“Localised lockdowns and weekend curfews continue to persist in many cities despite the Unlock programme. Business hours also remain curtailed,” said Anand Agarwal, chief financial officer, V-Mart Retail, which is into fashion and lifestyle retailing. “This has an impact on business. Retailers in both malls
and high-street properties are re-negotiating their rental terms in view of the current environment.”
Nilesh Gupta, managing director of Vijay Sales, said Diwali would be a better occasion for retailers to look forward to in terms of business. A senior executive with a Mumbai-based mall firm, which has properties in North India, said the firm would have to go for a second round of negotiations with retailers. Mukesh Kumar, CEO at Infiniti Mall, said: “We are getting requests for pure revenue-share arrangements from retailers. But our agreements do not permit this.” An executive with Phoenix Mills said most of its retailers had agreed to a rent waiver of 30 per cent, following the reopening of malls.
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