By George Lampiris
The stores of Lamda Development shopping centers doubled their turnover by 95% in the second half of 2021 and compared to the corresponding period of 2020. This resulted in the total turnover of the stores remaining in the period July – December last year, by only 10% from 2019.
At the same time, for the whole of last year, the EBITDA of the shopping centers for Lamda, namely the Mall Athens, the Golden Hall and the Mediterannean Cosmos, amounted to 45 million euros, moving upwards by 23% compared to 2020.
The main factors that strengthened the course of the operational profitability of the shopping centers were the increase of the sales of the stores (+ 36% compared to 2020), which in turn were strengthened by the increase of the traffic (+ 8% compared to 2020) but also the increased cost per visitor.
Charge from suspension and haircut rents
However, the operational profitability of the shopping centers during 2021 was burdened by their suspension for a total period of about three months. It is characteristic that The Mall Athens and Golden Hall remained closed for 95 days in 2021 compared to 120 days in 2020. Regarding the shopping center, Mediterranean Cosmos in Thessaloniki, it remained closed for 92 days in 2021, compared to 124 days in 2020 .
The effect of the haircut on the rents of the store employees from January to June 2021 by 40% was also significant.
99% the fullness of shopping centers
The average occupancy of Lamda’s shopping malls remained stable at 99% at pre-pandemic levels, while total store turnover increased by 36% in 2021 compared to 2020. In terms of average cost per visitor, it also moved up 36% in 2021, while the total number of visitors increased by 8%.
A public tender for the power provider is underway
The group will soon enter a public bidding to meet its electricity needs in the near future, as its contracts with providers for its malls expire at the end of April.
However, as noted, the operating costs of the malls for 2021 had no effect on energy costs due to locked energy prices with agreements throughout last year. Under the existing contracts, the annual variable energy costs for Lamda’s shopping malls amount to around € 2 million, with most of the costs relating to public spaces.
Source: Capital
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