later
Tatiana
Demidova
The crisis caught many in the commercial real estate market by surprise. They say
that autumn would surprise Soviet collective farmers in a similar way. Theoretically
everyone knew that behind the wildly expanding market always comes a slump and
always with a ten-year frequency. The market slumps in the USA and Europe that
began towards the end of 2007 were no secret either. Nevertheless, President Dmitry
Medvedev said last October: “Russia for the time being is being spared by this whirlwind. And has a chance of steering clear. It must avoid it.” Sounded good but…
development projects and investment transactions. “We
knew that the market had changed and began taking action
at cutting investments in business expansion,” recounts
Mark Jagger. “Nevertheless, we were just like everybody
else surprised by the events that took place on September
2008 and by their impact on the Russian real estate market.
We very quickly reacted to the changes and already by mid
October implemented a business curtailment plan and other
measures to safeguard our company from the crisis.”
The major issues that most developers came to face were
as follows:
Overblown project portfolios simultaneously being realized
at various stages of completion;
Major short and midterm indebtedness;
Sharp increase in currency rates which impacted on ruble
loan repayments.
The worse hit were companies with overly high debts.
In order to restructure their debt loads developers had to
clear part of their assets or equity stocks. Those companies
Another trend that we have observed during the past 12 months was a
large number of tenants who have approached their landlords in order
to review their leases. On today’s market cash calls the shots and most
players are trying to defend their capital and cut their costs.
without short-term loan obligations and overblown portfolios
were doing somewhat better, but had their own difficulties
as well.
“Just like most companies working on the commercial
real estate market, we weren’t prepared for the economic
changes,” confesses Amiran Mutsoev, Vice President,
Member of the Board, Regions Group. “However, thanks
to the company’s well-balanced investment policies, the
company wasn’t under any heavy debt loads when the
crisis first hit us.”
According to Oleg Sorokin, Director General, Stolitsa Nizhny,
the company always operated reasonably with well thoughtout decisions and had no real difficulties due to overblown
portfolios. “Generally, we never work on more than two obkects
at a time,” says Oleg Sorokin. “With regard to currency risks we
did experience some serious difficulties but this had no impact
on our relationship with the banks. They have always been
reliable and confident and remain such even now.”
“Just like most companies we weren’t prepared to face the crisis and most importantly we didn’t
understand its impact and duration. And this is why the measures were temperate and there was
hope that it would pass quickly,” says Vera Setskaya, President, GVA Sawyer.
Even companies that were rather pessimistic about the impact of the crisis and that understood
that it would hit Russia in the near future, were actually surprised by the scale of the damages.
“We were expecting some negative repercussions from the market slumps in the United States and
Europe. We were getting ready for the crisis as early as the summer of 2008 and streamlining our
expenditures,” says Christopher Van Riet, Managing Director, Giffels Management Russia. We were
also certain that our investors and potential tenants were fully informed about these measures and
were fully supportive. On the other hand, we were astonished by the magnitude of the economical
decline in Russia and its impact on the demand for commercial real estate.”
According to Mark Jagger, Chairman of the Board of Directors for Russia and CIS, Jones Lang LaSalle,
notwithstanding the Russian market was still growing in the first half of 2008, it was already obvious
that banks were shutting down on funding, and that this had a direct impact on the financing of
36
Guide to retail real estate in Russia 2010
What’s the Plan?
The crisis forced developers to review their former
strategies and swiftly develop new tactics. Christopher
Van Riet recounted that the company in the framework
of its antirecessionary program had to reduce the number
of its employees by 15% and cut the expenditures of its
head office by lowering leasing rates and reducing rented
surfaces. “Furthermore, since all attempts at taking
advantage of the new opportunities were relayed to a back
burner until at least 2010, our efforts regarding business
development were practically reduced to none,” says Mr.
Van Riet. “But we didn’t lower salaries as we consider it
most important that the backbone of our company was
compensated according to its accomplishments in good or
bad times. Also, our shareholders, among which are some
Guide to retail real estate in Russia 2010
Amiran Mutsoev,
Vice President, Member of the
Board, Regions Group
“The essential reason for antirecessionary strategies was to minimize the possible impact of the
crisis on the company’s plans.
Notwithstanding the crisis, our
plans remained practically unchanged. We decided that those
projects that were being built or
even close to completion should
be finalized and inaugurated. And
hence, on December 20, 2008,
the June Mall in Krasnodar was
inaugurated. We are planning
on inaugurating in the very near
future some facilities in Ufa and
Cherepovets. Projects that were at
the design stage were postponed
for one year. In the framework
of its antirecessionary measures
the company implemented a review of its financial policies and
tenant relationship principles. It
was forced to drastically reduce
its marketing expenditures and
set aside a minimal budget for
promoting its malls under construction. Furthermore, the company turned down all expensive
image-building campaigns. In
order to reduce to a maximum
its financial losses from facility
maintenance without harming
the quality, a new plan was developed for reducing costs in the
operating malls.
37
EDITORIAL
market report
Oleg Sorokin,
Director General, Stolitsa Nizhny
“We didn’t stop working on a single of our projects but adjusted
the delivery times of those projects that were in initial stages.
In March 2009 we began construction on the first phase of a
shopping center in the residential district Mescherskoe Ozero.
The company was successful in
raising sufficient funds to honor
all of our obligations assumed
before the crisis. More specifically, we had an agreement with
Castorama for the construction of
a DIY hypermarket for them and
we plan to fulfill our obligations
in this year.”
Irina Strizhova,
Director, Marketing & Sales,
Liedel Investments Limited
“We are seeing some good
things, the crisis has left behind
only the strongest players. This
will undoubtedly lower the level
of competitiveness among the
developers on the local market
and will provide the necessary
time and possibility for creating
successful projects.”
38
EDITORIAL
market report
of our management, allocated additional funds towards the business so that the
construction of our industrial park Giffels SouthGate continued on schedule.”
According to the crisis strategy of GVA Sawyer, part of the employees went through
some training and were transferred to sub-divisions that remained operational.
“For instance part of the consultants became temporary brokers and marketing
specialists in the brokerage division,” says Vera Setskaya. “We developed a set of
new services required on the market, including the project technical assessment,
express consulting, express market monitoring and short-term market surveys.
The valuation sector was expanded. On the whole, salaries weren’t reduced by
more than 15-20%. During the crisis cycle the number of our employees was
reduced by some 25%.”
The major antirecessionary measures undertaken by Stolitza Nizhny regarded a
slowdown for certain projects, especially those at the design stages.
Developers working on but a few projects funded at various levels succeeded in
continuing their operations without any requirement for antirecessionary concepts.
“The construction of the Mercury City within Moscow City received a long-term
credit line from one of Russia’s major banks before the crisis,” accounts Irina
Strizhova, Director, Marketing & Sales, Liedel Investments Limited. “Part of
the funding comes from the actual shareholders. It is expected that additional
funds will be raised through the sale of apartments and rental income from
the offices. Such a position provided the company with a stable environment
and was relatively spared by the vicissitudes of the crisis. But the crisis has
obviously affected us to a certain degree and we have gone through some
changes, but we didn’t need any specially elaborated crisis strategies.”
Market Revolution
Since last October the commercial real estate market has suffered a global
transformation. “One of the reasons why the market was so heavily affected was the
fact that investments, funding and the demand on the part of tenants all crumbled
simultaneously,” accounts Mark Jagger. “Usually market cycles affect one or several
factors but not all at once and not at such a magnitude. Another sign that the market
had changed was the withdrawal of foreign investment capital which won’t return on
any considerable scale at least for the next year. Another trend that we have observed
during the past 12 months was a large number of tenants who have approached their
landlords in order to review their leases. On today’s market cash calls the shots and
most players are trying to defend their capital and cut their costs.”
Many trends that we are seeing today, according to Mark Jagger, are conditional
on this factor. Bill payments are being delayed, landlords are having to deal
with their tenants constantly requesting lower rates, and everyone is trying
to maintain their own cash-flows. Growth and expansion have been replaced
by short-term tactical measures to release the least capital possible and keep
expenditures under control.
In the last months of 2008 and early 2009 the number of commercial real
estate surfaces on the market had been growing rapidly. Customers were either
becoming insolvent or were assuming a wait and see attitude hoping for prices
to fall even lower. “Foreign buyers left the market just like all other investors
except for a few Russian corporations with strong balance sheets,” says James
Corrigan, Global Head of Real Estate, Investment Banking, VTB Capital.
The market was forced to institute dumping practices. “The desperate need for
money and the superior bargaining skills could produce savings of up to 50%
from the initial proposed price,” says Irina Strizhova. “And then the average
price on the overall began falling up and until June 2009. And it’s only in JulyAugust that a relative stagnation overcame the market.”
Developers specializing in the area of shopping centers and malls were heavily
affected by the difficulties of their partners, retail operators. “Due to a drop in the
consumer demand, our partners-tenants began experiencing difficulties with regard
to their revenues,” says Amiran Mutsoev. “We had to take this into consideration
in our work. Many national retail brands decided to temporarily defer their regional
expansionary plans. However, notwithstanding the complex situation, two of our
projects in Ufa and Cherepovets are in a relatively good situation. The currently under
Guide to retail real estate in Russia 2010
construction mall in Cherepovets will be the first of its kind in
the city. This is one of the reasons why the surfaces are being
leased without any major difficulties.”
A Slow Start?
Brokers and developers have recently seen signs that the
market is off to a slow start. “Since midsummer we are seeing
a resurgence of activities in the brokerage department, there
is a renewal in transactions for leasing as well as sales. A
demand is appearing for consulting services which had totally
disappeared early in the year. We signed letters of intent for
three projects in August,” says Vera Setskaya.
The number of players on the market has substantially
decreased. On the other hand, according to Vera Setskaya,
they have become more friendly and ready to cooperate
and join forces.
The developers that remain alive began looking at sources
of funding and the integrity of their long term projects more
objectively. “The attitude of the developers has changed
considerably as they have accepted the fact that certain
changed. Now everybody understands
what has to be done, a restructuring
process has been initiated, assets are
being sold, the interests of the players
are beginning to overlap, which will
translate into the availability of cash
that has so far been restricted by the
possibilities of the Russian capital,”
says Maxim Sterlyagov, Managing
Partner, Asset Management Group.
“How will commercial real estate
projects be restructured is not yet
fully understandable, and what the
solution will be for Russian real estate
lending banks isn’t either. Even if all
paper projects were to be halted and
the debts for the next few years were
restructured, refinancing problems
will continue growing like a snow
ball, and without major Western
projects have no future in Russia,” says James Corrigan.
“Bad projects that weren’t adequate even before the crisis
have totally disappeared.
Oleg Sorokin believes that the crisis graphically
demonstrated the necessity of securing the stability of
companies regardless of the market fluctuations and their
magnitude. The economy is cyclic and any economic
growth is followed at one point or another by a drop. The
real estate market was indeed overheated. The increase in
prices that took place in the last few years was not pegged
to real market mechanisms and was fully speculative.
The major lesson that developers learned from the crisis,
according to Amiran Mutsoev, was that projects must be
well designed from a funding risk perspective. Furthermore,
companies must carefully review the expansionary plans
of their partners-tenants and major market players and
secure their support when undertaking new projects.
“The changes that we have witnessed this year are obvious:
the mood among developers, creditors and investors has
investments any talk of stabilization is
premature.”
Mark Jagger, on the contrary, believes
that in the next 12 to 18 months his
business won’t necessarily be growing
but will however remain stable.
“We will continue to slowly expand
some of our business areas in any
way possible,” says Mr. Jagger. “We
will keep on working in conformity
with the market, instill motivational
incentives for our employees and we
must also be prepared for the market
to pick up again. The crisis has made
us aware that this market has no room
for sentimentality. And this is why we
have to be steadfast and develop our
ability to quickly respond to market
fluctuations.”
Guide to retail real estate in Russia 2010
39
EDITORIAL
market report
EDITORIAL
case study
To stay afloat in a time of crisis, almost all retailers have to work on
optimizing costs. What further steps are they taking in order to remain
competitive? Here we present six stories about leading retail operators
working in the Russian market.
Do you dare?
Ksenia Ryasova,
President, FiNN FLAREnn Flare
“Demand has shifted
in favor of lower
priced products”
We try to understand our clients, so this year we have
greatly tightened our margins in order to maintain our
market share and retain our customers. Since FiNN
FLARE produces its own products, it is easier for us
to play with the assortment we offer, to increase the
delivery speed of popular models, or adjust the prices
of certain models.
This spring we noticed some reduction in the average
purchase size. Demand has now shifted in favor of
products with lower prices. Clearly, in connection with the
crisis, consumers have sharply reduced their spending;
however, they continue to make purchases. This autumn
our sales bounced back to their previous levels. Many of
our stores even showed an increase in revenue, compared
with the previous year – and the consumers have calmed
down, they are not as reluctant to spend money as they
were before. Now the slightly more expensive items are
becoming our most popular models – those with more
interesting designs. Of course, we also try to stimulate
demand in various ways: holding end of seasonal
sales, offering specials and work closely with our loyal
customers. After all, they are the ones that bring profits
to every company.
With regard to reducing costs, at the end of last year
we did everything possible to improve all our business
processes. We reorganized the work of key departments,
reviewed the job classifications of staff, changed the
working schedules of our sales staff in the stores and
introduced a new motivational program. We reviewed
the payment terms we offered our partners and
suppliers, etc. Naturally, we worked hard on reducing
our transportation costs.
The FiNN FLARE factory started operations back in 1960, in the small Finnish town of Salo. Right from the start
the company started acting like a very promising clothing manufacturer. In 2003, the first FiNN FLARE retail store
opened in Moscow. One after another, FiNN FLARE stores started popping up in all regions of Russia and Kazakhstan.
Today FiNN FLARE is a leader in the Russian clothing market in the “average plus” price segment and it is among
the top five clothing retailers overall. The FiNN FLARE retail network directly owns 42 stores in Helsinki, Moscow, St.
Petersburg and Astana; the franchised network consisted of around 200 retail stores in Russia and Kazakhstan. The
Finnish company Ruveta OY owns rights to the FiNN FLARE brand.
40
Guide to retail real estate in Russia 2010
“Auchan is increasing its number of
‘house brands’”
Louis Olin,
Member of the Board of Directors, Auchan Russia;
Director of Management Supervision, Member of the
Joint Council of Experts on the Economic Policy and
Entrepreneurship Committee of the State Duma.
Since the beginning of 2009, we have seen an increase
in the number of customers coming to our stores. Our
task in this crisis is to ensure that consumers continue to
come and shop in our stores, that inflation in the Auchan
will always stay lower than the general inflation of the
country.
There has been no reduction of traffic in Auchan stores.
With regard to the size of the average purchase, this has
remained virtually unchanged, but the number of items in
the cart has declined of course.
The first Auchan hypermarke in Russia opened on August
28, 2002 in the Moscow Region. At present (September
2009), Russia has more than 30 hypermarkets run by this
French company (in Moscow and Moscow Region, Nizhniy
Novgorod and Leningrad Regions, in Yekaterinburg,
Krasnodar, Samara, Rostov-on-the-Don, Novosibirsk
and Omsk). In December 2007, Auchan signed a
contract with the Turkish company, Enka, concerning the
acquisition of the Ramstore hypermarket network. Under
the agreement, Auchan acquired one hypermarket and
received long-term leasing rights for 13 stores. After the
deal was signed, the first re-branding was carried out,
with all Ramstore retail stores being renamed to AuchanCity. Another relatively new direction is the supermarkets
and hypermarkets called Auchan Sad, specializing in
garden, decorating and pet products. Currently there are
two stores in Moscow and Moscow Region operating on
this concept.
Guide to retail real estate in Russia 2010
Due to the crisis, many retail chains
have reduced the assortment of
items they now carry. We have
kept our assortment constant at
45,000 items. The distribution in
the various product categories has
not changed either.
Demand, though gradually shifting
towards the cheaper and less wellknown brands, has not caused
us to stop carrying any product
categories. As for pricing policy, this
too has not required any changes.
Auchan, just like before, places only
the minimum markups on goods
sold in our stores. Our pricing policy
is consistent with the expectations
of our customers – especially in
today's crisis conditions.
To achieve lower prices, Auchan
is doing everything possible to
increase the amount of “house
brands” that we offer. We have
around 3000 suppliers and about
100 that provide us with “private
label' products. Products under our
own house brand provide a good
balance between price and quality
in each price segment.
While maintaining high quality
products, the prices of private label
brands remain 20 - 30% lower than
those in other stores and markets.
By the end of 2009, Auchan will
release an additional 1000 new
private label products.
We are also focusing on cooperation
with local manufacturers of food
and non-food products – seeking
less and less dependence on
higher priced imports. This will
allow Auchan to maintain its low
retail prices, while at the same
time supporting local producers,
providing them with constant and
large orders.
This spring, Auchan introduced a
new crisis-fighting product – the
social consumer basket.
This is a collection of products
which sells for 500 to 800 rubles
(depending on the city in which the
store is located) – an example of
how shopping at Auchan is possible
for people of various incomes,
including those with limited
budgets.
This is particularly important for
the vulnerable and disadvantaged
groups in our society.
41
EDITORIAL
case study
EDITORIAL
case study
“The optimum ratio
for us is 4% of total
turnover”
Pavel Breev,
Vice President, M.Video
Rental policy and leasing rates, in the shopping centers
where we are located, have changed. The rates are
now set in rubles. In absolute terms, the rates have
decreased by 30%. The total monthly leasing rate is
not the most important thing for us. The final rate is
partially determined by the sales volumes in the centers
where our stores are located. We expect the rate to
reflect the amount of sales we make each month and
the projected future turnover. This is what we negotiate
with each property owner.
The optimum ratio for us is 4% of total turnover.
Previously, there was almost no competition among
developers. Our country is large and many shopping
centers were being built. Now, because of the financial
crisis, the volume of shopping centers construction
has significantly decreased. Thus, a balance between
markets and shopping center plazas is coming into
place. The need for the opening of more stores is no
longer there, and neither are there extra areas available
for renting.
When opening a new shopping center, developers often
face difficulties in determining a balance between
profitability and filling of their shopping center with
tenants. This concerns not so much the competition,
but rather the volume of income the shopping center
may achieve in the form of rental income - and which
operators it is able to attract. Many operators have
cancelled their expansion plans and are no longer
seeking new premises. It is difficult to launch a new
shopping center during a crisis, and to make it attractive
42
M.Video is one of the leading Russian
retail chains selling electronics and
home appliances, the first and
only public company operating in
this segment. M.Video has been in
business since 1993. As of 2009,
M.Video has 169 hypermarkets in
70 Russian cities. The total area
that the chain's stores occupy is
about 448,000 sqm. In the first 9
months of 2009, M.Video retail sales
have increased by 5% and reached
57.6 billion rubles (including VAT).
M.Video is the largest supplier of
electronics and household appliances
in Russians retail market.
M.Video offers its customers
an assortment of approximately
20,000 audio/video, digital, small
and large home appliances, media
and entertainment products as well
as accessories. M.Video operates
its stores under a uniform format
and a specially designed store
concept to provide customers with
approximately 2,000 sqm of easyto-navigate shopping space that
also offers information about the
products and upcoming trends.
In November 2007 M.Video became
the first publicly traded company
in the Russian consumer electronic
retail sector. The company’s shares
are traded on both Russian RTS and
MICEX (ticker: MVID).
“Compared with the pre-crisis
period, rental rates are onethird lower today”
Svetlana Vitkovskaya,
Public Relations Director, X5 Retail Group
to people whose purchasing power
has declined markedly. It is the
same situation, to various degrees,
in all the cities, and one must
struggle to attract consumers to the
store.
From January to September of this year, the consolidated
revenue of X5 Retail Group rose in ruble terms by 38% (up
to 196.6 billion) in USD terms – by 2% ($6 billion). Since
February of this year we have seen a pronounced decrease
in consumer activity and an increase in demand for cheaper
products. Unemployment and reduced spending by consumers
have had a negative impact on the size of the average purchase.
The average purchase size in the Karusel hypermarkets was
599.3 rubles, in Perekrestok supermarkets - 355.4 rubles,
and at the Pyaterochka discount stores – 249.7 rubles. We do
not see any signs that point to an improvement of the situation,
and we expect that consumer spending will remain low.
Nevertheless, we are preparing for the “high” season that will
inevitable come this December – and are developing unique
promotions and marketing campaigns.
Inflation in X5 stores is significantly below the national
average. In 2008, the prices in our stores rose by 12.9%,
while the national average was 16.5%. Earlier this year,
the product prices in our stores went up by 14% - while in
Russia the average was 16%.
Approximately 5% of our network's turnover consists of
products with negative margins. This includes fruits and
vegetables, sour milk products, and processed foods. For
example, in Pyaterochka - butter (33 Korovi brand - 200 g)
is sold at negative 17% markup, children's cheese (Agusha
- 100 g) at almost -7%, macaroni (Ruskaya Melnitsa - 400
g) – at minus 9%, beer (Stariy Melnik – 0.5 liter, light) more than -5%, and chocolate (Alpen Gold) at minus 5%.
These are our loss leaders, which provide a steady stream
of customers into our stores. Expensive products are sold
Guide to retail real estate in Russia 2010
Guide to retail real estate in Russia 2010
in smaller quantities and subsidize the
low prices of mass consumer goods. In
addition, thanks to increased efficiency
over the last 3 years, we have been
able to reduce our average markups by
5% annually.
Last year X5 reduced its operating
costs. In the 2nd quarter of 2008, these
accounted for 21.1% of total sales, in the
second quarter of 2009 their share fell
to 19.6%. The savings we translated into
lower prices. As a result, from January
to September of this year, the number of
customers in our stores grew by 5%.
Optimization also took place with
the implementation of new logistics
solutions. Our goal to stock and
distribute 80% of the goods we sell –
today this figure is only 59%. At the end
of October the warehousing areas at X5
will have increased by 65,600 sqm. We
opened our first non-food distribution
center in the Moscow Region, with an
area of 25,600 sqm, two new grocery
distribution centers, one in the Perm
Region and one in St. Petersburg, and
we increased the areas of our distribution
centers in Moscow, Voronezh, Samara,
Rostov-on-the-Don and Kazan. As of
September 30, 2009 our group now
manages 23 distribution centers in 11
Russian cities, with the total warehousing
area of 293,300 sqm.
Optimization took place even in terms
of rental rates. Compared with the precrisis period, rental rates are one-third
lower today. Old contracts are reviewed,
and if we cannot find a compromise,
we close unprofitable stores. For
example, in the first half of 2009
we were able to increase our retail
areas by 62,000 sqm, having spent
only $100 million in investments –
last year we spent 5.5 times more
money, while our retail areas increased
only 50,000 sqm.
In terms of revenue, X5 Retail Group is the largest
retailer in Russia. As of June 30, 2009, the company
managed 1164 stores in Moscow, St. Petersburg
and 40 other cities throughout Russia and Ukraine.
The company developed a versatile network of retail
stores catering for every segment of the population:
900 Pyatorochka discount stores, 211 Perekrestok
supermarkets along with 53 Karusel hypermarkets. X5
Retail Group depositary receipts have been traded on
LSE since May 2005. Net revenues of the retailer for the
first half of 2009 was $3.959 bln
43
EDITORIAL
case study
EDITORIAL
EDITORIAL
case study
Oksana Tokarevа,
Head of Corporate and External Relations, METRO Cash & Carry, Russia
Today we can proudly say that our company is on a solid and stable development
path. In comparison to the previous year, the average purchase size today has
increased by 21.4%. The crisis provided us with a good opportunity to increase
our market share. We always strive to take all the right steps in our daily work
in order to cope with the economic situation. We establish more efficient and
more direct communication with our customers, while developing a focused
approach on key groups of customers – restaurants, small retail outlets, service
companies, etc. Generally speaking, our clients seek cost effective solutions
for their businesses, to cope with this crisis. Most recently we launched a new
program called the "Retail Trade School", in which we offer complete readymade solutions for improving the business of small retail stores.
In addition, we continue to increase the amount of locally produced goods
that we sell. Up to 90% of the products sold on our shelves are provided by
local suppliers. All these things make it possible for us to offer our customers
professional and quality brands at very attractive wholesale prices. Thus, we
help them develop their own businesses in current economic conditions.
In a period when the economic situation is worsening, we are striving to reduce
transportation and warehousing logistics costs, optimizing the processes in our trade
centers, improving the level of service from our suppliers. Like any company in times
of crisis we want to minimize our costs. Fundamental goal for Metro Cash & Carry is
to improve customer satisfaction, which
in terms of the supply chain means
improving the availability of commodity
items on the shelves of our trade centers.
Logistical issues we are trying to solve
by reducing expenses, and in this way
reducing the price of our goods, which
ultimately should lead to the increased
competitiveness of our products.
Prize-Winner in Mixed-Use Complex, St. Petersburg Nomination
Moscow
METRO Cash & Carry is the trade division of the German based METRO Group Holding, which includes the following
trading divisions: METRO / Makro Cash & Carry; Real; Media Markt / Saturn hypermarkets; and Galeria Kaufhof
department stores. In November 2001 the first two Metro Cash & Carry retail centers were opened in Russia's capital.
In 2008, the company opened nine new small-scale wholesale centers of the METRO Cash & Carry brand. The main
focus of development has been in the Central Region. In 2009, the company has continued its expansion.
