DECIPHERING RETAIL REMEDY IN TIMES OF UNCERTAINTY

Summary & Recommendations

The resurgence of Covid-19 in late August and following restrictions in September further posed challenges for tenants as well as landlords. Both, in fact, continually struggled to recuperate from the domestic consumption tumble since April. In retrospect, it has become clear that the stay-at-home measures appeared insufficient to fend off Yangon from the upsurge in cases and so did the stringent restrictions that came later. Despite all these uncertainties, grocery and essential shopping activities have proved to remain relatively robust over the last two quarters, even amid erratic fluctuations in other aspects of community mobility. As the plight of prolonged restrictions is yet to be seen, developers are encouraged to repurpose the use of their vacant spaces while continuing rental reliefs and renegotiating the leases with their existing tenants. Implementing mall safety measures and adopting best practices may also help rebuild consumer confidence as the market gradually recovers.