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SM Supermalls, Ayala Malls waive retail rents

SM Supermalls will waive retail rents for all of its tenants nationwide from March 16 to April 14 while Luzon is under “enhanced community quarantine” to fight the coronavirus.

SM, one of the Philippine’s largest mall operators, said the move will offer some relief during what is a trying time for its tenants, who also need to assist their employees affected by the lockdown.

SM Supermalls President Steven Tan said in a statement: “We share our tenant partners’ concerns at the unfortunate situation and will waive rental charges for those affected and unable to operate during this period”.

SM Group has allocated US$1.93 million (Php100 million) to provide protective equipment and supplies to hospitals and its medical frontliners as the country continues to fight the spread of the virus.

Meanwhile, Ayala Malls says it will waive retail rents for tenants of its malls which are not allowed to operate during the community quarantine from March 16 to April 14.

“The total package will be worth around $27.17 million (Php1.4 billion) in rent condonation to provide the merchants of these malls financial relief so they can in turn provide the much-needed financial support for their employees during this period,” said Jaime Augusto Zobel de Ayala, CEO, Ayala Group.

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