Bernd Guralczyk,
General Director, Media Markt / Saturn”
In the pre-crisis period, the market was attractive for us and for other
international companies, because it had excellent growth rates - according to
the RATEK Association, about 10% annually. Despite the current economic
situation, we still find the Russian market very attractive. Now we are starting
to see positive dynamics in our Media Markt stores in Russia. And we believe
that this trend will continue until the end of this year.
Of course, we have witnessed that the purchasing behavior of the public is
changing, but at the same time, we see the existence of the previously developed
demand for durable goods (TV sets, washing machines, refrigerators). There
are several categories of goods, sales of which are actively growing today. For
example, in the computer technology market the trend is continuing for more
compact devices – netbooks are becoming ever more popular.
“We still find the
Russian market very
attractive”
44
Media Markt
Media Markt is a German retail chain. The first Media Markt network store
was opened on November 29, 1979 in Munich. On December 2, 2006,
the first Media Markt store opened its doors in Russia (Moscow). As of this
summer, 15 stores were operating in the following Russian cities: Moscow, St.
Petersburg, Samara, Rostov-on-Don and Krasnodar.
Guide to retail real estate in Russia 2010
Prize-Winner in Mixed-Use Complex, Regions of Russia Nomination
Europа Center, Kaliningrad,
Guide to retail real estate in Russia 2010
45
EDITORIAL
Moscow Neighborhoods
Tverskaya Still
Looking for Tenants
Tatiana
Demidova
The most profitable street in Moscow is now losing tenants. In the past few
months Danone and Samsung have abandoned Tverskaya, Euroset has closed its
store at 17 Tverskaya. According to retail operators, high lease rates are no longer
profitable, and maintaining a shop just for the image is a costly affair today.
Gravy Train
Getting a store on Tverskaya Street
is like making the Forbes list of top
commercial operators. If you have a
shop on the main shopping street of the
capital, it means that your company is
successful. “We do not care about the
price,” said the retailers as they counted
stacks of bills with Ben Franklin’s face.
According to Colliers International, the
pre-crisis lease rate for one square
meter on Tverskaya was $16,300 per
year. Almost the same price that for
a shop at the Champs Elysees. Only
Fifth Avenue in New York was more
expensive than Tverskaya. On this
New York Street one square meter of
commercial area went for $18,300 per
year. And nevertheless, there were no
vacant areas on Tverskaya. If for some
reason the premises were not put up for
sale (which happened very rarely), its
price rose up to $80,000 per sqm.
“On Tverskaya there was always a
difference of 10-20% between the
publicly announced and real lease
rates,” believes Maxim Karbasnikoff,
Director for Europe, Russia and CIS,
head of the retail areas department for
Jones Lang LaSalle. “The lease rates on
Tverskaya, which were made public,
were higher than actual. Before the
crisis they were $6,000-10,000 per
sqm per year. There were landlords,
who asked more, but there still were
no transactions for 8,000-10,000 euro,
because those rates were exaggerated.”
Retailers willingly mastered other
commercial corridors of the capital
as well: Arbat, the Garden Ring,
the Kuznetsky Bridge, Petrovka and
Myasnitskaya Streets, Stoleshnikov
Lane,
Tretiyakovsky
Passage,
Leninsky and Kutuzovsky Prospects.
There the cost of leasing, depending
on pedestrian and automobile traffic,
46
Guide to retail real estate in Russia 2010
lines of houses, distance from the
subway, the availability of shopwindows, separate entrance was
$3,000-6,000 per sqm per year.
Most retailers considered their
premises on Tverskaya as image
projects. Despite the high pedestrian
and automobile traffic, most of the
stores were not profitable, due to,
among other things, high lease rates.
“Most retailers did not expect to earn
much profit from shops on Tverskaya,”
said Maxim Karbasnikoff. “Exceptions
to this, were only a few fashionable
brands. For example, the Zara store on
Tverskaya has a fairly high turnover.”
The crisis has reduced lease rates on
the main street of the city as well.
“It looks like rates on Tverskaya have
decreased from 30 to 50%,” notes
Diana Zaznobina, a senior consultant
for Magazin Magazinov in association
with CB Richard Ellis. “They range from
$2,000 to 2,500 per square meter
(the section from Pushkinskaya to
Mayakovskaya) to $3,000-3,500 (from
Pushkinskaya to the Kremlin).” However,
despite the attractive rates, commercial
operators are leaving Tverskaya.
According to Colliers International, just
during the 1st quarter of 2009 the level
of vacant premises of the main shopping
corridor of the capital had reached
15.7%. Experts believe that by the end
of the year the share of vacant premises
on Tverskaya may increase to 25%.
Retailers Not So Hot for Tverskaya
After the expiration of its lease term,
Samsung Electronics, which occupied a
four-story gallery on Tverskaya, with a
total area of 1,774 sqm, did not renew
its contract with the owner. This was
the biggest store that the company
had in Moscow. According to experts,
Samsung had been paying at least
$2,000 per sqm per year, i.e., spending
at least $3 million per year. Apparently,
the revenue of the store has decreased
during this crisis, and the company
decided to close its main store.
Danone has closed its only retail
store in the world, one which had
been operating on Tverskaya since
1992. Back then the company was
developing their Russian market
presence, and a shop on the main
street of the city served as the kind
of calling card of the company. Now,
Danone says, the company’s products
Guide to retail real estate in Russia 2010
no longer need to be advertised and there is no longer any
need for a flagship store on Tverskaya .
“The case of Danone is specific,” explains Maxim Karbasnikoff.
“The premises that they lease are located in a building owned
by the city. The right to lease was bought by the company from
the city on very favorable terms. And now they have subleased
their premises and are getting profit from it. Danone’s shop on
Tverskaya has not been very profitable, now it does not make
sense to keep a store that brings little profit.”
Danone’s place was taken over by an Express retail store,
which is developing a network of 57 stores under the brand
Perekrestok Express. The company has invested about 6.5
million rubles in the opening of their food supermarket on
Tverskaya with an area of 104 sqm. The lease agreement,
as it was announced by the X5 Retail Group N.V., will be
good until 2012.
“The shop on Tverskaya is of interest to us and to shoppers
for many reasons: there are very few grocery stores offering
fair prices and a good range of products in this area, and
we can deliver this in the morning, not during peak hours,”
says Svetlana Vitkovskaya, head of public relations at X5
Retail Group N.V. “The lease rate is above average for
Moscow, but we expect that it will be compensated by
the higher turnover of the store. We are also planning to
transfer the shop into the social category, thereby reducing
Despite increasingly attractive rates, commercial operators are
leaving Moscow’s main retail street Tverskaya. According to Colliers
International, during Q1 2009 the level of vacant premises of the
main shopping corridor of the capital had reached 15.7%.
our lease payments. The image component is of course very
important, but our approach to the opening of this shop has
more of a pragmatic nature than mere image-making.”
Euroset has closed its store at 17 Tverskaya. “Even the high
sales in this store could not compensate for the unreasonably
expensive rental payments per square meter. Therefore,
we decided to close the shop,” says Artyom Perevozchikov,
vice president for development at Euroset. “As for our plans
with respect to other shops, the most important criterion for
evaluating the any shop, regardless of where it is located, on
Tverskaya or in Kuzminki, is its efficiency. So if we need to close
an inefficient store on the main street and open it in another,
not central, but more effective location, we will do it.”
To be fair, we should note that operators are leaving other
commercial corridors too. Diesel boutiques were closed not only
Lease Rates Offered on the Main Retail Streets of Moscow
Street
Lease rates, $/sqm/year without VAT and operating expenses
Tverskaya
1900–5000
Petrovka
1500–5000
Kuznetsky Most
1200–2500
Novy Arbat
1000–2100
Pyatnitskaya
1000–1500
Source: Colliers International
47
EDITORIAL
moscow Neighborhoods
EDITORIAL
EDITORIAL
moscow Neighborhoods
on Tverskaya, but on Petrovka Street and Leninsky Prospect as well. This is due to the lower profitability of
the chain during the crisis and the high lease rates on the expensive streets of Moscow. The main reason
for the growth in the vacancy rates on the main shopping streets of the capital is because during a crisis
retailers are not willing to pay for mere image.
“The main reason for tenants to leave their premises is the cost of lease. Even if this is reduced, given
the current lower turnover of goods, a number of tenants still find lease rates to be unreasonably high,”
Where image was once king, price is
taking higher priority
says Olga Yasko, regional director, analytics department at Colliers International. “In addition, very
often attempts to negotiate with the owner for a reduced lease rate, causes the latter to agree to a
minor correction (10-15%) and he immediately starts looking for another tenant to replace the current
one (as a rule, warning him about this). This was one of the reasons why a number of premises offered
for lease, most of which are occupied by current tenants, has recently increased.”
Another reason for the increase in the number of vacant areas, according to Olga Yasko, was the
need to close gambling establishments, which led to an increase in the supply on a number of
shopping streets (in particular, on Novy Arbat).
Prize-winner in category Large Retail Center, Regions of Russia
Fantastika Retail and entertainment center, Nizhniy Novgorod
In Search of a Compromise
Today commercial premises at attractive
rates are offered on Tverskaya, and
there are a number of tenants who are
interested in retail space on the street.
However, it is extremely difficult for
tenants and owners to agree. “Mostly it
is the new brands, entering the market,
which plan to open on main street. For them, in terms of lease prices, this time is the most attractive.
But that is where the conflict starts, as the brands require contracts for an average of 7 years,” says Diana
Zaznobina. It is not profitable for tenants to enter into one year agreements, as investments into repairs do
not pay off within a year, but the owners are not ready to enter into long lease agreements.
As Diana Zaznobina says, at the end of 2008 most owners, having received twice less offers than
in the previous six months, were ready to sign a contract for 1 year, but no-one was interested.
Currently the best possible lease term on Tverskaya is 3 years. Such a term is a compromise for
both parties. Methods to resolve the problem depend on the willingness of the parties to agree.
For example, one can add special conditions to the extension clause of the contract. According to
Maxim Karbasnikoff, from the point of view of the owner, there is no sense in signing a contract for
three years, because after some time, the rates may change.
“Now we are approaching the bottom limit of rate reductions,” says Maxim Karbasnikoff. “This has
been seen in recent months as the market has become more active. Today, both the tenant and the
landlord of the premises understand that rates will not be reduced any further. Last month saw the
conclusion of as many agreements as in the previous five months combined. I think that the crisis
in commercial real estate is over. However, rates on Tverskaya will not return to their old levels any
time soon. It seems that it will take a long time, at least three years, to get back to the pre-crisis
level – because they used to be extremely high back then.”
Diesel boutiques were closed not only on Tverskaya, but on
Petrovka Street and Leninsky Prospect as well. This is due to the
lower profitability of the chain during the crisis and the high lease
rates on the expensive streets of Moscow.
48
Guide to retail real estate in Russia 2010
Prize-winner in category Medium Retail Center, Regions of Russia
Petrovsky Retail and entertainment complex, Izhevsk
Guide to retail real estate in Russia 2010
49
EDITORIAL
EDITORIAL
moscow Neighborhoods
Street Retail
The total stock of street retail facilities in the central retail corridors of Moscow,
according to Knight Frank, is about 410,000 sq m; on the main shopping lanes there
are about 150,000 sq m of street retail premises.
The street retail format has a vacancy rate in the range of 3.2-9.8% on the central
routes of Moscow and 5-7% on the main lanes of Moscow (data by Knight Frank).
The lease rates have dropped by 60-75% since July 2008, for the most
expensive retail premises in the capital city.
Over the past few months,
the street retail segment has
experienced increasing demand on
the part of the international chain
operators for stores with the best
locations and with a good line of
shop windows.
Maximum lease rates on the main retail corridors of Moscow, Q3 2009
Street
Range of rates, $/sqm/year (without Vat and operating costs)
Main commercial routes
Tverskaya
3000–3500
1st Tverskaya-Yamskaya
1200–2000
New Arbat
1500–2500
Kuznetsky Most
1500–3500
Kutuzov Prospect
2000–3000
The Garden Ring
1500–3000
Krasnaya Presnya
1000–2000
Stoleshnikov Lane
5000
Petrovka
1000–3000
Patriarshie Prudy
2000–2500
Ostozhenka
Prize-Winner in Small Retail Center, Regions of Russia Nomination
GrinGo, Yekaterinburg
2500
Secondary commercial routes
Lenin Prospect
700–3000
Old Arbat
2000–4000
Myasnitskaya St.
1500–2500
Nikolskaya St.
1000–2000
Pyatnitskaya St.
1000–2000
Komsomolsky Prospect
2000
Source: Jones Lang LaSalle
Examples of retail corridors with most significant reduction in lease rates
Range of rates, mid-2008,
$/sqm/year
Range of rates, August 2009,
$/sqm/year
Tverskaya
6000–8000
1700–3800
50–75%
New Arbat
3500–5000
1500–2500
45–60%
Commercial route
Reduction of rates, %
Source: Blackwood
Main retail corridors of Moscow
Name
Volume of supply (estimate), sq m
Tverskaya
15 000
1st Tverskaya-Yamskaya
13 000
Kuznetsky Most
6 000
Pyatnitskaya
17 000
Petrovka
4 500
Stoleshnikov Lane
6 000
Kamergersky Lane
2 000
The Garden Ring
Prize-Winner in Warehouse complex, Regions of Russia Nomination
Technopark Vyatich, Tula
60 000
Source: Blackwood
50
Guide to retail real estate in Russia 2010
Guide to retail real estate in Russia 2010
51
Dynamics of Consumer
Activity at Retail Centers in Russia
Watcom, using AIS (analytical information system), tracks consumer activity at
more than 80 shopping centers (about 150 objects in Moscow). Among them are
the Okhotny Ryad, Oblaka, Gorod, Metropolis and Capitol shopping centers. The
sampling criteria was designed in such a way that its basic parameters (territorial
distribution, area, concept of retail facility) would best reflect shopping activities
of the general population. The data was then collected and recorded for more than
three years. Based on this data, the Consumer Activity Index was developed and
launched in early 2009.
Dynamics of Consumer Activity - Moscow Market
1 200
February 23
March 8
12.10-19.10
1 000
May 1
May 9
800
Points
EDITORIAL
analysis
600
400
200
1
3
5
7
9
11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 53
2007
Week number
2008
2009
track” purchases in an effort to save money and invest in
more tangible assets, then the recession came - the influence
of the above stated factors faded. Nevertheless, the second
quarter was almost the “same” as the previous year's, the
trend was similar;
• In July, the index dropped below the previous year's
level and remained so for several weeks - the traditional
seasonal decline was greater than the previous year's, but
not by much;
• In the last week of August, the traditional burst of activity
associated with preparations for September 1, was more
gradual than in the previous years – consumer activity
started gaining momentum gradually, starting on August
10 (not August 25 as is usual), and therefore the last week
before the holiday burst of activity was slower than usual;
• At the moment the index curve remains similar to the one
seen last year, with some minor variations, and it is likely that
this trend will hold firm until the pre-Christmas period.
Consumer Activity in St. Petersburg
In contrast to the Moscow market, the St. Petersburg market
did not register an increase in consumer activity in JanuaryFebruary 2009, in comparison to the same period in 2008,.
Almost from the first days of January most retail objects
saw a significant decrease in customer traffic.
1. Retail objects with rentable floor space of 10-30
thousand sqm: The first three quarters of 2009 have seen
a decrease in consumer traffic in comparison with the
same period in 2008, by an average of 7-10%.
2. Retail objects with rentable floor space of 30-50
thousand sqm: The first three quarters of 2009 have seen
a decrease in consumer traffic in comparison with the
same period in 2008, by an average of 3-6%.
Regional Trends
At the moment, not all major regional cities have the so-called
high-quality shopping centers. In these circumstances, the
opening of such “iconic” projects as the Mega and Planeta
shopping centers is always accompanied by an increase in
consumer activity. However, due to the fact that the retail
The index tracks the attendance trends in the retail marketplace (see the graph above). It not only
indicates the specific number of visitors at any particular time, but also shows the dynamics of
consumer activity at various “points”. The calculation of index values is based on the attendance
information gathered from retail objects and about the leased areas they occupy. Currently the index
is just a pilot project, and during this phase the graph and historical data may very well change.
Obvious Trends:
1. Before the end of February 2009, the index was significantly higher than in 2008 – by 11%;
2. In March and in the 2nd quarter, this same index was higher by an average of 5%;
3. Throughout the 3rd quarter, and at present, the index stood 2% lower then the previous year;
4. The largest decline this year occurred during the last week of July and after September 1 – in
both cases it amounted to -7% compared with the same period in 2008.
5. On the average since the beginning of this year, the index is higher than it was in 2008 by 4%,
and higher that it was in 2007 by 20%.
Comments:
• Trends in 2008 and throughout 2009 have been quite similar;
• At the beginning of the year (up to the end of February) a high level of activity was most likely a result
of the devaluation of the ruble and discounts being offered by retailers – people were making “fast-
52
Guide to retail real estate in Russia 2010
Guide to retail real estate in Russia 2010
property markets in the regions are still
in their initial stages of development,
in comparison to Moscow and St.
Petersburg, the retail centers market
remains strong there. The decisive role
here is played by the lower income levels
of the vast majority of people living in the
regions of Russia – and as a result the
purchasing power of the population has
not changed as significantly as it has in
major centers. A rift here occurs when
quality retail space, of a significant size,
becomes available – then consumer
traffic switches from the lower quality
objects, abandoning them forever.
Absolute traffic flow numbers depends
on the total rentable area of the retail
object – the greater its area the greater
becomes the number of quality tenants
attracted to the shopping center, the
larger anchor tenants move in, and this
leads to an expansion in the service
areas of the object. We have recorded
the average consumer activity levels at
three categories of retail objects (15-30
thousand sqm; 30-40 thousand sqm,
and over 60 thousand sqm) for regional
cities of more than 500,000 people.
Retail objects with rentable floor space
of 15-30 thousand sqm: the typical
consumer traffic in 2007-2008 was
65-80 thousand people per week
– and in the pre-Christmas holiday
periods this increased to 100-130
thousand people per week. In 2009,
consumer traffic at such facilities
declined by 5-15%, in comparison to
2008 .
In 2007-2008 the average weekly
consumer traffic at regional shopping
centers with rentable areas of 30-40
thousand sqm was 90-110 thousand
people a week, which during the
holiday season boom would jump to
160-180 thousand people per week.
In 2009, consumer traffic, except for
the January-February burst of activity
in a few cities, a decline of 10-20%
was observed – 75-90 thousand
people per week during the year and
130-150 thousand per week in the
holiday seasons.
In the super-regional malls (rentable
areas of 60 thousand sqm and more),
whose catchment area covers almost
the entire city, consumer traffic has
remained stable with an average of
220-260 thousand people per week,
and 330-360 thousand per week
during the holiday booms.
53
EDITORIAL
analysis
EDITORIAL
analysis
On the Wave
of Slack Demand
Tatiana
Prozorova
54
According to Knight Frank, the
vacancy rate in the Moscow Region is
9% (a year ago it was 0.5%). Taking
into account the current realities, it is
not that serious a problem. However,
in the regions the situation is quite
different. There are cities where 35%
of high-quality areas remain vacant.
New projects have been frozen,
but a number of objects are being
completed. In the Moscow region
600,000 sqm of class A areas are
expected to be commissioned by the
end of this year (in 2008 around
2 million sqm were announced).
In other regions, there are about
750,000 sqm (against the 3 million
sqm announced). The gap between
expectations and reality is significant.
“The demand for quality areas has
been greatly reduced – several-fold.
All of us have slightly overestimated
this market,” the participants of the
debate agreed. According to the
director for business development at
FM Logistic, Jean-Louis Nault, too
many areas came onto the market
at the time of crisis. Although now,
he said, demand is slowly starting to
recover.
The sizes of requested areas have
also decreased. In Moscow, the
average size being sought by tenants
has been reduced from 7,000 to
3,000 sqm. In the regions this
demand today is only in the range of
1,000-1,500 sqm.
The structure of demand has also
changed. Previously the major
tenants were logistics operators,
but now the major actors are
distributors and retail chains,
according to the report presented
by Knight Frank. Only the largest
players, such as the X5 Retail Group
and Auchan can afford expansion
into the regions.
Anecdotal Rates
In the struggle for tenants, owners are
being forced to reduce leasing rates.
For many projects such a downward
correction can be a serious blow. The
hardest time is being experienced by
those developers, whose construction
costs were higher than that of their
competitors. Basically this concerns
objects constructed in late 2008 and
2009.
Seeing how fast prices for building
materials and land were going
up, developers, let us recall, were
predicting increases in average leases
rates of up to $150. This should have
happened in 2008-2009. Today in
the Moscow Region, there are many
warehouses which are being leased
as low as $80.
In the race to reduce leasing rates, not
only the developers, but also the end
users can come off as losers – warns
Alla Solovieva, the executive director
of MLP. “There are many developers
who are making deals at anecdotal
rates, just to get at least some cash
flow. It is easy to see why they are
doing this – this is their survival
strategy. But there is a possibility that
soon they will find themselves in a
situation where cash flow does not
cover their commitments. End users
that are currently leasing premises
at low prices risk serious backlash
within a year or so, when the market
situation, according to our forecasts,
changes. No developer will want to
keep a bad contract in his portfolio,
when he can easily conclude a new
and better deal with someone else,”
says Alla Solovieva.
Speculating on a drop in prices, the
tenants should not push too far, a
reasonable balance is more desirable,
was the final advice of the discussion
moderator, Roman Burtsev, Partner,
Industrial and Land Property, Knight
Frank.
Yuri Petrov, Managing Director,
Santens Service Logistic spoke,
about what tenants feel on this
subject: “Neither party should feel
uncomfortable. The crisis has taught
both tenants and landlords to be
flexible and find compromises. We
revised the conditions with the
developer and are now paying not
in dollars, but in rubles. We have
concluded an agreement for five years,
Guide to retail real estate in Russia 2010
Guide to retail real estate in Russia 2010
Warehouse real estate market players are waiting for an increase in demand.
The 5th Annual Warehouse and Industrial Real Estate Market Conference took
place on September 24 – organized by Knight Frank.
but provisions are included for annual indexation. If we
cannot agree on a fair annual indexation, then a consulting
company will be brought in as an arbiter.”
“We don't negotiate with every tenant,” says Alla
Solovieva. “There are companies that are in extremely
difficult situations (mostly these are logistics operators),
and they face a choice – to leave the market or to become
insolvent. Then we try and work things out. However, if
a client comes and simply asks for a discount because
everyone is given a discount today – to these we have a
different approach.”
Another participant of the discussion, Oleg Mamaev,
executive director of PNK, explained the antirecessionary
measures of his company. “We do not sign contracts
that could lead us to bankruptcy. You cannot enter into a
contract in rubles, if you have a loan in dollars. You cannot
fix low rates for the long term, if such contracts do not
allow you to meet your financial obligations. We see many
of our competitors making this kind of risky decisions. For
now I have not heard about any high-profile bankruptcies
in our market: if there is no financing available, then the
parties negotiate, loans are restructured. But one should
not fill a portfolio with bad contracts, although it is clearly
difficult to be in the market today with the same prime
costs as a year or two ago.”
In addition to reducing the leasing rates, all developers are
prepared to make other concessions as well. This flexibility
is shown in terms of payments (reductions in the advanced
period, the reduction of deposits), increase in lease
vacations, granting extra options (such as free parking
spaces), performing the installation of facilities in the
premises, partial compensation for relocation expenses.
“When speaking about concessions for tenants, it is
important to bear in mind that most of the large complexes
are investment projects, i.e. flexibility of the owner depends
on the conditions set by the investors, providing financing for
the project,” says General Director of Espro Development,
Vitaly Antonov. Alla Solovieva notes in this regard, that
today the market belongs not only to the tenant, but also
Breakdown of demand for warehouses by sectors (by area)
2008 year
H1 2009
5%
29%
16%
34%
61%
55%
Retail operators Logistics Industrial
Source: Jones Lang LaSalle
55
EDITORIAL
analysis
Adjusted Warehouses
Despite the difficult times, participants of the conference
were optimistic. They agreed that things were not as sad as
they seemed, the situation was gradually getting better, and
demand was coming back. “It is significant that all recent
real estate transactions took place at good rates. This, of
course, was not $150 and not $130, it was a little more
than $100, but this is good too,” comments Oleg Mamaev.
Distribution of demand in the warehousing market by unit size
3000
2500
2000
1500
1000
500
0
H1 2006
H1 2007
H1 2008
2000–4000 sqm
6001–10 000 sqm
4001–6000 sqm
more than 10 000 sqm
H1 2009
Source: Knight Frank
56
Vitaly Antonov also agrees with the
participants of the discussion. “Today
we are really seeing a strong recovery
in demand; many companies want to
improve their working conditions. One
could say that the tenant’s market has
moved from something on the mind
to something in kind. In addition,
the companies that used to lease the
class B areas are becoming interested
in high-quality warehouse spaces,
because the difference in the rates
has leveled out.”
At the same time, experts doubt that
in the near future we will see any new
areas of construction. Obstacles still
exist because of financing, cash flow
volatility (it is difficult to calculate
exact cash flow) and the problems
with demand – a large proportion of
vacant areas remains in the market.
“It does not make sense to create the
new projects, no investor would be
interested in them until the situation
with demand and rent is resolved,”
notes Alla Solovieva. “So soon we will
see no new constructions. Another
matter is those companies that
possess land resources. As soon as
they feel the revival of demand, then
they can start new construction within
the framework of their old projects.”
