December 13, 2017— Hines, the international real estate firm, has announced commencement of the second phase of construction at Outlet Village Pulkovo, the first and largest retail outlet complex in Saint Petersburg.
The 6,500-square-meter expansion, estimated at 22 million euros, will create space for 50 additional retailers, increasing the total number of tenants to 126. Agreements with 15 tenants have already been signed and the project is expected to be 75 percent leased at the time of opening in the third quarter of 2018. Among the expected large-scale openings are such brands as Maje, Sandro, Gerard Darel, Bork, TOUS, FreyWille, Pandora, Superdy and Under Armour.
The property is currently 97 percent leased to 70 tenants. Combined with the first phase of Outlet Village Pulkovo, the total complex area will increase to 21,900 square meters after launching the second stage.
“This is a significant development for Outlet Village Pulkovo, as well as for the entire retail market in Saint Petersburg,” said Director of Retail at Hines Russia, Antoni Gascon. “We expect to have over one million visitors by the end of 2017 and are forecasting a 40 percent footfall increase after the second phase launches.”
Additionally, Outlet Village Pulkovo will open a 500-square-meter restaurant space by the end of the year. The development will combine three concepts: European cuisine, famous Neapolitan pizzas from well-known Saint Petersburg restaurant Pizza 22 cm, and traditional Chinese fare.