In Russia, shopping malls are rapidly emptying due to the mass closure of stores

Russian shopping centers are seeing a further decline in the number of tenants: retailers of clothing, electronics, and home goods are closing their stores en masse. 

By the end of 2026, the vacancy rate in Moscow’s shopping centers could reach 12.2%, an increase of 2.5 percentage points over the year, with the rate rising for the third consecutive quarter. According to analysts at CORE.XP, the vacancy rate in the Russian capital’s largest shopping centers rose to 7.5%, while in regional centers it reached 5.4%.

According to calculations by the company “Magazin Magazinov,” between July 2025 and June 2026, 2,300 retail units ceased operations in high-quality Moscow shopping centers. New store openings compensated for only 80% of the closures in terms of number and 75% in terms of occupied space. Among the retailers downsizing their chains were companies such as Gloria Jeans, which plans to close about 150 stores in 2026, as well as O’Stin, Zolla, Zenden, and Concept Group.

Source: “Kommersant.”

As a reminder, consumer sentiment in Russia is rapidly deteriorating, confidence in the economy is declining, and anxiety is rising. This was reported by the Foreign Intelligence Service of Ukraine. Consumer lending in Russia has fallen to a six-year low.

After three years of unexpected economic growth, Russia is facing a sudden slowdown—war expenses, inflation, and falling oil prices have begun to weigh on an economy that, until recently, seemed resilient to sanctions.