PNK Group might well be such a
company, but Oleg Mamaev asserts
that he is not completing, but building
new facilities and for this purpose,
the company is even buying new
land: “It is traditionally believed that
the current supply will be absorbed
by the demand and the situation
will sort itself out. But we forget that
the current supply is of low quality.
If you now build and offer tenants
better facilities, and there is such a
possibility, then the old buildings will
remain empty for a few more years.”
With regard to financing issues today, in
the opinion of a number of specialists,
it is not an insoluble problem. Banks
are interested in having well-balanced
loan portfolios themselves, so they are
looking at the warehouse sector too.
“Banks will look for the most stable and
promising partners. One needs only to
become such a partner, and there will
be financing. During the time that I
spent at the conference, representatives
of the three banks offered me their
services, even if in dollars and at the
rate of 14%. This is a highly exaggerated
interest rate. But we know that the cost
of financing is not the most important
component of the prime cost. Reducing
the term of construction, managing
the prime costs, one can achieve good
results,” says Mamaev.
Vitaly Antonov is confident that, despite
the difficult times, the developers
have opportunities to attract financing
and on very profitable, pre-crisis,
conditions. If the project is interesting
and the banks are confident in its
potential.
Experts agree that today the market
needs adaptable warehouses – the
platforms that can easily be adapted
to the real needs of the client. As for
the build-to-suit format, for now its
future is uncertain. In a time of crisis
it is difficult to plan one's activities for
a long time ahead, since prospects are
not clear. And build-to-suit facilities
are long-term projects.
Regarding the level of rental rates,
according to experts in the Moscow
region, they will reach an average of
$100 – 110/sqm/year. “Rental rates in
general have reduced by 15% and now
we are seeing some stabilization. This
trend may indicate that the bottom has
already been reached and is behind
us,” believes Vitaly Antonov.
So companies wishing to lease areas
at crisis prices should hurry, consider
the experts. Not far off is the time
when the deficit of high-quality
warehouse areas will return.
Guide to retail real estate in Russia 2010
Guide to retail real estate in Russia 2010
Warehouses
The supply of class A warehouse areas in the Moscow Region is 4,228,000 sqm
(data from Jones Lang LaSalle);
In Q3 2009 about 175,000 sqm of warehouse areas were commissioned, in total since
the beginning of the year the supply of quality warehouses has been complemented
with about 440,000 sqm (Cushman & Wakefield Stiles & Riabokobylko);
According to CB Richard Ellis – 190,000-200,000 sqm of warehouse areas are
expected to be commissioned by the end of the year;
Currently, the leasing rates for class A warehouse premises in the Moscow Region,
offered by the owners, are $100-120/sqm/year, down 20-30% y-o-y (Knight Frank);
According to the estimates of analysts at CB Richard Ellis, the construction of new
speculative warehouse facilities will resume no earlier than the second half of 2010.
The volume of purchased and sold areas in H1 2009 amounted to 257,900 sqm
(Jones Lang LaSalle), one of the highest volumes in Europe for the period;
Currently investors in the warehousing real estate market tend to buy objects at the
capitalization rate of about 15-20%, at the same time developers are defending the
capitalization rate at 10-12% (Colliers International).
Most significant warehouse projects put into operation in the Moscow region, 2009
Project
Developer
Location
Phase
(area, sqm)
Commissioning
Leningradskoye Highway,
13 km from MKAD
30 000
Q1
Park Lobnya
Brack Capital Real
Estate
SLT (South
Logistics
Terminal)
Raven Russia / Felix
Varshavskoye Highway,
Construction Company 21 km from MKAD
I phase,
18 000
Q1
Vostochny
Industrial Park
Raven Russia / Espro
Development/
Gorkovskoye Highway,
44 km from MKAD
I phase,
121 400
Q2
Istra Industrial
Park
Espro Development
Novorizhskoye Highway,
40 km from MKAD
IV phase,
26 000
Q2
PNK-Chekhov
PNK Group
Simferopolskoye
Highway, 50 km from
MKAD
I phase,
135 000
Q2
South Gate
Giffels
Kashirskoye Highway,
30 km from MKAD
I phase,
75 000
Q3
Source: Colliers International
Dynamics of new industrial development
1400
1200
1000
800
1 '000 sq m
to the banker – it is difficult to negotiate with Russian and
with Western banks. “In future we will see consolidation
taking place in the market; there will be, I believe, some
Miraxes in our own industry,” says Alla Solovieva, referring
to Russia's largest bankrupt developer.
1 '000 sq m
EDITORIAL
analysis
600
400
200
0
2001
Class А
2002
2003
2004
Class В
2005
2006
2007
2008
H1 2009
Source: Jones Lang LaSalle
57
EDITORIAL
analysis
EDITORIAL
events
For your diary
MIPIM-2010
March 16-19, 2010
Palais des Festivals – Cannes – France
As the world’s premier real estate summit, MIPIM
draws upon its unique international attendance and
reputation to bring together the most influential
decision-makers in the market, offering them access
to the largest available showcase of development
projects.
More information on www.mipim2010.com
MALL EXHIBITION
April 27-29, 2010
Expocenter on Krasnaya Presnya, Moscow.
MALL is a well-known universal platform for
discussion of currently important real estate issues,
like:
• new project development, searching for investors
and contractors;
• practical dialogue with tenants;
• presentations by the regions, projects of comprehensive development;
• professional support of development and reconception: consulting, architectural and design
companies.
In 2010 the MALL Exhibition is expanding its
format. In addition to the retail real estate properties, the MALL will now be a platform for business
centers, logistics centers, mixed-use complexes, and
comprehensive development.
More information on www.mall-expo.ru
CRE Awards
Annual Professional Awards Ceremonies in the commercial real estate field.
The professional real estate community presents
these awards. The prizes are given to the best
commercial real estate properties in office, retail,
hotel, multi-purpose, and industrial real estate
sectors. The winning properties and top professionals are announced at the official CRE Awards
Ceremonies.
More information on www.cre-awards.ru
CRE Moscow Awards
April 2010
The annual CRE Moscow Awards Ceremonies celebrate and honor the best commercial real estate
properties in Moscow and the Moscow Region.
More than 1000 guests attend the award ceremonies.
58
CRE St. Petersburg Awards
June 2010
The CRE St. Petersburg Awards ceremonies present
prizes to the best commercial real estate properties
of St. Petersburg and the Leningrad Region.
The award ceremonies have been held since 2008.
CRE Federal Awards
June 2010
The best real estate objects from all over Russia
compete at the CRE Federal Awards Ceremonies.
These ceremonies bring together more than 400 top
managers from 17 Russian cities.
CRE Summit
June 2010
The Russian Regional Commercial Real Estate Market
Summit is a unique annual gathering of developers
from all regions of Russia. Here participants exchange
information about their experiences and objectively
assess the current situation in their industry. Information is presented about the various regions of Russia to
help analyze the potential future development of each
region. The meetings are intense discussions forums,
where every delegate is able to speak and submit ideas.
Professional experiences are presented, discussions
and debates are held in order to find the most effective management solutions. The summit is attended
by than 350 top managers and decision makers from
development and management companies operating in
the commercial real estate market of Russia
International Estate Investment
forum PROEstate 2010
September 6-8, 2010
St. Petersburg, Russia
PROEstate is the milestone B2B forum on the real
estate scene of Russia, which is quickly growing in
international importance. PROEstate 2010 is being
planned as the forum of winners that not only
survived the crisis, but also achieved prosperity by
finding new opportunities and developed better
quality products.
The PROEstate has various venues, such as exhibitions, conferences and professional workshops – all
hosted in the comfortable St. Petersburg LenExpo
premises. The event will include Russia’s first ecodevelopment awards, which will recognize companies
and projects where green construction technologies
have been successfully implemented.
More information on www.PROEstate.ru
Guide to retail real estate in Russia 2010
Moscow
St. Petersburg
Astrakhan
Chelyabinsk
Ekaterinburg
Irkutsk
Izhevsk
Kaliningrad
Kaluga
Kazan
Krasnodar
Krasnoyarsk
Lipetsk
Murmansk
Nizhny Novgorod
Novosibirsk
Omsk
68
74
78
79
80
80
81
81
82
82
84
85
87
87
88
89
90
Orenburg
Penza
Perm
Rostov-on-Don
Samara
Saratov
Sochi
Stavropol
Tomsk
Tumen
Tver
Ufa
Ulyanovsk
Vladivostok
Volgograd
Voronezh
Yaroslavl
91
92
93
94
95
96
97
98
98
99
100
101
102
103
104
105
106
MOSCOW
MOSCOW
MOSCOW
CONSULTING AND
VERSIA INDEPENDENT
+7(495) 7479222
APPRAISAL BUREAU
EXPERT EXAMINATION
+7(495) 5423064,
BUREAU
APEX - REALTY
+7(495) 5435129
+7(495) 7873323
+7(495) 5180447,
MIEL-NEDVIZHIMOST
+7(495) 5180446
+7(495) 7757555
BSN-REAL
MOSKOVSKIE OGNI
+7(495) 9505385
+7(495) 7305413
ADMINISTRATION
SOIL DEPARTMENT OF
CITY ADMINISTRATION
MOSCOW
+7(495) 2927238,
+7(495) 9591802,
COLLIERS INTERNATIONAL
+7(495) 6294887
+7(495) 9595433
+7(495) 2585151,
CONSUMER MARKET AND
BROKERS
ROSNEDVIZHIMOST
APPRAISAL
SERVICES DEPARTMENT OF
+7(495) 9746216
ARCHITECTS
+7(495) 2585152
A-B ARCHITECTURAL
77, Sadovnicheskaya
BUREAU
Embankment,
+7(495) 5891531
COLLIERS INTERNATIONAL
MOSKOVSKOE REAL ESTATE
BALTYISKY MONOLIT
TEMPSTROI
+7(495) 2585151,
AGENCY
+7(495) 6265462
+7(495) 7756166,
AKANT
+7(495) 2585152
+7(495) 9612728
+7(495) 9172080
77, Sadovnicheskaya
MOSCOW
APPRAISAL
Bld.1, Entrance 3
+7(495) 2517304,
FOR LENDING
www.colliers.ru
+7(495) 6508143
+7(495) 7558768
www.colliers.com
Embankment,
NEMETSKAYA SLOBODA
+7(495) 9416910,
TRES
CONSUMER MARKET
AUDIT I OTSENKA
CRITERY AUDIT
ALLIANCE PROJECT
Bld.1, Entrance 3
+7(495) 7305888
+7(495) 9416913
+7(495) 9456720
COMMITTEE OF MOSCOW
+7(495) 9150905
+7(495) 7755140,
+7(495) 5082296
www.colliers.ru
NOVAYA ZHIZN
OLSON ENTERPRISE
TROI
+7(495) 7858060, 5185193
+7(495) 6638440
+7(495) 9562555,
NOVOE KACHESTVO
PERSPEKTIVA
+7(495) 7866903
+7(495) 7370013,
UMAKO
+7(495) 7376945
+7(495) 9330486
+7(495) 9736667,
RESTAVRATSIA-N
VDOKHNOVENIE-M
+7(495) 9376650
+7(495) 5429999
+7(495) 9548334,
OBLAST
+7(495) 9305548
www.colliers.com
+7(495) 7755144
AUDITLAND-APPRAISAL
ARCHTECHNOSTROI
AND CERTIFICATION
GERMA-CONSULT
+7(495) 9959096
+7(495) 9782627
MOSCOW
BAGIRA EXPERT
INDEPENDENT
+7(495) 5053316,
DELTAREALTY
+7(495) 7479222
+7(495) 9113570
CONSTRUCTION EXPERT
+7(495) 5053316
+7(495) 7907905
GOSSTROI
BDO UNICON
+7(495) 3676727,
ASC LMK
ELIT CITY
+7(495) 6290976,
+7(495) 3196636,
+7(495) 3676772
+7(495) 6212668
+7(495) 7379713
+7(495) 6292393
+7(495) 7975660
INSTITUTE OF REAL ESTATE
DIPRIS
EUROPEAN REAL ESTATE
MAIN DEPARTMENT FOR
BUSINESS LIGHTHOUSE
MARKET
+7(495) 7417650
TRADE SYSTEM
ARCHITECTURE AND URBAN
+7(495) 2239203
+7(495) 5436870,
DEPARTMENT OF CITY-
+7(495) 9452104
ARTI STIL
EXAMINATION AGENCY
DEVELOPMENT OF MOSCOW
+7(495) 9811234
GROUP-ARCH
+7(495) 9842360
OBLAST
BUSINESS-KRUG
+7(495) 7251060,
CONSULTING GROUP
KNIGHT FRANK LLP
+7(495) 7251065
+7(495) 9608968,
+7(495) 9810000,
IXPLANE
+7(495) 6212658
+7(495) 9810011
+7(495) 7656760
MINISTRY OF
+7(499) 9735737
CENTER OF EXPERT
OF MOSCOW OBLAST
EXAMINATION AND
MINISTRY OF ECONOMIC
PROPERTY
MOSEKSPERTIZA
DEVELOPMENT AND TRADE
+7(495) 7814459
INDEPENDENT EXPERT
GABA-ESTATE
+7(495) 9582572
PAULS YARD
RUPERTI PROJECT SERVICES
+7(495) 9807733
INTERNATIONAL LTD.
VENTALL
+7(495) 9830850,
+7(495) 7753166
RENTA GARANT
+7(495) 9830851
+7(495) 6440330
Bld. 6A, block 1, 8th March
CONSULTING
Str., Moscow, 127083
PROJECT 21 -
ACS
NEDVIZHIMOST
S HOLDING
+7(495) 9171225,
+7(495) 9169436
CORPORATION
+7(495) 9563673
+7(495) 6230303
KUZMIN’S ARCHITECTURAL
Moscow, Russia 119992
NZ1
+7(495) 9332811
RUSSKY DOM
ACTIV
STUDIO
GROWN-GALAXY
NEDVIZHIMOSTI
SLAVJANE
+7(495) 5066133
+7(495) 9332721
+7(495) 7857872
+7(495) 5162440,
COMPANY
MCADAM ARCHITECTS LTD
GVA SAWYER
STARLINE DEVELOPMENT
+7(495) 6844723
+7(495) 7754564
+7(495) 7974401
+7(495) 5142687,
SOLIDSTROI GROUP
+7(495) 6610514
+7(495) 9958308,
ASTON CONSULTING
FEDERATION
PRICE INFORM
OSTOZHENKA
HOLD-INVEST-AUDIT
5, Mantulinskaya St., bld 2,
+7(495) 9958307
+7(495) 6200914,
MOSKOMARKHITEKTURA
+7(495) 6290009,
+7(495) 7907109
+7(495) 7274224
AUDITING COMPANY
Moscow, Russia, 123100
+7(495) 9568140,
+7(495) 6290360
+7(495) 7950383,
igor_efremov@mail.ru
OF RUSSIAN FEDERATION
+7(495) 9591855,
+7(495) 9591994
CHAMBER OF COMMERCE
AND INDUSTRY OF RUSSIAN
+7(495) 6200915
STROITECHNOLOGIA
PROPERTY EXPERT
SERGEI ESTRIN’S
EXAMINATION
ARCHITECTURAL
+7(495) 9336426
CITY BUREAU
WORKSHOP
INTERMARK
MOSCOW
STROITEX
+7(495) 9172930,
+7(495) 7717484,
+7(495) 7752240
+7(495) 9741213, 6603666
+7(495) 6260512
+7(495) 9138747
+7(495) 7717485
OF MOSCOW CITY SOIL
DEPARTMENT
CLARUS CONSULTING
+7(495) 9591861
INDEPENDENT
+7(495) 6312255
PROPERTY EXPERT
SERGEI SKURATOV
+7(495) 7756505
SWISS REALTY GROUP
ASTORIA REALTY
+7(495) 5174693,
+7(495) 3325450
ATK ADVISORY GROUP
KIRSANOVA REALTY
EXAMINATION
AKSENCHER
+7(495) 7559770
CHASTNOE PRAVO
+7(495) 6292685
PUBLIC LAND SUPERVISION
+7(495) 5162450
+7(495) 9516317
CONSTRUCTION
+7(495) 7206620
SU-207
+7(495) 9371650
+7(495) 9152409
PUBLIC SUPERVISION OF
BUREAU
EXAMINATION TPP RF
ARCHITECTS
REAL ESTATE
+7(495) 9746948,
+7(495) 6213584,
+7(495) 9510735,
KUTUZOVSKY PROSPEKT
+7(495) 9372300,
SVATSTROI
+7(495) 7880906,
+7(495) 6285362
+7(495) 9746947
+7(495) 6282525
+7(495) 9510635
+7(495) 6288888
+7(495) 9372323
+7(495) 9562076
+7(495) 6172585
68
Guide to retail real estate in Russia 2010
INDEXES
CONSTRUCTION SECTOR
+7(495) 9562446
FIY-NET
+7(495) 9811962
11 Timura Frunze St. Bld 2
+7(495) 7756169
BAUPORT
CONSTANTA-GLOBAL
+7(495) 9377593
BUILDING POLICY OF
INDEXES
MIAN
ASATA
Guide to retail real estate in Russia 2010
BAIKER TILLY RUSAUDIT
69
MOSCOW
MOSCOW
HOLD-INVEST-AUDIT
RUPERTI PROJECT SERVICES
CMI DEVELOPMENT
LEGION-
UNIFORMSTROI
BARKLI
+7(495) 7950383,
INTERNATIONAL LTD.
+7(495) 7771700,
DEVELOPMENT
+7(495) 4169417,
+7(495) 7752030
+7(495) 6312255
+7(495) 9830850,
+7(495) 7771701
+7(495) 4117711
+7(495) 4169391
BARREL
+7(495) 9830851
BBJ CONSULT AG
CONSULTING MBH
+7(495) 7303527
+7(495) 9567955
IMAGE-CONTACT
Bld. 6A, block 1, 8th March
CREATOR INVEST
MEGALOGIX
VIDIS GROUP
+7(495) 7879377
Str., Moscow, 127083
+7(495) 6610513,
+7(495) 6441797,
+7(495) 6412280,
+7(495) 5142687,
+7(495) 6441798
+7(495) 6412281
IMPERIA KADROV
SHL
+7(495) 6610514
+7(495) 6215583,
+7(495) 4888093,
11, Novorogozhskaya St., bld
MIAN
+7(495) 6567083
+7(495) 4888094
1, Moscow, Russia, 109544
+7(495) 9746262
INSIGHT-M CENTER OF
SNEGIRI GROUP
igor_efremov@mail.ru,
MIRAX GROUP
+7(495) 6412882
efremov@creator-invest.ru
+7(495) 7211000
CUSHMAN & WAKEFIELD
MARKETING DECISIONS
+7(495) 7975665
STILES & RIABOKOBYLKO
+7(495) 7881401
+7(495) 7979600,
+7(495) 4115555
+7(495) 9741213
+7(495) 9387333
+7(495) 7717788,
+7(495) 4927271
CONSULTANT
St., Moscow, Russia 125047
GROUP
SWISS REALTY GROUP
DSK-1
ww.cushmanwakefield.ru
+7(495) 6170258,
+7(495) 9741213
+7(495) 9337606,
MOSINZHSTROI
+7(495) 9401378
DEVELOPMENT
+7(495) 6443835
VEGAS-LEX
DELOIT
DEVELOPERS
+7(495) 9561002
+7(495) 9150148
NEDVIZHIMOST
+7(495) 7776666
ADG GROUP
GARANT-INVEST GROUP
+7(495) 7863991
+7(495) 5439339,
+7(495) 6509003,
+7(495) 5439340
+7(495) 6940386
RAMENKA
23, 1-st Kolobovsky lane,
+7(495) 9370440
+7(495) 3630375
DIRECT INVEST
INTERNATIONAL
ADVA-ESTATE
COMPANY
+7(495) 4320400
REP OFFICE
+7(495) 9563015
ANTANTA CAPITAL
AFI DEVELOPMENT
+7(495) 7969988,
11 Timura Frunze St. Bld 2
+7(495) 7969989
GVA SAWYER
Moscow, Russia 119992
29/22, 1-st Brestskaya St.,
+7(495) 7974401,
Moscow, Russia 125047
+7(495) 7974400
REPRESENTATIVE
HINVESTOROV
EVROFINANCE
Nikoloyamskaya ulitsa 13, str.
OFFICE OF THE COMPANY
+7(495) 6084263
MOSNARBANK
17, Moscow, Russia109240
RENOVA PROGECT
GMBH REP OFFICE
+7(495) 7758688
MANPOWER CIS
BANK RAZVITIJA STOLICA
+7(495) 9373435
BUZ ALLEN HAMILTON INC.
