Europe’s designer outlet group McArthurGlen announced on Thursday that it is to offer its stores a new support package offering rent relief from the 1st of April through to the 31st of December 2020.
With roughly 18 out of its 25 centres allowed to re-open since the global pandemic began, representing over 90% of stores, the group said it would waive all minimum base rent, turnover-based rent and marketing charges for any centres closed for a period from April 1 to June 30.
From the 1st of July through the 31st of December, the group will be charging the greater of turnover rent or a much-reduced minimum base rent.
‘Society at large and our industry have faced unprecedented challenges due to the Covid-19 pandemic. Our long-term partnerships with our brands lie at the heart of McArthurGlen’s business so we knew we needed to do something to help them through this crisis,’ said McArthurGlen’s Chairman, J.W. (Joey) Kaempfer, Jr.
‘This has always been a partnership. We, together with our investor partners, hope that by providing this significant economic support to our brands, we can contribute to a faster recovery of our mutual business.’
The first McArthurGlen centres to close due to the pandemic were its five designer outlets in Italy on the 12th of March and its last to close was Roosendaal in the Netherlands on the 25th of March.
With strict new health and safety measures in place, Designer Outlet Parndorf in Austria re-opened on the 17th of April, followed by McArthurGlen’s remaining centres in Northern Europe, then France and Belgium on the 11th of May. The Group’s most recent centres to begin trading again were in Italy and Greece on the 18th of May and Vancouver, in Canada, on the 19th of May.
The company hopes to be open for business again in the UK and in Malaga, Spain, over the coming weeks.
McArthurGlen centres have complied with all national and regional health and safety requirements for customers and employees, including social distancing measures and, where appropriate, the provision of personal protective equipment. Cleaning schedules and security have been increased and hand sanitisers, masks and gloves have also been made freely available in all centres.
