Saturday, July 18, 2015

The main department store in Moscow’s Red Square.
(Photo: Thinkstock)The shopping capital of the world is now…Moscow.
You read that right.
The Russian capital has just dethroned Paris as the European city with the
most shopping, clocking in at 4.
53 million meters of retail space compared to Paris’s 4.
5 million.
Related: Russia Like You’ve Never Seen it Before: the Most Amazing
Aerial Shots EverMoscow owes its sprawling retail real estate to an explosion
of mega malls dreamed up before the economic downturn hit.
While development began long before the financial crisis, the giant retail
spaces are just finishing construction now.
This year alone, six more have opened—and in 2014, Moscow unveiled the
largest mall in Europe, Avia Park.
 Related: What It’s Really Like to Travel as a Gay Woman in
Russia The Avia Park mall in Moscow.
(Photo: Avia Park/ Instagram)But now that money is tight, Moscow’s
title doesn’t look to be long-lasting.
According to the Moscow Times, experts anticipate a development downturn in
2017, as the financial situation catches up.
Mall rental rates are already being cut as much as 50 percent in some places,
personal incomes are down, and Russians are spending almost 8 percent less
than they did last year.
The effect, experts say, will be that the retail landscape will change from
sprawling mega malls to smaller shopping centers—a change that, we have
to admit, might just be the most on-trend thing about this news.
Watch: Forget Diamonds—In the Far East, Imperial Jade is a
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The shopping capital of the world is now…Moscow.
You read that right.
The Russian capital has just dethroned Paris as the European city with the
most shopping.
.
The shopping capital of the world is now…Moscow.
You read that right.
The Russian capital has just dethroned Paris as the European city with the
most shopping.

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