According to the consulting company NF Group, in the first half of 2024 there was a significant decline in activity in key bar locations in St. Petersburg – on Rubinshteina Street and Nekrasova Street, where since the beginning of the year 2.5–3 times fewer gastronomic establishments have opened than in the same period in 2023 of the year.
Photo: Olga Krykova/Retail.ru
There are 33 bars on Nekrasov Street, and the vacancy rate in the first half of 2024 was 8.4%, on Rubinshteina Street there are 26 bars and almost zero vacancy (0.9%). According to NF Group analysts, Nekrasova Street, after the opening of space in the former Nekrasovsky telephone exchange and the redevelopment of the Maltsevsky market, will strengthen its position as a favorite place for gastro-gourmets, which will affect traffic and demand for commercial premises.
By the end of the first half of 2024, the share of vacant street retail space on the central streets of St. Petersburg decreased by 0.3 percentage points compared to the end of 2023 and amounted to 6.2%, reaching pre-pandemic values.
On the main streets of the Central District, an even lower vacancy rate is recorded (5.7% in the district) and low rotation rates. After a period of increased demand for street retail premises, the situation has stabilized: the total number of openings and closures of retail outlets in the location has decreased, and the rotation of tenants has decreased. Since the beginning of 2024, 105 new establishments have appeared in the Central District, which is almost two times less than in the same period in 2021 and 2022. and 43% less compared to the first half of 2023. At the same time, 93 establishments closed, which is also the minimum value in recent years.
The general trend of decreasing tenant activity and rotation in the Central District can also be observed on the key bar streets – Nekrasov and Rubinshteina, where 4-5 new catering establishments were opened each. This number is 2.5–3 times less compared to the same period in 2023.
By the end of June, the share of vacant premises on Nekrasova Street was slightly higher than the market average – 8.4% (+0.4 percentage points compared to the end of 2023). The high vacancy rate is due to the length of the street and the relatively recent beginning of its development into a “bar” status. In addition, openings here occur mainly due to the replacement of one tenant by another. On Rubinshteina Street in the first half of 2024, on the contrary, restaurateurs took over empty space to open new projects, so the vacancy here decreased from 4.1 to 0.9%. NF Group analysts expect an increase in the gastronomic attractiveness of Nekrasov Street during the year, an increase in pedestrian traffic and demand for commercial space in connection with the expected opening of a multifunctional complex with a gastronomic area on the site of the former Nekrasovsky telephone exchange and the redevelopment of the Maltsevsky market.
This year, Nekrasova Street has strengthened its position as the city's leading bar street, while Rubinshteina Street is gradually losing this status. At the end of the first half of 2024, the share of bar establishments on Rubinshteina Street decreased by 3 percentage points and amounted to 36%, or 26 bars in quantitative terms, which is the lowest figure in the last five years. On Nekrasova Street, on the contrary, there is an increase in the share of bars to 57% (33 establishments). It is also worth noting that the format of the streets itself has been adjusted: if earlier establishments on Rubinshteina opened in the evening, now most of them start working before lunch, in contrast to Nekrasova Street, where most of the establishments open between 16:00 and 21: 00.
Among the openings of this half-year on Nekrasova and Rubinshteina streets one can highlight the “Media bar” with musical performances and stand-up (Nekrasova street, 36), Wasted bar with a large selection of cocktails (Nekrasova street, 25), interactive gastrobar Open People (Rubinshteina St., 38), Mediterranean restaurant and bar "Ministry" (Rubinshteina St., 24), as well as the Gris restaurant-bar with original cuisine (Rubinshteina St., 11).
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