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Italian stores are opening on the verge of bankruptcy



Shops in downtown Rome, Milan, and other top locations remain closed despite the lifting of restrictions.
Vittorio Emanuele II Gallery Milan. Italy

Despite the fact that the Italian authorities have finally eased the strict quarantine and allowed retail stores to open throughout the country, retailers have little reason to be happy. Many of them have found themselves in a pre-bankruptcy quarantine situation with no funds to pay their rent, no salaries for staff to resume operations. 

Shops in central Rome, Milan, and other top locations remain closed despite the lifting of restrictions. Business representatives note that the quarantine has caused irreparable damage to the trade industry, as well as forced Italians, to reconsider their consumer habits. Today, as stores begin to operate, few are ready to spend money on clothes and shoes, as it was before spring 2020. 

"How can I open without any guarantee that my debts will be 'frozen' and at least some of my tax payments will be suspended," asked the owners of the stores, small clothing, and shoe chains. 

At the same time, cafes, bars, and restaurants in Italy continue to operate in a take-out format only, while still incurring huge losses. According to Bloomberg, the Italian government is considering removing restrictions on catering from June 1, 2020. 

For retailers who work on the main shopping streets of Rome and Milan, their losses from two months of downtime are tens of thousands of euros per store. And they do not expect to ever return those lost profits in the future. 

According to expert estimates, about 10% of representatives of the retail business (270,000 enterprises) are at risk of bankruptcy. In Lombardy, which has become the epicenter of the epidemic on the Apennine peninsula, about half of small businesses are under serious pressure. 

Owners of luxury and premium retail properties note that after the resumption of trade, it will be almost impossible to find new tenants who are willing to pay the same rates. In particular, in Vittorio Emanuele II Gallery in downtown Milan, 600 square meters of retail space was rented at a price of 3 million euros a year. For Via Corso Buenas Aires, which is home to more than 350 fashion stores, the first closures have already begun. It has become known that H&M, Moleskine, and other global brands are closing their stores.

More about shopping malls in Italy



YESTERDAY, Japan:
The application, named StyleHint, will help you find fashion offers from brands including UNIQLO and GU.
DAY BEFORE YESTERDAY, China:
The Chinese online retail giant has officially introduced a logistics robot that will deliver goods to consumers.
DAY BEFORE YESTERDAY, USA:
The retailer's trademark will be called Free Assembly, under which customers will be able to buy clothes for both men and women.
Sep 18, 2020, Taiwan:
Dutch studio MVRDV has transformed an abandoned shopping center in Taiwan into an unusual public space.
Sep 18, 2020, Israel:
In Israel, a national quarantine begins to operate again from September 18, 2020.
Sep 18, 2020, Sweden:
Shoppers will select goods from different stores in the mall on one website and then pick them up conveniently.
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