Retail Property in Odessa
Statistically the average Odessa citizen spends about $15-$18 buying food, personal hygiene products, and household goods per market place visit. Western European economists look for average statistical expenditure of $9 per visit as a threshold to begin investigating the feasibility of constructing a shopping mall or supermarket in that region. As stated above Odessa is currently twice that value.
Currently there is lack of shopping malls and supermarkets in Odessa, especially noticeable is the lack of shopping-entertaining centers. The largest shopping center in Odessa is only 25,000 m2 in size, yet commercial real estate analysis appraisals state that Odessa market place is mature enough for the creation shopping centers 4 times this size. ( 100,000 m2 )
To further illustrate this demand in retail space we can compare Odessa with the largest cities of Eastern Europe.
Below is the amount of shopping center space available per 1,000 people:
- Odessa – 70 m2
- Moscow – 312 m2
- Warsaw – 422 m2
- Prague – 476 m2
- Budapest - 504 m2
This disparity is even larger when one considers the available space of shopping-entertainment centers available in Odessa:
There is a section of Odessa with a population of greater than 350,000, where per 1000 residents there are only 3 to 4 cinema seats available. Odessa does not have a concert hall or other large infrastructures for leisure and entertainment.
In conclusion, while Odessa possess a large and strong consumer population it is lacking in every type of retail space imaginable, from modern shopping centers, to malls, to discount warehouses, to entertainment-shopping centers. One of the main reasons for this disparity is the lack of skill management for such projects. Western businesses that invest in such properties in Odessa can bring their own managers from their home market to train the local workforce on Western business practices.
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Retail Property in Odessa Historical Center
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