The footfall of medium and large shopping centers (SCs) in Russia fell by 2% year-on-year in January–March 2026 and plummeted by 25% compared to the same period in 2019. This is according to Focus Technologies data cited by Kommersant. The primary reason for the current decline is the drop in purchasing power and the transition of Russians into a “saving mode.”
Key Indicators of Spending Decline (March 2026 vs March 2025):
- Clothing and footwear: decreased by 4.5%.
- Furniture and home interior: collapsed by 12.1%.
- Construction and renovation: fell by 9.8%.
- Jewelry: contracted by 2%.
Experts note that Russians have almost entirely abandoned “emotional shopping.” Visiting a mall has ceased to be a form of leisure, as the population no longer has surplus funds for spontaneous purchases.
Analytical Summary:
The 25% drop in mall traffic compared to 2019 signals the sunset of the “retail development” era in Russia. We are witnessing more than just a temporary slump; it is a fundamental shift: the consumer market is shrinking to satisfy only basic needs. The severe hit to furniture and renovation categories (-12%) directly indicates stagnation in the real estate market and a reluctance among citizens to invest in long-term living arrangements amid uncertainty.
Saving on clothing and sporting goods suggests that Russians have begun cutting expenses that were previously considered standard for the middle class. Shopping centers are turning into “monuments to past consumption,” unable to compete with marketplaces on price or with citizens’ wallets on demand levels. In the long term, this will lead to the mass closure of large facilities and the repurposing of spaces into warehouses or social centers, as the SC business model—built on mass and spontaneous consumption—has definitively stopped working in today’s Russia.