Image: APA/AFP/Joe Klamar
This is what the creditor protection association Creditreform assumes.
Because many of the real estate developer Rene Benko’s projects had flagship character, the affected inner cities and urban districts not only lost retail space, but also restaurants and other stimulating elements. In addition, the properties threatened to become ruins.
Recently there have been several bankruptcies in Germany, especially in the fashion retail sector: Peek & Cloppenburg, Gerry Weber, Reno, Peter Hahn, Salamander and Görtz. Recession, inflation and customer reluctance to buy have taken a toll on the industry, and there is also competition from online retail. Investments in business, digitalization or sustainability would have to be postponed, especially by smaller retailers, according to Creditreform.
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Source: Nachrichten