EUROMANAGEMENT
+7(495) 9809960,
+7(495) 9454119
+7(495) 9330809
GALLA CONSULTING GROUP
MIAN
+7 (495) 9678182
+7(495) 6012222
+7(495) 7204999,
+7(495) 9750243
+7(495) 9746849
+7 (495) 6624517
+7(495) 7850510
+7(495) 7555075
+7(495) 9335050
ASN-INVEST
+7(495) 7850500,
BIN BANK
COMPANY
LIMITED
HINES
+7(495) 7773377
DRUZHBA INVESTMENT
+7(495) 7839626
ASSOCIACIJA CHASTNY
BASTION DEVELOPMENT
MIEL REAL ESTATE
+7(495) 7755100,
+7(495) 7757335
+7(495) 9746216,
+7(495) 7832393
COLEMAN SERVICES UK
RENAISSANCE-REALTY
+7(495) 9379150
+7(495) 9757185
CONSULTING
Moscow, 127051
EUROTRUST FINANCIAL
COMPANY
ATLANTIC FINANCE GROUP
+7(495) 7558912
6 Gasheka St., Suite 820,
SPECTRUM
+7(495) 9670067,
Moscow, Russia 125047
+7(495) 9810601
+7(495) 9670068
HORUS CAPITAL
STORM PROPERTIES
ATON INVESTMENT
+7(495) 4115300,
+7(495) 4115301
FLEMING FAMILY &
PARTNERS LIMITED
PAUL’S YARD
BRIDGE INVESTMENTS
+7(495) 7885575,
+7(495) 9255550,
COMPANY
GOODWIN
+7(495) 9807733,
MANAGEMENT
+7(495) 7885574
+7(495) 9255551
+7(495) 7778877
+7(495) 7850785,
+7(495) 9807734
COMPANY
21/3 Stanislavskogo Street,
+7(495) 7870535
Moscow, Russia 109004
STROIARSENAL
AXIOMA
GROUP
+7(495) 7833230
+7(495) 9503999,
+7(495) 6509003,
+7(495) 9503949
+7(495) 6940386
+7(495) 7558822
RELAND GROUP
+7(495) 2585151,
+7(495) 2585152
GORIZONT INVESTMENT
77, Sadovnicheskaya
COMPANY
Embankment, Bld.1,
+7(495) 7191845
Entrance 3
KALUZHSKY AGRICULTURAL
MANAGEMENT
CENTER
STROIINCOM-K
RETAIL PROFILE
+7(495) 9701550,
+7(495) 9670471
+7(495) 7969988,
BANK RAZVITIJA STOLICA
+7(495) 5450700
+7(495) 9701558
+7(495) 7969989
+7(495) 9379150
www.colliers.ru
GVA SAWYER
12, Tverskaya, bldg 9,
www.colliers.com
+7(495) 7974401,
office 102, Moscow
+7(495) 7974400
GARANT-INVEST
CITY PROPERTY
+7(495) 6290139
23, 1-st Kolobovsky lane,
KLOVER GROUP
Moscow, 127051
INNEST GROUP
CJSC BOLSHOY GOROD
+7(495) 7835877,
SWISS REALTY GROUP
BALTIYSKY MONOLIT
+7(495) 6437176,
+7(495) 7753830
+7(495) 7835876
+7(495) 6603666
+7(495) 6265462
+7(495) 6437178
Guide to retail real estate in Russia 2010
INDEXES
FORMULA RAZVITIJA
70
ACCESS INDUSTRIES
+7(495) 9810011
+7(495) 9337433
COLLIERS INTERNATIONAL
PROMSVYAZ-
+7(495) 9810000,
BUSINESSLAND SERVICE
+7(495) 7306500
+7(495) 9596530
+7(495) 9150154,
+7(495) 9561727
EUROKAPITAL VERWALTUNGS
+7(495) 7842915
+7(495) 9591655,
DS EXPRESS
+7(495) 6287325
CENTER OF AUDIT AND
DEKRA
INVESTORS
DECOR CENTER
KELIS KONSALTING
KNIGHT FRANK LLP
+7(495) 6479020
+7(495) 6638440
+7(495) 3632023,
+7(495) 7870600
+7(495) 5062531
BUSINESS-CLASS-AUDIT
+7(495) 9330800
OLSON ENTERPRISE
+7(495) 3631340
+7(495) 7750735
+7(495) 9611206
BUSINESS TREND GROUP
J.GELLER CONSULTANTS
LIMITED
DARS CONSULTING
BRANAN
CITIGROUP + DTB GMBH
+7(495) 7717789
DAL CONSULT
INDEXES
CAPITAL
OOO
Ducat Place III, 6 Gasheka
+7(495) 4346203
+7(495) 5057825
ENGINEERING SERVICE
+7(495) 9374466
+7(495) 6789739
+7(495) 7428795,
+7(495) 9379056
MORE-MANAGEMENT
INTERNATIONAL
BK CONSULTING
BITSA-INVEST
ARMO GROUP
DIAL STROIINVEST
+7(495) 7979601
+7(495) 7880942
ENGINEERING COMPANIES
SWISS REALTY GROUP
BEARINGPOINT
BERNER & STAFFORD
BAZOVY ELEMENT
+7(495) 7205025
www.creator-invest.ru,
BDO UNIKON CONSULTING
+7(495) 7102939
Guide to retail real estate in Russia 2010
71
MOSCOW
MOSCOW
INTERNATIONAL
S HOLDING CORPORATION
JURCONSULT
FINANCIAL
+7(495) 9332811,
+7(495) 9767511
CORPORATION
+7(495) 9332812
LOGISTICS
ABX LOGISTICS RUSSIA
JURINTERBUREAU
+7(495) 7399920,
SBERBANK - SAVINGS
+7(495) 9337340,
+7(495) 7399928
KAMOS LINE
BANK OF THE RUSSIAN
+7(495) 9337341
+7(495) 6327985
FEDERATION
+7(495) 4117555
+7(495) 9747387
KNIGHT FRANK LLP
GARANT-INVEST GROUP
ARTCOMMUNICATIONS
+7(495) 7750202,
+7(495) 6509003,
+7(495) 5140207
+7(495) 9374381
+7(495) 6940386
TBN LOGISTIC M
ARMADILLO GROUP OF
+7(495) 9678085
JURPOST LEGAL
COMPANIES
AGENCY
+7(495) 7754275,
TK-LINE
+7(495) 7754272
+7(495) 9338247
SVYAZINVEST TELEGRAF
+7(495) 5074957,
+7(495) 9810011
+7(495) 7270473
+7(495) 5853319
ASSOCIATED TRANS
VASH FINANSOVY
LEGAL SERVICES BUREAU
+7(495) 7830179,
POPECHITEL
+7(495) 5060377,
+7(495) 5891951
MDM BANK
+7(495) 7847676,
+7(495) 9735382
+7(495) 7779500
+7(495) 9564386
11 Timura Frunze St. Bld 2
ASTELIT
Moscow, 127051
+7(495) 9169911,
+7(495) 9169966
GORIZONT
ASVT
+7(495) 7191844,
+7(495) 7191845
+7(495) 7445577,
REAL –
GOROD
HYPERMARKET
TRANS LOGISTIC CONSULT
+7(495) 4450029,
+7(495) 7716620
+7(495) 7859285
+7(495) 4453969
UPS SCS (CIS)
HINES
KONTINENT
+7(495) 7777779
ASSTRA
+7(495) 7857150,
+7(495) 7850500,
MEGAPOLIS LIGAL,
+7(495) 9692067,
+7(495) 7857152
+7(495) 7850510
+7(495) 9330082
+7(495) 9134025
AT&T GLOBAL NETWORK
SERVICES
SEDMOI
+7(495) 7834300
ATANOR
+7(495) 7305726,
MEGASNABINVEST
VATT-STROI
JURIDICHESKAJA
+7(495) 7419447
+7(495) 6888678
FIRMA
METROPOL INVESTMENT
VEDIS GROUP
FINANCE COMPANY
+7(495) 6412280,
+7(495) 9333310
+7(495) 6412281
JURIDICHESKAJA
AVALON LOGISTICS
5, Mantulinskaya St., bld 2,
SYNTERRA
MILKOM-INVEST FINANCIAL
VNESHTORGBANK
KONSULTACIJA
+7(495) 9319131,
A CAPPELLA
KALUZHSKAYA
Moscow, Russia, 123100
+7(495) 6477777,
AGENCY
+7(495) 7397799
+7(495) 6793576
+7(495) 5832410
+7(495) 4493376
MANAGEMENT
igor_efremov@mail.ru
+7(495) 6477776
ZAO FIGE
+7(495) 7375569,
ATL
+7(495) 7974300,
+7(495) 3261314
+7(495) 7950391,
+7(495) 7974315
+7(495) 7950392
MANAGEMENT COMPANIES
MEZHREGIONALNAJA
+7(495) 6074653
LEGAL SERVICES
NORMA
AVTO GRINVUD
AKRUS-NEDVIZHIMOST
LAW CONSULTANCY
+7(495) 7405340
+7(495) 7847755
NARODNAYA
ADVOKATSKAJA KONTORA
INVESTMENT FINANCE
ZHMURKO
COMPANY
+7(495) 9985808,
PRICEWATER-
+7(495) 9335919
+7(495) 7806804
HOUSECOOPERS
Moscow, Russia 125047
+7(495) 7457817
+7(495) 3929990
SVYAZ VSD
HYPERCENTER
STARLINE DEVELOPMENT
+7(495) 7979160,
(MOSMART)
+7(495) 5142687,
+7(495) 7979161
+7(495) 7950870
+7(495) 6610514
CITY PROPERTY
+7(495) 7976924,
+7(495) 9815454
MANAGEMENT
+7(495) 7976925
WILD ORCHID
TATRIS
+7(495) 7555353
TELECOM
DHL EXPRESS CENTER
+7(495) 9561000,
(ENGINEERING
+7(495) 7907097
+7(495) 9676001
+7(495) 9611000
FIRM)
SMIT BRIDGE CONSULTING
EFFECTIVE LOGISICS
+7(495) 7872700,
SERVICES
TRANSPORTATION COMPANY
+7(495) 7872701
+7(495) 6260022,
+7(495) 9952595
+7(495) 6251134
ABITEL GROUP
TELECOM SERVICE IT
+7(495) 7373738,
+7(495) 7374747
+7(495) 4117711
+7(495) 2594283
+7(495) 9150154,
LONE
ACADEM-
+7(495) 7846686,
+7(495) 9150148
STAR VENTURES
SERVICETELECOM
+7(495) 7846670
+7(495) 7370058
+7(495) 9740104,
+7(495) 9701558
DECOR CENTER
TRANSTELECOM
ELDORADO
+7(495) 5000000
CONSULCO REP OFFICE
+7(495) 7486803
ERIDA CARGO
PROMSTROIPROJECT
+7(495) 9330060,
TRIUMPH LAW OFFICE
+7(495) 9265676,
EUROTRUST
+7(495) 6763338
+7(495) 9330069
+7(495) 7715575,
+7(495) 7800364
+7(495) 5043454
+7(495) 7851266
METROPOL
TZ COMMUNICATIONS
+7(495) 7470000
+7(495) 7417050,
ADVENTUS-M
+7(495) 9333323
+7(495) 7398858,
VELLES TELECOM
+7(495) 7398859
+7(495) 9958810
MOSMART – OOO
+7(495) 7837390
RAIFFEISEN BANK
INTER-ADVOKAT BAR
ETLOGISTIC
EXPRO-SERVICE
HYPERCENTER
AESP
VEST COLL. LTD.
+7(495) 7219100
ASSOCIATION
U.N.I.K.A.
+7(495) 7758768,
+7(495) 7833477
DEVELOPMENT
+7(495) 4561301,
+7(495) 7211700,
+7(495) 4266622
+7(495) 9580131
+7(495) 7887350
+7(495) 7838514
+7(495) 4560704
+7(495) 7211701
RUBIN JOINT STOCK
FRAGRA
COMPANY
INTERFINANCE
UDAKOV AND
EUROFRACHT
+7(495) 7818800
M.VIDEO
AG TELECOM
VILAND
+7(495) 7379292
+7(495) 7489697,
PATNERS
+7(495) 7863914,
9/1, Varshavskoye shosse,
+7(495) 7777775
+7(495) 7257642,
+7(495) 9812310,
+7(495) 7489698
+7(495) 9169415
+7(495) 7474934
Moscow, Russia, 117105
+7(495) 7257663
+7(495) 9812311
RUSSIAN INVESTMENT
www.fragra.ru rfm@fragra.ru
NORD
GROUP
INTRALEX
4 BUSINESS
SOVTRANSAVTO LOGISTIC
Michail SHUTOV,
LEASE
ARKTEL
VOCORD TELECOM
+7(495) 7270941,
+7(495) 7446136,
+7(495) 9122730,
+7(495) 9330840,
Sales Manager
CORPORATION
+7(495) 9741885,
+7(495) 7872626,
+7(495) 7270942
+7(495) 7232352
+7(495) 9111498
+7(495) 9330860
+7(495) 9670469
+7(495) 3633434
+7(495) 9437794
72
INDEXES
BAKER & MCKENZIE
+7(495) 7486801,
TELECOMMUNICATIONS
LEGION 1
+7(495) 9701550,
CIS LAW OFFICES B.V.
+7(495) 9676000,
+7(495) 7851155
+7(495) 9670469
AVTOTREJDING
AVANTI CONSULTING
PROMINGROUP
SPAR RETAIL
KSK GRUPP
+7(495) 9161607
PERSPECTIVA
+7(495) 7370013
6 Gasheka St., Suite 820,
COMPANY
+7(495) 6078481,
INDEXES
23, 1-st Kolobovsky lane,
+7(495) 7258110,
+7(495) 9810000,
Moscow, Russia 119992
STS LOGISTIC
Guide to retail real estate in Russia 2010
Guide to retail real estate in Russia 2010
73
MOSCOW / ST.PETERBURG
VYMPEL-SISTEMA
ARHSTUDIJA
GALTOM-AUDIT
ANTARES TREJD
TELECOMMUNICATIONS
+7(812) 5926317
+7(812) 5799207
+7(812) 2338078
IQ PROBE
MEDIA VITA
APEK
+7(812) 2934178
+7(812) 4413958
+7(812) 3253375
+7(495) 7869926,
LENZHILJEKSPERTIZA
PARASKOVIA
AVALON REAL ESTATE
+7(495) 7869927
+7(812) 3155079
+7(812) 2759318
AGENCY
+7(495) 7847723,
+7(495) 7847710
X-TEL
+7(812) 7700616,
ZEBRA TELECOM
AUDITORS
+7(812) 9744410
HOUSECOOPERS
+7(495) 7410001,
+7(495) 7410002
PRICEWATER-
AGIS
AVENTIN
+7(812) 3266969
+7(812) 7407902
ST. PETERSBURG
ALIANS-AUDIT
ADMINISTRATION
+7(812) 9190379
VERDIKT
AVERS
+7(495) 3264294
+7(812) 3145879
+7(812) 3209775
BROKERS
CITY ADMINISTRATION
ALKO
+7(812) 5764501
+7(812) 3251374
APPRAISERMS-OCENKA
ALTERNATIVA
+7(812) 3245423
+7(812) 5724789
CENTR AUDITA
ARMAND
I OCENKI
+7(812) 4491407
+7(812) 3223811,
+7(812) 3223816
BALTIJSKAJA
ACROPOL
NEDVIZHIMOST
+7(812) 3225377
+7(812) 3254747
ADMIRAL
BALTKOM
+7(812) 3295354
+7(812) 3737232
ADRES
BAROKKO
+7(812) 3206028
+7(812) 2758342,
ASTJER-AUDIT
+7(812) 5717419
CENTR OCENKI I
+7(812) 9724249
ADVEKS
BASTION
+7(812) 3225200
KONSALTINGA SANKT-
AUDIT - STANDART
PETERBURGA
+7(812) 3275111
+7(812) 3059090
+7(812) 3113826
AGENTSTVO NORD
BELYE NOCHI
+7(812) 3465530
AUDIT PRO
CONSUMER MARKET
+7(812) 3258884
+7(812) 3155152
+7(812) 2306157,
AKSIOMA
+7(812) 2328089
+7(812) 3270820
AUDIT-GARANT
RUST
+7(812) 3704683
+7(812) 3318502
BENUA
ALBA REALTY GROUP
INDEXES
AUDIT-JEKSPRESS
ST. PETERSBURG
+7(812) 7037191
PROPERTY FUND
+7(812) 7772727
+7(812) 3739333
+7(812) 6001202
AVERS-AUDIT
BSM GRUPP
ALEKSANDR-
+7(812) 2743322,
NEDVIZHIMOST
+7(812) 3259840
+7(812) 3271616
BURGOMISTER
+7(812) 3209764
URBAN DEVELOPMENT
ALEKSEEVSKIJ
+7(812) 3259000
AZHUR SERVIS
RAVELIN
+7(812) 3693205
+7(812) 3050991
CENTR AUDITA I OCENKI
ALINA
+7(812) 3223816
+7(812) 3284531
EMERGING MARKETS
AMETIST
ESTATE
ALMENDA
GROUP
+7(812) 3103193
+7(812) 3806837
+7(812) 4981859
+7(812) 3254155
ANDERSEN
CENTRAL REAL ESTATE
ART-ATELIE
ERNST & YOUNG
KONSALT
AGENCY
+7(812) 3212888
+7(812) 7037800
+7(812) 9700182
+7(812) 3244000
+7(812) 7104803
ARHITECTS
ALEKSANDRIJA
ALLIANCE
+7(812) 9700182
BUSINESSLINK
+7(812) 7518806
74
BUSINESS
Guide to retail real estate in Russia 2010
ST.PETERBURG
ST.PETERBURG
DALPORT-SITI
DALPITSTROJ
SOYUZPROM-
ASTORIJA
MENEDZHMENT
AJEROBALTIK
WHITE DAYS INVESTMENT
DLA PIPER RUDNICK GRAY
+7(812) 2945640,
+7(812) 3310110,
BUMMONTAZH
+7(812) 3122144
KOMPANIJA PSB
JEKSPRESS
+7(812) 3268747
CARY IN ST PETERSBURG
+7(812) 2945933
+7(812) 3246669
+7(812) 2511592,
+7(812) 3291229
+7(812) 5424527,
ASTRA HOLDING
+7(812) 2511095
DARKO
DORINDA
+7(812) 6010737
HOLDING S.A.
STEP
+7(812) 7037550
+7(812) 3273355
+7(812) 3253882
TEHNOLOGII RAZVITIJA
+7(812) 2521152
MERKURIJ
GRAND CONTROL
KONSULTACIONNYJ
AVGUST
RURIC
+7(812) 9730147,
ASTRA TRJEJD
CENTR
+7(812) 4499779,
+7(812) 7033550
+7(812) 3430508
+7(812) 3256821
+7(812) 3365026
+7(812) 4499776
STOCKWELL
KACHKIN AND PARTNERS
+7(812) 3718796
+7(812) 3262868,
NEDVIZHIMOSTI
ETS
STOLYARCHUK
+7(812) 3349171,
+7(812) 4413982
ARCHITECTURAL
AUDIT VETAR
NIKOLAEV ECONSULTING
PSB MANAGEMENT
WORKSHOP
+7(812) 9737956,
+7(812) 3216040
COMPANY
+7(812) 3465562
+7(812) 7021410
+7(812) 5719090
FASTKOM HOLDING
VALEKS
COMPANY
+7(812) 9726098
+7(812) 3469050
VARIANT
IRBIS
+7(812) 7169493,
+7(812) 2716622,
+7(812) 5713246
+7(812) 2748786
NORIS
JELF
+7(812) 3279010
+7(812) 3477677,
+7(812) 5423963
VEDA-HAUS
+7(812) 7777799
+7(812) 3804405
+7(812) 3201459
DEVELOPMENT GROU
PETROGRAD
+7(812) 3268747
+7(812) 3704438
+7(812) 7186355,
+7(812) 3363322
+7(812) 7186354
Shaumyana pr., 4,
PERSONNEL TRAINING
LIMITED
INVESTORS
SALANS
Saint-Petersburg,
+7(812) 3159832
+7(812) 3468035
BALTSTROICOMPLECT
+7(812) 3258444,
+7(812) 3256411
+7(812) 3258454
BROKERCREDITSERVICE
SOVET-
+7(812) 7151312
NEDVIZHIMOSTI
STROJMONTAZH
+7(812) 3333046
PURNECO
Russia 195027
AVEROL
+7(812) 3320202
RADAR-KONSALTING
RADOKS OOO
+7(812) 2323992
+7(812) 3805975
+7(812) 3238082
SYSTEMA PROEKT
JEVRIKA GRUPP
VESK
WHITE DAYS
AURORA DEVELOPMENT Ltd.
+7(812) 3262588
+7(812) 7405766
VA TECH ELIN EBG GMBH
RESHENIE
REKON
AVERS GRUPPA
KONSALTINGOVAJA
+7(812) 3365600,
INTERREGIONAL
KOMPANIJ
GRUPPA
+7(812) 3468063
INVESTMENT CENTER
TUCHKOV MOST
+7(812) 3288048
+7(812) 3801572
+7(812) 2718185,
+7(812) 3209860
REMO
& CO
LES
+7(812) 3247286,
BARISTER
ROSFIN KONSALTING
+7(812) 3257346,
+7(812) 5141219
+7(812) 3247296
+7(812) 5706572
+7(812) 2333374
+7(812) 3270646
VMB-TRAST
+7(812) 7184199
VYBORGSKOE AGENTSTVO
+7(812) 3739174
ROST-RIJELTI
+7(812) 3321309,
+7(812) 3250919
KONSALT
INTERNATIONAL LTD.
+7(812) 3716629
+7(812) 7862439,
+7(495) 9830850,
+7(812) 2520102
+7(495) 9830851
RURIC
RUSSIAN COMPANY
CARGO LOGISTICS
Bld. 6A, block 1, 8th March
+7(812) 7033550
+7(812) 7033550
+7(812) 3290119
SENATOR
RURIC
DAISOTRA
+7(812) 3322007
+7(812) 7033550
+7(812) 3298810
+7(812) 3321323
CONSULTING
+7(812) 3269803
1-J KONSALTINGOVYJ
DIJESJES KONSALTING
CENTR NK
+7(812) 3322525
ZHEMCHUZHINA
RUPERTI PROJECT SERVICES
+7(812) 7198461,
INTERNATIONAL LTD.
+7(812) 7198462
+7(495) 9830850,
ABIKONSALT
+7(495) 9830851
+7(812) 4453929
Str., Moscow, 127083
ARSENAL-NEDVIZHIMOST
BALTIC PEARL
SOVREMENNYE
NEDVIZHIMOSTI
+7(812) 7037490
+7(812) 2345426,
TBS DEVELOPMENT
VORGOVY DVOR
DELIKATNY
+7(812) 2343501
+7(812) 3242434
+7(812) 3804488
PEREEZD
+7(812) 3260547
ABK-KONSALT
PROBLEM
VAGRI
TITUL
WHITE DAYS
+7(812) 3261499
PREDPRINIMATELSTVA
+7(812) 2370985
+7(812) 4381535
DEVELOPMENT GROUP
GREENWAY
+7(812) 3268747
+7(812) 4388090
SMARTDOM
+7(812) 3321441
EVOLUTION
INSTITUT
Bld. 6A, block 1, 8th March
LOGISTICS
Str., Moscow, 127083
RUSSKIJ FOND
+7(812) 7160314
REAL ESTATE
INVESTMENTS
+7(812) 7034091
AG BUSINESS
VERSUS CENTR RAZVITIJA
VEDA-JESTEJT
+7(812) 3248718
CONSULTING
KORUS KONSALTING
BIZNESA
+7(812) 4492144
+7(812) 3242457
+7(812) 9824912
STROITEL’’STVA
ALEKSANDR GRUPP
KREDO
INZHINIRINGOVAJA KOMPANIJA
+7(812) 4480425
+7(812) 3324589
+7(812) 3324128
+7(812) 7186906,
SKS-PADAMS
ANNA PLJUS
MEGAPOLISCONSULTING
+7(812) 3275448
+7(812) 3239265
+7(812) 4485742
DALPITERSTROJ
LEGAL SERVICES
INTELLECT LOGISTIC
+7(812) 3467064,
VEST BRIDZH OTEL
BAKER+MCKENZE
+7(812) 3359141
+7(812) 3258308
ADAMANT
VIKING
BEITEN BURKHARDT
+7(812) 3332879
+7(812) 5530080
+7(812) 3277636
AGENTSTVO - 2
VOZROZHDENIE
CENSOR
LOGISTIKA
TEHNOLOGII
BALTIJSKAJA
DEVELOPERS
+7(812) 3467065
OKTAVA
+7(812) 7401465
RUSMARIN
+7(812) 2728609,
SMARTDOM
ARMAND
MEGASOLJUSHN
+7(812) 3274464,
SANKTPETERBURGA
+7(812) 7645448,
+7(812) 3262070,
+7(812) 3310110
+7(812) 3321441
+7(812) 4491407
+7(812) 3245639
+7(812) 2956652
+7(812) 3149712
+7(812) 3123802
+7(812) 3262066
76
Guide to retail real estate in Russia 2010
INDEXES
INDEXES
+7(812) 3201765,
+7(812) 3478871
RUPERTI PROJECT SERVICES
+7(812) 7830970
+7(812) 7186907
UBIGROUP
MACROMIR
BEAUTY BIZNES
PSA PERSPEKTIVA
+7(812) 3325588
+7(812) 2718195
VIPROK
+7(812) 7821801,
+7(812) 2754602
+7(812) 3125011
PETROSTROJGRUPPA
NEDVIZHIMOSTI
CONSTRUCTION
+7(812) 3321561
+7(812) 3291229,
STROJINVEST
+7(812) 3321515,
VASH DOM
+7(812) 7037801
INVESTORS
Guide to retail real estate in Russia 2010
77
ST.PETERBURG / ASTRAkHAN
ASTRAkHAN / CHELYABINSK
SOLVO
ORION
CONTRACT
VARIANT
PETROSTROI
BABYSHEVA N.P.
COMFORT
AVTOSTROI TRACT
+7(812) 4307480,
+7(812) 3365103
+7(8512) 712511
+7(8512) 603647
+7(8512) 603312
+7(8512) 394199
+7(351) 7980595
+7(351) 7417548
+7(812) 4307576
PETERBURGSKAJA
DELTA
VICTORIA SM
SOYUZ
GRUZOVOZOFF
COMPANION
CHELYABGIPROMEZ
STS LOGISTICS
NEDVIZHIMOST
+7(8512) 545277
+7(8512) 610020
+7(8512) 361377
+7(8512) 338059
+7(351) 2474141
+7(351) 2394400
+7(812) 5750032
+7(812) 3279262
STROI LEGION
LAKOR
CREDO
DESIGN
TRANSPORT
SPEKTRUM-
APPRAISAL
+7(8512) 631177
+7(8512) 390257
+7(351) 7965049
CENTER FIRM
LOGISTICS
HOLDING
+7(8512) 541768,
CENTER
+7(812) 3364494
+7(8512) 717889
APREL
STROICOMPLEX
INVESTORS GTM-INVEST
DANA
+7(8512) 351789
+7(8512) 301785
+7(8512) 226869
+7(351) 7730715
TBS DEVELOPMENT
INFORM-AUDIT
+7(812) 5429208,
+7(8512) 222800,
ARHITON
STROITEL ASTRAKHANI
INVESTMENT
DAN-INVEST
+7(812) 3242434
+7(8512) 222757
+7(8512) 390689,
+7(8512) 398133,
AND FINANCE
+7(351) 2474410
ENERGOST
+7(8512) 618519
+7(8512) 398126
+7(8512) 447479
VARIANT
+7(351) 3441264
DEVELOPMENT AND
CONSTRUCTION
INDEPENDENT
+7(351) 2652601
+7(812) 3350807,
+7(812) 2770393
TRANSSPHERE
+7(351) 2640880
INTERNATIONAL
+7(812) 3275956,
UPRAVLJAJUWAJA
KONSALTING ABV
+7(812) 3275926
KOMPANIJA
+7(8512) 223545,
ARKADIJA
STROJGRAD
TEOREMA
+7(8512) 616200
+7(8512) 603035,
+7(8512) 605676
MANAGEMENT COPMANIES
ADVEKS TRAST
+7(812) 3225248
AURORA DEVELOPMENT Ltd.
