SUNWAY Malls has granted a 14-day rent-free period to affected non-essential retailers in response to the Movement Control Order (MCO).
Following the Prime Minister’s announcement on the MCO from March 18-31, Sunway Malls has taken cognisance of the impact the order has on non-essential trade retailers due to the mandatory trading cessation of 14 days.
While Sunway Malls supports the Government’s decision on the movement control order as the national top priority to rein in on the virus outbreak and protect the safety of the community, the mall group also believes that the long-term sustainability of its business partners is also an important factor.
While essential supplies and services such as supermarket, pharmacy, convenience store and F&B (delivery and takeaway) remain open to continue serving the community, non-essential trade – fashion, home furnishing, entertainment, leisure outlets, etc – are mandated to cease trading during the 14-day period.
For non-essential trade retailers, the current situation puts a tremendous strain on revenue and cash-flow.
Henceforth, Sunway Malls (Sunway Pyramd, Sunway Velocity, Sunway Carnival, Sunway Putra, Sunway Big Box Retail Park, Sunway Giza and Sunway Citrine), of which Sunway Pyramid, Sunway Carnival and Sunway Putra are under REIT (Real Estate Investment Trust), is granting RM20mil rent free to non-essential trade retailers for the 14-day period of the MCO.
The mall group will also undertake steps to ease credit control for retailers in this difficult period.
“The global scale of this outbreak is both unprecedented and uncharted. At times like these, everyone is losing. Each of us has the responsibility to shoulder and share the pain. This grant is expected to bring a certain degree of comfort and relief to Sunway Malls’ affected retailers, ” said Sunway Malls and Theme Parks CEO H.C. Chan.
Sunway Malls is still monitoring the situation closely and reviewing the developments as it unfolds.