Mall Retail Tenants Plead For Help In Hungary

  • 17 Feb 2021 8:15 AM
  • Hungary Around the Clock
Mall Retail Tenants Plead For Help In Hungary
A wave of bankruptcies is coming to retail outlets in shopping malls, spokesman Norbert Csordás of the shopping centre retail tenants’ association BBÉE told Napi.

Clothing chain Cosmos City closed all 20 of its shopping mall outlets already this year, while the Vagabond, Promod and Camaieu chains all left the shopping malls last year, he added.

Csordás noted that, unlike in the spring of last year, there is no moratorium on liquidations or on terminating leases, which would at least provide stable conditions for mall managers and tenants to negotiate.

The association has proposed that the government provide 50% wage subsidies and 50% rent cuts for retailers in malls, and also a moratorium on cancelling premise leasing contracts for the period of September 1, 2020 to May 1, 2021.

If the government and shopping malls continue with the current practice, then all parties will be worse off, Csordás warned.

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