In an interview with Rau, Anna Chubotina, General Director of Arricano, told how, despite the sanctions, they continue to work and invest in their projects, whether they will be able to exceed last year's results and about the fate of the Lukianivka shopping mall in Kyiv.

Arricano is one of the leading network operators of retail real estate in Ukraine. Despite disputes with the security forces, last year's results were good: more than 21 million visitors, more than 95% occupancy offacilities, UAH 205.9 million of taxes to the state budget and more than UAH 4.2 million of assistance to the Armed Forces of Ukraine. 

About disputes with law enforcement officers

— Let's start with a painful question. The active phase in the dispute with law enforcement lasted from the beginning of autumn 2023 to the end of spring 2024 – several waves of searches, arrests of shopping malls and attempts to transfer objects to management through ARMA (Asset Recovery and Management Agency). In the autumn of 2024, all arrests were canceled by Ukrainian courts. However, on June 22, 2025, the President of Ukraine imposed sanctions against the company and Estonian investors. How sanctions currently affect the work of Arricano-owned shopping malls, in general, what are the sentiments of the team and tenants? And, what are your actions now for the sanctions to be lifted?
— For the whole team, this decision of the President was unexpected and added significant uncertainty, which affects, at least psychologically, every employee, especially during the war. 
It was critical for us to maintain a high level of service to visitors, to support the team and tenants. Because the only thing a team can do in such situations is to continue to work with the same efficiency, to ensure the uninterrupted operation of the shopping mall, to support tenants and to fulfill all obligations to partners, the state and employees. Now all shopping malls are working as usual. 
As for sanctions, I can say that Arricano's shareholders are sure that the sanctions imposed are unmotivated and unfair. Currently, lawyers are analyzing the legal grounds for imposing sanctions and preparing the necessary procedural documents for their appeal in the prescribed manner. 

— When this happened, the company said that it would resume the process in the Investment Arbitration around the SkyMall shopping mall. So, what is happening now?
— When the full-scale war began, the shareholders decided not to create an additional burden for the Ukrainian economy and suspended the process around the SkyMall shopping mall in the Investment Arbitration. It is clear that currently all efforts are aimed at challenging the imposition of sanctions.

— Can you surpass the results of 2024?
— We set ourselves ambitious goals. Under favorable external circumstances, we will be able to improve our last year performance.

About Prospekt shopping mall, RayON shopping mall, Sun Gallery shopping mall, and CITY MALL

— It is obvious that there is no safe city in Ukraine because of the war, but the most difficult security situation is in the frontline cities. CITY MALL shopping mall operates in Zaporizhzhia. Given that there are long alarms in the city, how does this affect the attendance of shopping mall and sales?
— Yes, the situation in Zaporizhzhia and Kryvyi Rih is more complicated than in Kyiv. This is keenly felt when you come to our regional shopping centers from the capital. People's moods depend on the operational situation in the cities, successes at the front and news about a possible diplomatic track. Even a faint hope for peace improves the mood and visitors to the shopping mall spend more on goods and services. On the other hand, there is a reverse trend: after the shelling, we see a decrease in attendance for several days and then people, recovering from stress, are treated with shopping and this stimulates a rapid recovery in attendance and the implementation of deferred demand. In Zaporizhzhia, the situation with anxiety this year was better than last year and, unfortunately, significantly worsened in September. Alarm hours accounted for up to 25% of working hours. In October, the situation improved slightly – the alarms lasted up to 15% of the working time. At the same time, the total turnover in the shopping mall increased by August 2025. In September, we observed a slight decrease in trade turnover, which in October returned to the indicators of August.

— War is a crisis, and any crisis opens up new opportunities. Let's take the example of any shopping mall, what new opportunities have opened up and how exactly do you use them?
— In January 2024, our shopping mall in Kryvyi Rih suffered damage as a result of an enemy attack on the city, however, fortunately, the structural elements of the building remained intact, and the part where the supermarket is located almost did not suffer. This made it possible to resume the work of the first part of the shopping mall shortly after the event. Further restoration took place gradually: the majority of tenants resumed activities over the following months, and the full completion of repairs and the opening of all stores and establishments took place in the spring of 2025.
On the one hand, we had to find funds and invest in the restoration of the shopping mall, which is only 70 km from the front line. Bank financing is currently unavailable to our industry due to war risks. The company's shareholders decided, despite the war and pressure on the company, to invest their own funds in the restoration of the Sun Gallery shopping mall, understanding the important role ofthe facility for citizens and the city. The total investment in recovery is almost UAH 80 million. A significant amount for our company and industry today. Today, the Sun Gallery can boast of a new decoration of the shopping gallery and public places. Some tenants updated their formats, restoring stores after damage, a new Silpo supermarket opened, almost all tenants' signboards were updated and brought to a single visual standard. The Sun Gallery is the oldest shopping complex in the Arricano portfolio (opened in 2007) and renovation work was inevitable, but we would not invest in its modernization until the end of the war. Now the shopping mall looks years younger, with a strong pool of tenants and has an incentive for further development for the next decade.

— In the capital, in Troieshchyna neighbourhood, they began to demolish the old Sirius shopping mall and plan to build a modern shopping mall. Do you know about this, or are you now thinking about how the new shopping mall will affect the performance of RayON shopping mall?
— What is in open sources. We also analyzed the previous planning of this shopping mall and observe their development. We understand that this time this shopping center can be built. As for the impact, of course, it will be, because we have the same coverage area and we will fight for the same buyers. At the same time, this is one of the densely populated areas of the city and, subject to the growth of purchasing power, there will be a place for a new project. We are currently working on updating the formats of existing stores. Thus, Silpo will update its supermarket by the end of the year, Puzata Khata has already opened, etc. We plan to work on the renovation of public places, the adjacent territory. From increased competition, management companies will be forced to invest in updates and development, look for new non-standard solutions, and, therefore, the buyer will win. 

