German retailers, landlords agree guidelines to cut rent

Associations of German retailers and their landlords announced guidelines on Wednesday to encourage a 50% cut in rent payments during the time stores were forced to close due to the coronavirus and a lesser reduction for the next three months.

The national retailers association (HDE) and the German Property Federation (ZIA) said they agreed the guidelines because many retailers might not survive if landlords enforced rental contracts without taking account of the crisis.

Most non-food stores were closed in Germany from mid March until late April and have been gradually reopening in May.

Reuters