For prime street retail landlords the debilitating effects of COVID-19 were immediate. With most tenants being small to medium enterprises, they were more affected by sudden revenue loss, than larger scale retailers. The pandemic has forced the major street retail chain tenants to alter their business strategies. Many F&B and fashion chains closed…<\/p>\n\n\n\n
For prime street retail landlords the debilitating effects of COVID-19 were immediate. With most tenants being small to medium enterprises, they were more affected by sudden revenue loss, than larger scale retailers. The pandemic has forced the major street retail chain tenants to alter their business strategies. Many F&B and fashion chains closed underperforming outlets which led to further vacancies. Tourism focused street retail in the CBD was hit hardest by travel bans adding to existing Metro related disruptions.<\/p>\n\n\n\n
Since early February, many street retailers have not renewed their leases. Those wanting to retain prime locations after the pandemic are either temporarily closed or seeking rent reductions. A recent Savills survey found tenants sought up to -40% discounts compared to the maximum -20% offered.<\/p>","protected":false},"featured_media":0,"template":"","meta":{"_acf_changed":true},"kh_category":[16],"class_list":["post-4212","knowledge-hub","type-knowledge-hub","status-publish","hentry","kh_category-market-outlook"],"acf":[],"yoast_head":"\n