With European stores looking empty, commercial real estate investors have turned to Russia where shoppers are still out in force.
After splashing out more than $1bn to buy a mall in Saint Petersburg last year, Morgan Stanley has returned to the Russian market to buy an even more expensive retail outlet in Moscow.
Do investors expect too much of emerging markets? Ruchir Sharma of Morgan Stanley Investment Management certainly thinks so, and has written a book to make his case.
He says investors should focus on today’s realities and not “the speculative titillation of futurology” imbedded in long-term forecasts of the Brics taking over the world. Here, taken from the FT, is Stefan Wagstyl’s review of ‘Breakout Nations’.