With a slump in demand post-COVID, commercial real estate across the country’s urban landscape - be it in case of malls, offices, co-working spaces, cinemas and multiplexes, have been hit.
Shopping malls have been faced with a double whammy.
As per a survey conducted by the Retailers Association of India (RAI), malls witnessed 77% de-growth in the first half of June, as compared to the same period last year. Lockdown relaxations too did not prove to be of much help as there was no significant surge in business.
Lower revenues and high fixed costs have led to a drop in margins for multiple retail companies and restaurants. They have in turn initiated a dialogue with the mall owners.
Mall owners on the other hand, are faced with a cessation of revenues even as their financial obligations to external shareholders remain unchanged.
We have a look at what mall owners must do as they seek to tide over the current crisis:
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