China
14:31, 28-Jul-2017
Moscow’s billion dollar downtown renovation project is underway
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The Russian capital is facing a business exodus. Retailers in Moscow say an ambitious street renovation project in downtown city will cost nearly 2 billion dollars will take a toll on their bottom lines.
Nearly a fifth of downtown stores have reportedly moved out from the city center. Some complain pavements have been turned into obstacle courses.
Moscow authorities say once the reconstruction program is completed, city streets will become much more convenient for pedestrians and drivers to navigate.
The construction means fewer parking spaces, and blocked windows and entrances. Retail experts say vacancy rates in main Moscow high street corridors grew for a second consequent quarter this year.