At the SCentre Group AGM today, the Board confirmed that it will work with the empathy the community expects when implementing the new leasing Code of Conduct with its retailers.
SCentre advised that they, and other members of the Shopping Centre Council, have been working co-operatively and constructively with national retail groups to develop the Code of Conduct to help the industry respond with a targeted focus on those businesses who are most in need.
SCentre CEO Mr Peter Allen, said that the code "aligns with our objective to balance the needs and responsibilities we have to a range of stakeholder groups – our customers, our brand and retail partners, our people and, of course, our securityholders."
"Importantly the Code retains our ability to negotiate commercial outcomes with our SME retail partners on a case-by-case basis whilst balancing a fair and proportionate response."
Scentre Group will immediately adopt the Code principles and look to implement similar arrangements in New Zealand for affected small business retailers.
SCentre CEO Mr Peter Allen, said "It is going to take some time for us to work through our conversations with all our SME retail partners"
The Board advised that at this point and given the uncertainty regarding the economic impact of the pandemic, it would not be appropriate, or indeed possible, to provide any further comment on our earnings or distributions.