Ito-Yokado to Lower Tenant Fees

Economy

Tokyo, April 13 (Jiji Press)--Ito-Yokado Co. said Monday that it will reduce tenant fees in all of its shopping malls for March.

The measure comes amid sluggish sales among tenants due to store closures and shortened operating hours amid the coronavirus epidemic.

The tenant fee reduction covers all 158 malls operated by the company, including Ito-Yokado- and Ario-brand malls.

The company's tenant fees are either fixed or based on monthly sales.

On sales-based fees, Ito-Yokado will scrap its minimum monthly sales standard, which is used for calculating tenant fees even if actual sales fall below the standard.

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Jiji Press