Taras Shevchenko Street, Shota Rustaveli Street, Amir Temur Avenue, and Tashkent City are the most in-demand and popular street retail locations in Tashkent, according to a study by Commonwealth Partnership.

The report notes that street retail is gaining popularity among the capital's residents. This is evidenced by the extensive growth of commercial spaces, both in specialized retail premises and in converted ground floors of buildings.

Furthermore, the real incomes of Tashkent residents are showing positive dynamics, as confirmed by the high occupancy rates in restaurants and cafes of various price categories during evening hours. This, in turn, increases the number of available retail units and investor interest in this market segment.

 

The CMWP report identifies three main and one potential retail corridor in Tashkent, selected based on an online survey of city residents.

Experts have identified Tashkent City as a potentially successful area for street retail development, boasting a large volume of ground-floor retail property units.

Excluding Tashkent City, vacant units in the selected areas constitute up to 6% of all properties. The average monthly rental rate is $21.3 per square meter.

 

Tashkent City

Tashkent City possesses significant potential in terms of transport accessibility due to the proximity of the Boulevard and Gardens Residence residential complexes to the "Friendship of Peoples" metro station. Its central location ensures accessibility by private transport.

Within the Boulevard area, the main tenants are restaurants, clothing stores, and service providers, while Gardens Residence hosts major car dealerships.

Currently, 68% of the units are unoccupied. Experts believe that the high vacancy rate will persist until the completion of the main construction projects in Tashkent City.

The price segment for shops and restaurants in Tashkent City ranges from mid-tier to high-end. Key tenants include Bon!, Kosebasi, Li-Ning, Safia, and Mercedes Benz. The average monthly rental rate is $28.1 per square meter.

 

Amir Temur Avenue

The report examines Amir Temur Avenue from Abdulla Kadiri Street to the Small Ring Road. The metro line running through the middle of the avenue provides high transport accessibility for pedestrians.

On weekdays, the primary demand comes from employees of nearby business centers, residents, and students of the Financial University. On weekends, the avenue attracts other city residents seeking clothing and leisure activities.

Despite the significant length of the 1.2 km stretch, which houses 139 units, the avenue is physically divided by a highway, hindering connectivity between the two parts. Consequently, people tend to use only one section of the street.

A key retail segment is clothing and footwear sales. Prominent tenants in this sector include Timberland, Urban store, Nike, Adidas, DI sport, and Ramsey.

The price segment for shops and restaurants ranges from low to mid-tier. Vacant units account for 6%, and the average monthly rent is $19.3 per square meter.

 

Taras Shevchenko Street

Taras Shevchenko Street is located near the "Mingurik" metro station and Tashkent's central railway station. The street has only one active side with a developed sidewalk and rest areas. Crossing between sides is difficult due to the limited number of pedestrian crossings.

During the day, office workers and students generate the main demand for retail spaces. In the evenings and on weekends, the street attracts other city residents due to the abundance of dining establishments.

The price category for restaurants and cafes ranges from low to mid-tier, with a few premium-class restaurants also present. The street has up to 8% vacant units, with an average monthly rental rate of $25.4 per square meter.

Key tenants include chain restaurants and cafes of medium size, such as Tanuki, Bamboo Dimsum, Ilpatio, Yapona Mama, Socials, and Wendy's. Cosmetics and perfume stores also occupy a significant portion of the space.

Branded stores are relatively rare, but Urban Store and Stock Centre are notable examples.

 

Shota Rustaveli Street

The report considers Shota Rustaveli Street from "Friendship" Park and Shakhrizabzskaya Street to "Aybek" metro station. Due to heavy traffic, the street cannot be considered a standard location for street retail. However, it is popular among city residents and boasts a sufficient density of retail outlets—119 per kilometer.

Local residents, tourists, and visitors to "Friendship" Park are the primary drivers of demand for retail properties.

The average monthly rental rate on Shota Rustaveli Street is $22.2 per square meter. However, the street has the lowest vacancy rate, at only 5%.

Furthermore, this street lacks a dominant segment, as there is a significant diversity of tenants. Key tenants include Dolce Italia, B&B, ChayKof, and BrandStore.

A distinguishing feature of Shota Rustaveli Street compared to other locations is the smaller average unit size.

 

Source: Spot.uz

Photo: Ilya Semendeev / Spot