More than 200 shopping centers in Russia could face bankruptcy due to rising debt burdens following the recent increase in the Russian Central Bank’s key interest rate, the newspaper Kommersant reported on Friday. The outlet cited industry experts and a letter from the country’s Union of Shopping Centers (STTs) to Economic Minister Maxim Reshetnikov requesting preferential loan treatment.
According to STTs, many Russian malls are struggling to maintain financial stability. The organization estimates that half of the country’s shopping centers are facing high debt burdens, including from loans with floating rates, which creates a risk of widespread bankruptcies.
Marina Malakhatko, a senior director at the consulting firm CORE.XP, told Kommersant that she predicts at least 200 shopping centers will be at risk of bankruptcy in 2025. According to her, some owners are already looking to sell their assets.
Russia’s key interest rate is now at a record high — what does this mean for the country’s economy?
Russia’s key interest rate is now at a record high — what does this mean for the country’s economy?
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