The Largest Shopping Centers, Malls and Retail & Entertainment Complexes in Ukraine and Kyiv

The Largest Shopping Centers, Malls and Retail & Entertainment Complexes in Ukraine

Shopping Centers, Malls and Retail & Entertainment Complexes in Ukraine

Under Construction / Planned to Open in 2026–2027

Overall, during 2025–2027, Ukraine is expected to see the launch of at least 12 retail properties across the segments of shopping centers (SC), shopping malls (SM) and retail parks. The projects are located in Uzhhorod, Mukachevo, Odesa, Ivano-Frankivsk, Chernivtsi and Lviv.

Key announced projects include Ukraine Mall, Residents Mall and Riverville (Uzhhorod); Rosvyhivskyi Shopping Center, Retail Park Mukachevo and Silver Park Mukachevo (Mukachevo); Mayak A1 Shopping Center (Odesa); A7 Shopping Center (Ivano-Frankivsk); Gallery Chicago Mall and Terra Hall (Chernivtsi); as well as Kvartal City Mall and Road Park Shopping Center (Lviv).

The exclusive broker for most of these projects is the consulting company Retail & Development Advisor (RDA), which provided details on project concepts, development timelines and tenant mix.

2025

Ukraine Mall (Uzhhorod)

• Location: Kyryla i Mefodiia Square

• GBA: 20,400 sq m | GLA: 11,700 sq m

• Opening: December 2025

• Occupancy: 92%

• Parking: 350 spaces

Ukraine Mall is one of the most ambitious retail real estate projects scheduled for 2025 and is set to become the largest shopping and entertainment center in Zakarpattia. The three-level complex will be located near the historic city center of Uzhhorod and will feature a cinema, a grocery supermarket, a food court with an observation terrace, as well as a wide range of international and national brands.

Rosvyhivskyi Shopping Center (Mukachevo)

• GBA: 8,500 sq m | GLA: 5,100 sq m

• Opening: October 2025

• Occupancy: 80%

• Parking: 158 spaces

The first modern, professionally developed shopping center in Mukachevo. Despite its compact format, the project has already attracted major retail chains. Additional traffic is generated by its proximity to the international Kyiv–Chop highway.

Mayak A1 Shopping Center (Odesa)

• GBA: 13,000 sq m | GLA: 10,000 sq m

• Opening: July–August 2025

• Occupancy: over 75%

• Parking: 300 spaces

A district-level shopping center located in a densely populated area of Odesa, with a catchment area of approximately 100,000 residents. The project is focused on everyday shopping needs and a family-oriented format.

A7 Shopping Center (Ivano-Frankivsk)

• GBA: 10,100 sq m | GLA: 7,500 sq m

• Opening: September 2025

• Occupancy: over 70%

A central location with high pedestrian and vehicular traffic. Confirmed tenants include a children’s entertainment center, drogerie retail, fashion and jewelry brands. Negotiations are ongoing with international retailers.

Retail Park Mukachevo

• GBA: Phase I — 8,900 sq m | Phase II — 15,900 sq m

• Phase I Opening: September 2025

• Parking: 203 spaces (Phase I)

A retail park format project, popular across Europe, located on the city bypass road. The second phase предусматривает significant expansion of retail space.

2026

Silver Park Mukachevo

• GBA: 4,000 sq m

• Opening: March 2026

• Parking: 100 spaces

A compact retail park at the entrance to Mukachevo, located in a traditional retail zone. The project is focused on a convenience format and synergy with the surrounding infrastructure.

Road Park Shopping Center (Lviv)

• GBA: 13,500 sq m | GLA: 9,300 sq m

• Opening: Q4 2026

• Parking: 220 spaces

A shopping center located on Lviv’s ring road, targeting car traffic and residents of the eastern districts of the city. The project includes an underground parking level that can also serve as a shelter.

2027

Terra Hall Mall (Chernivtsi)

• GBA: 16,900 sq m | GLA: 11,300 sq m

• Opening: Q2 2027

• Parking: 238 spaces

A four-level shopping and entertainment center featuring a food court and a children’s entertainment zone.

Residents Mall (Uzhhorod)

• GBA: 31,700 sq m | GLA: 10,000 sq m

• Opening: Q2 2027

• Parking: 414 spaces

A project integrated into a premium residential complex near Bozdosh Park.

Kvartal City Mall (Lviv)

• GBA: 49,300 sq m | GLA: 20,000 sq m

• Opening: Q4 2027

• Parking: 523 spaces

One of the largest announced retail real estate projects in Western Ukraine.

Gallery Chicago Shopping Center (Chernivtsi)

• GBA: 9,200 sq m | GLA: 7,100 sq m

• Opening: Q4 2027

A district shopping center located in a new residential cluster with forecasted stable footfall.

Riverville Mall (Uzhhorod)

• GBA: 31,700 sq m | GLA: 15,600 sq m

• Opening: H1 2027

• Parking: 308 spaces

A shopping and entertainment center integrated into a residential development with a waterfront promenade, restaurants and a family-oriented concept. Expected footfall — up to 15,000 visitors per day.

Ukrainian Retail Real Estate Market in 2025: What Happened

1) Supply: a “boom” in new openings, but mostly small and mid-size formats

2025 became the year of the highest development activity in the shopping center / mall segment since the start of the full-scale war. A total of 14 retail properties were opened, including 13 new shopping centers and one additional phase of a previously developed project. This level is comparable to the pre-COVID / pre-war peaks of 2019 and 2021.

