12:19 16.12.2020

Large entertainment operators leave Ukrainian market due to pandemic – expert

2 min read

KYIV. Dec 16 (Interfax-Ukraine) – As a result of the negative impact of the pandemic on the entertainment sector in Ukraine, large entertainment operators are going bankrupt and leaving the market, Head of the Strategic Consulting Department at UTG Kostiantyn Oliynyk has said.

"Children's entertainment centers – Vesely Vulyk, Sky Park, Happylon – are going bankrupt and leaving the market of Kyiv and Ukraine. Almost all ice arenas, bowling alleys are fading and being closed, and very few operators which could perform an anchor entertainment function in the shopping center remain," Oliynyk said at the press conference entitled "Results of 2020 in Ukrainian Property Market" at Interfax-Ukraine on Wednesday.

So, for example, in November, on the site of the Happylon children's entertainment center in the Ocean Plaza mall in Kyiv, the largest store of the Budynok Ihrashok chain was opened.

In addition, cinema network operators remain on thin ice.

"Most likely, the Planeta Kino and Multiplex networks will have to either significantly lose in their income, or file for bankruptcy proceedings," the expert said.

According to him, in the near future one should not expect well-known international brands to enter the Ukrainian market. "Amid the reduction of networks from the United States and the U.K., our closest neighbors – Turkey, Poland – are beginning to develop. LPP group with all its brands is actively developing, DeFacto, Flo, Cotton, Waikiki and some other brands are actively penetrating our market," Oliynyk said.

At the same time, the supply of retail space in Kyiv continues growing – saturation per 1,000 inhabitants in 2020 amounted to 609 sq. m.

"For comparison: despite the fact that this year in Moscow there was also a high construction activity, many retail facilities were opened, Kyiv is ahead of Moscow with an indicator of 604 sq. m. per 1,000 inhabitants. This suggests that the retail real estate market in Kyiv is becoming very competitive," the analyst said.

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