Gallon, GTC: Unless we find a solution for people to start buying, the market collapses

Shimon Galon, the head of GTC Romania real estate developer, says the retail market is going to collapse unless the Government takes steps to make consumers start buying again, considering developers and retailers have already done all they could to attract clients.
“Last year, everything stood still, this year started better, but after the Government’s measures, buyers have been disappearing over recent months. Some have run out of money, and those who still have money push it deeper in their pockets. The change can only come from the Government. No private investor can make the market move again. Everything that was up to investors has been done: developers have offered smaller rents, retailers have offered discounts,” stated Shimon Galon, CEO with GTC, a major developer domestically.
The retail market has been the hardest hit after public workers’ salaries were cut by 25% and the VAT was raised.
“On the retail market, the problem is simple. People will not buy, and retailers are not selling. (…) The number of visitors has risen, people are coming to malls, but are not buying. I cannot say I do not have retailers or visitors, but if we do not find a solution for people to start buying, the market is going to collapse,” Galon said.