As footfalls go up, mall developers and retail landlords have concluded concessions and waivers offered to retailers and restaurants during the first two waves of COVID. This was done in order to offset the impact of the pandemic on business.
But now that retail sales have returned to normal across the board reaching pre-COVID levels, mall developers and landlords have stopped giving rental waivers and negotiations that were offered during the first two lockdowns.
All waivers, concessions, and rebates offered to retailers started being withdrawn from July. But for restaurants, these waivers ended in the last one or two months because restaurants still had some restrictions related to capacity and timing.
For multiplexes too, which were the last to be opened, concessions and waivers have mostly been brought to an end. For some multiplexes though, some discounts are still being extended on a case to case basis. That too could come to an end by the fourth quarter.
DLF Mall has told CNBC-TV18 that waivers have been ended for all, except F&B outlets, since July. Since October, full rentals have been charged across the board.
Infiniti Mall also ended all rental waivers from November but it is still extending some discounts to some brands on a case-to-case basis where they are still struggling.
Inorbit Mall also ended all waivers and rebates from July and August across India. Maharashtra was the last to open malls and for multiplexes..
Phoenix Mills said in its earnings call that it concluded all negotiations for a majority of retailers from the third quarter, except in Maharashtra, which will charge full rentals from November, and it expects 100 percent rentals to come in from the fourth quarter.