Retailers and brands are seeking rent waivers across malls and high streets with earnings taking a hit due to the coronavirus-induced lockdown.
Offers under consideration of mall management and landlords include total waiver during the lockdown period, partial waiver, renegotiated rates, and revenue sharing arrangements. Some have asked mall managements to waive off the minimum guarantee that is charged from shops during the period of lockdown.
Market sources indicate that eateries including coffee shops, restaurants and pubs, fashion apparel, footwear and anything that comes under discretionary spending have been worst hit due to the prolonged lockdown.
