How quarantine hit Ukrainian mall

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Expert said restoration of “pre-crisis indicators” will take a full year

Shopping and Entertainment Center Ocean Plaza. Photo: open4business.com.ua

During the two months of quarantine, Ukraine’s shopping and entertainment centers lost rental income of about $ 7 billion, and their tenants lost more than $ 50 billion in turnover. Has been reported Interfax Maxim Gavryshin with reference to the head of the Ukrainian Council of Shopping Centers (UCTC).

It is specified that all service companies have faced quarantine restrictions. Tenants who worked during quarantine (grocery stores, communications) lost from 15% (supermarkets) to 50% or more (communications, pet supplies, household chemicals, etc.). Gavrushin noted that a large-scale outflow of tenants has yet to be seen, but there are isolated cases of store closures, as rents are not charged.


Maxim Gavrushin
Head of the Ukrainian Council of Shopping Centers

He predicts that it will be a difficult year for weak shopping centers in terms of vacancy and rental rates. In such shopping centers the share of vacant space can increase by 10-20%, while successful shopping centers will remain full. At the same time, there will be recovery throughout the year, allowing the business to reach “pre-crisis levels in the spring of next year”.

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According to a survey by Advantor Group, Ukraine suffers significant losses due to trade quarantine and forecasts a possible reduction in income by an average of 50% by 2020, including 28% of enterprises, with a revenue reduction of over 60% Let’s hope

54% of enterprises expect a revenue reduction of over 40% in 2020. And only 4% of enterprises predict their growth. The number of declining employees was sent (15%) or on unpaid leave (20%), indicating high levels of hidden unemployment in the country. According to experts, unemployment can reach 1.8–2 million people.

Read: The fight against Coronavirus: what Ukraine is doing to support trade


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