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Tenants need ‘unprecedented’ rent relief amid COVID-19 outbreak, say retail and F&B groups
Safe distancing measures in place at a restaurant in Chinatown Point on Thursday (March 26) (Photo: Jeremy Long)
By Tang See Kit
01 Apr 2020 06:49PM(Updated: 01 Apr 2020 07:53PM)
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SINGAPORE: Struggling retailers and food and beverage (F&B) operators are calling for a temporary change in how retail rents are calculated, as an "unprecedented" COVID-19 outbreak takes an increasing toll on their businesses.
Currently, most retail leases are structured around a minimum fixed charge called base rent, with a small component based on a tenant’s gross turnover or total sales generated.
Safe distancing measures in place at a restaurant in Chinatown Point on Thursday (March 26) (Photo: Jeremy Long)
By Tang See Kit
01 Apr 2020 06:49PM(Updated: 01 Apr 2020 07:53PM)
Bookmark
SINGAPORE: Struggling retailers and food and beverage (F&B) operators are calling for a temporary change in how retail rents are calculated, as an "unprecedented" COVID-19 outbreak takes an increasing toll on their businesses.
Currently, most retail leases are structured around a minimum fixed charge called base rent, with a small component based on a tenant’s gross turnover or total sales generated.