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Financial losses of Ukrainian malls reach $261 million amid lockdown

Source : 112 Ukraine

Nevertheless, a mass outflow of leaseholders has not yet been observed
16:23, 13 May 2020

Financial losses of Ukrainian malls have reached 261 million dollars due to lockdown restrictions
24 Channel

Over the last two months, the financial losses of Ukrainian shopping malls have reached 261 million dollars in rental income, and tenants have lost more than 1,8 million dollars in turnover. Interfax-Ukraine reported that, citing information provided by the Ukrainian Council of Shopping Centers.

"According to our estimates, Ukrainian malls have lost about 261 million dollars in rent over the last two months of lockdown. Leaseholders of Ukrainian malls have lost more than 1,8 billion dollars in turnover during the same period. All service companies have also been affected. Those tenants who worked during the quarantine (grocery stores, means of communication) have lost from 15% (supermarkets) to 50% in turnover and more (means of communication, pet products, household chemicals, etc.),” the operational director of Budhouse Group Maksym Havriushyn stated.

Related: Ukraine's economy is crumbling: How to stop it?

Nevertheless, a mass outflow of leaseholders has not yet been observed.

Havriushyn predicts that 2020 will be a difficult year for “weak” shopping centers in terms of vacancies and rental rates. The share of free space in such shopping centers can increase to 10-20%, while successful shopping centers will remain full.

As we reported earlier, President of Ukraine Volodymyr Zelensky asked EBRD to support Ukraine's state programs of funding small and medium businesses - as well as the activity of state companies.

Related: Car production in Ukraine falls by half

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