The management of Dolmen Mall Clifton has once again waived off the rent for tenants of “Dolmen Mall Clifton” and the “Harbour Front” including stores, sales centers, restaurants, and retail outlets after taking into consideration the challenging situation due to the spread of COVID-19, which has resulted in limited trading hours.
Some of the stores, retail outlets, and kiosk function for limited hours in compliance with SOPs however footfall of the customers has plunged significantly in the past few months that resulted in a slowdown in business activities and continuous losses to the small and medium-sized businesses.
According to the notification to the Pakistan Stock Exchange, the company shall waive:
- 100% rentals of the tenants of “Dolmen Mall Clifton” for the month of May 2020 for tenants who were unable to operate during the lockdown.
- 55% rentals of the tenants of “Dolmen Mall Clifton” month of June 2020 for tenants who were unable to operate during the lockdown.
- 50% rentals of the tenants of “Harbour Front” for the month of June 2020.
The above discount will not apply to operational tenants who are providing essential services such as supermarkets and banks or to food outlets. According to the notification:
This measure will provide cost and cash flow relief to tenant partners whose business is already affected. The mall will continue to engage with the tenants and monitor the situation closely.
Dolmen Mall Clifton and Harbour Fronts are two renowned shopping centers in Karachi often visited by Pakistan’s elite and upper-middle-class in normal days.
There are numerous listed and unlisted mega shopping malls and centers but there is no such announcement of relief by their management so far. COVID-19 proved to be a global as well as a national tragedy and big tycoons and businessmen should come forward and play a leading role to support the nation.