'Not the best time' to open Europe's biggest mall

Moscow

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 on Friday, just as Russia is headed towards recession and its businesses are contending with international sanctions over the conflict in Ukraine. Meantime, the rouble's plunge to record lows, rising interest rates and the fastest inflation since July 2011 are eating into consumers' finances.