Select CITYWALK to support its tenants till March-end, expects full recovery in next 6-8 months
By the next festive season, we expect sales to surpass numbers of the previous financial year, Sharma said.He added that Select CITYWALK will support all its tenants till March 31, 2020, with discount or waiver in rents and each category needs different support.We are supporting all tenants till March 31, 2020.PTI | New Delhi | Updated: 17-01-2021 15:06 IST | Created: 17-01-2021 14:32 IST
Delhi's upscale mall Select CITYWALK will give rent discounts and waivers to its tenants till the end of the current fiscal and expects sales to reach the pre-COVID-19 levels in the next 6-8 months.
Select CITYWALK Executive Director and CEO Yogeshwar Sharma told PTI that beauty, consumer electronics and athleisure are the top categories where sales have almost recovered, while laggards are cinema, food & beverage, fitness, and entertainment.
''Recovery is steady. By December 2020, we reached 62 percent in terms of footfalls in the mall and the sales recovery is around 70 percent.
''It will take another 6-8 months for sales to recover 100 percent. By the next festive season, we expect sales to surpass numbers of the previous financial year,'' Sharma said.
He added that Select CITYWALK will support all its tenants till March 31, 2020, with a discount or waiver in rents and each category needs different support.
''We are supporting all tenants till March 31, 2020. Some categories have already started asking about what will happen beyond March. Even we don't know that yet. As a company, we have decided we will be reasonable. Rental will depend on sales,'' he said.
Sharma added that apart from categories that have affected due to the pandemic, certain brands were already struggling, COVID-19, or no COVID-19. ''They are trying to take advantage of the situation but we will not fund their mistakes.'' On shifting consumer preference to online shopping due to COVID-19, Sharma said, ''COVID-19 has helped online sales to grow. Earlier, the online channel used to contribute 10-12 percent of a brand's sales, now it is 20-22 percent. It is another challenge.'' He, however, added that ''we are a strong believer in brick and mortar''. while convenience is there in online channel, people come to shopping malls for experience, he said. ''Growth may get impacted a bit but we are fine with that,'' Sharma said.
Select CITYWALK is part of the Select Group. The company being a privately held entity does not disclose its financial numbers.
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