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Turnover recorded by retail parks in Romania fell by 9.5% during the pandemic, while in the case of shopping malls, there was a 20.6% decrease, reveals a Cushman & Wakefield Echinox analysis, quoted by Agerpres.
According to the results of the research, shopping center owners (malls and retail parks) in Romania had an impact of around €112 million in revenue as a result of the pandemic situation, which indicates an average decrease in turnover of 18.5% compared to 2019, the last year without operating restrictions, from €607 million to €495 million.
“The stronger impact of the pandemic on malls is explained by the closure for quite long periods of non-essential stores with access from inside, as well as cinemas and restaurants, two categories of tenants that usually have a much higher presence in malls,” the authors of the analysis explain.
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Preliminary data from the Ministry of Finance, cited by consultancy Cushman & Wakefield Echinox, shows a drop of about 35% in turnover for restaurant operators, while total cinema attendance fell by 75% last year, according to the National Film Centre.
“In this context, the two segments have been among the most affected by government restrictions, which has directly translated to the results of shopping centers,” the specialists explain.