The company Unibail-Rodamco-Westfield (URW), one of the largest owners of shopping centres in the world, has unveiled its plans to mitigate the impact of Covid-19 on its business. Although, as URW itself acknowledges, the phenomenon will inevitably have consequences for its income statement.
“The COVID-19 crisis is continuing to evolve rapidly and in recent days several governments in the markets in which Unibail Rodamco-Westfield (URW) operates have taken steps to contain the spread of the virus. Local authorities from countries such as France, Spain, Poland, Austria, the Czech Republic and Slovakia have ordered the closure of all non-essential stores, and so the group’s shopping centres in these markets are almost completely non-operational, “said the European giant. Furthermore, URW acknowledges that, although in the rest of the markets, its centres are currently operating normally “albeit at a slower rate”, the measures taken against the coronavirus could also be extended to those countries.
Translation/Summary: Carmel Drake