COVID-19: Shopping mall owners' income dips around 50 pc in FY21 on rental waiver
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Last Updated: May 10, 2021, 09:19 PM IST
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Most of the mall owners, which generally leases space in their shopping malls on a revenue-sharing model with retailers having a minimum guarantee clause, gave complete rental waiver during the April-June period of 2020 because of the nationwide lockdown to control COVID.
Agencies
Average monthly rentals in shopping centres have softened by 4-5 per cent across eight cities, although many malls saw rent correction of up to 25 per cent, they said.
Shopping mall owners' revenue declined by around 50 per cent during the last fiscal as the retail sector was badly hit since the outbreak of the COVID-19 pandemic in March last year, according to real estate developers and consultants. Average monthly rentals in shopping centres have softened by 4-5 per cent across eight cities, although many malls saw rent correction of up to 25 per cent, they said.