Top Indian retailers ‘Up Against Delay In Retail Rental Reliefs’
A group of top 100 Indian retailers including Puma, Levi’s, Arvind, Biba, Lacoste and Global Desi plan to shut their stores in Delhi-NCR on Thursday and Friday to protest against delays in rental reliefs from the shopping centres.These retailers have been urging malls to adopt a pure revenue-share model with no minimum guarantee on rent for a year.
Nikhil Mohan, Founder, Blackberrys said, retailers are demanding complete revenue-sharing with sales pegged to 2019 sales. They believe, they are staring at an unsure future with the third wave predicted to hit India in September or October, just before the festive season when retailers rake in virtually 40 per cent of their annual enterprise. Retailers had raised the rents issue earlier also as they sought a performance-linked rental system but were opposed by mall-owners.
