“Branded stores are closed and supermarkets and drug stores are opened instead,” Mariam Asatiani, founder of Remax Capital told TV-Program Business Course.
According to her, partial lockdown and the second wave of the pandemic exacerbated the crisis.
"However, shopping malls offered more flexible pricing to the shop owners, which did not happen on the part of private owners. So many facilities have closed and vacancies have increased," Mariam Asatiani said.
According to Asatiani, branded stores are closed and supermarkets and drug stores are opened instead.
“It shows well that demand is on the primary consumption items. Overall, we can conclude that we are facing impoverishment of the middle class. People only buy what they need mostly. As of the optimistic scenario, we must not suppose full recovery of the market until 2023," said the founder of Remax Capital.
