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Smaller shopping centers may go bankrupt if the scenario of falling sales at the end of the year is not supported by the State.
“The government has tightened restrictions on holidays and the eve of holidays and has left indications that Christmas is something to forget, but this period is crucial for trade to reduce losses,” lamented Sampaio de Mattos.
The president of the Portuguese Association of Shopping Centers (APCC) regretted that there are still no support measures for shopping centers, where “there were already strong restrictions on the number of people per square meter, which is also in force during the week.”
For the official, it is expected that “after the holidays, there will be insolvencies and layoffs, when companies see how the year ends and look at the prospects for recovery, which do not yet exist.” For shopping centers, the times ahead are also difficult: “It will be difficult for them to find new stores to set up and the smaller ones may even go bankrupt, as has already happened in Spain.”
The APCC also complains that “in addition to the lack of aid, there was only an unconstitutional law that made it necessary to limit income.” Sampaio de Mattos refers to the Supplemental Budget law, dated July 25, which allows tenants to pay only variable income based on sales, instead of the guaranteed minimum income. The association announced that it will present a complaint from the Portuguese State to Brussels, at a time when Parliament may approve a proposal from the PAN to retroactively apply the discount from March and another from the PCP to extend the measure until 2021.
“To illustrate the disproportion that this law creates, in October, the month in which sales decreased 20% compared to the same period last year, this law implied a 55% discount on rent,” he exemplified.
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