The Moscow high street retail market was relatively stable during the first two and a half months of 2020. However, beginning in mid-March, the spread of COVID-19 led to a sharp decline in inbound tourists**; slower footfall in public areas, including shopping malls; and the weaker ruble – all of which resulted in a significant contraction of leasing activity. The suspension of restaurants, cafes and other non-essential retail businesses announced on March 28 as part of a range of measures to contain the outbreak is set to weigh on market sentiment in the coming months.