CentralWorld to cut retailers' rents

CentralWorld mall on Ratchaprasong intersection will cut its tenants' rents to help offset their loss of income from the prolonged protests in the area, Central Pattana Plc (CPN), the operator, said on Wednesday.

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The number of shoppers at the CentralWorld mall had fallen by around 40% due to the political demonstrations, Wallaya Chirathivat, CPN's vice-president for business development and construction management, said.

The company had a policy to cut rental fees for lessees affected by the political situation, based on the level of damage. Shops selling luxury goods such as watches, fashion items and jewellery were hardest hit, while restaurants and food shops were less affected.

Ms Wallaya said the this measure would only apply to the 500 or so shops in CentralWorld, which has been impacted directly. Sales at other Central branches were not affected. 

“The impact to CentralWorld at this time is less than in 2010, when the centre closed for 7-8 months so the tenants got a rent cut of 20-30% on average. This time the centre was closed only one day, but the traffic problem means fewer shoppers are visiting the centre,” she said.

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