The relaxation of large-scale social restrictions and extension of mall operating hours brought some hope to the malls. The pandemic has resulted in many retailers closing stores, and some changes have been made in order to survive. Obviously, with adjusted opening hours, retailers will not generate revenues that compare with the pre- Covid era, but they will perform better compared to 2020.
The limitation in the number of visitors has left quite a few vacant spaces, thus putting landlords in a difficult position, with a need to be more accommodative and flexible in dealing with rental tariffs, discounts and payments. Rents should not be too high, or, at least, landlords should be more flexible in the early stages of leasing. Additionally, for anchor tenants, landlords need to support MEP works, building structure, genset, etc. to reduce the initial investment that the retailer needs to make. Meanwhile, from the tenant side, use of online platforms and social media should be maximized to continue generating sales.
