TASS: Massimo Dutti, Zara Home and Oysho stores may close in November
[ad_1]
Stores Massimo Dutti, Zara Home and Oysho of the Spanish group Inditex may finally close in Russia until the end of November this year, about this informed TASS with reference to sources from the commercial real estate market.
“Inditex Group will close Massimo Dutti, Zara Home and Oysho stores. Stores of other brands will open in March 2023 in some shopping centers under a new sign. A number of landlords are currently conducting active negotiations with potential tenants for the vacated areas,” the statement said.
About similar plans of the Inditex group on the eve, September 12, reported and the Izvestia newspaper. According to the publication, landlords are already negotiating with potential customers about the space previously occupied by Inditex stores.
This information was confirmed to publications in the Union of Shopping Centers of Russia. The head of the organization, Bulat Shakirov, noted that now everyone is at the stage of searching for new tenants for the vacated space. “We, as the Union of Shopping Centers, even opened an office in Istanbul to more actively attract Turkish brands to the Russian market,” he specified. However, there is no official confirmation of this information yet.
Shakirov noted that as a result of the closure of stores of foreign brands, about 30-40% of all areas will be vacated in Moscow shopping centers alone. By data director of the office real estate department at Nikoliers Karina Anaevskaya, from January to June 2022, premises with a total area of 40,000 sq. m, 45% of which were occupied by foreign companies.
On March 5, Inditex announced the closure of stores in Russia and suspended online trading. According to El Mundo, there were 502 Inditex stores in Russia, 86 of them under the Zara brand. Russia accounts for about 8.5% of the group’s global EBITDA. Later, the EFE agency reported, citing company manager Oscar Garcia Maceiras, that Inditex plans to resume operations in Russia when possible.
Subscribe on “Vedomosti” in Telegram and stay up to date with the main news of the economy and business
[ad_2]
Source link
