April 24, 2017

Vera Setskaya, President of GVA Sawyer, took part in REX 2017

On April 24-26, Moscow hosted the International Retail Real Estate Exhibition and Forum MAPIC Russia (REX 2017). Vera Setskaya, Partner and President of GVA Sawyer, participated in the business program of the forum, acting as a moderator and a speaker of the session “Factory Outlets. Does the competitive format interfere with your business?”

The participants of the session summarized the results of the outlet market development in Russia and discussed prospects of its further growth. Vera Setskaya made a presentation on the topic “Prospects of Development of Outlet Format in the Regional Cities of Russia” and listed the main criteria for the choice of the city and the construction site for an outlet.

“In order to make a decision on construction of an outlet it is essential to take into account such factors as the retail turnover in the catchment area and trends of its changes, purchasing power of the population and presence of foreign brands in the studied district,” Vera stated.

The participants also noted that the catchment areas in Russia are much broader than in Europe because of the conventional methods of territorial subdivision and peculiarities of customers’ behavior. The Russians are ready to cover a far longer distance for shopping than the Europeans.

While choosing the land plot it is recommended to consider the four main characteristics:

  1. Visibility from the roadway;
  2. Location on the crossing of key traffic routes;
  3. Convenient access;
  4. Size of the plot, sufficient space for a good parking.

Besides, Vera Setskaya presented GVA Sawyer’s development project to the participants of the session – a designer outlet centre under construction in Kotka, Finland. It is the first waterfront premium outlet in Finland with the total area of 47,500 sq.m. As of today, the preliminary rental agreements were signed with leading European brands: Genny, Loriblu, Basile, Marville, John Ashfield, Caleffi and Sicilia’s Italian Restaurant etc.