Shoppers excited to return after lockdown
Restrictions on activities have begun to be loosened again to cover the damage from mall closures. Advancement in the filtering and tracing process using smartphone applications has restored public confidence in visiting shopping centres. Entertainment retailers have been allowed to reopen and children are allowed to visit malls again, both of which have been strong factors in the recovery of the retail sector in Surabaya.
Landlords need to maintain their tenancy mix to attract visitors. Flexibility is a must for landlords, such as being open to negotiating short-term leases and profit-sharing. Other than that, they can make attractive offers to prospective new tenants, such as lower down payments and free fit-outs. As for the tenants, they need to offer attractive promotions, especially for year-end holidays.
Colliers Quarterly Property Market Report H2 2021 Surabaya Retail