Kyiv – April 16, 2026 – According to the latest research of EXPANDIA, Country Service Partner for CBRE in Ukraine and Moldova and the largest commercial real estate company in Ukraine, in 2025, Kyiv’s retail market remained resilient and continued to adapt to wartime reality. Improving consumer demand and rising real wages supported leasing activity in shopping centers, as Consumer Confidence Index increased by 7.4 p y-o-y to 78.5. Inflation cooled off, as CPI in Kyiv stood at 109.8% (-3.7 pp y-o-y). Retail turnover rose by 7.5% y-o-y, indicating a cautious but ongoing rebound.
Despite the challenging operating conditions, business sentiment remained cautiously optimistic. This adaptability became particularly evident during H2 2025, as the sector navigated massive energy disruptions. Food retailers performed strongly, with Fozzy Group opening over 50 new stores in the Kyiv region (Silpo, Fora, Fora To Go, Fora Express, Thrash!, EatUp), ATB adding 14 new stores, and Novus Ukraine expanding by ca.15 locations (Novus, Mi Market). Avrora, leading home goods discounter, opened 42 new stores in the Kyiv region. Approximately 60%-70% of new store openings in Kyiv were concentrated in small-format convenience stores (Fora, Mi Market, Thrash!, Avrora). This reflects a broader shift towards decentralized, neighborhood-based consumption. Moreover, retailers prioritized smaller formats due to their operational flexibility and ability to function with autonomous power sources.
In fashion segment, the number of new cross-border brands entering the Kyiv market remained limited, reflecting cautious approach to Ukraine. In 2025, only one fashion brand Karl Lagerfeld Jeans (French premium clothing) opened its first store, debuting in Ocean Plaza. At the same time, several operators exited the market or scaled down operations (Athletics, Carlo Pazolini, FLO and English Home).
In contrast, Ukrainian brands continued to gain momentum, supported by strong consumer preference for local products. Brands such as Arber, Fabric17, Famo, Gepur, JUL, OnebyOne, Papaya, Stimma, and VOVK continued to strengthen their presence across both shopping centers and high street locations. Notably, approximately 67% of new openings by Ukrainian brands were concentrated within shopping centers. Local brands are increasingly evolving into solid fashion tenants, able to absorb vacant space and sustain shopping center footfall.
New supply in Kyiv remained extremely limited in 2025. Only one shopping center entered the market during the year in Baltic Sky (GLA 6,200 sqm), a small convenience-oriented shopping center. As a result, total stock of retail space in Kyiv remained broadly unchanged at 1.59 mln sqm (+0.3 pp). Retail space density per 1,000 residents also remained stable at 530 sqm.
Looking ahead, Ocean Mall (GLA 110,000 sqm) and White Lines (GLA 27,000 sqm) remain two major retail schemes in Kyiv’s 2026 pipeline, with delays possible for both projects. Both projects are currently scheduled for completion in H2 2026, with Ocean Mall set to become one of the largest shopping centers in Ukraine delivered since 2022. According to developer, the scheme has already secured a substantial pre-leasing level (including Silpo, brands of Inditex Group and LPP Group, 30,000 sqm entertainment zone and other).
By year’s end, average vacancy dropped slightly to 11.5% (-0.5 pp YTD), driven primarily by upsizing of existing retailers and lack of new supply. Owing to growing interest in prime locations, vacancy in top-tier schemes decreased to 12% (-2 pp YTD), whilst smaller convenience malls in dense residential areas continued to maintain stable low technical vacancy levels of 2%–3%.
Over 2025 rents continued to gradually recover towards pre-war levels, although no sharp rental growth was observed. Rental strategies remained focused on preserving occupancy and sales performance. As a result, upward rent revisions were limited to some top-performing schemes, while overall base rents for prime shopping centers remained stable at $40–$70/sqm/month range. Secondary rents ranged between $19-$40/sqm/month (+15% y-o-y on average) for typical 100-200 sqm units.
Diana Kvitchuk, Head of Marketing & Research, EXPANDIA:
“Overall, the outlook for 2026 remains moderately positive, with the market showing gradual recovery, closely tied to war-related dynamics. As Ukraine’s economy maintains the upward trajectory, major retailers are likely to stay on the expansion course, as consumer confidence builds up.
A likely key trend in 2026 will be further strengthening of Ukrainian brands. No longer viewed as temporary replacements for international tenants, domestic retailers are increasingly establishing themselves as solid consumer staples and shopping center occupiers. Their continued expansion will provide a buffer for developers, as they await a broader entry of international brands.
In 2026 we envision a number of new retailer entries, as well as active expansion of established domestic and international ones. International retailers will continue to pursue cautious franchise-led approach in 2026, with local partners helping to mitigate operational and logistics risks and secure prime, mid-sized locations ahead of a broader market recovery”.
About EXPANDIA:
EXPANDIA is the largest commercial real estate company in Ukraine. Founded in January 2008, it operated under the brand CBRE Ukraine as part of the CBRE affiliate network. Since August 2025, company has been operating under its own brand, EXPANDIA, and continue to serve as a Country Service Partner for CBRE in Ukraine and Moldova.
Company has more than 350 professionals, including on-site staff at properties under management in Ukraine and Moldova. Its management portfolio covers over 1,000,000 sqm of commercial real estate across more than 20 regions. EXPANDIA provides a wide range of services in the commercial real estate sector: advisory and transaction; capital markets; integrated facility management; valuation and advisory; project management and building consultancy; corporate facility management services. Please visit our website at www.expandia-ukraine.com
