Moscow Prepares for Biggest Mall Opening as Recession Looms
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This week’s opening in Moscow of Europe’s biggest shopping mall comes at an inopportune moment for investors backing the project.
The Aviapark mall opens its doors Nov. 28, just as Russia is headed toward recession and its businesses are contending with international sanctions over the conflict in Ukraine. Meantime, the ruble’s plunge to record lows, rising interest rates and the fastest inflation since July 2011 are eating into consumers’ finances.