In a letter to its employees, management cites the consequences of the corona crisis as the reason.
During the time of the complete shutdown, the company allegedly lost more than half a billion in revenue. Galeria Karstadt Kaufhof has not yet disclosed to the news agency dpa how many stores will be closed. The trade union Verdi criticized this decision. The head of the union’s retail division, Orhan Akman, told the German press agency dpa that it is a sad state of affairs when management could not come up with better ideas than cutting personnel costs and closing stores. Instead of a new cutback frenzy, the company should find ways to provide a future for its staff and stores, said the unionist.
Vastned, the listed European retail property company focusing on 'venues for premium shopping', announces an update to the present strategy. The update will be revealed in February 2021 at the publication of the 2020 annual results.
Westbridge Advisory International AG has restructured the electricity and natural gas supply contracts for the Dutch shopping centre “Passage Corridor” in Veenendaal on behalf of an international real estate investor at the end of March 2020.
SES Spar European Shopping Centers, Austria's market-leading shopping center operator, opened ALEJA Center in Ljubljana on Wednesday, 20 May 2020. The 150 million euros investment serves as a mixed-use shopping and leisure hot spot.