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
The Fair Tenancy Framework Industry Committee, led by Kurt Wee, made a total of 15 key recommendations in the areas of (a) transparent access to information; (b) regulation of conduct; and (c) fair tenancy commission.
Singapore Tenants United for Fairness recommends introducing a Retail Lease Bill to regulate the lease relationship between landlords and tenants with the intent to protect the position of tenants of retail shop premises.
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
A landlord went on a mountain retreat to contemplate the meaning of omnichannel. Om Om Om Om. Suddenly, she had an aha! moment: Why don't I charge tenants turnover rent for those Buy-Online, Pick-Up-In-Store transactions? Brilliant! So I speak. And so it is. Though the story may not be true, there is a growing trend … Continue reading Buy-Online, Pick-Up-In-Store Turns Into Sell-Online, Pay-Rent-In-Store
If you are venturing into retail and looking to rent a premise in a shopping mall, you are likely to come across an offer from the landlord that looks something like this: $20.00 psf/month + 1% OR 11% of Gross Turnover, whichever is higher The + 1% or 11% of Gross Turnover is commonly referred … Continue reading What Is Gross Turnover (GTO) Rent?