Find in the news:
BY COUNTRY

Europe’s largest mall opens in Russia despite ruble instability



The largest shopping in Europe was opened in Moscow to an orchestra playing the Ode to Joy and the cut of a ribbon.
The mall, Aviapark, covers a space equal to 36 football fields and once it operates at full capacity, will contain a 17-screen theater with sufficient seating for 4000 people, in excess of 500 stores selling absolutely everything and 80 restaurants.

However, although the center was opened with the usual pomp and ceremony, there was uneasiness about the event.  The ruble is declining and the economic climate in Russia is unstable.  

Aviapark construction commenced in northern Moscow during 2012 at a time when the economy in the country was more positive.  The site of the large shopping mall is where Catherine the Great erected a tent city in celebration of gaining control of Crimea from the Ottoman Empire during the 1770s.  However, once again, the costs of Russia taking control of Crimea, along with a decline in oil prices have negatively affected the ruble.

The demand for imported goods has been dampened by the weak ruble, however local production is limited as there is not much industry in the country.  More than one third of the country’s food is imported.

Most of the first-day visitors to Aviapark appeared to be browsing and not buying.  

Economists have attributed three factors for the ruble’s decline.  The first and most important is related to the overall economy and concerns that Russia should implement
reforms.  This issue was compounded by the reaction to the problems in Ukraine, which resulted in sanctions from the west.  The final problem is the decline of the oil price, which affects the country’s main export.

Igor Rotenberg is one of Aviapark’s main investors.  His father, Arkady Rotenberg, and his brother, Boris, are both on US and EU sanctions lists, along with several other businessmen with links to Putin.

Many people still feel Russia has potential, however for middle-class Russians who had become accustomed to purchasing imported products and going on holiday abroad, the economic downturn is a real problem.

Related shopping malls and stores:

More about shopping malls in Russia



DAY BEFORE YESTERDAY, France:
Intermarché, the French supermarket group Les Mousquetaires, has decided to support its competitor.
DAY BEFORE YESTERDAY, Hong Kong:
The new high-end jewelry showroom is the first space to showcase high-end jewelry masterpieces.
May 25, 2023, USA:
American brand Gap, one of the largest clothing manufacturers and retailers, decided to initiate litigation with Kanye West.
May 25, 2023, USA:
Dick's maintains its revenue forecast for 2023 and forecasts revenue growth of 2%.
May 24, 2023, USA:
Simon has decided to roll out its own Simon Search service at The Mills and Premium Outlets.
May 24, 2023, USA:
This new order fulfillment system is truly game-changing.
Friend
and Follow
212 Istanbul Power Outlet GLA:753 474 SF
ADDRESS: Mahmutbey Merkez Mah. Taşocağı Cad. No:5 Bağcılar  /  İstanbul
Turkey . Istanbul
212 Istanbul Power Outlet
Westfield World Trade Center GLA:365 000 SF
ADDRESS: World Trade Center, Manhattan, NY 10007
Vegas Crocus City GLA:1 199 078 SF
ADDRESS: 61 km Moscow Ring Road
Russia . Moscow region
Vegas Crocus City
Greenwood Park Mall GLA:1 164 000 SF
ADDRESS: 1251 US Highway 31 N, Greenwood, IN 46142-4514
USA . Greenwood
Greenwood Park Mall


Edit text

Dear visitor!
If You wish to add appropriate information to this description, please make changes in the text below and they will take effect after being verified by Malls.com administrator.

SAVE CHANGES
ADD PHOTO

Dear visitor!
If you desire to add more photos to this description, please upload them and they will appear on the page after being verified by Malls.com administrator.

CHOOSE PHOTOS
SAVE CHANGES
Sign in Malls.com
Sign in please, if you already have an account

Registration



Error filling
Error filling
Error filling
Error filling
Thank you!
You will receive e-mail with registration data shortly. In email you'll find link, confirm your account by clicking on it, please.

Malls.com Team
Thank you for message!
In the near future you will be contacted the manager
for further details.

Malls.com Team
Good mall, bro!
In the near future you will be contacted the manager
for further details.

Malls.com Team
We are dissatisfied with you :-(
In the near future you will be contacted the manager
for further details.

Malls.com Team

Write to us