March 23, 2020 / 4:15 PM / 11 days ago

Brazil malls group says 95% of all malls affected by closure decrees

SAO PAULO, March 23 (Reuters) - Brazilian malls industry group Abrasce said on Monday that 550 malls, or 95% of all malls in the country, are affected by county and state decrees ordering closure of non-essential commercial activities.

In a statement, Abrasce noted that 182 of the closed 550 malls are located in Sao Paulo state, Brazil’s industrial, business and financial engine. Earlier on Monday, upscale malls operator Iguatemi Empresa de Shopping Centers SA announced it was shutting four malls in Sao Paulo, while rival brMalls said it would close all its 31 units. (Reporting by Gabriela Mello Editing by Chizu Nomiyama)

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