How Trade Is Changing in Uzbekistan. Amal Khaitov Briefly on the Main Indicators of the Retail Market

How is trade changing in Uzbekistan?

In Uzbekistan, according to InfoLine, by 2024 shopping malls have won a modest 13% share in retail (for comparison: in Kazakhstan – 30%), while bazaars retain a share of 85% (in Kazakhstan – 58%). But the volume of high-quality retail space in the capital of Uzbekistan is growing rapidly.

In 2024, according to CMWP Uzbekistan, 478.5 thousand square meters of new GLA appeared in Tashkent, which is 3.5 times more than in 2019. And in 2025, the Tashkent retail space market will be replenished with another 100 thousand square meters of GLA. Currently, Tashkent's provision of high-quality retail space, according to CMWP Uzbekistan, is 170 square meters per thousand residents. This is 2.6 times less than in Almaty.

The indicative rental rate (in a 100 sq. m. space on the ground floor of a shopping center) in large shopping centers in Tashkent, according to CMWP Uzbekistan, has grown by an average of 11% per year over the past five years. If in 2019 it was $24, then by 2024 it rose to $41/sq. m.

“The stable economic growth of the republic (projected GDP growth is 6% in 2025), the growing population of the country (the population growth per year is 2.2%) and the low level of competition so far make the Tashkent market attractive for foreign chain retailers,” says CMWP Uzbekistan consultant Amal Khaitov.

But there is only one truly large shopping mall in the country so far – Tashkent City Mall (103 thousand sq. m). The area of ​​the other shopping malls is from 16 to 26 thousand sq. m. In addition, according to Amal Khaitov, foreign retailers note the lack of quality warehouse space, difficulties in organizing logistics in the regions and difficulties with customs regulations among the problems of entering the market.

Tashkent residents go to small district shopping malls specifically for planned purchases of clothes, food or small retail. And in large shopping malls, such as Tashkent City Mall, people come not only for shopping, but also for entertainment, visiting cafes, restaurants and cinemas.

"Judging by the volumes of space occupied by retailers, the most popular goods in large shopping centers in Tashkent are fashion retail goods - they account for half of the GLA space. And the average share of space in shopping centers in the "restaurants/cafes" and "entertainment" segments is only 1 to 10% of leasable space," notes Khaitov.

While in Kazakhstani shopping malls the share of "restaurants/cafes" and "entertainment" together takes up to half of the area.

Online trade in Uzbekistan also takes up a modest 2% - six times less than in Kazakhstan. But its volume is growing rapidly (+100% year-on-year).

Source: Kursiv.kz

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