Russian Development

0129mall.gifFASHION HOUSE Development is moving forward on a plan to open Outlets in Russia. The developer has just completed acquisition of its first Russian Outlet plot.

A number of development companies have been looking to Russia as a new market, but this project looks to be the first outlet development. With outlets gaining popularity around the world, the growth opportunities should be significant.

From the company’s press release:

Brendon O’Reilly, Director, GVA Grimley Outlet Services and FASHION HOUSE Development, explains: ‘Currently Russia has no Outlets and yet there is the potential for at least 20 based on population, brand awareness and potential spend. Interestingly the original drive for us to look into this market came from our existing tenants who are desperate to move into these areas.  We work as a partner with our tenants and wanted to look into meeting this need.  FASHION HOUSE Development was the ideal vehicle to move this forward.’

Neil Thompson, CEO of FASHION HOUSE Development adds: ‘This is a new and exciting marketplace that we feel is ready for the FASHION HOUSE branded Outlet offer. As Brendon mentioned, there is high brand awareness amongst consumers who have money to spend, extremely high demand from our current tenants wanting to move into this market and a good number of investors with Outlet experience looking to come on board. FASHION HOUSE Development has the experience and expertise to be the first to go into this emerging market. FASHION HOUSE Outlet Centre Moscow is our first of many in Russia. Currently we are looking into a further sixteen cities with the hope to secure future plots.’

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