In France, Belgium, Barcelona in Spain, Poland, the Czech Republic and in certain Italian regions,(1) the authorities have ordered the closure of all stores except those selling basic necessities.(2)
47% of Klépierre’s malls (in value) is unaffected by those general closure measures. In other European countries in which Klépierre operates, less restrictive measures have been implemented. In Germany and the Netherlands, the authorities have enforced the closure of bars and restaurants (takeaway service permitted), while in Scandinavia, local restrictions have been placed on restaurant opening hours.
Lastly, in Iberia, restrictions have been imposed on movement between certain regions. On average, in these countries, footfall over the past two weeks reached 71% of the prior-year level (vs. 78% in September). On the other hand, in order to mitigate the impact of these restrictions on retail businesses many countries have announced the implementation or the renewal of tailored-made support packages in the form of tax exemptions or credits, access to state-guaranteed loans or financial compensation to cover fixed costs such as the payment of rents or the salaries of furloughed staff.
To date, the rent collection rate stands at 82% for the first nine months of the year and at 71% in October.