Analysts say that in the UK, where there are stricter restrictions on retail and other industries when the number of victims of the coronavirus pandemic is getting worse, the switch to online shopping is even more extreme and may approach one third of total retail transactions.
Mr. McInnes told me Financial Review of Australia on Friday the company, which has 900 stores in Australia, is guided by “the spirit” of the concept of proportionality outlined by Prime Minister Scott Morrison a few weeks ago the landlords and tenants shared their pain.
Premier has promised that they will no longer pay rent to landlords, but instead will pay rent as arrears gross sales percentage.
It had a blanket rule when its shops temporarily closed at the end of March that it would not pay rent for the closing period.
Mr McInnes said Premier had several options when reconfiguring its retail network, with the strong performance of online channels in brands such as Peter Alexander continuing even when the physical store reopened.
He said 70 percent of leases in store chains in Australia would either end in 2020 or are already in detention, where official leases have expired and run month after month.
Smiggle businesses in the UK and Ireland all qualify for individual wage subsidy programs offered by the government.
Earlier this month, billionaire property figures John Gandel very critical of Mr Lew’s radical plans to restructure retail rental arrangements. Mr Gandel warned that he would discard investment plans for the development of shopping centers in the future.
Gandel co-owns the largest shopping center in Australia, Chadstone in Melbourne, with Vicinity Centers registered at ASX.
McInnes said a substantial increase in e-commerce sales across the industry as long as locking would continue to translate to higher online sales.
He said it was clear that many retail outlets operated by various companies in shopping centers and other locations would not reopen after the coronavirus pandemic.
Ruslan Kogan, founder and major shareholder of online juggernaut Kogan.com, believes in the coronavirus pandemic has been advanced a four-year increase in market share by online retailers in just two months.
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