Receive the latest mybusiness news
Copyright © 2020 MOMENTUMMEDIA

Rent relief sought by over 10,000 SME retailers, figures reveal

Adrian Flores
Adrian Flores
23 September 2020 1 minute readShare
Rent relief

Over 10,000 small to medium retailers received rental assistance over the period ending 31 July, with New South Wales and Victoria accounting for almost 65 per cent of agreements.

Data obtained from a survey of Shopping Centre Council of Australia (SCCA) members for the period up to 31 July shows that 10,045 SME retailers received rental assistance.

The largest amount of assistance has been rendered to retail categories most heavily affected by government restrictions, with food and catering service providers including restaurants, cafés and takeaway food services making up 29 per cent of retailers receiving rental assistance.

Retail services including hairdressers, beauty therapists and shoe repairs made up 19 per cent of agreements, and clothing, footwear and accessories made up 13 per cent.

Persistent government restrictions were cited as the main reason for seeking rental assistance. Unsurprisingly, Victoria was the most over-represented jurisdiction as a proportion of retailers obtaining assistance.

“COVID-19 and the subsequent government restrictions have had a profound effect on retail, but shopping centres have remained open across the nation and footfall is increasing as restrictions have eased and consumers become more confident to continue with their daily lives,” said SCCA chief executive Angus Nardi.

“Easing restrictions in most states across the nation is driving increased footfall across the nation, excluding Victoria.

“As we move towards the Christmas season, we would anticipate consumer spending to pick up, too, in line with previous years. However, prolonged and uncertain restrictions on trading conditions would put a traditionally lucrative end of year for retailers in jeopardy.”

Mr Nardi said shopping centres are doing their best to support retailers through this incredibly difficult time for the sector.

“The most important outcome is that mum and dad retailers are able to stay established in centres, ready to welcome customers as they return,” he said.

Rent relief sought by over 10,000 SME retailers, figures reveal
mybusiness logo
Adrian Flores
Adrian Flores

Adrian Flores is the deputy editor of MyBusiness. Before that, he was the deputy editor for SMSF Adviser as well as features editor for ifa (Independent Financial Adviser), InvestorDaily, Risk Adviser, Fintech Business and Adviser Innovation.

You can email Adrian at [email protected].

Leave a Comment

Latest poll

How satisfied are you with the SME measures in the federal budget?