Give rebates on rent, retailers urge landlords

Helping to stay afloat: Owners of shopping malls and shoplots in Hong Kong and Singapore have offered rebates to tenants to help them weather the ‘storm’ and ensure business continuity. — Bloomberg

PETALING JAYA: Retail associations have urged shopping malls and shoplot owners to give their tenants rebates to help them ride out the effects of the Covid-19 outbreak.The groups are hoping that tenants are given rental rebates of between 30% and 50% for the next six months, saying that business has dropped since the outbreak.

The Malaysia Retailers Association, Malaysia Retail Chain Association, Bumiputra Retailers Organisation, Asean Retail-Chains & Franchise Federation and Branding Association of Malaysia said their members had reported a drop in sales of 50% with some expecting revenue to drop by more than 80% over the next three months.