SEPANG 2 Sept. – Airport retail tenants can look forward to a new rental model that will be introduced by Malaysia Airports as part of on-going efforts in retaining and attracting business partners that will help revitalise airport commercial offerings under its commercial reset strategy.
With this new rental model, existing tenants who had signed up, or are going to sign up under the ongoing airport commercial reset programme will get to benefit from a rental reduction of up to 30% from the current rate, equivalent to a total annual savings of RM45 million for the participating tenants.
Since 2018, Malaysia Airports had embarked on a commercial reset at its international airports to revitalise the retail experience and this new rental model will ensure that the right brands can be present at the airport regardless of the impact of COVID-19.
According to the group chief executive officer (CEO) of Malaysia Airports, Dato’ Mohd Shukrie Mohd Salleh, the airport operator is fully cognisant of the difficulties faced by its partners, due to a decline in passenger traffic movements.
“We hope that with this new and more attractive package offered to our existing and potential partners, we can together realise the full potential of our commercial reset initiative.
"We are not going to allow the pandemic to disrupt our plans in elevating airport experience and service level, and we have to be ready for the time when airports will return to its normal pace.
"This new rental model will also help facilitate business recovery for our existing tenants and provide them with some breathing space while we undergo a gradual recovery in terms of traffic numbers,” he said in a statement here today.
Malaysia Airports also had come up with a more immediate relief package to help airport retailers weather the impact of COVID-19 this year.
The relief package amounting to RM22 million was announced by the chairman of Malaysia Airports, Dato’ Seri Diraja Dr Zambry Abd Kadir.
“Although Malaysia Airports itself is undergoing aggressive cost containment measures to mitigate the impact on our own business, we feel that it is important to stretch the Ringgit further in order to extend a helping hand to our partners so that we can all recover together and take advantage of any potential for future growths.
"With this relief package, about 650 retail tenants will enjoy a 50% rental reduction for six months in 2020. These 650 tenants represent 80% of our retailers and are mainly made up of either SMEs or small to mid-scale operators who will be able to gain some respite in terms of cash flow so that they can continue operating,” he said.
Malaysia Airports remains committed in implementing various initiatives to help revive the industry. Initiatives such as the ongoing KLIA Crazy Sale is one of several that is also aimed at helping retailers clear excess inventory due to lower footfalls at the airport. - DagangNews.com
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