Find in the news:
BY COUNTRY

Zsar outlet on the border with Russia closes after two years of operation



Outlet Center Zsar, built on the border of Finland with Russia, has not survived the crisis and is closing its doors.
Zsar outlet

The shopping center will close in less than two years after commissioning. Experts point out that the project has faced financial problems despite the complicated epidemiological situation and restrictive measures introduced.

The owner of the outlet has now started the liquidation procedure, reported the Maine Department of Patents and Registration to Finland. Under current legislation, the appointed bankruptcy manager would be able to sell the assets of the bankrupt company and pay off its creditors, writes YLE. 

To date, the total outlet debt is estimated at 190 billion euros. One of the creditors of the business is a former executive director of the company, Stephen Cunningham, who left his post in early 2020. 

Market participants report that the outlet faced financial problems even before the beginning of the crisis caused by the spread of the virus and closure of trading facilities. Even before the closing of the center for quarantine in the spring of 2020, it was empty about half of the area. After Zsar reopened in the summer, its attendance was at 50% of pre-crisis levels. 

The opening of Zsar Outlet Village on the border of Finland and Russia was held in late November 2018. The total area of the first phase of the complex was 128,000 square meters. The amount of investment in the project was estimated at 60 million euros. In 2019, the owners of the outlet announced plans to build a second phase with an area of about 88,000 square meters and placement of 45 additional tenants. Construction was expected to be completed in 2022. 

More about shopping malls in Finland



DAY BEFORE YESTERDAY, Japan:
The top floor of the world's most popular Japanese department store now has its cafe.
DAY BEFORE YESTERDAY, USA:
The owners of the American Dream decided not to wait until the luxury "Avenue" was at least half full.
Sep 17, 2021, USA:
The retailer is ready to invest in retail development in the U.S. market, which was hit by the crisis.
Sep 17, 2021, Spain:
Worldwide sales are recovering, both at retail and through online channels.
Sep 15, 2021, France:
The total area of the new retail space in the Madeleine area will be 724 square meters.
Sep 14, 2021, USA:
The 30-day subscription, which allows you to buy one taco a day, costs $5 and $10.
Friend
and Follow
Viaport Outlet GLA:748 092 SF
ADDRESS: Yenisehir Mah. Dedepasa Cad. No:19 Via Port - Pendik
Turkey . Istanbul
Viaport Outlet
Cabot Circus GLA:990 280 SF
ADDRESS: Glass House, Bristol BS1 3BX
United Kingdom . Bristol
Cabot Circus
Olympia Einkaufszentrum GLA:602 779 SF
ADDRESS: Hanauer Straße 68, 80993
Germany . Munich
Olympia Einkaufszentrum
AEON MALL Okinawa Rycom GLA:839 585 SF
ADDRESS: 901-2300 Tochi-kukaku seirichinai Awase, Kitanakagusuku Village, Nakagami District, Okinawa
Japan . Ginowan
AEON MALL Okinawa Rycom


Edit text

Dear visitor!
If You wish to add appropriate information to this description, please make changes in the text below and they will take effect after being verified by Malls.com administrator.

SAVE CHANGES
ADD PHOTO

Dear visitor!
If you desire to add more photos to this description, please upload them and they will appear on the page after being verified by Malls.com administrator.

CHOOSE PHOTOS
SAVE CHANGES
Sign in Malls.com
Sign in please, if you already have an account

Registration



Error filling
Error filling
Error filling
Error filling
Thank you!
You will receive e-mail with registration data shortly. In email you'll find link, confirm your account by clicking on it, please.

Malls.com Team
Thank you for message!
In the near future you will be contacted the manager
for further details.

Malls.com Team
Good mall, bro!
In the near future you will be contacted the manager
for further details.

Malls.com Team
We are dissatisfied with you :-(
In the near future you will be contacted the manager
for further details.

Malls.com Team

Write to us