Supermarkets are gradually recovering from the strict restrictions on Covid-19, but the process is slow and there is concern about what to expect this fall and winter. There are also enough other side effects that can have a negative effect.
At the same time, despite the difficulties of the pandemic, large shopping centers are slower, but continue the previously planned development plans. The development of new retail outlets in the capital is also reported – the real estate developer VPH announced this week that it has started developing a retail park in the former Riga Dairy plant in Valmieras Street, Riga, with a total investment of up to 40 million euros.
Turnover returns to previous levels
Mārtiņš Vanags, Chairman of the Board of the Real Estate Developers Alliance (NIAA), says that during the Covid-19 shopping malls, the shopping centers lost a total of at least 65 million euros in unearned rental income, of which about a third has been reimbursed.
“Currently, when surveying the largest shopping centers, we can generally talk about the recovery after the removal of these restrictions. It is slow, but it is happening – there is a constant positive trend in terms of turnover and flow of people, some have even returned to 2019 level,” says Vanags.
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