Mall owner plans daily rentals as cushion against defaults

22 Mar 2009 By Jharna Majumdar

Mumbai: In a bid to protect itself against defaults by tenants, Phoenix Mills Ltd plans to charge daily rentals from at least some of the 120 retailers who have taken space in its sprawling shopping hub in central Mumbai.

Weak revenues have already ensured that a growing number of retailers now prefer to give mall owners a share of their monthly collections, rather than a fixed rent. The revenues are usually shared in the first week of every month. Phoenix Mills hopes to make it a daily occurrence…. Continue

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