On purchasing power and trends
— Previously, the RayON shopping mall had a children's room and other children's play activities. Now Sinsay works at this place. Why did you remove entertainment for children and do you plan to return them?
“It was a weighted decision.” It is difficult for us to compete with large entertainment centers, because we do not have the area to accommodate tenants of the 2000+ sq. m format in RayON shopping mall. Also, COVID, and then the war with anxiety and evacuation of visitors, affected the effectiveness of this format in our shopping mall and its work, unfortunately, did not meet our expectations regarding the anchor function and profitability per square meter. On the other hand, Sinsay has long needed to update its format and wanted to expand. At the same time, there are requests for a space where parents can leave young children under supervision during shopping. We are thinking about the format of such a children's center.

— In a full-scale invasion, local players opened more doors in the shopping mall. Now in the fourth year of the war, there is the same demand as at the beginning of the invasion, when Ukrainians had a great desire to support domestic companies?
— We are pleased to continue our cooperation with Ukrainian brands. Now we have such brands as: Ukrzoloto, Zolotyi Vik, SOVA, STIMMA, Goldi, Promin, Mida, Jasmine, VOVK, Solmar, ARBER, Fabric-17 and others. Our visitors love them. This is evidenced by the sales of these tenants. At the same time, after the resumption of the work of foreign brands such as Inditex Group, H&M, LC Waikiki, etc., competition intensified and it became more difficult for some Ukrainian manufacturers to compete for the consumer. Issues related to the demand for collections and turnover of goods, product quality and pricing. International companies have more resources and significant financial stability, so domestic brands must be very creative and fast to work successfully, they must be able to attract affordable financing. At the same time, life stability can be learned from us, so I am sure that the success stories of our Ukrainian retail are inevitable and we are always ready to support them. 

— The global trend for sportswear is also relevant for Ukraine. Do you also focus on sports tenants?
— This trend has been around for many years. This shift began before Covid and intensified during Covid. Almost all leading sports brands are represented in our Kyiv projects with an eye to the target audience. Unfortunately, in Zaporizhzhia, in our CITY MALL, we are limited by the area of the complex, despite the demand even now, under the conditions of war. However, Puma and New Balance successfully work in it. The demand for sportswear does not decrease and the fact that high fashion continues to integrate sportswear into its collections confirms that the demand for comfortable sports aesthetics remains steady. 

— Given that the purchasing power in the war is declining, how are decisions about purchases, wardrobe updates, spending time on the food court now made?
— Arricano shopping malls develop as community spaces, so visitors come with family, friends: participate in events, join our initiatives, visit the cinema, spend time together at the food court and make purchases. We do not see a decrease in the number of visitors on the food court. When it comes to buying decisions: for example, inflation, lower incomes affect purchasing power and customer behavior – visitors become more sensitive to the price factor. Given the trend of responsible consumption, some buyers reduce the number of things they buy. Some consumers are ready to make purchases in stores from the mass market segment, in which they have not previously bought. Also, visitors support Ukrainian brands and buy goods from domestic manufacturers. Buyer activity increases during sales and off-season sales. 

About personal and plans
— What decision during the war years was the most difficult and risky, but justified itself?
— Replacing the anchor operator of a supermarket in 2023 in our regional projects in Zaporizhzhia and Kryvyi Rih was not an easy decision. In Kryvyi Rih, this still coincided with the restoration of the shopping mall after damage as a result of a missile attack on the city, that is, double pressure on the efficiency of tenants and our ability to invest in the restoration of the Sun Gallery. But we took the risk and did not lose. Currently, we have implemented a transitional concept. Silpo entered the reduced area, partly on equipment from the previous tenant and implemented a format adapted to the current needs of the people. By reducing the area of the hypermarket, we expanded the range of the shopping gallery and attracted strong new brands.
Despite all the challenges of working in frontline cities, sales of Silpo and new tenants are growing, which means that the decision was correct and timely. At the same time, after the end of the war, we plan to return to the implementation of our plans for the reform of both malls, which was agreed before the war.

— Business measures everything in numbers. However, do you determine such an indicator as the impact of the shopping mall on the city, community and people?
— Before Covid and before the full-scale war, we talked about the social function of our shopping malls, but only now have we become real social hubs. In the most difficult times, we provided citizens with food, medicines, and essential goods. In blackouts, we provide our visitors with heat and light. In everyday life, we are spaces that provide an opportunity to live here and now, to feel normal despite all the challenges. We are, if I may say so, "city-holding" enterprises. In addition, our shopping malls create jobs, pay taxes, and form the landscape of cities. 

— Togorich was the willingness of the company's shareholders to invest in the future completion of the Lukianivka shopping mall project in Kyiv. What is now with this project?
— Construction is almost suspended, in particular due to the fact that the location has been subjected to massive shelling several times this year. During one of the August enemy attacks on the city, the very building of the shopping mall was damaged. As soon as the operational situation allows, and provided that there is no pressure on the company, we plan to return to the active phase of the project. 

— In your opinion, what needs to change for the state to count on European investments and continue to move towards European integration?
— In order for the state to count on European investments and continue the path of European integration, it is necessary to ensure the rule of law, an effective fight against corruption and transparent and equal conditions and rules for business. It is also important to harmonize legislation with EU norms, strengthen institutions and guarantee the stability of the economic and political system. 

— And about Arricano's plans.
— The main task is to ensure the stable operation of our shopping malls, operational efficiency and revenue growth of the company, to support the military, the communities of our shopping malls and our team.