Supermarket giant Woolworths has thrown down the gauntlet to other retail landlords by offering rent relief and employment opportunities to help tenants in its shopping centres and other retail assets impacted by the coronavirus pandemic.
Woolworths Group owns and manages a portfolio of 28 Woolworths-based shopping centres, numerous leased supermarket, sub-leased specialty stores and other general storage properties. These include Glenrose Village, Belrose in Sydney’s north and Keysborough in Melbourne.
The impacted tenants include small local boutiques, cafes, restaurants, gyms, cinemas and indoor entertainment retailers.
Woolworths director of property Ralph Kemmler said shopping centres were an important part of the Australian way of life and played a valuable role in the Australian community. “Our retail tenants are presently one of the most impacted parts of the economy and we want to do our bit to help them under extremely difficult circumstances,” Mr Kemmler said.
“This multimillion-dollar support package will provide rent relief for the majority of retail tenants and small businesses in our shopping centres and other retail assets.”
The support package begins this week and will continue through until June when it will be reassessed based on the situation at that time.