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“It is evident that digital reach for malls will be more important than ever before as the world emerges from Covid-19.”

Recruitments, promotions and appointments…

“Although it is still too early to determine changes in customer behavior, our preliminary assessment after the first few weeks of the reopening is optimistic in terms of sales and inflows.”

The 36-year old is the Center Manager of Forum 1 Salzburg by SES Spar European Shopping Centers.

Even though many things are changing in times of corona, the renovation of Quarree Wandsbek in Hamburg continues and even big stores with more than 800 sq m have reopened. Their product ranges already expanded, as “Kreativmarkt Hamburg” signed its new lease agreement in the middle of the crisis.

Has the decline in high street shopping brought about a new opportunity for flexible workspace operators to move into town centers and change the way we all work?

Shopping centers have been grappling with dwindling visitor numbers due to their online competition since before the coronavirus crisis. Now, many malls are facing an almost yawning emptiness. To ensure their survival, these shopping hotspots have to strike out in a new direction even faster than originally anticipated.

IMMOFINANZ started the first quarter of the 2020 financial year with strong operational performance: Rental income rose by 13.4% to EUR 74.0 million, above all due to the expansion of the portfolio through acquisitions and completions as well as growth of 1.9% in like-for-like rental income. The results of asset management increased by 18.1% to EUR 59.5 million, and the results of operations were 18.0% higher at EUR 43.5 million. However, the revaluation results of EUR -45.0 million from standing investments and goodwill reflect the adverse effects of the Covid-19 pandemic. Net profit for Q1 2020 was therefore negative at EUR -37.6 million.

The extensive construction work on the 46,000 sq m Potsdamer Platz Arkaden has now begun and is expected to take two years. Brookfield Properties, the asset manager of Potsdamer Platz, and center operator ECE have added Mercato Metropolitano (MM), a pioneer of sustainable community markets from
London, as a new anchor tenant for an area of around 4,400 sq m. At Potsdamer Platz in Berlin, Mercato Metropolitano is opening its first location in Germany.

Corona is rapidly changing the world of retail. Shopping centers also experience these changes. Operators and tenants are facing far-reaching changes. Especially the severely affected fashion industry will accelerate these changes.

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.