ECONOMY

Rents set to become a bone of contention

rents-set-to-become-a-bone-of-contention

The coronavirus pandemic’s impact on the economy has created a delicate balance between the owners of stores and their tenants – i.e. retailers.

The monthly rent is one of biggest expenses that commercial enterprises have to shell out, along with salaries, and it is becoming clear that this is where businesses will focus in order to try and remain sustainable, at least until consumption begins to pick up again.

There have been some goodwill gestures though, as Lamda Development slashed the rent on stores in its three malls in Athens and Thessaloniki by 70 percent for April, instead of the the legal provision for a 40 percent cut.