Ukraine’s shopping centers lost $1.85 billion in sales during quarantine

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The first two months of quarantine cost Ukraine’s shopping centers $260 million in lost rents and cost their tenants $1.85 billion in turnover, the Ukrainian Council of Shopping Centers reports.

According to Maxim Gavryushin head of the council at UCSC, food stores lost 15% in revenue, other shops 50% and more. For now, only a few stores have closed, because most shopping centers stopped charging rents.

“I think we’ll slowly recover all throughout the year and reach pre-crisis levels in the spring of next year,” he said.

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