BUSINESS

Huge turnover drop reported at country’s biggest shopping malls

NIKOS ROUSSANOGLOU

TAGS: Economy

The capital controls and the bank closures are dealing a major blow to the turnover and profits of property development companies that manage shopping malls, with the drop in consumer spending seen as considerable in the last couple of weeks.

The first provisional data compiled by Lamda Development – manager of The Mall Athens, Golden Hall and Mediterranean Cosmos – point to a 40 to 70 percent decline in consumption in the period since June 29, when capital controls were imposed.

The average drop in visitor numbers has come to about 20 percent.

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