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.
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.
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
It had sales of about $72,000 a year, but its rent was 5 percent of sales - which I thought sounded fine - but which, it turned out, was the highest rent anybody'd ever heard of in the variety store business. No one paid 5 percent of sales for rent.Sam Walton, Made in America
COVID-19 DISCHARGE BY FRUSTRATIONOF A LEASE OR LICENSE OF NON-MOVABLE PROPERTY SGTUFF COVID-19 Discharge by Frustration.pdfDownload BACKGROUND The current moratorium enacted under COVID-19 (Temporary Measures) Act 2020 is ending on 19 October 2020. As the date draws near, many tenants are reaching out to Singapore Tenants United For Fairness (SGTUFF) for advice. These tenants represent … Continue reading The Run-Away Framework: What The Re-Align Framework Could Have Been
A long-overdue review of the Fair Tenancy Framework begins by revisiting its guiding principles of fairness and conscionable conduct.
It is common for retailers to make around 40% of our turnover in the last quarter of the year. For 3/4 of a year, we retailers try very hard to ride out the offseason and stay afloat. Black Friday, the day after Thanksgiving, perfectly describes this reality: it was the day when retailers went from … Continue reading How Turnover Rent Killed Black Friday