Coronavirus a ‘catastrophe’ for Paris tourist industry PAGE 10 FRIDAY, MARCH 13, 2020 DOW21,557.39 QE 8,230.41 SENSEX 32,778.14 GOLD 1,578.68 World economy facing its biggest -1,995.83 PTS -382.95 PTS -2,919.26 PTS -3.45% crisis since 2008 PAGE 9 PRICE PERCENTAGE PRICE PERCENTAGE 15.91 BRENT 32.94 -7.96% WTI 31.16 -5.52% SILVER -5.16% Stocks, crude plunge Five big malls set to as Trump travel ban open in Qatar in 2020 fans recession fears AFP president’s travel ban has only LONDON further heightened the likeli- hood of a global recession... Average retail occupancy across malls in Qatar was estimated at 80 percent in 2019, says ValuStrat GLOBAL stock markets and investors fled,” said Connor oil prices plunged Thursday Campbell, market analyst at SATYENDRA PATHAK after President Donald Trump Spreadex trading group. DOHA banned all travel from main- Eyes were on the European land Europe to the United Central Bank, which is under FIVE big malls with approxi- States for a month to fight the pressure at its policy meet- mately 462,000 sqm gross coronavirus pandemic, ramp- ing Thursday to show it too leasable area of retail space are ing up fears of worldwide re- has the firepower to respond all set to open in 2020, ValuS- cession. to the coronavirus crisis and trat research has said in its lat- As panic raged and billions shore up the eurozone econ- est report. more dollars were wiped from omy after other major central According to ValuStrat’s companies’ valuations, the banks have already leapt into Qatar Retail Market Insights, head of the World Health Or- the breach. the new malls - Doha Mall ganization said the COVID-19 The Japanese yen, a in Al Maamoura, Boulevard outbreak “is a controllable key haven in times of crisis, Mall in Jeryan Jenaihat, 04 pandemic” if countries stepped jumped more than one per- Mall in The Pearl, J Mall in Al up measures to tackle it. cent against the dollar. Markhiya and Place Vendome “We are deeply concerned “Travel restrictions equal in Lusail - is expected to be that some countries are not ap- slower global economic activ- completed by the end of 2020. proaching this threat with the ity, so if you need any more With these additions, level of political commitment coaxing to sell... after a mas- the report said, retail supply needed to control it,” WHO sively negative signal from would exceed 2.3 million sq m director-general Tedros Adha- trading in US markets it just gross leasable area (GLA) by nom Ghebreyesus told diplo- fell in your lap,” said AxiCorp’s 2020, assuming no construc- mats in Geneva, according to a Stephen Innes. tion delays. statement. The coronavirus outbreak Average retail occupancy Following an overnight has left virtually no sector across malls in Qatar was es- slump, Sydney tumbled 7.4 untouched, though travel and timated at 80 percent in 2019, percent Thursday to suffer its tourism have been particularly the report said adding the worst session since the 2008 hard-hit as countries institute country saw the opening of According to ValuStrat’s Qatar Retail Market Insights, the new malls- Doha Mall in Al Maamoura, Boulevard Mall in Jeryan Jenaihat, 04 Mall in global financial crisis. travel bans and quarantine fewer new retail centres dur- The Pearl, J Mall in Al Markhiya and Place Vendome (a model of which is pictured) in Lusail -is expected to be completed by the end of 2020. Tokyo closed down 4.4 per- requirements, with Italy in a ing the year and the total sup- cent, putting it in a bear mar- country-wide lockdown. ply of organised retail space In terms of geographical malls offered discounts, enter- malls, the report said, “Super ket after slumping more than The number of cases was just over 1.89 million sqm distribution, the report said, tainment and fashion shows regional malls performed bet- 20 percent from a recent high. across the globe has risen to excluding street retail and hy- Doha comprised 42 percent of and raffle draws led to tempo- ter in terms of footfall, occu- Hong Kong shed 3.7 per- more than 126,000 with 4,600 permarkets. the total gross leasable area of Super regional malls rary increase in sales and foot- pancy and lease rates when cent, though Shanghai was off deaths, according to Johns This represented a 5 per- organised retail space. performed better in terms of fall during first half of 2019, compared to smaller regional 1.5 percent as China continues Hopkins University. cent increase in supply since The remaining was dis- footfall, occupancy and the report said. malls.” to see infection rates slow. In announcing the Europe 2018 with the completion of tributed in Al Rayyan (30 However, due to influx of Due to the recent outbreak Manila crashed nearly 10 ban -- which