Josko Pitesa, IMMOFINANZ Country Manager for Serbia, Slovenia and Croatia: It`s very important that we take this situation seriously and act responsibly

Within the first quarter of 2020, the visitor frequency in stores within our retail parks marked a very strong start into the year. However, we noticed clear declines because of the restrictions

We maintain an active dialogue with our tenants to jointly master challenges and take our responsibility towards the retailers, their employees and their customers very seriously. Health and safety of our partners and their customers have top priority.

How did you organize your business activities? What is the impact of the state of emergency on your business?

The restrictions imposed by the government certainly affect IMMOFINANZ’s retail locations. If our tenants – mostly shop owners – cannot make revenue, obviously this will influence our business as well, since we rent our facilities to them. Within the first quarter of 2020 the visitor frequency in stores within our retail parks marked a very strong start into the year. However, we noticed clear declines as a result of the restrictions.

It is too early to estimate the full impact of the current situation. In order to largely offset potential, temporary declines in rental income from the retail business, a cost savings program has already been implemented. It includes, among others, the postponement of non-essential investments as well as the reduction of overheads. In addition, all economic support measures announced by the various national governments will be evaluated.

We maintain an active dialogue with our tenants to jointly master challenges and take our responsibility towards the retailers, their employees and their customers very seriously. Health and safety of our partners and their customers have top priority.

How do you spend your private time during the pandemic?

I think it is very important that we take this situation seriously and act responsibly. Personally, I am grateful I get to spend my free time at home with my family, where we enjoy different activities together. I believe that in these circumstances, when the majority of companies are working remotely, it is especially important to maintain your work-life balance and use your free time for activities you enjoy in.

What will you do first after the emergency is lifted?

Due to the pandemic of the virus COVID-19, we surely have to adjust our plans and try to remain as flexible as possible – it is now a priority to stabilize the situation in Serbia, as well as in other countries where IMMOFINANZ operates. We believe that currently it is crucial that the situation regarding COVID-19 is coordinated adequately for all of our tenants and visitors. We will surely take our time to review the effects that this global pandemic had on our business and plan our next steps. Regarding the company plans for the following months, in April we will present the annual results of IMMOFINANZ. That is the only definite plan for now.

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