+7(8512) 633063
+7(812) 3330444,
+7(812) 7185775
MARANTA
+7(8512) 335336
+7(8512) 391376
+7(8512) 225588
+7(8512) 229072
BCM GROUP
BJURO UPRAVLENIJA
ADRES
+7(8512) 392989
+7(8512) 470700,
+7(351) 9357153
ASTRASTROJINVEST
EXPERTIZE AND
+7(8512) 401919,
YUG-STROI
ABF
APPRAISAL
+7(8512) 401918
+7(8512) 289172,
+7(8512) 562436
+7(8512) 390082
ALFA
+7(8512) 250090
ASTRSTROIINVEST
AGENTSTVO
NOVY VEK
+7(812) 3312506
NEDVIZHIMOSTI
+7(8512) 221497
+7(8512) 229630
+7(8512) 390489,
+7(8512) 229001
+7(812) 7187584
OCHAG
URALMOSSTROI
+7(351) 2639942
+7(351) 9211133
YUZHNOVIZIT
URALSKAYACONSTRUCTION
+7(351) 3938301
COMPANY
+7(351) 7751093
+7(351) 3242844
YUZHNO-URALSKAYA
ALLIANCE
ADVISER’S BOARD
ZHILTECHSTROI
+7(351) 2560053
+7(351) 2664994
+7(351) 7741734
AMESK
YUZHNOURALSKAYA
+7(351) 2657097
CHAMBER OF COMMERCE
INVESTORS
BABYLON
GTM-INVEST
+7(8512) 502192
+7(8512) 226869
BROKERCREDITSERVICE
+7(8512) 332818
AKADIJA
+7(351) 2653521
+7(351) 7290631
BAZA
INTELLECT-CENTER
JENSEN GROUP
+7(8512) 610025,
PARTNER-EXPERT
YUGSTROI
+7(8512) 390082,
+7(812) 3251306
+7(8512) 610039
+7(8512) 390082
+7(8512) 587920
+7(8512) 390688
LEGAL SERVICES
AND INDUSTRY
AVANGUARD
+7(351) 2602560
+7(351) 2635770
YUZHNO-URALSKY ZHSK
CONVENT
+7(351) 2646544
+7(351) 2655687
+7(351) 2671947
BROKLAND
+7(351) 2657499
DEVELOPERS
MK PSB
ANTEI COMPANY
PROPERTY
BELFOR
MUNICIPAL LEGAL ADVICE
+7(812) 3291229
+7(8512) 548083,
EXPERTIZE REGIONAL
+7(8512) 383075
CENTER
CATRY
+7(8512) 548093
AGENCY
+7(8512) 221591,
+7(351) 2672361
MTL. J
+7(8512) 392941
EKSPLUATACIJA
ASTRAHANSKAJA
NEDVIZHIMOSTI
GORODSKAJA
SOVINTER PLUS
+7(812) 3351515
SLUZHBA
+7(8512) 304609
+7(8512) 600700
+7(812) 2716563
+7(8512) 228034
STALKER KF
PARTNER-EXPRESS
NEDVIZHIMOST
KASPIJ TREJD
+7(8512) 390082,
+7(351) 6823387
+7(8512) 338696,
+7(8512) 390688
LOGISTICS
CALIBER
KLIVENT
LOGISTICS
+7(351) 2656809
ASSTRA URAL
ARKAIM-PLAZA BUSINESS
+7(351) 7915645
CENTER
CHELYABINSK
+7(8512) 348604
+7(8512) 351191
+7(351) 2616060
AGROPROMPROEKT
+7(351) 2656808,
CHEBARKULSKAYA
+7(8512) 472241
NEDVIZHIMOSTI
NASLEDIE SP
CENTR-STROJ
ENERGIA HOUSING CENTER
+7(351) 2391517
MUNICIPAL DEPARTMENT
CARGO-TRANS ANP
+7(351) 7410000
FOR REAL PROPERTY
ART PROJECT
NIRA-FONDS
+7(8512) 620012,
UVENTA
+7(8512) 386168,
ASTRAGRUZTRANS
BUSINESS
BUREAU
CHELTRANS
+7(812) 2750019
+7(8512) 624211
+7(8512) 560311
+7(8512) 382989
+7(8512) 331727
+7(351) 3672040
+7(351) 2657243
+7(351) 2560882
78
Guide to retail real estate in Russia 2010
Guide to retail real estate in Russia 2010
79
INDEXES
INDEXES
VID
+7(8512) 471054
KOMMERCHESKOJ
GENRI CHECHISTER
ASTRAKHANSTROI
NIZHNEVOLZHSKY
NEDVIZHIMOST’’JU
BROKERS AND
CONSULTING
TECHNOLOGIA
COMFORTA
VASH VYBOR
CENTER OF PROPERTY
+7(812) 5767000
+7(351) 3667758
VESTA-NEDVIZHIMOST
Russia 195027
BROKERS AND
CONSULTING
+7(351) 2633460
+7(8512) 252255
+7(812) 3363322
+7(351) 2782643
BUREAU
CITY ADMINISTRATION
VEGA
Saint-Petersburg,
STROIPROFIL
+7(8512) 477373
+7(8512) 250810,
NASH GOROD
VARIANT REAL ESTATE
+7(8512) 478535,
+7(8512) 545132
CITY ADMINISTRATION
ADMINISTRATION
STROITELNYJ
KONSORCIUM
Shaumyana pr., 4,
+7(351) 2514426
ASTRAHANSKIJ
MK-ELITE
ALPROEKT-GAZ
CHELYABINSK
TEPLY DOM
ASTRAKHAN
ADMINISTRATION
ENERGOINVEST
CHELYABINSK / EKATERINBURG / irkutsk
irkutsk / izhevsk / KALININGRAD
FIRST EXPEDITIONARY
MAN
BARGUZIN
ANTEI
VERITAS
MEGAPOLIS
SUOMISTROJ
GOVERNOR’S CHAMBER
COMPANY
+7 (343) 3712000
+7(3952) 536251
+7(3952) 262625,
+7(3952) 538622
+7(3412) 254536
+7(3412) 448779
+7(4012) 599001
METROPOL
VYSOTA
URBAN PLANNING
+7(3412) 512801
+7(3412) 711024
+7(4012) 599405
+7(3953) 560095
+7(351) 7257707
IRKUTSK
KOD 3000
+7(351) 2474740,
LOGISTICS
BUREAUGARANT
DOMSIBSTROI
+7(3952) 243083
+7(3952) 702292
CITY
BUSINESS
FORT-ROSS
ADMINISTRATION
PARK
+7(3952) 538675
+7(3952) 201490
+7(3952) 336345
ADMINISTRATION
ADMINISTRATION
+7(3412) 432426
TRANS-EXPRESS-BAIKAL
RIMSKIJ KVADRAT
BUREAU
ADAMCHIK
IDEA
+7(3952) 211310,
+7(3412) 433073
+7(3412) 220557
NEDVIZHIMOST
+7(3952) 468645
+7(3952) 211304
SELENA
LAWER BOARD
+7(3412) 446150
+7(3412) 526269
LAWER
CONSULT-OTSENKA
CITY ADMINISTRATION
MARKET
+7(3952) 242733,
+7(343) 3552990
+7(3952) 240801
+7(3952) 310064
CONSUMER MARKET
URBAN
DIMIRA
+7(343) 3711578
PLANNING
+7(3952) 291653,
MIRSTROI
+7(3952) 240795
+7(3952) 290790
+7(3952) 560466
IZHEVSK
ERMAK
NOVY
ADMINISTRATIONCITY
+7(3952) 206833
GOROD
MIRSERVICE
TRANSSIB
+7(3952) 560406
+7(3952) 333974,
+7(3952) 258094
+7(343) 3710112
BROKERS AND
CONSULTING
ACADEMIC
IRKUTSKOE
+7(3952) 427938
REAL ESTATE
AELITA
METRA
+7(3952) 206205,
+7(343) 3509074
+7(3952) 536323
ABAZHUR
ALLIANCE
+7(343) 3757781
+7(3952) 544303
ADVISER ELITE
AMIDA
+7(343) 3787712,
+7(3952) 205918
+7(343) 3780281
ADMINISTRATION
+7(3953) 340544
+7(3412) 224590
BUREAU
OFISSTROI
URBAN DEVELOPMENT
+7(3952) 340456
+7(3952) 426602
+7(3412) 919800
KHEOPS
SIBTRENDSTROI
CUSTOMER SERVICE
+7(3952) 335501
+7(3952) 200182
+7(3412) 224592
KVARTIRIER
STROICONSULT
+7(3952) 240144
+7(3952) 261166
BROKERS AND
CONSULTING
NASH IRKUTSK
TANAR
REAL ESTATE AGENCY
+7(3952) 201707
+7(3952) 525424
+7(3412) 430333
RIM
TEMP-2
BAJKAL-INVEST
+7(343) 2606815
+7(3952) 258044
+7(3952) 709227,
+7(3412) 258077
ALENAT
+7(3952) 444941
+7(343) 3303308,
+7(343) 3255321
ALLS
+7(3953) 373312
TYSYACHELETIE
+7(3952) 421536
ARGO
+7(3952) 206770,
VERNISAZH
+7(3952) 204546
+7(3952) 200960
ATLANT
ATOMPROMINVEST
AZBUKA ZHILYA
+7(3952) 242107,
+7(3952) 240079
+7(3952) 242690
+7(343) 3770007,
+7(343) 3770009
AZIA PLUS
+7(3952) 204311
DEVELOPERS AND
CONSTRUCTION
AVANGUARD
RETAIL CHAIN OPERATORS
BALT-REGION
AJKAJ
+7(4012) 472416
GOROD RSU
DELTA-MOTORS I KO
+7(3412) 506050
+7(3412) 446151
ICT
NASTOJAWAJA
+7(3412) 227780
MUZYKA
BELY GOROD
+7(4012) 701964
BETA-INVEST
+7(4012) 957488
+7(3412) 526066,
IZHEVSKPROEKTSTROJ
+7(3412) 787636
+7(3412) 539232
APPRAISAL AND
CONSULTING
+7(3412) 526642
CENTER OF REAL
+7(3412) 485733
+7(3953) 546267
+7(3952) 204546
+7(4012) 472683
+7(3412) 658488
+7(3412) 539077,
ANIKA
+7(4012) 473199,
+7(3412) 422224
+7(3412) 437066
IZHSTROJDETAL
PRAVDA
BALTIC CITY
+7(3412) 780675,
+7(3412) 781782,
SIBIRSKAYA
+7(4012) 960042
TAXI-BLJUZ
BUR
AGENCY
+7(3952) 340195
+7(343) 3792353
DEVELOPMENT AND
CONSTRUCTION
+7(3952) 209859,
VOSTOCHNO-
+7(4012) 960044,
GRUZOVOZOFF
TTM
ZASTROISCHIK
AVERS
BALT TRANS GROUP
+7(3412) 560733
CENTRAL REAL ESTATE
LEGAL SERVICES
+7(343) 3348312
+7(3412) 507045
SVETOZAR
ESTATE
+7(3412) 753871
+7(4012) 588460
UDMURDNEFTEPRODUKT
CLIPPER-
+7(3412) 590002
NEDVIZHIMOST
DOSTUPNOE ZHILIE
NIVA
+7(3412) 511610
+7(3412) 525524
KALININGRAD
KASKAD
STIM
ADMINISTRATION
+7(3412) 766371
+7(3412) 220763,
+7(4012) 304402
DECORUM
AUDIT-
+7(3412) 221416
GARANT
KORPORACIJA MIR
+7(3952) 245820
+7(3412) 762591,
STOLICA
+7(3412) 751303
+7(3412) 450598
REAL
+7(4012) 348007,
+7(4012) 333111
CITY
ADMINISTRATION
GARANT
+7(4012) 211839
+7(4012) 465670
CONSUMER
GAMMA PROPERTY
+7(343) 3506168,
BAIKAL-INFO
AB STUDIO
+7(3952) 207946,
KREPOST
STROIM VMESTE
MARKET
MANAGEMENT
+7(343) 3554490
+7(3952) 204820
+7(3952) 206420
+7(3952) 209246
+7(3412) 514069
+7(3412) 911000,
+7(4012) 490349
+7(4012) 210823
80
Guide to retail real estate in Russia 2010
INDEXES
INDEXES
ARCADA
INVEST
+7(4012) 474233
+7(3412) 525311,
+7(3412) 505360
ANK
+7(3952) 423066
LOGISTICS
AVTOTRANZIT
+7(3412) 524939
+7(3952) 340542,
+7(4012) 536508
BAGRATION
SIRIN
SIRIUS
33 KVADRATNYKH
AIST
+7(4012) 538729,
+7(3412) 430263
URBAN
BROKERS AND
CONSULTING
BROKERS AND
CONSULTING
OBMENNOE BJURO
+7(3952) 228657
CONSUMER
PLANNING
LEGAL SERVICES
EXPRESS
+7(351) 2474741
Ekaterinburg
PONY
Guide to retail real estate in Russia 2010
81
kaliningrad / kaluga / KAZAN
KALININGRAD REALTORS
TRIUMPHAL ARCH
CONSUMER MARKET
CONSUMER MARKET
GUILD
+7(4012) 958029
+7(4842) 578545
+7(843) 2991448
VARIANT
URBAN PLANNING
URBAN PLANNING
+7(4012) 463416,
+7(4842) 551107
+7(843) 2645961
BROKERS AND
CONSULTING
BROKERS AND
CONSULTING
+7(4012) 950087,
+7(4012) 930087
KARAT
+7(4012) 538581
+7(4012) 777002
VICTORIA
LYUBIMY GOROD
+7(4012) 641788
+7(4012) 539361
YANTARNY TEREM
MARKER
ZOLOTOI KLYUCH
PROGRESS
+7(4842) 576904
+7(843) 2132028,
+7(843) 5191313
PROGRESS-4
+7(4842) 575949
+7(4012) 217650
DEVELOPERS AND
CONSTRUCTION
+7(855) 2517372,
DEVELOPERS AND
CONSTRUCTION
+7(855) 2517374
REALT-CITY
ARKADA PLUS
KALININGRADSKAYA OBLAST
+7(4012) 916563
VASH DOM
KITEZ
ZOLOTOI OVEN
UNION OF
+7(843) 2310050
+7(4012) 323040
+7(4012) 721011
OPERATORS AND
BUSINESSMEN
ABSOLUTE
+7(4842) 721949
+7(4012) 213760
+7(4012) 349455
MERUERT
AGENSTVO NEDVIZIMISTI
A.S. - STROI
+7(843) 2380866
+7(4842) 550155
REGION NEDVIZHIMOST
+7(4012) 536548
PAUL’S YARD
+7(4012) 777900
PRO MANAGEMENT
KAMEYA
+7(843) 2513447,
ALEXANDER D PLUS
+7(4842) 580519,
+7(843) 5541702
+7(4012) 466841,
+7(4842) 571169
AVENTA
PROSPEKT NEDVIZHIMOST
PRINT M
+7(855) 5313661,
+7(4843) 258355
+7(855) 5415477
+7(4012) 716058
LEGAL SERVICES
+7(4012) 722555,
+7(4012) 722525
RICOM
+7(4012) 991255
+7(4012) 722605
STOCKHOLDER
BALTIISKAYA
+7(843) 2315013
FINANCIAL
KALUZHSKAIA CITY
REAL
CONSTRUCTION COMPANY
COLLEGIUM OF LAWYERS
SUVAR NEDVIZHIMOST
+7(4012) 352777,
+7(4012) 571700
+7(4842) 742404
+7(843) 5194720
BALTMOSBELSTROI
LAWYERS’ CHAMBER OF
TITUL
+7(4012) 350416
KALUZHSKAIA REGION
+7(843) 5444154
+7(4012) 276539
INDEXES
REALT EXPERT
+7(4012) 218894
+7(4842) 745320
BALT-SOFIT
REGIONAL REAL ESTATE
+7(4012) 453416
DEPARTMENT
VALERY
LEGAL SERVICES
+7(843) 2644282
+7(4842) 574955
+7(4012) 930093,
BALTSTROI-RENOVATION
+7(4012) 999966
+7(4012) 588550
VASH CONSULTANT
PARTNER
+7(843) 5152020
+7(4842) 547805
SPHERA ZHILYA
BAUTCOMMERCSTROI
+7(4012) 631100,
+7(4012) 464863,
URISTCONSULT
+7(843) 2656672,
+7(4012) 631110
+7(4012) 539401
+7(4842) 547875
+7(843) 2646413
STATUS-NEDVIZHIMOST
VASHA NEDVIZHIMOST
KALUGA
KAZAN
ADMINISTRATION
ADMINISTRATION
VIRGO
+7(4012) 351633,
+7(4012) 351690
+7(843) 5413238
ZAFIN F.A.
TALES
CITY ADMINISTRATION
CITY ADMINISTRATION
+7(843) 5114849,
+7(4012) 341512
+7(4842) 562646
+7(843) 2991818
+7(843) 2603989
82
Guide to retail real estate in Russia 2010
KAZAN / kRaSNODAR
kRaSNODAR / KRASNOYARSK
ZYABSTROISERVICE
MOSTAF
RASKIN & PARTNERS
OMEGA
KUBAN
AJAX-REALT
KRASNODAR ECONOMIC
KRASNODARGLAVSNAB
+7(855) 2342602
+7(843) 5174450,
+7(843) 2644516
+7(861) 2681223
RIJELT
+7(861) 2751333
DEVELOPMENT AGENCY
+7(861) 2313910
+7(843) 5174466
DEVELOPERS AND
CONSTRUCTION
REMSTROIMONTAZH
+7(861) 2627707,
REFERENT
PRESIDENT
+7(843) 5439902
+7(861) 3861199
NPP
TATINC
+7(843) 2951443
GROUP OF
AGROSERVICE AND
+7(843) 5109880
AK BARS DEVELOPMENT,
SODEISTVIE
SEMCHENKO V.V.
+7(843) 2920242
ARCHITECT’S PERSONAL
COMPANIES
VIP PUBLIC
+7(843) 5235662
RELATIONS
CONSULTING
UNISTROI
+7(843) 5174848,
ANAPA-DOM
+7(843) 5174949
+7(861) 3321027,
+7(843) 2646403,
1, Meridiannaya st., P.O.B.
+7(843) 2643737
+7(861) 3321227
LOGISTICS
VIRA
POSYLKA
Larisa Martyanova
+7(843) 2366726
+7(843) 2782957
ARKA
VOLGASTROISERVICE
DHL
+7(843) 2730603
+7(843) 2247089
+7(843) 2643680
LEGAL SERVICES
+7(843) 2382414
+7(843) 2985232
+7(861) 2750007
AVANGARD
NOTRA
NOVY DOM REAL ESTATE
+7(861) 2100290
CAPITAL
AVRORA-SOCHI
MANAGEMENT
KUBANGRUZSERVIS
+7(861) 2250202
+7(861) 2518175
+7(861) 2315930
+7(861) 2101911,
CONCORDIA
URBAN INVESTMENT
KUBANTRANSJUG
+7(861) 2751800
+7(861) 2747602
+7(861) 2516969
COMPANY
+7(861) 2101394
BUSINESS AND LAW
PASSAT-INVEST
DEVELOPMENT-YUG
+7(861) 2628709
+7(861) 2750019
+7(861) 2794290
CAPITAL
POLEZNAJA PLOWAD
DIAMANT-A
+7(861) 2592461
+7(861) 2736824
+7(861) 2750530
MANAGEMENT COMPANIES
PRIVAT-INVEST
KUBAN MANAGEMENT
COMPANY
VJEST HOLDING
+7(861) 2596357
+7(861) 2675151
+7(861) 2743123
+7(861) 2626802
ECONOMIC
CENTRAL
SEDIN-PROMINVEST
HOMELNVEST
SEDIN-KUBANOL
DEVELOPMENT
LEGAL AGENCY
+7(861) 2687290
UNIROLLA
+7(861) 2271977,
+7(861) 2687404
AGENCY OF KRASNODAR
+7(861) 2626333
+7(843) 5436772
+7(861) 2334352
KRASNODAR
+7(861) 2537450
JUZHNY REGION
+7(861) 2264012,
+7(861) 2680020
+7(861) 2264069
KOMPANIJA 33 M2
VECTOR PLUS
+7(861) 2103334
+7(861) 2554631,
GAZPROEKT
+7(861) 2559572
+7(861) 2334611
+7(843) 2734373
+7(843) 2934200
+7(861) 2590599
KOMPANIJA VILLAN
INFOTRUST
CONSTANTA
CONSUMER MARKET
+7(843) 2924241
+7(843) 5439942
+7(861) 2511578
+7(861) 2774040
VEGA REAL ESTATE AGENCY
GEO-INZHINIRING
+7(861) 2629875
+7(861) 2594592
KONKORDIJA
KAZAN
CONSULT
URBAN PLANNING
PRODUCTION AND
+7(843) 2403009
+7(861) 2684150,
+7(861) 2680984
ASSOCIATION
DE-JURE
+7(843) 5705933
+7(843) 5195255
KAZTRANSSTROI
PRIS
AURA BOUTIQUE
+7(843) 2369740
+7(843) 2722694
+7(861) 2743168
+7(861) 2745454
RETAIL CHAIN OPERATORS
GARDARIKA
OMEGA
+7(861) 2342683
+7(861) 2679999
MEGAPOLIS LEGAL
TABRIS
+7(861) 2512392
+7(861) 2344555
RILOI
VYSHAYA LIGA
+7(861) 2744598
+7(861) 2345534
FILAT
+7(861) 2397121
CITY ADMINISTRATION
+7(861) 2343030
ROSY
KRASNOYARSK
+7(861) 2750474
DEVELOPMENT AND
CONSTRUCTION
ADMINISTRATION
IDEAL PLUS
+7(861) 2242410
LOGISTICS
KRAEVAJA NEDVIZHIMOST
CITY ADMINISTRATION
A-REAL INFORM
INZHENER
ASTEKO-YUG
+7(861) 2596683
+7(861) 2538843
+7(861) 2754985
+7(861) 2241958,
A.ABRIS
KAYAN
ECODOM
MARKET
+7(861) 2115935
+7(861) 2552670
+7(861) 2794444
+7(861) 2396904
+7(3912) 261039
+7(861) 2311438
ARCHITECTS
KUBAN MAKLER
Guide to retail real estate in Russia 2010
INDEXES
ADMINISTRATION
BUYER
SBS DEVELOPMENT
LEGAL SERVICES
TERRITORY
SKY-TARA
GRIF
84
GRUZOVOZOFF
DSK-REALTOR
+7(843) 2732822
CONSTRUCTION
+7(861) 2701399
+7(861) 2444455
BIZNES-NEDVIZHIMOST
+7(843) 5705986
INDEXES
+7(861) 2523491,
+7(861) 2101563
+7(843) 2728728
+7(843) 2723245
+7(861) 2344554
+7(861) 2554434
+7(861) 2627476,
AGENCY
+7(843) 5162979
PONY EXPRESS
COMPANY
REAL ESTATE CENTER
+7(8432) 965966
AUDEX
SOUTH INVESTMENT
+7(861) 2629583
+7(861) 2743122,
TAROS
+7(843) 5109109,
ATOLL
+7(861) 2792821,
GUDVIL
DESIGNER’S
FON
ALJANS
+7(861) 2596231
+7(843) 2723213
ASTOR
+7(861) 2680972
MEZHDUNARODNYJ
PONY EXPRESS
CAPITEL-S
+7(843) 5556822
YUG HOLDING
+7(861) 2596231
KAMSKIE KOLESA
ARTPATENT
ETNA
PRIVAT-INVEST
+7(862) 2616709
+7(861) 2790777
+7(8555) 426577
+7(843) 2315031
ARKO
AGENCY
ALKOR
BLUMING
+7(861) 2600576
AUDIT ALLIANCE
abd_mlg@bk.ru
ASYL
RAIL TRANS
+7(861) 3737404
+7(861) 2620534
ARMADILL BUSINESS
170, Kazan, Russia, 420066
EVEREST
+7(861) 2770511
+7(843) 2955546
+7(843) 5130950
+7(861) 2336400
+7(861) 2759765
+7(861) 2318296
YURINFO
VERTICAL
KUBTORGOBORUDOVANIE
INVESTORS
ARGOS
+7(861) 2337894
KVARTIRA
+7(843) 2955383,
+7(832) 5130905,
+7(861) 2713330
BOUTIQUE
BROKERS AND
CONSULTING
+7(843) 2922111
CO. Ltd
AKROPOL
KUBANINVESTSTROM
+7(843) 2365631
AGORA
+7(861) 2623577
+7(861) 2537450
+7(3912) 261025
CONSUMER
Guide to retail real estate in Russia 2010
85
KRASNOYARSK
KRASNOYARSK / LiPETSK / MURMANSK
KRASNOYARSK CITY
DOMOSTROI
RJED
PROMCONSULTING
V.I.P.
