NEPI Rockcastle malls have recovered from the effects of the pandemic, with retailers recording record sales, above 2019 levels, according to an announcement from the developer.
“Our shopping center operations have fully recovered from the effects of COVID-19, as shown by our net operating income and tenant sales, above pre-2019 levels. High inflation and rising energy costs, fueled in part by the conflict in Ukraine, which started in February, had a smaller impact than anticipated on asset management and tenant collaboration,” says Rüdiger Dany, CEO of NEPI Rockcastle.
By the end of this year, the developer says it expects mall retailer sales to exceed 2019 levels by 10 percent. Despite the increased costs, the developer’s net operating income will be 8 percent higher than in 2019 and 18 percent higher than in 2021.
Source: Economica.net
