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Covid19 second wave-led local restrictions, curfews halve malls, shopping centres’ revenue
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In a statement, the industry body noted that it has been urging the government to support the industry with financial waivers and allow shopping malls to operate once they reopen the other markets.
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Malls across India had recovered close to 90 per cent of their business and 75 per cent of their footfalls which drop drastically due to the local restrictions.
With weekend curfews and local restrictions across key states of India mall developers and shopping centers have started registering over 50% loss in their revenues owing to massive decline in footfalls.
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A delicatessen that generated less than $14,000 in sales from a single site last year but which has a market capitalisation of more than $100 million has been highlighted by the head of a $1.6bn hedge fund as an example of the lack of oversight of US markets.
Hometown International owns the Your Hometown Deli store in Paulsboro, New Jersey, which was closed for six months last year due to Covid-19 restrictions but has only generated $35,748 in sales over its last two years of trading. Despite this, it had a market cap of $113 million on February 8, David Einhorn of Greenlight Capital said in a letter to investors.