The spread of the coronavirus or COVID-19 outbreak has unsurprisingly affected business operations here in Australia.
With the outbreak quickly spreading, hysteria and fear are gripping our country.
It’s unfortunate to point out that there may be worse yet to come for Australian businesses.
Economic forecasters are predicting that it is highly likely that small to medium enterprises will take a hit to their bottom line profitability.
The retail sector and retail shops are forecast to be hardest hit by the coronavirus. As business slows down and revenues drop, retail shop owners will struggle to make all their payments. One of the biggest expenses every retail shop has is rent and a sudden drop in revenues can affect their ability to pay rent.This can unfortunately lead to disputes between retail shop owners (tenants) and their landlords.
How we can help retail shop owners?
If you are a retail shop owner and you find yourself in this situation, there are some options available to you which can legally help you navigate through extraordinary times like these.
We have helped retail businesses in the past to be on the front foot with their leasing, so rather than struggling to find the money to pay your rent, give our team at Corney and Lind a call to see how we can help alleviate some of the financial pressures your business is facing.