ADMINISTRATION
+7(3912) 523890
+7(3912) 218450
+7(3912) 900099,
+7(3912) 591660
ENISEISKAYA GUBERNIA
URBAN
+7(3912) 211040,
PLANNING
+7(3912) 583905
DEVELOPMENT AND
CONSTRUCTION
RAIS
GARANT-SERVICE
+7(3912) 234774
AGAT
+7(3912) 628940,
ALMAZ
+7(3912) 444901
+7(3912) 646685
PREDPRIJATIE
KRASNOJARSK-
ARCADA
ATRIUM
STROJOPTTORG
+7(3912) 449055
+7(3912) 365958
+7(3912) 649397
ARCHITECTS
+7(3912) 369106
ALMAZZOLOTOSTROJ
MAKSIMUM
+7(3912) 547567,
ALFA
+7(3912) 237855,
+7(3912) 584660
+7(3912) 681675
+7(3912) 214559
+7(8152) 456114
ASSEAN
LEGAL SERVICES GISIT
+7(4742) 221660
+7(4742) 283207
+7(3912) 902064,
CASCADE
VASH ADVOCAT
ALFA-NEDVIZHIMOST
+7(3912) 902065
+7(4742) 400412
+7(4742) 224155
+7(8152) 400072
KRASNOYARSK
DEVIZ
YURIST
ASPECT
TRANSPORTATION SYSTEMS
+7(4742) 726914
+7(4742) 773960
+7(8153) 631816
MATERIK
DIALEX-M
ACHINSKOE MU
+7(3912) 913801
+7(3912) 550052
+7(39151) 13729
STALKONSTRUKTSIA
+7(3912) 273480
GISIT
MUNICIPAL REAL ESTATE
AGENCY
+7(4742) 223635
+7(3912) 443101
+7(3912) 273531
+7(39151) 51670
+7(3912) 241728,
+7(3912) 405215
INSTITUTE
POSAD
ENISEISTROI
ACHINSKSTROJ
+7(3912) 277411
+7(3912) 273304
+7(3912) 462277,
+7(39151) 13441
BROKERS AND
RICA-INVEST
CONSULTING ANTEI
+7(3912) 222777
+7(3912) 521036
ENISEISTROIINVEST
+7(3912) 746000
DVIZHENIE
+7(4742) 273044
RETAIL CHAIN OPERATORS
SOCIUM
BSK
KRASNY YAR
+7(4742) 221388
FUNDAMENT
KORALL
+7(3912) 595068
+7(3912) 771390
AGENCY
+7(3912) 977356
+7(3912) 502606
ATLANTA
POSAD AGENCY
+7(3912) 297554,
+7(3912) 273304
+7(3912) 445928
VIKTORIJA
LADYA
+7(39151) 15120
+7(3912) 365564
GRAND
KRASNOYARSK-
INVESTORS RADON-
VLADIVOSTOK
INVEST
+7(3912) 249350
PARIZHANKA
+7(3912) 237855,
FINANCE TECHNOLOGIES
+7(3912) 345012
+7(3912) 545021
+7(3912) 900913
BELY DOM
+7(4742) 770796
ADMINISTRATION
LYDIA-L
MAXIMUM
+7(8152) 436030
MURMANSK
ADMINISTRATION
CONCERN
+7(8152) 454516,
+7(8152) 450345
+7(8152) 455572
NEDVIZHIMOST NA
CONSUMER MARKET
MURMANE
+7(8152) 476876
+7(8152) 441047
URBAN PLANNING
NOVY ADRES
+7(8152) 456798
+7(8152) 450400
+7(4742) 730480
ODISSEJA AGENCY
KRASTECHSNAB-2000
TOPS
CONSUMER MARKET
+7(3912) 903837
+7(3912) 652578
+7(3912) 973370
+7(4742) 779975
+7(3912) 238464,
+7(3912) 263114
+7(8152) 435353
+7(4742) 312358
LIPETSK
+7(3912) 527327
KVARTIRNY VOPROS
VIMPEL
CITY ADMINISTRATION
IRBIS
+7(3912) 581598
PROEKT
+7(3912) 328856
+7(8152) 428081
TRANZIT
MURMANSK REAL ESTATE
DEVELOPMENT AND
CONSTRUCTION
IMPULS STROI
+7(3912) 770670
KOLSKY DOM
ARCHITECTS
ROSSTROJ
+7(4742) 774466
NOVYJ GOROD AGENCY
MEGAPOLIS
+7(3912) 425642
+7(3912) 520340
BROKERCREDITSERVICE
LEGAL SERVICES
ARCHITECTS
+7(8152) 422042
ARTEL+
+7(8152) 455896
INVESTORS
CENTER OF BUSINESS
ARCHITECT’S
VESTA
RENESANS KREDIT
+7(8152) 288713
AVANSTROI
DEVELOPMENT AND
CONSTRUCTION
NOVAJA
MEGAPOLIS PLUS
LEGAL SUPPORT
WORKSHOP 3
FINANCE-INVEST
+7(3912) 605004
+7(3912) 591103
+7(3912) 527628
+7(4742) 741682
+7(4742) 774476
+7(3912) 365768,
MEGA A
OMEGA
FEMIDA-GRANT
ARHSTUDIJA-V
LIBRA CAPITAL
GRAZHDANPROEKT INSTITUTE
AGROSTROIMONTAZH
+7(3912) 695710
+7(3912) 581023
+7(3912) 553505
+7(3912) 230280
+7(4742) 467745
+7(4742) 443494
+7(8152) 452730
+7(8152) 451941
+7(3912) 680680
DECOR
86
INDEXES
ARKOS
+7(8152) 288671
+7(4742) 432235
+7(3912) 441461,
FOROS-NEDVIZHIMOST
PONY EXPRESS
+7(4742) 227525
+7(3912) 529211
OTKRYTIE
+7(3912) 546720
+7(4742) 470616
+7(3912) 371546
+7(3912) 211284
+7(4742) 351446
+7(4742) 227063
ROSFINKONSALTING
BAMTONNELSTROJ
EVROSTYLE
+7(8152) 448820
RIZOLIT
+7(3912) 371545,
+7(3912) 462400
+7(4742) 353706
GRUZOVOZOFF
TRANS LOGISTIC
CONSULT
+7(8152) 531332
+7(4742) 271437
+7(3912) 522341
ACHINSKOE RSU
DOSTOYANIE
AVTOTREIDING
MEDIANTA
DSK
LOGISTICS
+7(4742) 283207
+7(3912) 900928
MERKURIJ
ROSPROEKT
BROKERS AND
CONSULTING
GRUZOVOZOFF
PONY EXPRESS
+7(3912) 545021
INDEXES
TECHSTROI
+7(4742) 743718
PETROMAX
KRASNOYARSKPROEKT
AZBUKA ZHILIYA
NOVOTON
+7(4742) 220011
+7(3912) 453447
CASCADE-M
ARBAT
ASOL
+7(3912) 271738
LOGISTICS
KRAP
+7(3912) 366569
+7(8152) 450390
KONSUL
RESTAVRATSIA
+7(3912) 433975
+7(3912) 587186
DEPARTMENT
SIBPROEKT-
PROEKTSTROISERVICE
+7(4742) 777548
+7(3912) 279202
ACADEMSTROI
+7(3912) 261031
+7(3912) 261040
LINVEST
+7(3912) 560402
+7(3912) 222231
ARCHITECTURAL
BROKERS AND
CONSULTING
+7(8152) 421346
MURMANSK-
Guide to retail real estate in Russia 2010
Guide to retail real estate in Russia 2010
87
MURMANSK / NIZHNY NOVGOROD
NIZHNY NOVGOROD / NOVOSIBIRSK
ARCTIC-ALLIANCE
LAW OFFICE
PERMYAKOV
IMPERATOR
VASH
+7(8152) 448758
+7(8152) 472445
ARCHITECT’S
+7(831) 2400381
OFFICE
PAKUM
+7(8152) 421346
+7(8152) 753103
COLA-TAP
YUST BAR
RUSSIANNORWEGIAN
+7(8152) 474001
BUSINESS
+7(8152) 454583
LOGISTICS
+7(383) 2687025,
+7(831) 4339316
+7(383) 2681993
+7(8312) 786461
+7(831) 4397157
RETAIL CHAIN OPERATORS
AVEGA
KARTEL
GUBERNIJA-STROJ
ELECTRONICA
+7(383) 2112828
+7(831) 4618040
+7(831) 4167168
+7(831) 2460183
+7(831) 4341269,
STROJ-PROFI
HIMIK-INVEST
MAMA+YA
+7(831) 4340397
+7(831) 4177798
+7(831) 4395286,
+7(831) 2754376
+7(831) 4373539,
POLPRED
AREAL
PLJUS
JENERGOKAPITAL
KLYUCH
+7(831) 2415248
KONTINENTAVTO
+7(8312) 789048,
OFFICE
AVANSTROI
INVESTORS
+7(831) 4373546
+7(831) 2325152
KVADRI
BROKERS AND
CONSULTING
BITE
DELPHIN
+7(831) 4395247
CRISTI
ATLANT
50+50
MODULE
TORNADO
+7(8152) 288665,
+7(8152) 233550
+7(831) 4337374,
+7(831) 4331511,
+7(831) 4333745
+7(831) 4315390
+7(831) 4331159
ANKOR
MONOLIT
+7(831) 4198905
+7(831) 2786653,
+7(8152) 288934
AVTOALLIANCE 51
ELSAN
+7(8152) 700689
+7(8152) 435639
+7(8152) 254284
+7(8152) 534000
AVTOLUX-77
LENSTROITREST
BIZON
NOVY STANDART
+7(831) 4172740
+7(831) 2183684
+7(831) 4342415
COMPANY
IMIDZH
+7(831) 4144104
+7(831) 2704112
SVETETS
TERMOKLUB
DOMASHNY ADRES
+7(831) 2796993
+7(383) 3553399
DON
+7(831) 4313255,
+7(383) 3515399
+7(831) 2778770
+7(831) 4303179
LAZAREV GROUP
NOVOSIBIRSK
+7(383) 3533686
ADMINISTRATION
FORPOST
ERSICO
+7(831) 4163679,
AGOR
+7(831) 4163680
+7(831) 4365998
MEZHREGIONSTROJ
BIZNES I PRAVO
+7(831) 4344549
+7(831) 2780808
OKSKAJA
KODEKS
STROITELNAJA
+7(831) 4121499
+7(831) 2939195,
PROSPEKT
+7(8152) 233128
+7(831) 2939198
+7(831) 2783844
RETAIL CHAIN
DVORETS
RADOMIR
OPERATORS BETHOVEN
+7(831) 2536568
+7(831) 4192685
+7(8152) 446229
+7(383) 2110299
CITY ADMINISTRATION
+7(383) 2274040
+7(383) 3486058
CONSUMER MARKET
+7(383) 2274373
FORTUNA-M
REALTEX
KOMPANIJA
EVROROS
+7(831) 3262630,
+7(831) 2735743,
+7(831) 4160122
+7(8152) 410601
+7(831) 3266994
+7(831) 2731041
TECHNOCENTER
FREGAT
RUSAUDIT-NN
+7(8152) 400400
+7(831) 2500828
+7(831) 4618685
GAEA
SLUZHBA AUDITA
+7(831) 4198200,
+7(831) 2775275
+7(383) 2212121
+7(383) 2275049
NIZHNY NOVGOROD
INVESTORS
ADMINISTRATION
+7(831) 4198212
TRIADA
SEREBRJANYJ VEK-RIJELTI
PLUS
CITY ADMINISTRATION
GORODSKOE
+7(8152) 457631
+7(831) 4391302
KOLTSO
ARCHITECTS
JULIUS CEASAR
+7(383) 2242416
ARCHITECTS
OREOL
+7(831) 2225556
HERMITAGE
URBAN PLANNING
LAW BOARD
+7(831) 4341564
GARANT-REALT
KVARTEN
LOGISTICS
SIBTORGPROEKT
+7(383) 2220002
+7(383) 3465234
PROFREMSTROJ
DIMEX
+7(831) 2730438
+7(831) 4141121
KVARTIRNY VOPROS
TROPICS
+7(383) 3356682
+7(383) 2279942
REGIONJENERGOSTROJ
NIZHEGORODKONT-
+7(831) 2708432
INENTTRANS
UKON
+7(831) 2514471
+7(383) 2231471
+7(831) 4395031
LIKOR
RUSSKIJ
+7(383) 3322334
NASH NOVOSIBIRSK
+7(831) 2777976,
SLAVJANKA
LES
KABRIOLET
VETEX PSK
+7(831) 2777977
+7(831) 2784583
+7(831) 2414292
+7(831) 2455348
+7(383) 2241265
SELHOZVODSTROJ
ABV-LOGISTIK
+7(831) 4667560
+7(831) 2291151
+7(383) 2668113
NIAN
+7(8152) 456276
DEVELOPMENT AND
CONSTRUCTION
BROKERS AND
CONSULTING
AQUILON
HOUSING BUREAU
+7(831) 2335217
+7(831) 4121212
LAD
ART
IKOSS-NN
FIRST-NN
FAKEL
VOLGATRANSAVTO
AFINA PALLADA
+7(383) 2181515,
+7(8152) 438387
+7(831) 2136370
+7(831) 4301669
+7(8312) 414765
+7(831) 4653865
+7(831) 4136484
+7(383) 2184041
+7(383) 2180731
LEGAL SERVICES
INDEXES
INDEXES
+7(383) 2228844
HOZJAIN
KIFA
+7(8152) 457098
BARREL
DOCTOR KLYUCH
+7(831) 2505999
PROF COMPANY
+7(831) 4370077
+7(8152) 377385
KOSMA-SERVICE
+7(831) 2785783
PRAKTIK
VIKING
+7(8152) 275135
SNARJAZHENIE
+7(831) 2493937
RUBICON PLUS
SPETSSTROI
RIKOM-TRAST
VERESK
POVOLZHSKAYA EXPERT
+7(831) 4328644
+7(383) 2227693
LEGAL SERVICES
BROKERCREDITSERVICE
CHEKNI
MURMANSKA
+7(8152) 453819
BEKAS
+7(831) 2410162
+7(8152) 477777
+7(383) 2270010,
+7(831) 2321318
+7(831) 2785782,
BUSINESS-GALAXY
BYCHOK
+7(8152) 279919
+7(831) 4163132,
+7(8152) 400032
+7(8152) 270352
OGNI
+7(831) 4146882
+7(831) 2583877
+7(8152) 237723
+7(8152) 635300
LIONESS
+7(831) 2786690
BEST-NN
INTEHVEST
+7(831) 4658441
KLIMAT-STROJ
AVTOGARANT
EVROSTROI-ENGINEERING
TRAST-GARANTIJA
+7(383) 2215045
+7(383) 2270588
NOVO-NIKOLAEVSK
88
Guide to retail real estate in Russia 2010
Guide to retail real estate in Russia 2010
89
NOVOSIBIRSK / OMSK
OMSK / ORENBURG
PARADIZ
ELECTROPROMSTROI
SIBIR
SIBIRSKY IZVOZ
AUDIT CONSULTING
SCHASTLIVY DOM
POLET & CO
VED
+7(383) 2272952
+7(383) 3328934
+7(383) 3512040
+7(383) 2922722
+7(3812) 534178
+7(3812) 462946
+7(3812) 534001
+7(3812) 256670
PERESVET
ELECTRO-STIL
SIBROST
RETAIL CHAIN OPERATORS
AVESTA-REALT
SIBIRSKAYA NEDVIZHIMOST
SHANS
+7(383) 2221263
+7(383) 2664575
+7(383) 3434962
BYSTRONOM
+7(3812) 535050,
+7(3812) 530577
+7(3812) 427464
+7(383) 3471773
+7(3812) 580990
PERVOMAI REALTR
FALCON
STROEL
SOGLASIE
SMT-2
TRANSPORT
+7(383) 3383420
+7(383) 2911231
+7(383) 2277260
+7(3812) 240578
+7(3812) 314687,
COMPANY
+7(3812) 317045
+7(3812) 442216
STROIKA-
IVA
NOVOSEL
+7(3812) 237364
MONRO
CAMIN-REALT
+7(383) 2120309
+7(3812) 396450,
PERVOMAISKOE REAL
FIRST CONSTRUCTION
STROI-
ESTATE AGENCY
FUND
COMFORT
SIBIRSKY GIGANT
+7(383) 3371672
+7(383) 2663644
+7(383) 2929839
+7(383) 2278580
+7(3812) 396388
REGIONAL REAL ESTATE
GARANT
STROIMASTER
TOP-KNIGA
CENTER
+7(383) 3462444
+7(383) 2299505
+7(383) 3361033
+7(383) 3465566
SIBIR CONSULTING
STROIROS
+7(383) 2230927
+7(383) 2135324
SIBIR-RAZVITIE
KURANT
STROITEL
+7(383) 3498911
+7(383) 2291566
+7(383) 2100103
SOPHIA K
EVRAZIA REALT
+7(3812) 243033
+7(3812) 337970
LANDSTROI
VAGA
+7(383) 2925541
+7(383) 2602537
LIMAN-S
ZAPSIBSTROIINVEST
GEFEST
+7(3832) 227464
+7(383) 2147526
+7(3812) 519102
ARCHITECTS
GOROD+SELO
JANUS
METAPRIBOR
LEGAL SERVICES
+7(383) 3495677
LINIYA ARKHITECTURY
+7(3812) 239523
BUSINESS-ZASCHITA
+7(383) 2222088
KSM-REALT
+7(3812) 311747
+7(3812) 251612
+7(3812) 511619
ORT-PROEKT
+7(3812) 241378
MEGAPOLIS
+7(383) 2129594
+7(383) 2180731
+7(383) 2215141
ALLIANCE-2000
NOVOSIBIRSKZHILSTROI 2
PERVY
+7(383) 2198641
+7(383) 2170960
PROEKT
STROJ SITI
BUSINESS REAL
+7(383) 2233405
+7(3812) 325333
+7(3812) 247533
+7(383) 3498934,
PRAVO
+7(383) 3498935
+7(383) 2237065
REVIK
PROSPEKT
ALTERNATIVA
PROM
+7(383) 2213377
+7(3812) 238654
BROKERS AND
CONSULTING
ATON
DEVELOPMENT AND
CONSTRUCTION
RSK
+7(383) 2732644
CONSTRUCTION AND
ERIDAN
ZHILSTROI
ASSEMBLY TRUST 12
RUSSKAYA USADBA
+7(383) 2292372,
+7(383) 3325730
+7(383) 2293358
+7(3812) 536857
+7(3812) 541584
OMICH & CO
+7(3812) 234759
INVESTORS
+7(3812) 730506
+7(3812) 696580
+7(3812) 269635
BROKERCREDITSERVICE
OSHA
+7(3812) 691513
+7(3812) 233147
KIT
SIBIR KERAMIKA
+7(3812) 325050
+7(3812) 324149
KALACHINSKOE MSO
ORENBURG
+7(3812) 210404
ESTATE CENTER
KSM CONSTRUCTION
SIBIR INVESTMENT
+7(3812) 317945
COMPANY
COMPANY
CITY ADMINISTRATION
+7(3812) 657595
+7(3812) 236633
+7(3532) 987010
LUNA
KEREMAK
ECONOMIC COMMITTEE OF
+7(3812) 522290
+7(3812) 470257
CITY ADMINISTRATION
ADMINISTRATION
NOVOSEL
NOVY VZGLYAD
AMURSKOE REAL ESTATE
+7(3532) 987024
MILLENIUM
LEGAL SERVICES
ARCHITECTS
+7(3812) 412457
AGENCY
OMSKY DOM
+7(3812) 284203
+7(3812) 503234,
NOVOSTROI
+7(3812) 396395
+7(3812) 580946
+7(383) 2643797
RETAIL CHAIN OPERATORS
OMOTEKHNIKA
OCTAN
+7(3812) 255211
LOGISTICS
+7(383) 2142459,
+7(3812) 543648
+7(38155) 21350
+7(3812) 253672
+7(383) 3306844
+7(3812) 307732
ZAPOLYARSTROI
CONFIDENCE
ARCA
+7(3812) 396987
ART-DESIGN
+7(3532) 725703
CONTRACT
GRUZOPEREVOZKI
+7(3812) 360874,
OTKRYTY MIR
OMSKGRAZHDANPROEKT
+7(383) 2929292
+7(3812) 360292
+7(3812) 580777
+7(3812) 238734
SIBACADEMSTROI
+7(3812) 396957
ELECON
+7(3532) 332758
SIBIRSKY
CONSTRUCTION TRUST 31
NEDVIZHIMOST
LEGIONER
ARCADA-STIL
REALT-EXPRESS
OMSKSROI-INVEST
TANDEM
KUKURUZA
+7(383) 2214604
+7(383) 2125222
+7(383) 3580980
+7(3812) 230185
+7(3812) 314007
+7(3812) 317288
+7(3812) 417601
+7(3532) 350011
90
Guide to retail real estate in Russia 2010
Guide to retail real estate in Russia 2010
91
INDEXES
PLUS-K
SOT TRADING
+7(38155) 21361,
NAVIGATOR
+7(383) 2170680
+7(3812) 564824
+7(3812) 511370
DOBROGRAD
ARST
+7(3812) 246900
INTERIERSTROISERVICE
CONSUL
KSM
PONY EXPRESS
VERTICAL
+7(3812) 651525
+7(3812) 657595
INDEXES
+7(3812) 322136,
PHART
CONTO
NIKOLAEVSK
+7(383) 2220143
TRESTZHILSTROI 2
+7(3812) 252517
NOVO-
BUSINESS OLYMP
VYBOR
BRIK
ALEX-UNIVERSAL
+7(383) 2621692
+7(3812) 243935
+7(3812) 252354
+7(383) 3310279,
DEVELOPMENT AND
CONSTRUCTION
+7(3812) 428101
21 VEK
GLOBAL-MARKET
VOSHOD-RIJELT
+7(383) 2643459
+7(3812) 242972,
+7(3812) 654718
CITY ADMINISTRATION
+7(383) 2110173,
+7(383) 2299502
VASH USPEKH
COMPAS-M
OMSK
ADMINISTRATION
+7(383) 2120677
TRI KITA
+7(3812) 470050
+7(3812) 534411
KRASNY PROSPEKT
BAIKAL SERVICE
CASCADE-NEDVIZHIMOST
+7(3812) 313023
LOGISTICS
ORENBURG / PENZA
PENZA / PERM
ORENBURGCOMPROEKT
MIR NEDVIZHIMOSTI
LIST
PARTNERY
MAGAZIN BIZNESA
ZHEGERUD-
5TH AVENUE
LISS
+7(3532) 773365
+7(3532) 419066
+7(3532) 539016
+7(3532) 770974
+7(8412) 423932
ZHEREBTSOV & CO
+7(342) 2181620
+7(342) 4212737
+7(8412) 572627
BROKERS AND
CONSULTING
ORENBURG
MONTAZH
RESIDENTIAL
+7(3532) 733705
+7(3532) 781277
+7(3532) 581424
NEFT-ZHILINVEST
+7(3532) 781581
PROMECOPROEKT
+7(3532) 565844
+7(3532) 588084
+7(3532) 783786
+7(3532) 635334
ZIS
+7(3532) 569806
+7(3532) 570004
URALSKY
AVANGUARD RLUS
GORODOK
+7(3532) 585027
+7(3532) 776508
AVANGUARD
VASHA KVARTIRA
ASTRON
+7(342) 2631036
+7(342) 2125566,
BLITZ
MAGNIT-2000
AUGUST
+7(8412) 552816
+7(8412) 498677
+7(342) 2556422
KHADAR
ORION
AVTORITET
+7(342) 2453227,
+7(8412) 561494
+7(8412) 644555
+7(342) 2454564
+7(342) 2450315
NOVOTECH NPP
PENZATRANSAGENTSTVO
BALATOVO REAL ESTATE
AVSTROM SK
+7(8412) 424230,
+7(8412) 645718
AGENCY
+7(342) 2411740,
+7(342) 2269596
+7(342) 2411745
CONTINENT
BEREZNIKIKHIMSTROI
+7(342) 2217540
+7(342) 4263183,
+7(342) 2125005
+7(3532) 415232
+7(3532) 777005
DARINA
VIZIT
+7(3532) 645087
+7(3532) 418323
DOMOVLADELETS
ZHILOI DOM
+7(3532) 414725
+7(3532) 339279
+7(3532) 414223
+7(8412) 647234
SERVICE METALL
MCP
+7(3532) 585353
+7(8412) 634226
PENZA
DEVELOPMENT AND
CONSTRUCTION
PENZSELKHOZPROEKT
SPECIALIZED
+7(8412) 497273
EAST CAPITAL
URBAN PLANNING
SPETSSTROI-
+7(3532) 772072
+7(8412) 562081
BROKERS AND
CONSULTING
+7(3532) 733834
+7(8412) 630210
+7(342) 4133449
ENERGIA
GERKON
+7(342) 2266067,
+7(342) 6524119
ADMINISTRATION
GIDROSTOP-M
ESCORT
CITY ADMINISTRATION
+7(342) 2735336,
+7(342) 2121141
+7(342) 2734466
MEKHANIZATSIA
CONSUMER MARKET
EXPERT COMPANY
+7(8412) 498360
+7(342) 2125105
+7(342) 2196970,
ZHILSTROI
URBAN PLANNING
+7(8412) 635998
+7(342) 2126284
+7(342) 2989508
LEGAL SERVICES
AUGUST-91
+7(3532) 364274
+7(3532) 363021
GOSTINY DVOR
AVRORA
+7(3532) 780562
+7(3532) 782855
KARDEA
EVROSTROISERVICE
AXIOMA S
+7(3532) 772191
+7(3532) 201242
+7(3532) 317145
GOTIKA-S
ARCHITECTS
+7(342) 2463654
KADAS
+7(342) 6526047
IMPERATOR
+7(342) 2196161,
KAMTRANSSTROI
+7(342) 2196665
PLUS
+7(3532) 702239
GORNITSA
+7(342) 2982895
+7(342) 2463919,
AUDITECOCONS
MELON
COMBI
+7(342) 2105150
+7(342) 2101635,
BUSINESS SUPPORT
AUDITECOCONS
ASTARTA
INVEST-REALT
VITUS
AGENCY
+7(8412) 630210
+7(342) 4237384
+7(342) 2124682
+7(3532) 773418
+7(8412) 635989
LEGAL ADVICE
PERMAGROPROMPROEKT
IRLANA
OFFICE
+7(342) 2456600
+7(342) 7240791
STROIINVEST
KALUGINA CHP
INTERIER
+7(342) 2675525
+7(342) 2544848
+7(342) 2195030
KROKHALEVA
SARKO
+7(342) 2771004
+7(342) 2447009
LEGAL SERVICES
LEIKA
KVADRO-M
EGIDA
+7(3532) 339308
+7(3532) 720782
+7(3532) 791783
INDEXES
ASM-NOVTECHSTROI
+7(3532) 944362
+7(342) 2105475,
+7(342) 2266067
+7(8412) 630451
GRUPPA EKSPERT
PERM
+7(8412) 631463
+7(3532) 721227
FORTUNA
+7(8412) 566206
RSU 9
FINANSOVAJA
SREDNYAYA VOLGA
+7(342) 4262205
DELOVOI KVARTAL
+7(8412) 636091
CONSUMER MARKET
INVESTORS
SOLING
PENZPROMSTROI
ADMINISTRATION
CITY ADMINISTRATION
WOLF-LAT-STROI
+7(8412) 497319
+7(8412) 574605
+7(8412) 643695
VECTOR-2000
AVANGUARDSTROI
PENZGORSTROIZAKAZCHIK
+7(3532) 734070
INDEXES
ASPECT
+7(8412) 637303
ZOV
+7(3532) 336102
+7(3532) 763817
ARTEMOV CHP
TRIUMPH
+7(3532) 570068
ETALON
DEVELOPERS AND
CONSTRUCTION
+7(3532) 762526
STROITECHSERVICE
TRIO
DEVELOPMENT AND
CONSTRUCTION
VIRAGE-97
+7(3532) 367322
+7(3532) 703272
+7(3532) 644796
+7(342) 2930328
TRAL
SPETSMONTAZH
TEREMOK
ARGUMENT
+7(3532) 776144
+7(3532) 778021
+7(3532) 638710
ALTERNATIVA-2
ORENBURG-
OSF URAL
REGION-REALT
AIDA ASTOR
LOGISTICS
GRUZOVOZOFF
+7(3532) 960988
+7(3532) 925008
ALLIANCE-M
+7(3532) 985725
CENTER
+7(3532) 773909
ALFA
+7(8412) 455410
+7(3532) 411784
PETR & SONS
AGROSOYUZ CITY HALL
VETERAN PENZY
DOSTAVKIN
MARKET
ABSOLUTE-L
LOGISTICS
ONSULTING. LEASING.
