Main Street Complex plc, the operator of the retail complex of the same name in Paola, has expressed concerns over "a general downturn in the appetite of retailers to further invest in new premises."

The company's Annual Financial Report and Financial Statements for the year ended 31st December 2024, highlighted how despite the concerted efforts by management, several retail spaces at the complex remain unoccupied.

Nonetheless, the company noted ongoing discussions with both prospective and existing tenants, with many expressing strong interest in renewing their concession agreements.

Main Street Complex plc’s main activity is to manage and lease retail and entertainment spaces within Main Street Complex, a four-storey facility in central Paola, Malta.

The company reported a decrease in revenue and pre-tax profits in 2024 compared to the 2023 financial year.

Revenues fell by 11.4 per cent, dropping from €809,580 in 2023 to €717,178 in 2024. Meanwhile, the company’s pre-tax profit declined from €477,940 in 2023 to €365,376 in 2024, an approximate 23.6 per cent decrease.

In its report, the company attributed the decline in its financial performance to “the emergence of a number of new malls throughout the island as well as a growing online market.”

Describing 2024 as a “challenging” financial year, the company reported an increase of unrecovered expenses by approximately 12.6 per cent, from €105,958 in 2023 to €119,285 in 2024, largely attributed to a lower occupancy rate.

While administrative expenses remained stable, capital expenditure increased by 8.2 per cent compared to 2023, mainly due to reconfiguration works on Level 1 of the retail complex.

The company’s net post-tax profits fell from €354,272 in 2023 to €254,248 in 2024, representing a decrease of approximately 28.2 per cent.

The value of the property was revised to €10 million from €11.4 million, following the valuation of an independent architectural firm.

The Directors of the company recommend the payment of a net final dividend of €149,571.