May 24, 2005
Stockmann to build a department store and shopping centre in St. Petersburg
Stockmann has concluded a real-estate deal on building a department store and shopping centre in the heart of St Petersburg. Apart from a full-scale Stockmann department store, other retailers will also move into the building, and it will have a modern car park. The department store and shopping centre are scheduled for completion in 2008.
Stockmann has concluded a real-estate deal on building a department store and shopping centre on Nevsky Prospekt in the heart of St Petersburg. The location of the approximately 10,000 square metre plot beside the underground station on Vosstaniya Square and in the immediate vicinity of Moscow Station is an excellent commercial site. Stockmann previously had a preliminary lease agreement on the same site, but it was cancelled in summer 2003.
On the purchased plot, a building with at least 45,000 square metres of gross floor space will be erected, and it will feature not only a full-scale Stockmann department store but also other retail shops and a modern car park. Apart from its department stores, Stockmann also operates the Zara, Bestseller and Seppälä retail chains in Russia.
Stockmann has operated in St Petersburg since 1993 and has long been on the lookout for a suitable department store location in the city. Retail sales in St Petersburg are estimated to develop strongly in step with the growth in disposable income.
The department store and shopping centre investment will have a price tag of about EUR 80-110 million, depending on the final floor space to be built. Stockmann will carry out and finance the construction project either independently or in cooperation with suitable investors. The department store and shopping centre are scheduled to open their doors to the public in 2008.
For further information
Stockmann's executive vice president
tel. +358 9 121 5230
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