INVESTMENTS.
KUDESNIK PLUS
STATUS LEGAL
+7(8412) 561588
ADVICE
OFFICE
+7(8412) 562684
+7(342) 2194561
ORIGINAL-
+7(8412) 560666
FINANCE COMPANY
EXPERT-AUDIT
+7(342) 2351376
BROKERS AND
CONSULTING
CONSULTANTS AND
LITE
LIKOS
NARODNY DOM
AUDITORS
URCOM
21 VEK
LEGAT
SERKO
+7(3532) 594812
+7(3532) 528845
+7(3532) 628746
+7(8412) 630507
+7(8412) 353430
+7(342) 2106462
+7(342) 2196088
+7(342) 2124361
92
Guide to retail real estate in Russia 2010
Guide to retail real estate in Russia 2010
93
PERM / ROSTOV-ON-DON
ROSTOV-ON-DON / SAMARA
SIMATEL
VALEN
KROKHMAL A.V.
+7(342) 2108230
+7(342) 2628824
ARCHITECT’S
URALINSTROI
VOSTOK
+7(342) 2122535,
+7(342) 5352631
DEVELOPMENT AND
CONSTRUCTION
TITUL
MANAGEMENT COMPANIES
VETLAN-SERVICE
+7(342) 2909900,
ADVANCE
+7(342) 2909888
+7(342) 2103999,
+7(342) 2103994
SYCHEV & CO
+7(863) 2929292
+7(863) 9223427
+7(863) 2527201
+7(863) 2699123,
ELEKTRONIKA
AQUARIUS
VOSKHOD
CONTACT
+7(863) 2271852
+7(863) 2300389,
+7(863) 2536552
+7(863) 2640872
+7(863) 2698765
+7(863) 2467712
BROKERS AND
CONSULTING
CHRISTINA
SV - MENEGEMENT
ALFA-DON
CAPITAL-INVEST
+7(342) 2986275,
+7(863) 2670001,
DDS
+7(342) 2412127
+7(342) 2122324
+7(863) 2698422
+7(863) 2694969,
+7(863) 2694959
CITY
PERM
AMA
+7(342) 2366240
+7(342) 2570534
+7(863) 2648333
ERMAK
FINGARD
ASTERA
+7(342) 2120044
+7(342) 2195354,
DOM
+7(342) 2371414
+7(863) 2999200
LEGAL SERVICES
RETAIL CHAIN OPERATORS
BRAVO
BUSINESS AND LAW
DOBRYNYA
+7(863) 2441243
+7(342) 2126233
+7(3422) 195555
BUREAU
+7(846) 9260969
AVTOTRADING-YUG
PARTNER
+7(863) 2624545,
+7(863) 2630543,
+7(863) 2321901
+7(863) 2622837
+7(863) 2292405
+7(342) 2462750
MARKET
CAPITAL PLUS
RAUS STROI
POKROVSKY
PARUS
CAPITAL
CONCERN
+7(863) 2698090
+7(863) 2699175
+7(863) 2643496
+7(863) 2406030
+7(863) 2326222
+7(863) 2326909
DONTRANSAVTO
+7(863) 2221357
CONSUMER MARKET
SPEKTR NEDVIZHIMOSTI
+7(846) 3333929
+7(846) 2795404,
+7(846) 2706222
URBAN PLANNING
+7(846) 2420574
+7(863) 2571123
+7(846) 2423755,
ARCHITECTS
4D PROEKT
VOLGA-REALT
+7(846) 2788245
+7(846) 3387379,
+7(863) 2618652
+7(846) 3387016
ADEL
+7(846) 3369003
+7(863) 2689311
MANAGEMENT COMPANIES
ROSSTROI
+7(863) 2407857
+7(863) 2522502
INVEST
EAST CAPITAL
+7(863) 2273016
+7(863) 2190088
ROSSTROISERVICE
MARF
+7(863) 2327683
+7(863) 2624118
+7(342) 2529840
ARCHITECTS
AVTOEXPRESS
DON-MT
+7(863) 2990075
AKVAREL
+7(863) 2477585
+7(846) 3361705
+7(846) 3390000
DERZHAVA-M
+7(863) 2324715
DON
+7(863) 2421941
DIAL-TRANS
IVANOV G.G.
RUSLAN
PIK-REGION
+7(863) 2279027
+7(863) 2665995
LANDLORD
ZNAK-S
+7(846) 3329639
NASH DOM
CORPUS
+7(863) 2444353
+7(846) 2705264
NIRLAN
FORT
VYBOR
ALFA STIL
INVESTORS
CONSULTING VELA
+7(846) 2424362
+7(863) 2618505,
+7(863) 2907878
URBAN PLANNING
SVD
SANNA-ROSTOV
JUTEK
TITUL
LOGISTICS
+7(846) 2423038
GEDIS
BUSINESSCONSULT
CONSUMER
+7(846) 2424352,
+7(846) 3322068
+7(863) 2996911
+7(863) 2910910
OCHAG
VERSIYA
SAMARSKY DOM
CITY ADMINISTRATION
+7(863) 2221256,
LENDLORD
+7(863) 2406438
SAMARA REAL ESTATE
+7(846) 3334539
LOGISTICS
+7(863) 2322470
+7(863) 2671864
+7(342) 2129299
SAMARA
ADMINISTRATION
+7(863) 2409462
CITY ADMINISTRATION
+7(846) 3722135
+7(863) 2698699
BROKERS AND
CONSULTING
DEVELOPMENT AND
CONSTRUCTION
21 VEK
+7(846) 2790124,
POLIS
AKTIV
+7(863) 2679326
+7(846) 2653562
REGIONAL UNION OF
ALLIANCE-V
+7(846) 9512395,
+7(846) 2449988
+7(846) 2254828
+7(846) 2790125
ADAMANT
+7(863) 2910910,
STROISERVICE
POLIS-INVEST
REALTORS
+7(863) 2926426
+7(863) 2640000
+7(863) 2634327
+7(863) 2625153
ARBAT
ALYUMIR
PONY EXPRESS
OFFICE
MS
STROITEL-M
JEKFIT
RIKON-A
+7(846) 2635333,
+7(846) 2790196,
+7(342) 2182121
+7(863) 2325727
+7(863) 2643287
+7(863) 2320547
+7(863) 2373244
+7(863) 2623492
+7(846) 2635335
+7(846) 2790197
PERSONAL ARCHITECT’S
94
Guide to retail real estate in Russia 2010
INDEXES
INDEXES
SAMARA-ESTATE
+7(863) 2335733
+7(863) 2999071,
BUREAU
+7(846) 2446937,
+7(863) 2926003,
+7(863) 2675211,
ROSTOV-ON-DON
ROYAL ESTATE
+7(863) 2618628
+7(863) 2400053
LAZUR
+7(863) 2320632
VICTORIA-N
+7(863) 2622994,
ENGINEERING COMPANIES
GRINAS
MONOLIT-M
+7(846) 2702338
ZHENEVA
BELYJ VETER
+7(863) 2203414
+7(846) 2706469,
+7(863) 2950020
FINANSIST
+7(863) 2625131
+7(863) 2348644,
INFORM)
VANT
+7(863) 2778279
+7(863) 2441982
+7(342) 2386777
REALT-CENTER (DELTA-
RUSSKY
UVENAL
LAD
+7(846) 2698038
YUGROSTENT
+7(863) 2343044
+7(342) 2195186
+7(342) 2182592
+7(863) 2620409
ARKADA
OBMENA-M
+7(342) 2696131
+7(863) 2323890
SPARK
SEMIYA
+7(342) 2933437
FETING & CO
DON-
EGIDA
ASPECT
YUGDOMSTROI ASSOCIATION
+7(863) 2678790
ADMINISTRATION
+7(846) 2698018,
+7(863) 2548533,
+7(863) 2538510
LEGAL REVIEW
FUND
UNIVERSALSTROI
INVESTORS
+7(342) 2196846
REAL ESTATE
+7(863) 2221606
ADM GROUP
+7(863) 2323778
UMNAJA
+7(342) 2127007
ROSTOV-DOM
AVTORITET
OFFICE
EPICUR
LEGAL SERVICES
+7(863) 2907878
Guide to retail real estate in Russia 2010
95
SAMARA / SARATOV
SARATOV / SOCHI
BUILDING
SVETLY GRAD
LEGAL SERVICES CENTER
AQUITAL-M
FAVORITKA
VIVAT
UTES
ASTA JELIT
TECHNOLOGIES
+7(846) 2702379
+7(846) 2244504
+7(8452) 278253
+7(8452) 261207
+7(8452) 913777
+7(8452) 340308
+7(8622) 693911,
TOM
SAMARA LAWYER’S CLUB
DIZ-ART
FILCOM-S
YUSTA-SERVICE
YURCOM CENTER
+7(846) 9258449
+7(846) 3324754
+7(8452) 459624
+7(8452) 279783
+7(8452) 554001
+7(8622) 693955
+7(846) 2790153,
+7(846) 2790157
BUSINESS-INVESTSTROI
VECTOR
TERRA
GOLUBOE NEBO
FORTUNA-S
ZOLOTOI KLYUCH
+7(846) 2761532
+7(846) 3726304
+7(846) 3324596
+7(8452) 265476
+7(8452) 224228
+7(8452) 261747
OF LEGAL
ASTRA
TECHNOLOGIES
LEX
+7(8452) 440808
+7(8622) 341342,
+7(8622) 626056
YUVESTA
DON
VEST
YURSERVICE
GOROD-S
GALEREYA-MEDIA
ZODIAK
+7(846) 9257253
+7(846) 2723136,
+7(846) 3322659
+7(8452) 208086
+7(8452) 963415
+7(8452) 401261
+7(846) 2790801
GORODSKIJ PARTNERY
VLADIMIR
+7(846) 2702612
BROKERS AND
CONSULTING
GRAND-STROI
+7(8452) 726382
DEVELOPMENT AND
CONSTRUCTION
+7(846) 2709332,
GOLD MASTER
+7(846) 2709331
LOGISTICS
+7(846) 9228550
VOLGA-SERVICE-
TRAFIC
INVEST-COMPLECT
PRODUCT
+7(846) 9280621
+7(846) 2704527
+7(846) 9262233
ADAM-REALT
GARANT-RIJELT
AVALON
+7(8452) 274441,
+7(8452) 771041
+7(8452) 736235
ISTOK
BOSTON
+7(8452) 788777
+7(8452) 592046,
+7(8452) 260023
ALTERNATIVA
AVTOTRANS
+7(8452) 254468
+7(8452) 294507
INDEST
VOLGOPRODMONTAZH
DEVELOPMENT
+7(846) 9582263,
KVARTIRNY
+7(846) 2483483
+7(846) 9585577
IZOMER-SAMARA
VYBOR
+7(846) 2622888,
+7(846) 2764202,
LEADER-TRANS
+7(846) 2210159
+7(846) 2764201
+7(846) 2657463
LADIYA
VREMJA PLJUS
SAMARAINTEREXPEDITSIYA
+7(846) 2703990
+7(846) 3329691,
+7(846) 2423132
+7(846) 3300931
DIMEX
+7(846) 2788367
+7(846) 2784224
FLAGMAN
KAPITAL
+7(8452) 566666
+7(8622) 644999,
+7(8622) 645999
STEP
+7(8452) 456168
KOLIBRI
+7(8452) 457725
+7(8452) 520960
+7(8452) 640907
CANYON
LIGATA
SHELDOM
+7(8452) 773555
+7(8452) 960969,
+7(8452) 279765
SOCHI
+7(8622) 645163
STROIPOLYMER-D
ADMINISTRATION
NEGOCIANT
+7(8452) 908404
COMFORT-STROI-REALT
RETAIL CHAIN OPERATORS
+7(8452) 740831,
AVTO-MOTO-VELO
+7(8452) 740813
LYUBIMY GOROD
+7(8452) 932720,
+7(8452) 444333,
+7(8452) 290911
+7(8452) 633475
+7(8622) 645438
TLS
MIJEL
+7(8622) 647685,
VECTOR-S
LEPTA-N
ENTUSIAST
+7(8452) 721309
+7(846) 2673333
DOM-CENTER
+7(8622) 622224
DOKHODNY DOM
PROFI RIJELT
+7(8622) 641064,
URBAN
METRAZH
+7(8452) 910809
+7(8622) 642201
+7(8452) 976985
INVESTORS
DERKUL
+7(8622) 645050,
CITY ADMINISTRATION
+7(8622) 645800,
+7(8452) 735520
PODRYAD-
+7(8622) 383811
DEVELOPMENT
+7(8622) 643235,
REAL ESTATE SOCHI
+7(8622) 640651
+7(8622) 620369
+7(8453) 444092
NIVA-STROI
INVEST
OSTAP
+7(8452) 641543,
MEGA-M
CONSUMER MARKET
RKTS
+7(846) 2382771
+7(846) 2657070
+7(846) 2678200
+7(8452) 642555
+7(8452) 204890,
GID INVEST
+7(8622) 642397,
+7(8622) 665463,
+7(8452) 204591
+7(8452) 264456
+7(8622) 640759
+7(8622) 665063
MUNICIPAL
GOROD
REAL ESTATE
+7(8452) 233658
PODRYAD-INVEST
VOSTOK-INVEST
+7(846) 2221333,
+7(8482) 376783
SARATOV
DOVERIE
+7(8452) 511880
ADMINISTRATION
+7(846) 2221343
POVOLZHE
PORTAL
+7(846) 2244354,
CITY ADMINISTRATION
+7(846) 2380404,
+7(846) 2244533
+7(8452) 272086
+7(846) 2702570
PROEKT-2
FOREX SAMARA
URBAN PLANNING
+7(846) 2778434
+7(8452) 236488
DANKO-M
+7(8452) 981594,
+7(8452) 284247
+7(8452) 981500
DON-A
NARODNAYA
+7(8452) 525984
NEDVIZHIMOST
LEGAL SERVICES
ARCHITECTS
+7(8452) 200405
+7(8452) 791755
SAMARA-BASIS
BROKERS AND
CONSULTING
RUSSKAJA RIVERA
+7(8622) 645332,
+7(8622) 641139
LAKOS
ALMAZ-JUG
+7(8452) 340087
+7(8622) 647209
SHANS MOBIL
+7(8622) 534126,
LEGAL SERVICES
+7(8452) 453559,
EVGENIJA
+7(846) 2704801
ARGO SOCHI
+7(8622) 532925
+7(8622) 723600,
FEMIDA
+7(8622) 721473
+7(8452) 500802
NEBOSKREB
SOCHI REAL ESTATE
+7(8622) 725500
ARION-SOCHI
+7(846) 9925272,
FINA
ALCOSAR
EDELWEISS-SHANS
+7(8452) 236802,
STATUS-S
+7(8622) 614481,
TRIUMF
+7(846) 9925271
+7(846) 2299691
+7(8452) 275492
+7(8452) 351545
+7(8452) 237498
+7(8452) 450194
+7(8622) 612828
+7(8622) 448913
96
INDEXES
INDEXES
+7(8622) 644488
RETAIL CHAIN OPERATORS
CATRIS
+7(846) 3363574
+7(846) 2706251
+7(8622) 542111,
+7(8452) 962524
DOM
MATERIC
GRC
+7(8452) 431081
+7(8452) 584632
+7(846) 3329685
INVESTORS
KURIER
VOPROS
CITADEL-A
MANAGEMENT
+7(8622) 930117
BLAGOVEST
+7(846) 2784557
MALL
BIZNES-EKSPERT
+7(8622) 930127,
LOGISTICS
+7(846) 2788390
DTM
+7(8452) 214021
Guide to retail real estate in Russia 2010
Guide to retail real estate in Russia 2010
97
SOCHI / STAVROPOL / TOMSK
TOMSK / TUMEN
STAVROPOL
DEVELOPERS AND
CONSTRUCTION
USPEKH
TARA
+7(8622) 620741,
+7(8622) 686158,
+7(8622) 622958
+7(8622) 366444
VEKTOR
TREJDING-
CITY ADMINISTRATION
+7(8622) 648185
SERVIS
+7(8652) 260310
ADMINISTRATION
URBAN
RIJELT-SIBIR
DEVELOPMENT
+7(3822) 517364
+7(8622) 646975
NEDVIZHIMOST
CONSUMER MARKET
VNL
+7(8622) 645222
+7(8622) 622958,
URBAN
+7(8622) 627285
PLANNING
ZEMPROEKTSTROJ
VODOLEJ
+7(8622) 645159
+7(8622) 370084,
+7(8622) 988822
EVROSTROI 21
ANDRIANOV A.A.
SAVINOV AGENCY
AGENCY
ADVEKS Т
+7(8652) 764782
+7(3472) 351461
+7(3822) 765903
+7(3822) 529342
+7(3452) 390050
DAKSAN
ARTSTUDIA
SIBROS AGENCY
JURIS LAW AGENCY
AKROPOL
+7(8652) 945550
PROEKT
+7(3822) 250213
+7(3822) 308307
+7(3452) 466565
GERMES
+7(8652) 284631
BROKERS AND
CONSULTING
LOGISTICS
KORALL
ARSENAL
MARLEN
+7(8622) 922809
+7(861) 2323967
GEOMAP
AVTOTREJDING
+7(8622) 646090
+7(8622) 693538,
DEDAR
+7(8622) 693539
+7(8652) 563305
+7(8652) 281757
BIZNESCONSULTING
PRAKTIKA
+7(8652) 261453
+7(87934) 74711
UPITER
+7(8652) 265301
DIMEX
DEPARTAMENT GOTOVOGO
+7(8622) 951212
DELA
GRUZOVOZOFF
+7(8622) 645122,
+7(8622) 454503,
KVARTAL 1
+7(8622) 645159
+7(8622) 695733
+7(8652) 943755
ARMADA
LUBIMII GOROD
+7(8622) 667097
+7(8652) 940991
PANORAMA
KERAMA
MODUS
+7(8622) 693955,
MARAZZI
+7(8652) 260072
+7(8622) 693953
+7(8622) 544343
PRAVOVOJ CENTR
OMATER
+7(8622) 696571
+7(8622) 644464
AURUM AGENCY
+7(8622) 641139
PERSEJ
+7(8622) 608155
PRAVO
AGENCY
+7(8652) 945048
+7(3822) 214747
PROFESSIONAL
ELLADA 2000
+7(8652) 344406
+7(3822) 516901
+7(8793) 339671
SRV CONSULTING GROUP
EXLUSIVE
+7(8652) 371919
+7(3822) 500072
+7(8652) 562105
GREIS-M
AVTOGRAF
+7(3822) 413707
+7(3452) 390171
ALPARI
NATI
BRIGANTINA
+7(3822) 423917
+7(3822) 554052
+7(3452) 463122
AVRORA-SDK
PAPIRUS
DARIA
+7(3822) 564701
+7(3822) 473534
+7(3452) 399572
DELTA
RETAIL CHAIN OPERATORS
DELFA
+7(3822) 408139
INTANT
+7(3452) 203544
DEVELOPMENT AND
CONSTRUCTION
+7(3822) 560056
+7(3822) 266876
DELTA ООО
SIBIR LOGISTICS CENTER
FASAD
DEMIURG
SIBIR TRANSPORT
GAZHIMSTROJINVEST
MONOLIT
INVESTCONSULTING
+7(3822) 550011
DEPARTMENT OF
TOMSKTRANSKONTEJNER
SELLING OF REAL
+7(3822) 471471
ESTATE
EXCHANGE AND
+7(8652) 283276
AGENCY
PARITET
+7(3822) 248727
+7(3822) 511289
ADMINISTRATION
+7(3452) 451407
TROJKA-SERVIS
TOMSK
+7(8652) 216924
+7(3452) 434644
COMPANY
VEK
+7(8652) 217889
+7(3452) 707029
+7(3822) 515569
+7(3822) 662900
RD
STROISERVIS
+7(3452) 244978
+7(3822) 561901
+7(8622) 986041
SIDAS
AVANGARD
+7(3822) 426775
+7(3822) 533587
PARTNER
+7(8622) 645332,
+7(3822) 404569,
+7(3822) 480691
ENERGOSTROITEL
AVANGARD
OLIMP
RIV’’ERA
STARAJA KREPOST
+7(3822) 512776
+7(8652) 261764
NUANS
RETAIL CHAIN
OPERATORS
+7(3452) 399377
BYSTRONOM
INDEXES
INDEXES
GOLFSTRIM
ANTEY
+7(3822) 513578
+7(8652) 234757
INUREX
+7(8622) 988606
ALIANS
LEGAL SERVICES
IDEAL
PALLADA
+7(3822) 426973
+7(3822) 561020
+7(3822) 445724
+7(8652) 940905
ZEMPROEKTSTROJ
AJVA RIJELT
+7(3452) 431147
+7(3822) 561772
INEKS
LEGAL SERVICES
BROKERS AND
CONSULTING
ALTERNATIVA-PLUS
ANTARES
SPEKTR
PROEKT 04
LOGISTICS
+7(3822) 544777
+7(3472) 743437
+7(8652) 271492
AVTODETAL
SITI RIJELTI PLJUS
INSI
+7(3472) 748105
+7(8652) 741494
A.S.A
RUSSKAJA
BROKERS AND
CONSULTING
+7(3472) 745194
+7(8652) 242504
+7(8622) 645122,
+7(8622) 984396
+7(3822) 511451
+7(3822) 755060
+7(8652) 260436
+7(8622) 645111,
DEVELOPMENT AND
CONSTRUCTION
ROS-RIJELT-SERVIS
ARCHITECTS
+7(3452) 469086
FLIK LAW
+7(8622) 646959,
VINSENT
+7(8652) 244401
URBAN PLANNING
AURUM
+7(3822) 233308
EVILIN
LEGAL SERVICES
+7(3822) 451081
DUET
+7(3452) 467164
TUMEN
PARTNER
PRIBORSERVIS
+7(3822) 515544
+7(3822) 556158
ERMAKOVI AND C
ADMINISTRATION
+7(3452) 360331
+7(8622) 983385
SOCHIIMPEKS-3
+7(8622) 986993
VYSSHAJA
REAL ESTATE AGENCY
CESTOMER MARKET
PROGRESS N
RADIKAL
CITY ADMINISTRATION
FEST
+7(8652) 359771
+7(3822) 510435
+7(3822) 556694
+7(3822) 736000
+7(3452) 464272
+7(3452) 515101
LIGA
SOVETNIK
+7(8622) 645892,
STEK
CITY ADMINISTRATION
REGION-RIJELT-SERVIS
TOM SOJER
CONSUMER MARKET
IMPERIA
+7(8622) 726898
+7(8622) 648390
+7(8652) 352726
+7(3822) 510550
+7(3822) 516194
+7(3822) 646189
+7(3452) 466078
+7(3452) 356559
98
Guide to retail real estate in Russia 2010
Guide to retail real estate in Russia 2010
99
TUMEN / TVER
UFA
KONSTANTA
YAMAL-RIELT
STROISVIAZSERVICE
URBAN
+7(3452) 390142
+7(3452) 390032
+7(3452) 470547
PLANNING
+7(4822) 320930
MAGAZIN KVARTIR
ZILISHNAIA INITSIATIVA
TRANSPROMZILSTROI
+7(3452) 241817
+7(3452) 466832
+7(3452) 979122
MEGAPOLIS-RIELTI
ZOLOTIE KLUCHI МPF
VIRA
+7(3452) 206442
+7(3452) 245471
+7(3452) 299471
MIEL-REGION
+7(3452) 241478
DEVELOPERS AND
CONSTRUCTION
ZODCHIE
TOSTANNEFTEZAVODS
+7(347) 2790533
+7(3472) 949095,
TROI TRUST
+7(347) 581582
+7(3472) 913111,
SOJUZ TEHSTROJ
+7(3472) 908104
+7(3472) 432134
AGENCY
BISK
UFA CONSTRUCTION
+7(347) 2314312
+7(3472) 744346
+7(3472) 798333
COMPANY
URBAN PROPERTY
PRAVO
DAMAS
ADMINISTRATION
+7(3472) 284642
+7(3472) 742374
URALO-SIBIRSKY
GRAN-LIS PSF
NDEPENDENT CENTER
+7(3472) 729865
+7(3452) 434784
+7(4822) 316341
NOVII DOM
АRS
+7(3452) 759767
+7(3452) 499863
OMEGA-4
DOMOSTROI
+7(3452) 457097
+7(3452) 456333
UDACHA
+7(3472) 515575
+7(347) 2790400
+7(4822) 509905
ALEKS-BIKO
DEVELOPERS AND
CONSTRUCTION
ASTREYA
BROKERS AND
CONSULTING
BILD
+7(4822) 422089
CENTER OF
DEVELOPMENTAND
