Fashion retailers are seeking rental rebates from high-street landlords and shopping malls as the COVID-19 pandemic continues to play havoc with their businesses. As per Money Control report, Benetton India is negotiating with landlords for complete waivers on rentals for stores, where business has come to a standstill, due to the lockdown
Another player Cantabil Retail India has invoked force majeure in cities, where its stores are not operational due to the Covid-induced curbs. Out of the company’s over 300 stores only 12 stores are operational at moment
Value retailers, which have a good presence in the smaller towns and hence fared better last year as compared to the metro and tier-I focussed retail chains, are also impacted this time around.
Retailers report that though landlords at high-streets and other locations, have been more open to negotiate rentals, shopping malls are reluctant to extend relief this time around — understandably so.
According to a report released by the Shopping Centres Association of India (SCAI) in April, the industry’s revenue dropped by almost half due to local restrictions in mid-March, whereas prior to this it was clocking Rs 1500 crore revenue per mon
