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The supply of quality retail space in Lipetsk may exceed 650 sqm per 1,000 residents

The level of per capita retail space is not very high in Lipetsk and amounts to 124 sqm per 1,000 residents. At the same time the regions major socio-economic showing in recent years has demonstrated high growth rates which bodes well for the expansion of the local retail real estate market.

Lipetsk is now one of the leaders in terms of direct foreign and domestic investments, having shot far ahead of other large cities in the Central region. In terms of per capita industrial output the region ranks third in Russia and first in the Central region. Construction on the special economic zone Lipetsk, adjoining the city border and serving as an expansion of its industrial zone, started in 2006.

Now the city is being actively developed and new large districts are being formed. Realization of the satellite town Romanovo project, to cover about 5,700 ha and to provide housing for about 130,000 persons, is to be launched during the next several years. The per capita annual income in the Lipetsk region amounted to $6,113, which is higher than in the neighboring Voronezh region ($5,435). In our estimation, the income of urban residents exceeds the regional figure at least by 30%, points out Polina Zhilkina, analytics director at ADG Group. The level of investment in the regional economy for the first half year of 2008 exceeded the figures for the comparable period of 2007 by 26%.

Until recently the local retail chains Korzinka (now sold to X5) and Pokupaika have gained a rather firm foothold on the market of foodstuffs. However, the national retailers also put up a rapid expansion into the city. Metro Cash & Carry, Real, Perekrestok, Linia et al. opened their stores here in 2006. Kaliningrad-based chain Vester, Krasnodar-based Magnit, Eldorado, Technosila and M.Video home electronics and appliances chains are also present. In addition to hypermarkets, two shopping centers Lipetsk on Studenovskaya St and Armada on Pavel Smorodin St operate in the city.

At least nine large retail properties will most likely be delivered to the local market by 2010. Local entrepreneur Vladimir Chebotarev plans to build the 55,000-sqm Europe mall on Sovetskaya Street. This is the businessmans second property; he also owns SC Lipetsk that opened its doors in 2006.

Large developers, such as Korston, Finstar Properties, Tashir, Adwill Partners and DVI also announced the delivery of their projects during the upcoming years.

In 2006 Turkish Kilic Foreign Trade began construction on a mall at the intersection of Moskovskaya and Katukov streets. The property was to be commissioned in summer 2007, but the company suddenly encountered problems and by the said time only the buildings skeleton appeared, while some later the construction works were altogether suspended. Now the unfinished project is put up for sale.

Taking into account the parameters of all announced projects, if the developers succeed in overcoming all difficulties proceeding from the financial crisis, the per capita retail space in the city will amount to about 650 sqm per 1,000 residents.

ADG group was founded in 2003 and is now among the leaders of the Russian commercial real estate market. The company boasts an imposing list of development projects realized in the Russian regions. The main emphasis is put on the rapidly developing retail trade segment where ADG group acts as a full-cycle developer. The company plans to invest more than $3 billion in the construction of 2.5 million sqm of commercial space. At the present time ADG group is engaged in the development and delivery of projects in Kaliningrad, Novosibirsk, Bryansk, Astrakhan, Nizhny Novgorod, Cheboksary, Lipetsk and Orenburg, and holds negotiations about entering other regions of Russia.

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