CONSTRUCTION
AGIDEL STROJ
PROMTEHSNAB
GAZINVESTPROECT
LAW SERVICES
KVANT
+7(3452) 442102
+7(3452) 463633
+7(3452) 456162
+7(48236) 45313
REAL-CITY
KALINOV MOST
SIBIRSKAIA EXPERT GROUP
LUCH
+7(3452) 431744
+7(3452) 417250
+7(3452) 456630
+7(48232) 23660
RUS-S
KOLITAS
+7(3452) 461947
+7(3466) 614910
SIBIRSKOE REAL ESTATE
KORIDA
AGENCY
+7(3452) 472490
+7(3472) 560402
AGRI
+7(3472) 533577
AGRODORSTROJ
NOVII PROEKT
SIBIRIAK
+7(48276) 21458
INDEXES
+7(4822) 552533
+7(347) 745991
PКК
ANO VO-КEL
+7(3452) 481511
+7(4822) 368636
SEVERNII ALIANS
SIBINVESTSTROI
TUMENSKAIA NEDVIZIMIST
+7(3452) 310282
+7(3472) 944644
+7(3472) 930068
M2 PROFIT
+7(3472) 733534,
ABRAKSAS
+7(3472) 791609
+7(3472) 911081,
AMANAT-INVEST
MASHTEHSTROJ
+7(3472) 940166
+7(3472) 323256
AND REAL ESTATE
ARETA
MEGAPROMSTROJ
DEVELOPMENT
+7(3472) 518055
+7(3472) 357656,
BROKERCREDITSERVICE
+7(3472) 906907
CENTER OF STOCKTAKING
+7(3472) 777080
+7(4822) 394821
+7(347) 732610
DELOVOI MIR
CITY REAL ESTATE
+7(4822) 320625
+7(3472) 751641
STROITELNAIA COMPANIA
CITY ADMINISTRATION
+7(3452) 466442
+7(3452) 444005
+7(4822) 320131
UNION OF THE
+7(3472) 432635
+7(3472) 483667
AKVANT
+7(3472) 905903
NASH NOVY
BARAKAT
GOROD
DUNA-ADVOCAT
DEMA REAL ESTATE
+7(3472) 318279,
+7(3472) 744944
+7(3472) 353332,
+7(3472) 273798
+7(3472) 770984
+7(3472) 352524
NEDVIZHIMOST
+7(4822) 490903
+7(3452) 461040,
+7(3472) 357511
MILEK
ASPEKT-CENTR
+7(4822) 359528
REAL ESTATE AGENCY
AJAX FUND
SUPPORTING BUSINESS
+7(347) 731578,
RENESSANS CENTER
LEGAL SERVICES
+7(3472) 735023
CLASSICS
ADMINISTRATION
+7(9472) 359977
+7(3472) 727175,
+7(3452) 418269
STAR
BASHSTROJINVEST
+7(3472) 531505
INVESTCAPITALCREDIT
+7(3472) 253855,
TVER
+7(3452) 751536
KOMPANENT
+7(3472) 930066,
APPRAISAL
+7(3452) 757172
+7(3472) 940166
KVADRO SERVIS
BIZNES-
+7(3452) 368264
INVEST
+7(3472) 237465
+7(3472) 770705
TRANSPORTNAIA KONTORA
+7(3452) 232242
AMANAT-
+7(3472) 526047,
ALGORITM
TRANCE LINE
+7(3452) 456200
INTERUFAPROEKT
ALTYN-TASH
+7(3472) 798000
+7(3452) 915938
+7(3452) 701671
TERRA
+7(347) 747561,
LEGAL SERVICES
+7(3452) 479061
+7(3472) 735043
DOM-INVEST
BASHKIRSKOE
I PRAVO
EXPERT
+7(3472) 289022
INVESTMENT
+7(3472) 743028
+7(3472) 921133
PROFESSIONAL
AND REAL ESTATE
UIUT-SERVICE
STROIPROMRESURS
CONSUMER MARKET
LAWYERS
INSIGHT
AGENCY
NIKA
GARANT-UFA
+7(3452) 399290
+7(3462) 248151
+7(4822) 348348
+7(4822) 341290
+7(3472) 901920
+7(3472) 742967
+7(3472) 353900
+7(3472) 924444
100
Guide to retail real estate in Russia 2010
Guide to retail real estate in Russia 2010
101
INDEXES
SARM
SLON
BASHOTSENKA AGENCY
VITAS
+7(3452) 405959
+7(3452) 708780
SIRIUS
+7(3472) 924455
KARTLINE
+7(3452) 500036
AKKORD-INVEST
+7(3471) 902929
+7(3472) 567608
ATON-LINE
EVROSIBTRANS
INTERIOR
+7(3472) 533577
AGRI
SPIROVOSTROI
INVESTORS
OF EXPERTISE
+7(3472) 488170
+7(347) 536194
ZHILE DLJA VAS
+7(3472) 924714
ACCEPT
+7(3452) 430104
+7(3472) 798179
MIR
ADMINISTRATION
+7(3452) 412787
LOGISTICS
NEDVIZHIMOST
+7(347) 2790579,
REAL ESTATE
+7(3452) 434991
+7(3452) 396868
PRAVOZASCHITABASHKOR-
URBAN DEVELOPMENT
GORODA
+7(3452) 368651
+7(3472) 551126
+7(4822) 489090
ZAPADNAIA SIBIR
+7(3452) 240309
+7(3472) 429479
+7(3472) 747980,
ARCHITECTURE AND
ALTAIR-99
+7(3452) 433956
NOVY DOM
INVESTITSIONNY DOM
NEDVIZIMOSTI
+7(3452) 442577
LEGAL SERVICES
BASHKIRSKY
CENTER
CITY ADMINISTRATION
CENTER
MOST-IMMOBILER
EUROSTROIMONTAZ
ADMINISTRATION
INSURANCE
+7(347) 742637
BROKERS AND
CONSULTING
OGNI
PARTNER
UFA
UFA / ULYANOVSK
ULYANOVSK / VLADIVOSTOK
SPHERA
PROPERTY FUND
MAKRO-N
CONSTRUCTION
SOZIDATEL
KASAKAD-
ERTY AGENCY
KOSANDRA
+7(3472) 563335
+7(8422) 413360,
+7(8422) 394826
CORPORATION
+7(8422) 460680
ULIANOVSK
+7(4232) 229411
+7(4232) 636891,
+7(8422) 413246
LOGISTICS
NASH GOROD
FINANCIAL ADMINISTRATION
EFROSIB-LOGISTIKA
+7(8422) 661382
+7(8422) 313011
DARS DEVELOPMENT
+7(8422) 414076
NIOSTROJ
+7(3472) 924470
FENIX-STROJ
+7(8422) 384181,
BROKERS AND
CONSULTING
AGROSTROJINVEST
PARTNERY
+7(8422) 316547,
+7(8422) 417878,
+7(3472) 2517303
+7(8422) 317865
+7(8422) 417877
PYAT ZVEZD
ALJANS
REAL ESTATE SERVICE
+7(3472) 777773
+7(8422) 326474
+7(8422) 410505
PYATEROCHKA
AVERS
SILEN
+7(3472) 600009,
+7(8422) 314219
+7(8422) 440997,
+7(8422) 703993
RETAIL CHAIN OPERATORS
+7(8422) 210165
FORWARD/POLUSHKA
+7(3472) 404455
SYSTEMS AND LOGISTICS
BROKER-VOSTOK
+7(3472) 914251,
+7(8422) 306184,
+7(3472) 295381
+7(8422) 305458
UNICHEL
COMMERCIAL REAL ESTATE
+7(3472) 230226
+7(8422) 633740
DOMOSTROJ
+7(3472) 786060
+7(8422) 207083
LOKOPAL
+7(4232) 266839
+7(4232) 207133
+7(8422) 721073
INFORMATION REALTOR
PRIMORTRANSSTROI
ZEMSKAJA LOGISTIC
CENTER
+7(4232) 226716
+7(8422) 285470,
+7(8422) 434106
COMPANY
+7(4232) 229411
+7(8422) 546894
EVRIKA
+7(8422) 443442,
+7(8422) 373290,
+7(8422) 418744,
VLADIVOSTOK
VOZROZHDENIE
+7(8422) 420380,
CITY ADMINISTRATION
+7(8422) 410808
+7(8422) 369933
+7(4232) 229800
DVORCOVY RYAD
+7(3472) 778302
+7(8422) 376265,
MONOLIT
LEGAL SERVICES
LAW
BUREAU
URBAN PLANNING
+7(8422) 421337
+7(8422) 364087
+7(4232) 455920
+7(8422) 319201
+7(8422) 544634
+7(8422) 416586
S.V.T.S.-BROKER
NEW CONSTRUCTION
JURIST
+7(8422) 489955
COMPANY
+7(8422) 524812
+7(8422) 215062,
+7(8422) 511585
NA MOSKOVSKOM
ULYANOVSK
EGERSTROJ
ADMINISTRATION
+7(8422) 373737
CITY ADMINISTRATION
EGERSTROJ REAL ESTATE
+7(8422) 414508,
DEPARTMENT
+7(8422) 414020
+7(8422) 312293
ECONOMY AND
ELENA
INVESTMENT COMMITTEE
+7(8422) 384554,
+7(8422) 413240,
+7(8422) 383535
+7(8422) 412652
LININVEST
ARCHITECTURE AND
STROITEL
ALTAIR
+7(4232) 601300
+7(4235) 224699
MAKSIMMA H
LIDER-AUDIT
DEVELOPMENT AND
CONSTRUCTION
+7(4232) 250217
ARCHITECTS
TECHNOSTROIPLUS
ARCHITECTURAL AND
+7(4232) 441297,
CONSTRUCTIONAL COMPANY
+7(4232) 441322
+7(4232) 362725
TSK
ARCHITEC
ARTEL
+7(4232) 400254,
+7(4232) 439914
+7(4232) 341338
+7(4232) 406651
ARKS
BRIG-S
TURMALIN DV
+7(4232) 452722
+7(4232) 277769
+7(4232) 336556
LAW BUREAU
OGUSEP
+7(8422) 367235,
GRADEK-CENTER
BRIZ
VLADITAL
+7(8422) 347588
+7(8422) 360609
+7(4232) 324909
+7(4232) 274432,
+7(4232) 221394
+7(4232) 275251
OMELA
ULIANOVSK LAW
NOVAYA ARKHITECTURA
+7(8422) 524304
BOARD
+7(4232) 407118
+7(8422) 312870
POLIGRAN-S
+7(8422) 794344
+7(4232) 455639
BROKERS AND
CONSULTING
REKA
AVTOTREST
+7(8422) 410808
+7(8422) 448175,
+7(8422) 451678
+7(8422) 448230
DOSTAVKIN
AKTION
+7(4232) 261348
+7(8424) 422544,
SILEN
+7(8422) 365453,
+7(8424) 421715
+7(8422) 440997,
+7(8422) 360906
+7(8422) 703993
ATLANT
INVESTORS
VOSTOKPROEKT
LOGISTICS
RPK
GLOBALTRANS
+7(8422) 536233,
SIMBIRSKSTROJ
+7(8422) 553101,
+7(8422) 962367
+7(8422) 420716
+7(8422) 552667
+7(8422) 362064
+7(4232) 257818
+7(4232) 270976
AMARANT
ART-LES
VOSTOKPROEKT
BUKHT
CONSTRUCITON
CONTRACTS COMPANY
A.LI
+7(4232) 277915
+7(4232) 260672
DALSTALKONSTRUKTSIA
BROK CO
+7(4232) 222289
+7(4232) 429175
DECOR-DV
FES-INVEST
AMIRA
+7(4232) 269571,
+7(4232) 521252
+7(4232) 228608
+7(4232) 208729
BELLA
FLAGMAN DV
+7(4233) 745579
+7(4232) 362146
PORTINVEST
+7(4232) 497208
AVISKOINVESTMENT
SKARLET
INTERLOGISTIKA
ADMINISTRATION
LOCMAN
COMPANY
+7(8422) 691100,
+7(8422) 443944,
DANATA
KFK
SECURITIES
+7(8422) 412627
+7(8422) 216857
+7 (8422) 205793
+7(8422) 924344
+7(8422) 489955
+7(4232) 411048
+7(4232) 321679
+7(4232) 411291
URBAN DEVELOPMENT
102
Guide to retail real estate in Russia 2010
INDEXES
INDEXES
+7(8422) 661019
+7(4232) 444321
STROICONSULTING
ALPAR-PLUS
CONSUMER MARKET
+7(4232) 221960
NAMIV
+7(8422) 345674
ALLIANCE
+7(4232) 400663
VASH VYBOR
VODOLEJ
+7(4232) 279322
+7(4232) 385848
FENIKS RD
+7(8422) 416412,
+7(8422) 389439
DEVELOPMENT AND
CONSTRUCTION
STENTOR
ADMINISTRATION
+7(8422) 384735
SVETLANA
UJUT
STANDART
+7(8422) 417007
VZLET-INVEST
+7(8422) 388606,
UNIVERSAL TRADING
BUREAU
+7(8422) 420266,
+7(8422) 434108,
STROY I ZHIVI
+7(8422) 410505
TRANSPORTATION
MAGISTRAL
+7(8422) 360185
+7(8422) 373311
BEST NEDVIZHIMOST
+7(8422) 429232
+7(8422) 364023,
STROJKOMPLEKS
IDEL
AVIASTAR-RIJELTOR
EXPERT APPRAISEMENT
DOMOSTROJ
+7(8422) 329691,
+7(3472) 236780
+7(3472) 600108
STROITEL
+7(8422) 456727
+7(8422) 451107
+7(4232) 637260
+7(8422) 544644
TIGER
Guide to retail real estate in Russia 2010
103
VLADIVOSTOK / VOLGOGRAD
LEGAL SERVICES
DOVERITEL
CUSTOMER
VESTA
NOTRA-VOLGOGRAD
DEDAL-SERVIS
JELITNOE ZHILE
SANT-JEKS
TRANSFERT
SERVICE
+7(8442) 331770
+7(8442) 966456
+7(8442) 725700
+7(8442) 936169
+7(8442) 917866
+7(4732) 524454
VIZAVI
PROMTEH
DILETA-P
JUNIZH-STROJ
RETAIL CHAIN OPERATORS MAN
TRUST
+7(8442) 487215
+7(8442) 360840
+7(8442) 973360
+7(8442) 230383,
+7(8442) 972397
+7(4732) 777157
RADEZH
UPIX REAL ESTATE
+7(8442) 265081
+7(4732) 599700
+7(8442) 385661
+7(4232) 410699
URBAN
INMAR
DEVELOPMENT
+7(4232) 457559
+7(8442) 385621
PRIMORIE
VOLGOGRAD / VORONEZH
+7(8442) 482639
VIKTA
SINTIJA
DOMOSTROITEL-4
+7(8442) 385395
+7(8443) 317581
+7(8442) 944992
ARCHITECTS
VOLGOGRAD
STANDART PLJUS
DOMOSTROJ
NEZAVISIMAJA
VISHENKI
VASH DOM NEDVIZHIMOST
GRAFIK
BIZNES-CENTR
+7(8442) 462512
+7(8442) 736178
INVESTICIONNAJA
+7(8442) 242420
+7(4732) 399088
+7(8442) 384816
+7(8442) 701095
MASTER KREDO
VOLZHSKIJ TEREM
+7(8442) 629914
+7(8442) 235618
NOVYJ DOM
VSE DLJA VAS
+7(8442) 943843
+7(8442) 386654
ADMIRALY DOROG
SREDA-PROEKT
GORJANKA
+7(4233) 745762
+7(8442) 370898
+7(8442) 679717
AESKO
VOLGOGRAD-
DIAMANT
+7(4233) 541314
GRAZHDANPROEKT
+7(8442) 231488
+7(4232) 407906
SERGEEV’S LAW FIRM
+7(4232) 318259
VERDICT BAR
LOGISTICS
KOMPANIJA
+7(4232) 302999
DIASSTROJ
BROKERS AND
CONSULTING
MKL VOSTOK
+7(4236) 660534
AVANGARD
+7(4232) 414184
+7(8443) 258404
SPETSEXPORT
AVTOGRAD
+7(4232) 450849
+7(8442) 321598
AL’’JANS
+7(4232) 414007
+7(8442) 967981
TRANSNET-VOSTOK
ARGON
+7(4232) 491820
+7(8443) 564251
ARIOROSA
OPERATORS
+7(8442) 331778,
VOSTOKSHINTORG
+7(8442) 331780
+7(4232) 300850,
+7(4232) 441300
VOLGOGRADSKOE
+7(8442) 477458
DOVERITELNOE
VOLGOGRAD
ASPEKT-N
URBAN PLANNING
+7(8442) 919700
+7(4732) 778201
METALLURGZHILSTROJ
AVGUST
JELITA-N
+7(8442) 717955,
+7(8442) 962555
+7(8442) 483748
+7(8442) 751383
ARCHITECTS
+7(4732) 519300
DEVELOPMENT AND
CONSTRUCTION
ARDI
AGROX-2
+7(4732) 778031
+7(4732) 265990
ARCHITEKTOR GOLEV I KO
ARDI
+7(4732) 409228
+7(4732) 778031
LEGAL SERVICES
DEVELOPMENT AND
CONSTRUCTION
MONOLITZHILSTROJ
+7(8442) 234352,
ATTORIEJ
+7(8442) 232125
+7(8442) 717765
+7(8442) 373874
NEW CONSTRUCTION
BABYLON-1
MTJEK
LEKS I K
TECHNOLOGIES
+7(4732) 550538
+7(8442) 393618,
+7(8442) 930760
+7(4732) 399488
AVTO
BASIS
+7(8442) 396176
LOGISTICS
KOM-BILDING
+7(8442) 728888,
+7(8442) 477458
+7(8442) 729585
KUPIDOM
VOLGA-DOM
+7(8442) 903067
+7(8442) 372410
ZHSKSTROJSERVIS
AVTOVOLGOLAJN
MEGA-M
VOLGOGRADA-
+7(8442) 419715,
+7(8442) 485320
+7(8442) 380343
GROPROMSTROJ
+7(8442) 419716
NEPTUN
+7(8442) 957910
AVM-TRANS
NIZHNEVOL-
+7(8442) 691642,
ROSSOJL
+7(8442) 301317
+7(8442) 691692
+7(8442) 493202
NEDVIZHIMOST
GORSTROJ-
SPT
+7(8442) 966983
VOLGORADA
ALIJANS
KOMPANIJA
+7(8442) 386653
+7(8442) 492474,
+7(8442) 475838
+7(8442) 955042
AND INDUSTRIAL
ASSOCIATION
+7(4732) 205502,
4 KOMNATY
+7(4732) 398595
+7(4732) 399344
+7(8442) 910202
GORIZONT-STROI
ADVEX
+7(4732) 539873
+7(4732) 774422,
DON-TEK
+7(4732) 776752
+7(8442) 966238
KIT
+7(4732) 738046
AGAT
EVROTRANSAVTO
+7(4732) 778070
+7(8442) 488310
CEFEJ SK
NEDVIZHIMOST NA
CONSTRUCTION
BROKERS AND
CONSULTING
ATON I K
PLJUS
+7(47354) 43687
+7(4732) 531554
+7(8442) 360840
NVS-HOLDING
+7(4732) 494688
BORISOGLEBOVSKAYA PMK
VORONEZHPROEKT
AVTOTREJDING
PROMTEH
VOLGOSTROJ
PROEKT
+7(4732) 520138
+7(8442) 235414
+7(8442) 931850
+7(8442) 473757
PROPERTY MANAGEMENT
OBWESTVO
FINANSOVYJ BROKER
+7(4732) 777240
+7(4732) 550710
+7(8442) 360880
+7(8442) 434837
ARKADIJA
+7(8442) 316045
ADMINISTRATION
KOM-BILDING
LAVR
+7(8442) 242382
+7(8442) 946212
TRAST
CITY ADMINISTRATION
+7(8442) 482232
MEGAPOLIS
RETAIL CHAIN
+7(8443) 394054
LIK
+7(4732) 524251
ALFA DOM PLUS
CITY ADMINISTRATION
BINOM
OSTRAVSKOGO
GOU VGUKK
+7(8442) 361310,
ROSTRANSKOM
+7(4732) 598241,
RESTAVRATOR
+7(8442) 331682
+7(8442) 931441
+7(8442) 670239
+7(8442) 325979
+7(8442) 363743
+7(8443) 416441
+7(4732) 395817
+7(4732) 745533
104
Guide to retail real estate in Russia 2010
INDEXES
TECHNOLOGISTIC
+7(8442) 331132
VIKON
+7(4732) 551575
BASS
INFORM-AGENTSTVO
XPRESS
ADMINISTRATION
+7(8442) 972277
+7(8443) 313001
+7(8442) 958121
PONY E
VOLZHSTOR-INVEST
+7(8442) 487888
INKOMA
AVEGA
GRAZHDANPROEKT
VOLGOGRAD-
JEKSON
ESTIVE LOGISTICS
VORONEZH
INSTITUTE
+7(8442) 237475
JEDEM+
+7(8442) 331132
+7(8442) 970382
TVOJ DOM
HJELP
+7(4232) 413292
INDEXES
INVESTORS
Guide to retail real estate in Russia 2010
105
VOronezh / Yaroslavl
STEL
UPIX
+7(4732) 250834
+7(4732) 532555
RETAIL CHAIN OPERATORS
VILTEK
+7(4852) 304319
ALBINOS
VORONEZH DEVELOPER
KALETTA
COMPANY
+7(4732) 204899
BANZAI
+7(4732) 695532
KALINA
GALEREJA CHIZHOVA
DEVELOPERS AND
CONSTRUCTION
+7(4732) 390693
ELMA
+7(4732) 512121
+7(4732) 392244
+7(4852) 328044
STOLNIK
+7(4732) 522656
KORPORACIJA-
ESKO
+7(4732) 770962
GARANT INVEST
JURIST
+7(4732) 397001
+7(4732) 553719
YAROSLAVL
KRUG
PRAKTIKA
ADMINISTRATION
+7(4732) 459260
+7(4732) 520780
LEVOBEREZHNIK
AKADEMIJA
+7(4732) 482632
BIZNESA
+7(4855) 522043
EVEREST
+7(4732) 590526
NEPTUN
+7(4732) 390730
PRESTIZH
+7(4852) 305185
CITY ADMINISTRATION
GUBERNSKY
+7(4852) 304641
GOROD & CO
+7(4852) 301535,
CONSUMER MARKET
+7(4852) 321381
+7(4852) 308679
VORONEZH-
NADEZHNOST
STROJINFORM
URBAN
+7(4732) 771176
PLANNING
+7(4732) 563839
+7(4852) 302925
MEDIAFAKTRESTAVRATOR
CONSULTING
+7(4732) 461916
+7(4732) 204914
+7(4852) 445475
PROSPEKT-PLUS
+7(4852) 329134
BROKERS AND
CONSULTING
UNIVERSAL
+7(4852) 795850
INVESTORS
EAST CAPITAL
PRO.R-47 CONSULTING
CONSUL
GROUP
+7(4852) 305289
+7(4732) 552261
LOGISTICS
GARANT INVEST
+7(4732) 397001
INVESTRESURS
CHAMBER OF LAWYERS
NEDVIZHIMOST
+7(4852) 729211
+7(4852) 744411
AMTEL
+7(4732) 445277
VORONEZH
INDEXES
LEGAL SERVICES
+7(4732) 572017
INVESTMENT
BASTION
COMPANY
+7(4732) 553933
+7(4732) 555605
JURISCONSULT LAW
LYUBIMY GOROD
OFFICE
+7(4852) 726823
+7(4852) 582608
NOVOSELIE
LEGAL ADVISE BUREAU
+7(4852) 451795
+7(4852) 305291
PRAKTIK
LEGAL CENTER
+7(4852) 254664
+7(4852) 304100
ROYAL SERVICE
LIGO-3 YAROSLAVL BOARD
+7(4852) 720000
OF LAWYERS
POSTOYALY DVOR
SOTA
+7(4732) 562906
+7(4732) 200405
SKIF SERVICE
INVEST-TRAST
+7(4732) 230057
+7(4732) 512431
TRANSGARANT
+7(4852) 254694
VORONEZHSKAJA
FIRM
RUSSKAYA HOUSING
INVESTICIONNAJA
+7(4732) 593929
COMPANY
PALATA
+7(4732) 555605
LOGISTICS
+7(4852) 321800
VORONEZH-
INTERNATIONAL ROAD
AVTO
SOGAZ
TRANSPORT ATP-3
+7(4732) 398680
+7(4852) 321281
+7(4852) 252313
PIRAMIDA
VITRAZH
UNIX
LOKOTRANS
+7(4732) 393105
+7(4732) 397328
+7(4852) 727528
+7(4852) 727170
LEGAL SERVICES
106
Guide to retail real estate in Russia 2010