The exit of the major international fashion and F&B brands from the Russian market has hugely increased the role of the food halls in generating footfall to the neighborhood centers. The traffic of the food halls since February 2022 has doubled and almost reached the level of the traditional retail anchors. Therefore, we decided to partner with Eat Market, an experienced developer of artisan food markets, who will operate our existing and upcoming food halls. Eat Market is a leading expert in the fields of building, tenanting, and operating the ultimate placemaking venues of our time.
By the end of 2023, Eat Market will be managing markets with a total area of more than 17,000 sqm in 12 neighborhood centers of the Meeting Place project. We plan to invest approximately RUR 50 mln in each location, thus, the total investment into the project will be around RUR 600 mln.
In order to create the new level of engagement between customers and restaurants, the new food halls will offer exceptional digital experience – orders will be available both at the counter and in the Eat Market app which will make the process of food service more efficient and convenient. The joint menu for all the corners of a food hall and a shared check will improve the customer experience. Together with our partner, we make a positive impact on improving the wellbeing and quality of life of local residents.