Megaworld’s Venice Grand Canal Mall in Taguig
More shopping mall developers have heeded calls to waive rental fees to help their tenants cope with the Luzon-wide lockdown triggered by the coronavirus (COVID-19) pandemic.
Tycoon Andrew Tan-led Megaworld Corp. announced on Thursday the waiver of rental charges for tenants and retail partners in Metro Manila and the rest of Luzon for the period March 16 to April 12.
The Gotianun group also announced on Thursday the condonation of rent at Filinvest Lifemalls in Metro Manila, including Filinvest Land’s flagship Festival Supermall in Filinvest Alabang during the lockdown period.
On Tuesday, AyalaMalls was the first to announce a rent condonation for malls during the March 16 to April 14 period. This will translate to around P1.4 billion in rent condonation, which tenants could divert to the needs of their workers.
Gokongwei-led property developer Robinsons Land Corp. (RLC) likewise announced on Wednesday the waiver of rental charges for all non-operational tenants of its various malls that were shut down during the period.
The boldest move came from the SM group, the country’s largest shopping mall operator, which announced on Wednesday the waiver of rental fees in all of its 74 shopping malls nationwide from March 16 to April 14, even if the quarantine covered only Luzon. This was as the COVID-19 crisis has driven foot traffic away from crowded areas like shopping malls.
During the quarantine period in Luzon, only private establishments providing basic necessities as well as those related to food and medicine production, capital market infrastructure, business process outsourcing and export-oriented industries, are allowed to operate.
Public markets, supermarkets, pharmacies, water refilling stations and restaurants with food delivery capabilities, including those located in shopping malls, are allowed to operate during the lockdown.