Since the 22nd of March, as a measure of social distancing, all shopping centres and retail outlets were ordered to close and are not expected to open until mid-May at the earliest. Retail landlords have reacted quickly to provide relief as retailers have faced forced closures and cuts to overheads have been substantial and some landlords are offering up to 100% rent relief to tenants who have been shut down and up to 50% for those tenants who are still able to operate. The retail sector is unlikely to recover fully until tourism arrival figures reach similar levels seen pre-crisis. Click here to read more on this issue: https://bit.ly/2SR0cDS
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Retail impact and opportunity
Landlords and tenants alike are in for a prolonged struggle even as Covid-19 recedes.