We are witnessing the trend towards reorientation of customers who increasingly often opt for quality retail properties with superb location, quality concepts, optimal tenant mixes and professional facility management – shared First Vice President of TPS Real Estate Alexei Chinaliev, speaking at the round table “Shopping Centers Today and Tomorrow: Scenarios and Forecasts”, as part of the VIII International Investment Forum PROEstate 2014.
Commenting on the problems experienced by many tenants of shopping malls, Mr. Chinaliev pointed out that economic problems make retailers more cautious at present as they analyze their turnover as the reference point in calculating their rentals. “Retailers are keener on assessing the effectiveness of every shop, as they lose interest in getting a higher market share, as was the case in the past,” illumined First Vice President of TPS Real Estate. “And those operators who will be able to do their business effectively will ultimately survive and achieve success.
At the same time retailers have the right to demand that developers and owners perform their function of luring the target audience to shopping malls. “As for us, we continue justifying the expectations of retailers,” said Mr. Chinaliev.