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Amidst the economic crisis being faced by businesses due to the Covid-19 global pandemic, Lulu Group Chairman and Managing Director M.A.Yusuf Ali has offered rental relief for all its retail partners in the State.
One month’s rent from 254 stores in Lulu Mall, Kochi, amounting to ₹11 crore will be waived off by the Group. The retailers of Y Mall in Triprayar, located in his hometown will also benefit from the announcement. The monthly rental revenue from Y Mall is ₹1 crore . The retail partners of both the malls combined will get a relief of ₹12 crore.
The rapid spread of the virus has led to a slump in consumption, impacting businesses across the State, a press release said.
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