FRANKFURT, June 9 (Reuters) - Germans are spending more money at shopping malls thanks to higher disposable incomes and inflation fears, the chief executive of mall operator Deutsche Euroshop told the Frankfurter Allgemeine Sonntagszeitung.
“We have the impression that the high (collectively-bargained) wage deals are providing a lift to shopping. There also might be some people that would rather spend their money before it’s not worth anything any more,” Claus-Matthias Boege said in an interview with the Sunday weekly.
Germany is under pressure from other euro zone countries to tolerate higher inflation and spend more on goods and services from elsewhere in the bloc to help ease pressures on weaker euro economies. Its inflation rate was running at 2.1 percent in May using the EU measure.
Boege added that there was a chance his company could exceed its targets of a 10 percent gain in both revenue and profits.
“So far we’re a tick above our planned targets,” Boege said.
Euroshop owns stakes in 19 large shopping malls in Germany, including the Main-Taunus-Zentrum outside of Frankfurt. (Reporting by Christiaan Hetzner; Editing by Ruth Pitchford)