Food halls went beyond the Moscow Ring Road – Newspaper Kommersant No. 196 (7397) of 10/21/2022
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Food hall operators, despite a 20% drop in traffic due to the crisis, announce new projects. Zemskiy Group is going to open such an object worth 1 billion rubles on Novorizhskoye Highway in the Moscow region. Market participants doubt that due to the competitive environment the project will be successful, warning that its payback will be longer than usual for the market terms.
Zemskiy Group will build a three-story food hall with an area of 7.1 thousand square meters on Novorizhskoye Highway. m, the founder of the company, Vladislav Zemsky, told Kommersant. He estimates the volume of investments in the project at 1.1 billion rubles. The investors are Astemir Kushkhov and Yuri Khikhinashvili, who may be the son of Teimuraz Khikhinashvili, co-owner of Patero Development. Patero was a prominent player on the Moscow commercial real estate market in the 2000s, participating, in particular, in the construction of the Vremena Goda and Zolotoy Vavilon shopping centers.
Zemskiy Group has been managing Eat Market food halls since 2018. Now under this brand, according to Mr. Zemsky, there are six sites in several regions. According to Kartoteka.ru, Vladislav Zemsky owns a 25% stake in IT Market Management LLC, another 21.25% each from the partners of the Ultimate Capital venture fund Evgeny Zaltsman and Andrey Kondratyuk. Svyatoslav Pershkov owns another 25% through a chain of legal entities. 7.5% – from Alexander Mirakov.
Investors have to work in a negative environment: food halls, like the entire catering market, have faced a decrease in attendance this year due to the crisis. StrEat founder Maxim Popov estimates the total loss of traffic this year at 20%: projects lost about 10% after the outbreak of hostilities in Ukraine at the end of February, another 10% after the announcement of partial mobilization in September. “Part of the active audience left the country, part switched to remote work, part faced the need to save money,” Mr. Popov lists.
The new project on Novorizhskoye Highway is located near the Petrovsky market and the Riga Land business center. Mr. Zemsky expects that the food hall will have 35 corners and five restaurants, two of which are premium. The businessman expects that the object will be in demand due to the lack of quality places in the district and the development of the area: “We plan to become an intercepting node between the city and the main residential areas in New Riga.”
Although Maxim Popov believes that the Zemskiy Group project on Novorizhskoye Highway will not be very successful due to the low concentration of the population and the competitive environment. He also cites the proximity of corners to restaurants as a potential problem: their audiences are similar in many ways, which can damage traffic. The expert doubts that it will be possible to return the investment in the project in three years, which is standard for food halls.
Irina Kozina, director of street retail at NF Group, does not rule out that the business began to take an interest in projects in the suburbs against the backdrop of a gradual saturation of the Moscow market with gastrospaces. Now, according to her calculations, a total of 43 gastroprojects operate in Moscow and the Moscow suburbs, including food halls, gastromarkets, and food malls. If the previously announced projects are implemented, then at least 20 more venues will start operating in the next five years.
Marina Malakhatko, Senior Director of CORE.XP, believes that food hall managers partly focused on development in the suburbs during the COVID-19 pandemic. “New Riga, in fact, is the only optimal direction for this format so far, Rublevka is not suitable because of the different mentality of its inhabitants,” she notes. Risks for the project, according to the expert, are created by the proximity to the Estate Mall and Novaya Riga Outlet Village, where gastromarkets are planned. Ms. Malakhatko considers suburban projects more promising, where gastrospaces are combined with wellness.
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