Revenues of Romania’s biggest shopping mall drop by 27% in 2020
The revenues of Romania’s biggest shopping mall, AFI Cotroceni (88,500 sqm leasable area), declined by 27% YoY to RON 146 mln (EUR 31 mln), from RON 200 mln in the year before, Economica.net reported.
The company that operates the mall, Cotroceni Park, reported RON 100 mln (over EUR 20 mln) losses, four times compared to 2019.
The two-month lockdown last spring followed by restrictions over the coming months pushed down its revenues - mainly rents paid by its tenants.
In turn, the tenants saw their business shrinking even after the lockdown - as the mobility restrictions remained in place and the office building in the AFI mixed-use complex remained empty.
To address the challenges, AFI Cotroceni attracted last year more tenants that operate on the mass-market segment: Flanco, Nike, Styland, Colin’s, my Geisha, PUPA Milano, CUPIO, I’MOD Flowers, Leonidas, and Sokolov.
(Photo courtesy of the company)