Institutional landlord Intu is set to slash service charges in its shopping centres to help offset costs as a growing number of struggling retailers refuse to pay first quarter rents.
A spokesman for the struggling shopping centre operator said it planned to lower its service charges for tenants by 22% in the second half of the 2020 financial year, delivering an 11% overall reduction on the year, as both it and its occupants struggle to ride out the ongoing coronavirus crisis.
“We will work closely with our tenant customers to help mitigate the challenges we are all facing,” said a spokesman.
“We have already written to our customers to let them know we have been able to find additional cost savings to reduce the 2020 service charge budget by 22% in the second half delivering an 11% reduction for the full year.”
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