Despite many challenges and testing market conditions last year, ADG group passed one more important milestone with opening five new neighborhood centers Meeting Place in different districts of Moscow: Meeting Place Baikonur, Meeting Place Orbita, Meeting Place Kirgizia, Meeting Place Biryusinka, Meeting Place Ekran.
ADG group also signed two important agreements with new partners – Eat Market and DDX Fitness. The joint work with Eat Market, an experienced developer of artisan food markets, helps ADG group to offset exit of F&B international brands from the domestic market thanks to the hugely increased role of the food halls in generating footfall to the neighborhood centers. Eat Market will operate our existing and upcoming food halls and by the end of 2023 will be managing markets with a total area of more than 17,000 sqm in 12 neighborhood centers of the Meeting Place project.
An agreement with DDX Fitness will also pave the way to keep traffic into the neighborhood centers amid uncertainty over the future of the local cinema industry. It also makes a positive impact on improving the wellbeing and quality of life of residents.
Another key development is our strategic agreement with "Da!" discount store chain, which opened its doors for the residents in neighborhood centers Meeting Place Biryusinka and Meeting Place Orbita with a planned opening in neighborhood center Meeting Place Orion that is scheduled to open in the Q1 of 2023. It also underlines the flexibility of our concept and its adaptivity to the rapidly changing environment.
These achievements highlight ADG ability to perform strongly even in uncertain market conditions thanks to flexibility and adaptivity of Meeting Place concept that enables further development and steady growth of one of the key construction projects in Moscow.