The first April issue of the leading Russian printed media about the commercial real estate market, CRE magazine, published an interview with First Vice President of TPS Real Estate Alexei Chinaliev.
The strategy of TPS Real Estate is delivering professional shopping centers in most winsome locations, said Mr. Chinaliev in his interview with Editor-in-Chief. In his words, the company’s portfolio now includes 6 shopping and leisure centers, of which Ocean Plaza (Kiev), MoreMall (Sochi) and Galereya Krasnodar are operational, whereas three other retail projects are at the stage of implementation: two in Moscow and one in Novosibirsk.
During five years we plan to double the gross built area of our projects, bringing it to 2m square meters (the GLA will amount to about 860 thou sq m). To achieve the said results, we’ll have to invest $4.8 billion until 2018,” noted Mr. Chinaliev.
Answering the question about the survival strategy in such a highly competitive environment as the retail property market, Chinaliev cited the Krasnodar market as an example, where the company’s first shopping and leisure center was opened. Today per capita retail space in this city reaches 830 sq m per 1,000 residents. For comparison, the same parameter stands at 300 sq m per 1,000 residents in the capital city. Nevertheless, TPS Real Estate successfully delivered two phases of Galereya Krasnodar.”
The conversation could not but touch upon the current economic situation in Russia. Answering the question, whether TPS Real Estate takes into account the influence of the crisis on corporate business processes, Mr. Chinaliev noted that if it were possible to take into account the crisis as it unfolds, with a 100% accuracy, the company’s owners would now be the wealthiest people on the planet. He also added that as of today no recessionary phenomena negatively affect the company’s business. See the full version of the interview with First Vice President of TPS Real Estate Alexei Chinaliev in CRE #7 (228) 01–15.04.2014.