Vremya to bring Park House mall chain to Nizhniy Novgorod

Corporate Profile Vremya developer group was established in 2000 in Samara. At present it operates two malls under Park House brand in Samara and Volgograd. Shopping centers in Yekaterinburg, Kazan and Togliatti are planned to be launched in 2005. Corporate turnover and owners are not disclosed.

Regional Profile Nizhniy Novgorod is the fourth populated Russian city and the center of Middle Volga region as well as one of the two largest national automotive industry bases. Its population amounts to 1.4 mln. Retail turnover in 2003 totaled RUR 55 bln (about $1.85 bln).

Vremya developer group is going to launch the shopping centre of Park House chain in Nizhniy Novgorod, the company reported. The investment volume is not disclosed but it could be estimated at the level of $65 mln as the development of one square meter costs $1000 in average. The return on investment period is forecasted to take five years.

The mall is to be located at the lower bank of Volga as the competitive environment seems to be more advantageous in this residential district. At present the developer is choosing on of the six sites offered for sale by local authorities.

The mall will be targeted at consumers with $150 and higher income per family member. Sportmaster sports requisites and sportswear chain and Technosila home appliances seller are reported to be anchor tenants. Grossmart hypermarket chain, alternative business project by Marta holding being developed separately from its partner Rewe group, is likely to become the food retailing tenant of the mall. The cinema multiplex, bowling club and food court are also planned.

Corporate Profile Vremya developer group was established in 2000 in Samara. At present it operates two malls under Park House brand in Samara and Volgograd. Shopping centers in Yekaterinburg, Kazan and Togliatti are planned to be launched in 2005. Corporate turnover and owners are not disclosed.

Regional Profile Nizhniy Novgorod is the fourth populated Russian city and the center of Middle Volga region as well as one of the two largest national automotive industry bases. Its population amounts to 1.4 mln. Retail turnover in 2003 totaled RUR 55 bln (about $1.85 bln).

Vremya developer group is going to launch the shopping centre of Park House chain in Nizhniy Novgorod, the company reported. The investment volume is not disclosed but it could be estimated at the level of $65 mln as the development of one square meter costs $1000 in average. The return on investment period is forecasted to take five years.

The mall is to be located at the lower bank of Volga as the competitive environment seems to be more advantageous in this residential district. At present the developer is choosing on of the six sites offered for sale by local authorities.

The mall will be targeted at consumers with $150 and higher income per family member. Sportmaster sports requisites and sportswear chain and Technosila home appliances seller are reported to be anchor tenants. Grossmart hypermarket chain, alternative business project by Marta holding being developed separately from its partner Rewe group, is likely to become the food retailing tenant of the mall. The cinema multiplex, bowling club and food court are also planned.