March 05, 2014

Media Markt enters Karelian market in Petrozavodsk, Russia

Media Markt enters Karelian market in Petrozavodsk, Russia

The first store in Karelia of the largest German home appliances and electronics hypermarket operator is to open in Lotus Plaza Shopping and Entertainment Center located in Petrozavodsk. The lease agreement for more than 3,000 sqm was signed in December 2013. Colliers International has developed the shopping centre concept and is currently implementing brokerage on exclusive terms. The project developer is Lotus Holding LLC.

With the signing of the contract, the brokerage campaign of Lotus Plaza headed into the homestretch. Over 50 percent of the centre’s retail a high quality pool of tenants comprised only of market leaders representing national and international brands occupies space.

Lotus Plaza Shopping and Entertainment Center is the largest retail project in Karelia. The gross building area of the complex amounts to 105,000 sqm, and the gross leasable area is 62,800 sqm. The shopping centre is scheduled to open in Q3 2014.

The project is located in Petrozavodsk on the way to the St. Petersburg-Norway international highway at the intersection of major roads in the city. It is a well-developed retail area, where the largest and most popular grocery hypermarket in Petrozavodsk, Sigma, has been operating for ten years (more than 400,000 people a month).

The shopping and entertainment centre is located in the centre of a dense residential and construction area. For the first time in the region, an international team including architects Chapman Taylor and exclusive agent Colliers International have been engaged in the project.

The complex will house over 150 clothing, footwear and accessories stores, a DIY hypermarket and a strong entertainment component. For the first time in Karelia, a fitness centre with a swimming pool, a restaurant with a view of the city, a multiplex cinema and the only skating rink in Petrozavodsk, operating year-round, will be opened in Lotus Plaza.

Anna Nikandrova, Regional Retail Director of Colliers International Russia, commented: "For the last few years, national and international retail operators have been demonstrating increasing interest in projects located in cities with a population of less than 500,000 people. We brought a number of the major brands to Russian regions last year. The retail real estate market of small cities is developing rapidly, however, only a few successful projects can be implemented there. The key point for retailers is to be able to occupy space in a really high-quality regional project that will generate customer demand.”

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