Businesses deemed non-essential by the authorities which are located in the Group’s shopping centres in Bulgaria, Czech Republic, Croatia, Lithuania, Poland, Romania, Serbia and Slovakia are now temporarily closed.
2019 was a real game-changing year for the region’s retail sector with quickly increasing turn overs, new market openings as well as first larger refurbishments. Unfortunately, the current crisis is reshuffling the entire deck.
Standort + Markt recently published a first estimate regarding the anticipated daily loss of revenue of shopping places in Austria due to the corona shutdown. Its results provide solid guidelines for the European retail real estate market in general.
URW continues to focus on the strength of its asset portfolio, its capital allocation priorities and the preservation of its strong liquidity position, in addition to the health and safety of its employees and communities.
IKEA Austria just delivered 50,000 urgently needed protective masks to doctors and hospitals. 20,000 surgical face masks went to the SALK hospitals in Salzburg, another 30,000 will be put to good use at registered doctors by the Viennese Medical Chamber.
The list of retailers in Great Britain, who are temporarily shutting down their stores due to the corona crisis, continues to grow. For example, H&M and Zara recently announced that they will shut down their stores.
Arricano informs that in order to implement measures aimed at combating the spread of the COVID-19 pandemic, central and regional government authorities have made respective decisions to suspend the operation of shopping malls in Ukraine until April 3, 2020.
Based on preliminary figures, shopping center investor Deutsche EuroShop closed financial year 2019 with good operating figures that partially met or exceeded forecast. However, the financial implications for the 2020 financial year of the continued spread and unpredictable duration of the corona virus pandemic cannot be quantified at this stage.
SAFE Shopping Centers have issued the guide “COVID 19 and Considerations for Shopping Centers and Retail Spaces” to support the industry (FREE DOWNLOAD). It is designed to give guidance on preparations and consideration for the Covid-19 outbreak, covering essential functions and hands-on tips for mall operations.
Entrepreneurs, driven by the sense of utmost responsibility, and fully aware of the catastrophic consequences of the crisis caused by SARS-CoV-2 epidemic outbreak and spreading, have decided to establish the Polish Trade and Services Employers’ Association.
Temporary declines in rental income from the retail business should be largely offset on a cash flow basis by the cost savings programme currently in progress. VIVO! and STOP SHOP demonstrate their relative competitive strength in a difficult market environment with a high share of goods for everyday needs and generally low facility costs.
As of March 19 2020, the Executive Board of the Company is thus composed of the members Dietmar Reindl and Stefan Schönauer, who will continue all agendas.
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