SRA is calling out to Landlords once again to help retailers overcome this unprecedented crisis with unprecedented rental relief measures. The COVID-19 pandemic has spread worldwide and whilst we appreciate and support the need for the recent measures implemented:- safe distancing in stores and shopper loading in Malls ( similar to a lockdown situation), these have resulted in worsening sales amongst our retailers. And yet our fixed costs of rental/ manpower/utilities are still payable. All resulting in even greater costs and losses for retailers. Time is of the Essence.
Backed by our President, Mr R Dhinakaran , our Council members and all 400 SRA members. we urge Landlords to :-
a) Implement a rental payment structure on a strictly GTO basis for a period of six (6) months and capped at no more than 15% GTO or a 50% base rent reduction, whichever is lower.
b) Allow Retail businesses who cannot sustain anymore to exit before their lease expiration and to do so without losing their security deposits or risk of further punitive legal action.
These measures are fully in the spirit of a fair symbiotic relationship between mall owners and tenants in such unprecedented times.
Contact Person: SRA