Rental rates will translate into rubles
31.08.2015 3329

Rental rates will translate into rubles

The Ministry of Industry and Trade has prepared a bill prohibiting the setting of rental rates for retailers in foreign currency. 

 "In many ways, large shopping centers and street retail representatives nominate rental contracts for non-residential premises in foreign currency, while the entire chain of settlements to the end user is made in rubles. Risks from currency rate fluctuations fall entirely on tenants. In our opinion, this is unfair and is a rudiment 1990s, "- said the Deputy Minister of Industry and Trade Viktor Evtukhov.

According to him, the amendments are now undergoing the procedure of approval and discussion. The new bill was created for the benefit of retailers. "The destabilization of the ruble has turned into problems for industry participants, often threatening bankruptcy. Whereas previously companies had rental costs of 15-20% of revenue, after the denomination they doubled and began to reach 20-40%."

The authors of the bill suggest that foreign investors may oppose the legislative initiative, as this will prevent them from making and planning investments.

The Ministry of Industry and Trade has prepared a bill prohibiting the setting of rental rates for retailers in foreign ...
5
1
Rating

Latest News

Céline Changes Creative Team

After seven years as creative director of Céline, Hedi Slimane has left the brand. The luxury group LVMH, which owns Céline, has already named a successor: Michael…
04.10.2024 150

Balenciaga Surprises with New Basketball Sneakers

Balenciaga's new basketball sneakers, unveiled at Paris Fashion Week, are made from molded foam. The shoes have a zip fastening with a Velcro flap at the top, making them similar to…
03.10.2024 288

Street Beat continues to develop outlets

Outlet stores are a separate area in the retail of the multi-brand Street Beat chain. Such stores with a range of last year's collections of international sports brands and their own STREETBEAT brand are already operating in…
03.10.2024 230

Welcome to the Third Moscow Fashion Week

Moscow Fashion Week will be held from October 4 to 9. We will see 200 domestic and foreign designers, including those from Brazil, India, China, Costa Rica, the United Arab Emirates and other friendly countries; get acquainted with 36 local brands…
03.10.2024 297

The international fashion festival Admiralty Needle will be held in St. Petersburg

From October 14 to 17, a grand event will take place in St. Petersburg – the XXX International Festival of Fashion, Art and Design “Admiralty Needle”. The founder and organizer of the festival is St. Petersburg State University…
02.10.2024 313
When you sign up, you will receive weekly news and articles about the shoe business on your e-mail.

To the beginning