THE LATEST RETAIL REAL ESTATE NEWS
It is an exceptional situation. Since March 16, all Austrian stores that do not sell essential goods remain closed for the time being.
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.
Mipim was just the beginning. Mapic Italy (including “The Happetite”), Mapic Russia, Magdus, etc. are following.
The Group now has €10.2 Bn in cash on hand and undrawn credit lines, which provides it with the liquidity needed to cover all expected funding needs even under an extreme “stress test” scenario.
The already difficult situation for brick-and-mortar retail has resulted in a real struggle for survival in recent days.
Atrium made a statement to update shareholders on recent government announcements in response to the COVID-19 virus within the Company’s operational jurisdictions.
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.
Due to the Covid-19 situation the H&M group will temporarily close all its stores in Germany (460*) from March 18, based on decisions by the German authorities. In addition, the group is also closing all its stores for two weeks in the US (590*), Canada (96*), Portugal and Belgium from March 17.
The management board of Żabka Polska, the owner of the largest chain of convenience stores in Central and Eastern Europe, decided to transfer over €1 million for activities addressing the epidemiological threat. The company sent an official letter to the Prime Minister and declared full support in ensuring the safety of all Polish citizens.
The effects of the global coronavirus situation are expected to have a negative impact on the Stockmann Group's business environment in the short term.
Who benefits from these extensive store closures in Europe? Some experts see online retail as the big winner. But this is not necessarily the case.
Eurocommercial is very appreciative of the impact of these unprecedented measures on its tenants and expects to grant temporary support to a number of them.
In accordance with the guidelines of the Austrian Federal Government, the SES-Shopping Center’s shops that provide basic supplies for the population will remain open for business.
The public opening of the ALEJA shopping center, which was originally scheduled for March 19, 2020, will be postponed.
China is fighting hard with the economic consequences of the coronavirus pandemic, as the country’s industrial production shrinks for the first time in three decades.
The European Securities and Markets Authority (ESMA) has issued a decision temporarily requiring the holders of net short positions in shares traded on a European Union regulated market to notify the relevant national competent authority if the position reaches or exceeds 0.1% of the issued share capital after the entry into force of the decision.
Despite this challenging environment and the current difficulty in estimating the impact on Klépierre’s full-year earnings, the Group reaffirms it has a solid balance sheet and sufficient committed revolving credit facilities to cover its liquidity needs.
The conversion has started, the opening is scheduled for autumn 2020.
Chapman Taylor, acting for Linkcity, was responsible for the masterplan and architectural design of Castle Park View, and is now working with Bouygues UK on the construction phase and interior design, which will be operated by M&G when it completes in 2022.