excludes Britain three retail centres Al Waddan percent), Al Daayen (15 per- lease rates when compared new malls, there has been a of global endemic Coronavi- percent -- sparking a brief -- Trump said the continent Mall (26,000 sq m) in Me- cent), Umm Salal (5 percent), to smaller regional malls. decrease in enquiries for va- rus disease (COVID-19), it is trading halt -- after it emerged had seen a surge in new cases saieed, The Galleria (44,000 Al Wakrah (5 percent) and Al ValuStrat’s Qatar Retail cant spaces in existing shop- projected that at least for the Philippines President Rodrigo because governments failed to sq m) and Department Store Khor (3 percent), the report ping centres compared to short term, international re- Duterte would undergo a pre- stop travel from China, where (15,000 sq m) in Musheireb said adding that Doha Festival Market Insights 2018. Moreover, owing to tailers may become more re- cautionary test for the virus. the COVID-19 epidemic be- Downtown during 2019, the City remained the largest mall increasing competition shop- luctant to open new stores due In the Gulf, Saudi dumped gan. report said. in Qatar comprises of 250,000 sumer spending in Qatar con- ping mall vendors experienced to the expected recessionary 4.0 percent in value, Dubai He said the prohibitions Additionally, the report sqm gross leasable area. tinued to grow with spending annual decrease in sales dur- impact on sales. tumbled 6.0 percent and Qa- would also “apply to the tre- said, Galeries Lafayette (4,350 Based on current organ- in food, non-alcoholic drinks, ing 2019 against 2018. “Moreover, tourist footfall tar shed 5.2 percent. mendous amount of trade and sq m gross leasable area) an- ised retail supply and popu- footwear, apparel, household The landlords offered at- in malls might be negatively The carnage on stock mar- cargo”, and “various other nounced the soft opening of its lation, the saturation ratio goods and personal care, to tractive incentives like waiving impacted as air and sea travel kets spread to Europe, with things as we get approval”. flagship store in Katara Cul- of shopping centres in Qatar have increased by an estimat- service charges or turnover faces restrictions. Nevertheless, London, Frankfurt and Paris However, the White House tural Village. was 660 sqm per 1,000 capita ed 2 percent during 2019, the rents to retain existing retail- retail occupancy is projected to all losing almost six percent afterwards clarified that “the Super regional malls dom- compared to the GCC aver- report said. ers and generate new leases, it improve in the medium term approaching the half-way people transporting goods will inated the retail landscape by age of 620 sqm per 1,000 per Events such as ‘Shop Qa- said. due to temporary increase in mark. not be admitted into the coun- taking up 52 percent of the to- capita. tar’ and ‘Summer in Qatar’ Highlighting the diver- demand as World Cup 2022 “Taking the view that the try, but the goods will be”. tal gross leasable area. The pace of growth of con- during which participating gence in the performance of nears,” the report said. Depth of economic slowdown depends on response: IMF AFP drop below last year’s level, Private economists have ary, the fund was still project- “International coopera- WASHINGTON which was 2.9 percent,” IMF been warning of the possibil- ing growth would accelerate tion is essential to effectively spokesman Gerry Rice told re- ity of a steep decline in US and to 3.3 percent, but that was address the coronavirus out- THE severity of the slowdown porters. But how far will it fall global economies that could before the global disruptions, break,” Rice said. in the global economy due to is “difficult to predict, at this amount to a worldwide reces- country-wide shutdowns and “This is not something that the coronavirus pandemic will point, obviously, given the un- sion. plunging oil prices hit. stops at national borders, we depend on how long it lasts and certainty.” IHS Markit this week IMF officials have been need to work together.” how governments respond, the “It depends, of course, on slashed its forecast for global urging a strong, coordinated The fund has said it could International Monetary Fund the spread, the propagation of growth to 1.7 percent. global response, including rapidly deploy up to $50 bil- said Thursday. the outbreak. It depends on the The IMF is due to release rolling out spending measures lion, some in no or low-cost Two young women carry extra gas cans as they ride a motorcycle past “Under any scenario, the measures taken to respond and its updated World Economic to cushion the blow from the loans, to the world’s poorest in Sabaneta, Barinas State, Venezuela.