Malls, retailers begin talks again over rentals as business remains weak

While mall owners gave full, and in some cases, half waivers to retailers on monthly rentals during lockdown months, retailers say this may not be enough

Mall developers and retailers are at the negotiating table again as sluggish business is forcing the two to rework rent pacts. While mall owners gave full and, in some cases, half waivers to retailers on monthly rentals during the lockdown months of March, April, and May, retailers say this may not be enough.

Some mall owners had agreed to short-term deferrals of rent, worked out a revenue-share pact, and even offered sharp discounts on existing rentals for the lockdown months, saying they remained sympathetic to retailers.

Mall owners now appear willing to give a 20-30 per cent waiver on rentals. Discounts on