Brick & mortar retail in Russia is on the road to recovery after the impact of the pandemic and ADG’s chain of neighborhood centers is poised to demonstrate strong dynamics.
ADG currently operates seven centres, with a further 23 under construction. The group is actively leading the way with major trends by using efficient tools to give people the opportunity to meet, dine, access entertainment and shop in proximity to their homes in state-of-the-art public spaces by reviving the heritage of old Soviet cinemas.
The first quarter of 2021 was a success as restrictions were officially further relaxed in Moscow and citizens felt freer to visit public spaces such as Mesto Vstrechi (Meeting Place) neighborhood centers. In total, footfall grew by almost 20 per cent from January to March. In some centres, such as Mesto Vstrechi Mars in the north of Moscow, it rose by 65 per cent. Another neighborhood center, Mesto Vstrechi Vysota in the southern suburbs of the city, demonstrated outstanding results in January, a month that is typically very quiet for commercial real estate.
ADG group is currently working on new openings and opportunities to collaborate with new tenants based on customer needs and feedback. Nevertheless, unlike many other real estate operators, the company will not have to adjust its concept to stay aligned with the new reality.