In May, the first St. Petersburg stores & Other Stories and COS will open on Bolshoy Prospekt of the Petrogradskaya Side The H&M Home space will also be located there. The deal is handled by Knight Frank St Petersburg.
“The choice of location was made based on several factors. Bolshoy prospect P.S. – this is one of the main significant shopping locations in the city. Due to the fact that there are no large shopping centers on the Petrogradskaya side, shops located in built-in premises are popular in this location, ”Anna Lapchenko, head of the agency’s retail real estate department, told RBC.
Experts interviewed by the publication noted that H&M has chosen a rather difficult period for expanding the network and now it is very important to focus on the development of the online segment.
“Physical retail will decline, but not as drastically and rapidly as in Europe, the United States and China. And you certainly shouldn’t expect an increase in the number of store openings and new foreign brands in the shopping center. Nevertheless, an active growth in demand for local brands is obvious, and it is they who will be the “salvation stick” for the retail real estate market in the Russian Federation in 2021, ”says Anna Lebsak-Kleimans, head of Fashion Consulting Group.
As a reminder, & Other Stories appeared in Moscow quite recently, in October; in parallel, the brand launched a Russian-language website. The COS store in the Russian capital started operating in November 2018, online sales started in November 2020.