The key feature of the year was the dominance of small and mid-size projects, as they are faster to build, easier to launch and achieve payback under elevated risk conditions.

Geographically, developers focused on relatively safer central and western regions, although openings also took place in Odesa, Izmail and Kharkiv.

The Kyiv market in 1H 2025 remained relatively stable in terms of supply: the competitive stock stood at approximately 1.6 million sq m, while the opening of the BalticSky district shopping center (≈10,000 sq m) in April 2025 did not materially change the market landscape.

2) Demand and footfall: gradual recovery and changing consumer behavior

In 2025, footfall continued to recover, reaching an average of 393 visitors per 1,000 sq m of GLA per day (vs. 383 in 2024).

The most resilient traffic was recorded in district shopping centers (everyday demand), with approximately 670 visitors per 1,000 sq m GLA, compared to ~522 in community centers and ~315 in regional malls.

Consumer behavior in 2025 became more “purpose-driven”: fewer leisure strolls, shorter dwell time, fewer stores per visit — but more frequent repeat visits if the center effectively meets everyday needs.

3) Vacancy: declining amid demand recovery and shortage of quality space in “safe” cities

Positive footfall dynamics and relocation-driven demand led to a decline in vacancy rates: 12.9% as of July 2025, with the lowest level of 6.6% in district formats.

In Kyiv, average vacancy in 1H 2025 stood at approximately 11–12%, with a downward trend in prime assets, and “technical” vacancy of 2–3% in selected top-performing malls.

4) Rental rates: moderate growth in quality assets and flexibility in weaker locations

The key trend of 2025 was that rents increased where tenant mix and F&B / entertainment components were strong, while less liquid locations relied on flexible lease structures (fixed rent plus turnover-based components, customized lease packages).

Selected market indicators:

• For retail gallery units of 50–200 sq m (as of July 2025), quoted rents were around USD 22.2/sq m (excluding turnover rent, OPEX, VAT and utilities).

• In Kyiv, prime rents for 100–200 sq m units in top-tier malls ranged from USD 40–70/sq m/month, while secondary locations were at USD 18–38/sq m/month (largely stable in 1H 2025).

• According to market participants, average rent growth in 2025 was around +4% YoY, while selected assets recorded +9–11% growth in effective or fixed rents.

In the street retail and regional markets, Uvecon data for December 2024 – August 2025 shows rental growth almost nationwide, with notable spikes in certain rear-area and recovery regions (e.g. Rivne region ~+30%, Poltava region ~+29%, based on their methodology).

5) Tenant mix in 2025: everyday retail, electronics and F&B as key anchors

The most active categories in 2025 were:

• Grocery retail, especially “near-home” formats and national chains;

• Consumer electronics, with stable store openings and format upgrades;

• HoReCa and food courts, which increasingly drive repeat visits and “anchor” footfall. RAU estimates suggest that 30–40% of traffic in a modern shopping mall may be generated by its food & beverage offer.

Key Conclusions for Shopping Centers / Malls in 2025

The market has restructured around safer regions and compact formats: small and mid-size shopping centers, district malls and retail parks emerged as a response to risk and everyday consumer demand.

Footfall and occupancy recovered, but consumption became more pragmatic: more planning, less impulse buying, and a greater role of services and food.

Rental growth is selective rather than universal: strong assets continue to strengthen their negotiating position, while weaker projects remain flexible.

What This Means for 2026 (Short Outlook)

Likely beneficiaries include district shopping centers, retail parks, assets with energy independence and shelters, and projects with strong F&B and entertainment components.

For Kyiv, developers have publicly mentioned Ocean Mall (GLA ~110,000 sq m) as a potential opening in late 2025 or later — representing a key risk and opportunity point for tenant and footfall redistribution.

Who Owns Shopping Centers in Ukraine

1. Oleksandr and Halyna Hereha / Epicentr K
   Total area: 2.2 million sq m
   Leasable area: over 200,000 sq m

2. Family of Vagif Aliyev / Mandarin Plaza Group
   Total area: 416,480 sq m
   Leasable area: 211,230 sq m

3. Serhii Tolstunov and Vitalii Khomutynnik
   Total area: 300,000 sq m
   Leasable area: 135,000 sq m

4. Anatolii Shkribliak / Budhouse Group
   Total mall area: 287,000 sq m
   Leasable area: 172,700 sq m

5. Oleksandr Yaroslavskyi / DCH
   Total mall area: 250,000 sq m
   Leasable area: 176,000 sq m

6. Oleksandr Spektor / Investbud Garant
   Total area: 225,000 sq m
   Leasable area: 75,000 sq m

7. Vadym Yermolaiev / Alef Estate
   Total area: 219,500 sq m
   Retail area: 114,700 sq m

8. Tomas Fiala / Dragon Capital
   Total area: 179,395 sq m
   Leasable area: 116,388 sq m

9. Rauno Teder / Arricano Real Estate PLC
   Total area: 175,900 sq m
   Leasable area: 111,470 sq m

10. Garik Korogodsky / Vita Veritas
    Total area: 160,000 sq m
    Leasable area: 101,200 sq m

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