Redevelopment and Reconception of Surplus Retail Property

Abstract

The retail real estate market is oversaturated. This forces the owners and investors to reconsider the design of the existing facilities to meet the needs of new visitors. The purpose of the research is to re-evaluate the commercial real estate market in Yekaterinburg to solve the problem of excessive outdated shopping areas and to adjust them to the needs of Y and Z consumers. This can reveal the promising areas for redevelopment and reconception of outdated commercial real estate in shopping, sports, cultural, and entertainment centers. The most significant results characterizing the scientific novelty of the study are as follows: the commercial real estate market in Russia was analyzed for the period 2019–2022, retail trade in Sverdlovsk region was examined for the period 2017–2021, the largest shopping and entertainment malls in Yekaterinburg were assessed by their opening date, total and retail area, category, availability of parking space, food court, cinema, gaming zones, etc.; the key drawbacks of outdated shopping malls were systematized from the perspective of new generation consumers; the authors analyzed the facilities available in Yekaterinburg for organizing leisure events in the areas such as concerts and touring, educational and leisure activities, sports events to justify the need for SECs; the concept of redeveloping an irrelevant site into a leisure, entertainment and cultural recreational center was proposed, with the center satisfying the needs of Y and Z generations; the trend for the development of cultural and entertainment facilities was identified; the redevelopment project was financially and economically reasoned; and its efficiency was proven. Further research is associated with a more detailed analysis of outdated shopping mall redevelopment into the entertainment sites which are popular among Y and Z generations. This can fill the gaps in the existing methods of its evaluation.