Shopping centre owner intu is set to slash service charges for tenants in the second half of 2020, to help ease the burden on retailers during the coronavirus pandemic.
intu, which owns Manchester’s Trafford Centre and Lakeside in Essex, is understood to have found cost savings that will allow it to lower its service charges by 22 per cent in the second half. This would deliver an 11 per cent overall reduction for the year.
intu said it welcomed the business rates holiday announced by the government last week, but “more support was needed” for companies. A spokesman said: “We will work closely with our tenant customers to help mitigate the challenges we are all facing. We will continue to do all we can for the brands who rent with us while also ensuring that any concessions we make are not to the detriment of our own financial position as we look to address our balance sheet issues.”