CapitaLand launches fund to help retailers impacted by coronavirus
Capitaland is taking measures to support its 3500 retail tenants across its malls in Singapore in the midst of the coronavirus epidemic.
The support includes a SGD10 million (US$7.2 million) marketing assistance programme.
While Capitaland’s malls’ operating hours will remain as standard – from 10am to 10pm – stores may open from as late as 11am and close as early as 8pm.
“We are reaching out first to our retailers as their businesses have been directly impacted,” said Capitaland Group president (Singapore & International) Jason Leow. “The customised support we offer our Singapore retail partners will be based on their specific needs and trades. It will take into consideration the impact of the situation on the performance of their stores across the malls within CapitaLand’s network. This will allow us to leverage the strength of CapitaLand’s shopping mall network to offer holistic support.”
“As the operator of Singapore’s largest shopping mall network, it is incumbent on Capitaland to take the lead in showing support for our retailers,” said Capitaland Singapore MD Chris Chong. “The wide-ranging support measures we have put in place during this period include the flexibility to operate shorter store hours and targeted marketing assistance. We will continue to monitor the situation and stand ready to offer more support.”
Capitaland’s marketing assistance programme will be used to support both retailer-driven promotions and mall-wide marketing initiatives. These include complimentary booking of atrium spaces for retailers and free parking for shoppers during lunch or dinner hours.