Malls end 'concessions and waivers' with business returning to normal
25 November 2021, Mumbai:
Mall developers and retail landlords offered concessions and waivers to retailers and restaurants during the first two waves of Covid. This was done in order to offset the impact of the pandemic on business.
But now with retail sales have returned to normal across the board, reaching almost pre-Covid levels, mall developers and landlords have stopped rental waivers and negotiations.
All waivers, concessions, and rebates offered to retailers started being withdrawn from July. But for restaurants, these waivers ended in the last one or two months because restaurants still had some restrictions related to capacity and timing.
For multiplexes, too, which were the last to be opened, concessions and waivers have mostly been brought to an end. For some multiplexes, though, some discounts are still being extended on a case-to-case basis. That too could come to an end by the fourth quarter.
Maharashtra was the last to open malls and multiplexes. At DLF Mall waivers have been ended for all, except F&B outlets, since July.
Since October, full rentals have been charged across the board. Infiniti Mall also ended all rental waivers from November but it is still extending some discounts to some brands on a case-to-case basis where they are still struggling. Inorbit Mall also ended all waivers and rebates from July and August across India.
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