Levan Karalashvili, director of Tbilisi Central declares that the Russia-Ukraine war has extended the crisis in business. According to Karalashvili, war has significantly changed the situation.
"Many hoped for the tourism recovery, but this process will be complicated. The lack of Ukrainian tourists will hurt the retail sector, as their share in shopping was quite high. We will be able to calculate the exact loss by the end of spring," Karalashvili said.
According to him, utility bills are doubled and as a result, all shopping malls have increased service bills to the tenants by 10-15% since the beginning of 2022. As a result, prices for household appliances increased by 15-20%.
