IKEA Centres looks out for tenants

14 MEGA shopping centres located across Russia, Europe´s largest retail market by sales, are to benefit from IKEA Centres Russia´s 2.1 billion USD investment program. The main purpose behind the scheme is to create an overall improved experience for customers, whilst supporting its tenants by extending many of its shopping centres and bringing forward commercial upgrades. In order to explain the program in depth the largest shopping centre operator in Russia, IKEA Centres Russia, has attended ICSC ReCon Las Vegas. Between the large amount of foreign brands which have entered the Russian retail market over the years many US-American companies can be mentioned, as over 50 have already opened in Russia with IKEA Centres. The first companies to make use of the reinvestment will be focused around Moscow, including MEGA Khimki and Teply Stan. Major extension work is currently underway at these two centres both reaching over 2 million square feet of total space of which all sectors will benefit. Russia is currently developing over 54 million square metres of shopping centre floor space. Russian consumers spend up to 70% of their pre-tax income on retail, and between 2005 and 2015 expenditure on clothing increased 215%. Olga Shevtsova, Head of Sales and Commercial Development at IKEA Centres Russia, expressed the importance of taking care of their customers "MEGA is much more than a shopping centre, it's a place where people go to improve their everyday lives - and we are here to help".