Woolworths, MFI outlets and nearly 2,000 other retail shops have entered administration, according to insolvency and restructuring specialist Begbies Traynor. Tens of thousands of jobs are at risk, including 27,000 Woolworths employees. Begbies Traynor Executive Chairman Nick Hood said more high street stores likely will close in the next few weeks.
Over the past several months, malls throughout India have seen a gradual exodus of retailers to the high street. The trend is exacerbating the situation for malls that have been having a difficult time getting initial bookings. The mall vacancy rate in India's urban areas reached a record of 16% at the end of last year, according to Cushman & Wakefield.
Sephora Marinopoulos, the Greek-based operator of Sephora and Beauty Shop franchises throughout Eastern Europe, plans to open the first of five Sephora-branded stores in Romania in Bucharest's Grand Arena shopping mall. The company operates 16 Sephora shops in the country.