Shopping centers are rented to their own – Newspaper Kommersant No. 182 (7383) dated 10/03/2022
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A decrease in traffic and an increase in vacancy in shopping centers are forcing their owners to fill niches with their projects. Thus, the co-owner of Crocus Group, Emin Agalarov, will open the first point of the budget network of fitness clubs, Heat Fit, in the place of the tenant who moved out in Vegas Crocus City. The market warns that the facility will provide a minimum traffic conversion, and the fitness industry has lost 25% of its turnover since the start of partial mobilization.
Emin Agalarov, co-owner of the Crocus Group, is launching a new chain of fitness clubs under the Heat Fit brand, a representative of the businessman told Kommersant. The first facility will open in mid-November at Vegas Crocus City near the Myakinino metro station in the Moscow region in place of a tenant who moved out, whose name was not disclosed. The club will occupy an area of 3.8 thousand square meters. m, it took 60 million rubles to launch it.
Emin Agalarov is already developing Crocus Fitness. The representative of the businessman clarifies that a subscription to Crocus Fitness is sold for about 70 thousand rubles. per year, “Heat fit” will be budgetary, with the cost of annual cards of 15-19 thousand rubles.
The retail real estate market as a whole is under pressure from the outflow of foreign tenants. According to Focus Technologies, in September, the traffic of objects in Moscow was 15% behind the figure for the same period in 2021 and 21% behind 2019. The average vacancy rate, according to estimates by the Commonwealth Partnership, reaches 11% in the first half of the year, and for shopping centers commissioned over the past two years, the figure exceeds 40%.
Alexey Vanchugov, managing partner of Vanchugov & Partners, doubts that opening his own fitness club on the vacant premises is a good idea. According to him, the level of traffic conversion in this case is expected to be at the level of 7%, and an indicator of 20% is considered good. Mr. Vanchugov also doubts the effectiveness of the concept of vertical integration, when the owner of the object leases space to an affiliated tenant. Mikhail Vasiliev, head of research and consulting at Focus Technologies, agrees that such retail properties often have lower competitiveness, but notes that there are also successful cases on the market.
The fitness industry itself cannot yet recover from recent crises. The National Fitness Society (NFC) estimates that clubs sold 10% fewer cards in the first half of 2022 compared to the same period in 2019. And the negative background that arose against the background of the decision on partial mobilization led to a decrease in the turnover of fitness clubs by an average of 25%, points out the president of the NSF, Elena Silina. Market participants faced a general outflow of customers, applications for the return of funds from those called up for service.
According to the representative of Emin Agalarov, it is planned to replicate “Heat Fit” by franchise, opening clubs in the cities of Russia and Baku. Each object will require 50-100 million rubles. investment, he said. Franshiza.ru expert Anna Rozhdestvenskaya says interest in all resource-intensive franchises, including fitness clubs, has declined since February. Although, she adds, until September 21, the price segment is over 15 million rubles. was one of the least affected by the crisis. The expert found it difficult to predict how the current uncertainty could affect the mood of franchise buyers.
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