KOCHI: Amid the economic crisis faced by businesses across due to the Covid-19 global pandemic, LuLu Group has announced a waiver of one month’s rent for 254 stores in LuLu Mall, Kochi.
In a statement here, LuLu Group CMD Yusuffali M A said one month’s rent amounting to Rs11 crore will be waived off taking into account rapid spread of coronavirus and subsequent slump in consumption, leading to loss of businesses for shops.
The retailers of Y Mall, Triprayar, located in Yusuffali’s hometown – Nattika -- will also benefit from the announcement. The monthly rental revenue from Y Mall is Rs 1 crore. The retail partners of both the malls combined, will get rent relief of Rs 12 crore.