TCS, Infosys, Wipro Q3 results; delivery isn't enough for Delhi eateries : Rashtra News #TCS #Infosys #Wipro #results #delivery #isnt #Delhi #eateries India's three IT heavyweights reported strong December quarter earnings on Wednesday even as their attrition rates rose sharply amid surging demand for their services. The board of TCS also recommended a Rs 18,000-crore […]
›Covid infects lease pacts: Retailers say they will pay rent only in proportion to actual business in case of lockdowns
Covid infects lease pacts: Retailers say they will pay rent only in proportion to actual business in case of lockdowns
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Covid infects lease pacts: Retailers say they will pay rent only in proportion to actual business in case of lockdownsBy
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Synopsis
Amid last year’s nationwide lockdown and this year’s local lockdowns, retailers and restaurants have taken a massive hit, facing closure of outlets, huge losses and retrenchments.
PTI
Top retailers and restaurant chains such as Reliance Retail, Madura Fashion & Lifestyle, Domino’s, Plum by Bent Chair, Mamagoto, Farzi Cafe, Lee, Wrangler and Cafe Warehouse among others, are insisting on introducing clauses in all new leases that stipulate that they will not pay rent, or pay only in proportion to their actual business, in the event of government mandated closures of stores and malls.
Priyank Sukhija, CEO of First Fiddle that runs brands such as Lord of the Drinks, Tamasha and Warehouse Café, said he might consider opening his outlets from Friday. “Maybe by next Monday, we might get some more relief. We can stay open till eight pm. Which means we can take the last order till about 6:30 or 7 pm. I dont understand why alcohol is not allowed. It will take us about 4-5 days to reopen,” he added.
Industry insiders do not foresee a recovery for the sector till the time Indians are doubly vaccinated. While lockdown restrictions were longer last year, the second wave was more devastating for families, they said, and would have made people hesitant and fearful of venturing out.