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Mall developers wait for clarity as retailers push for modifying rent agreements

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NEW DELHI : Mall developers and retailers are yet to find common ground on negotiating rentals, considering the business uncertainties owing to the countrywide lockdown.

India’s non-food retailers, such as apparel, footwear and home décor stores, have been in a bind since the government started imposing district-wise closures in mid-March, and malls were asked to shut down, barring grocery outlets.

With the lockdown unlikely to lift anytime soon, non-food retailers are grappling with zero revenue, anticipating a scenario where discretionary consumer spends will take months to recover.

Rakesh Biyani, joint managing director, Future Group, said several large retailers are appealing to mall developers to switch to a revenue-sharing agreement

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COVID-19
United States
United States
Cases: 46 252 513
Deaths: 750 423
Recovered: 0
India
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Cases: 34 321 025
Deaths: 459 652
Recovered: 0
Brazil
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Cases: 21 835 785
Deaths: 608 235
Recovered: 0
United Kingdom
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Deaths: 141 607
Recovered: 0
Russia
Russia
Cases: 8 494 589
Deaths: 237 619
Recovered: 0
Detail statistic
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