Viruses are pesky organisms. We try ways and means to stop their evildoing yet somehow, they find new ways of showing up. A new strain of the unfairavirus, referred to as B.4.444, or the suredie variant, started surfacing in Singapore. The virus attacks leases of retail premises and attaches itself to the tenancy agreement in … Continue reading New Variant of ‘whichever is higher’ Surfaces in Singapore
Our first Fair Tenancy info session after the release of the retail premises’ Code of Conduct. Luke kindly offered to host at his Walking on Sunshine. With us are Bahar (Ayam Penyat), Serene (Ah Mah Homemade Cake), Shiv (Ministry of Burger), Willa (Riders Cafe) and Yuan (Prive).
The Code of Conduct for Leasing of Retail Premises in Singapore released on 26 Mar 2021 brought many cheers from the retailers. While the Fair Tenancy Pro Tem Committee proposed to the government that the Code of Conduct be mandatory, the proposal still has to go through legislative due process for the code to have any legal teeth.
“What is important is that the Singaporean Government has again shown how progressive it is, and always a step ahead. It’s not just about bailout packages (which are important especially during this crisis), but also thinking about ways to improve the future. The government never ceases nor fails to impress.”
If you live near a sewage treatment plant, you may initially find the stench unbearable. Over time, however, you get used to it. You’ll hardly even notice it. Over the years, many entrepreneurs who are new to retail have asked what is considered a healthy or acceptable rent-to-sales ratio.
After more than 9 months of deliberation, the Fair Tenancy Pro Tem Committee chaired by Michael Lim Choo San, Chairman of Nomura Singapore, submits its report to the Minister for Trade and Industry and Minister for Home Affairs & Minister for Law. A key recommendation is the enactment of a mandatory code of conduct governing the leasing of retail premises that landlords and tenants alike have to abide by.
Many tenants are appalled that, amidst the pandemic, their landlords are asking for rent increase when their leases are up for renewal this year. To be able to negotiate powerfully as a tenant, we first need to see the rent increase for what it is - an anchor.
The large shopping centre format did not deliver optimum results in any of the analysed scenarios, indicating that the financial benefit from trading in this retail format type is not derived from the occupancy costs.
Since 2011, we have been using occupancy cost to determine a store’s sales target. If a store achieves the sales target in a particular month, every team member of that store will receive a sales incentive that month in addition to his or her base salary and sales commission. Occupancy cost refers to the ratio … Continue reading How-To Set Store Sales Target Using Occupancy Cost
The Straits Times reports that the Government is looking into the social and economic value of HDB shops and the benefits they can bring to local communities. This is a topic of great interest to many of us. I downloaded the specifications of the study and we can start from there. Provision of Research Consultancy … Continue reading Deep Dive: The Role of HDB Shops in Singapore’s Retail Landscape