13 November 2020, Friday, 17:52 198

Shopping Mall Tenants Will Lose UAH 12-15 Billion In Turnover Due To ‘Weekend Quarantine’ – UCSC

Editor: Daria Zubkova

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Shopping mall tenants will lose UAH 12-15 billion in turnover because of the "weekend quarantine" that has been introduced in the country.

The Ukrainian Council of Shopping Centers (UCSC) announced this in a statement, the Ukrainian News Agency reports.

"Shopping mall tenants will lose UAH 12-15 billion in turnover if the weekend lockdown lasts a month. These are only the tenants of slightly over 300 small Ukrainian shopping malls. Retail turnover across the country could reduce by 30-40%," the statement said.

Besides, according to the statement, tenants’ losses will result in a reduction of rent payments to property developers and a slowdown of the pace of construction of new facilities.

According to the Ukrainian Council of Shopping Centers, the "weekend quarantine" will not affect the number of cases of coronavirus infection in the country.

As Ukrainian News Agency earlier reported, the Cabinet of Ministers decided on November 11 to introduce quarantines during weekends.

However, several cities, including Ternopil, Rivne, and Lviv, have refused to impose the new restrictions.