In this post we drill down into the results of our survey of 300+ operators from 48 countries on the impact of covid on occupancy, employment and other factors for the cities with most respondents (4 and above).
The cities with 4 or more responses were the following:
Major European cities such as London, Madrid and Barcelona have seen a significant drop in memberships. Eastern Europe countries such as Bratislava and Riga have held relatively better. Milan also seems to have kept its memberships at pre covid levels.
Employment held better than memberships thanks to the various government schemes put in place in most countries. Operators are optimistic and anticipate to hire after the crisis.
A significant proportion of spaces in Spain (Madrid and Barcelona) and USA (Portland) have renegotiated their leases while no space in London did so. Interestingly no space on profit-sharing agreement renegotiated its contract, which shows that leases are not necessarily less risky than such agreements.
The results of the global survey can be found here.
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