Business closures and rent losses in the coronavirus crisis have made banks even more cautious about retail properties and shopping centers. In the case of refinancing, portfolio holders have to calculate with higher interest rates and additional equity.
Recruitments, promotions and appointments...
“Outlets will probably have a longer recovery: domestic and foreign tourism usually contributes a lot to the total turnover.”
The shopping resort in Saint-Etienne with its about 70 shops and restaurant cannot open as planned due to the ongoing crisis.
An attempt to explain the current situation faced by retail tenants.
In light of the Covid-19 crisis, the management teams of several industry players express their solidarity with tenants and shareholders. The management board members of URW, Eurocommercial Properties, and Werelhave waive parts of their salaries or remunerations.
However, according to Otto Ambagtsheer, CEO of VIA Outlets, the way in which customers shop will change, at least on a temporary basis. For example, in some of the company’s markets, they will not be able to let guests try on clothes before they buy them, and clothes that are returned will need to be quarantined for three days.
At the end of 2020, we intended to celebrate the opening of Nivy Station and welcome our first customers. We planned to change the face of Bratislava by working together and presenting a unique public space designed for travelling, shopping and relaxation. Due to the effects of the pandemic and state implemented measures, the possible opening date has become Spring 2021, when the project will be in construction readiness.
Now is the time to stand together.
The reign of retail is over. The Covid-19 crisis is not a black swan for the shopping mall industry.
The Covid-19 pandemic will cause lasting change in the way that we live, work, play, and particularly in the way we shop.