Australia’s first American-style shopping mall opened in 1957 – a sprawling, 26-store centre in Brisbane that attracted 15,000 people on its opening day. | STcom asianewsnetwork asianewsnetwork
Major shopping malls gave stores rent relief but have demanded normal payments as restrictions eased. This has led to a series of tense stand-offs that prompted some malls to close stores that refused to pay rents. In other cases, some major retail chains threatened to shut their stores unless they received significant rent reductions.
One of the highest-profile clashes between mall retailers and landlords involved Premier Investments, which owns a series of fashion chains. The company reportedly refused to pay rent when its stores were closed during the initial lockdowns imposed across Australia in March. It has since insisted that its rents should be based on its sales turnover.
Scentre’s chief executive Peter Allen has insisted that rents must be fixed rather than linked to sales.“I don’t know where the mindset comes from that a level of sales is a function of rent,” Mr Allen told The Sydney Morning Herald. “Retailers pay rent out of profit, they don’t pay rent out of sales.”
Australia reported 76 new Covid-19 cases last Saturday, including 63 in Victoria and 10 in New South Wales.
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