Molly Malone’s, a pub chain and Magnolia, a supermarket chain leased the new premises with the help of Knight Frank that acted as a consultant.
Molly Malone’s is a traditional Irish pub located in the city centre which currently resides at Staraya Basmannaya 38/2. As a part of its expansion it has just rented a mansion that consists of 2 floors and an attic level with the total area of 458 sqm located at 34 Petrovka Street.
The pub chain is famous worldwide with their pubs found in the US, Singapore, etc. The brand name comes from the name of the song which has become an unofficial symbol of Ireland.
Magnolia is a supermarket chain that launched its activities in 1993 and has 150 shops at the moment. The retailer is mostly developing a cornershop format with some basic groceries as well as other necessities. The supermarket chain is active in Moscow and the regions alike. The average retail area of the shops is 250–300 sqm while there are a number of smaller spaces with an area of 110 – 120 sqm.
The new retail space that Magnolia leased this time exceeds the average space that the retailer usually rents by a large margin. The area of the new shop located at 1st Neopalimovsky Lane, 8 is circa 414 sqm.
Ekaterina Podlesnykh, Head of Street Retail Knight Frank Russia and CIS mentions that street retail has been increasingly in demand over 2011 which was partly boosted by the deficit of available space in shopping centres. The trend was particularly evident amongst restaurants, clothes shops, and supermarkets. Banking and mobile operators were amongst those with the most number of retail outlets.
‘The most popular retail format is still that of 100 - 250 sqm. It is worth mentioning that it is also true of other capitals around the worldwide, not just Moscow’, notes Ekaterina Podlesnykh.