Until recently, international tenants occupied 34 percent of leasable space in Moscow’s main shopping centres, and 22 percent in its smaller centres, according to data from retail analytics firm, Focus.

If all the firms that have vowed to leave the Russian market in recent weeks fully suspend their operations, vacancies in Moscow’s malls could increase from the current rate of 10 percent to as high as 45 percent, Focus estimated.

Despite international brands closing stores, the firm hasn’t tracked a significant decrease in shopping activity across the capital to date. This is partly due to the fact that street level retail is largely unaffected by the closures; foreign brands only ever accounted for 5 percent of tenants there.

In this current era of uncertainty, Russian retail chains are also reluctant to open new stores. Malls and shopping centres are also yet to begin offering discounts to attracts new stores, in spite of the looming increase in vacancy rates.

Western brands from Inditex and H&M, to LVMH, Kering, Richemont and Chanel have all suspended their business in the Russian market in recent weeks.

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Uniqlo Reverses Course to Suspend Operations in Russia

The decision comes as the company faced public pressure to halt operations in the country, as a wave of retailers, including fast fashion rivals H&M and Zara, shut up shop.