Vision City formulates subsidy to assist tenants

By CLARISSA MOI
THE Vision City Mega Mall management in Port Moresby has formulated a pandemic business subsidy continuality rental plan to assist tenants whose businesses would be affected by the “new normal”.
Mall general manager Anderson Ting said it applied to selected tenants in the entertainment category as their business would be affected.
For example, some will have a limitation on crowd – not exceeding 100 at a time.
“For our case here, it’s strictly applicable only to club and cinema,” he said.
“Strict social distancing requirements have reduced the business capacity to less than half of its potential yield.
“They are a non-essential service but falls under entertainment.
“Their sustainability is vital because they have staff welfare to upkeep and behind each employee, there are families to feed.”
Meanwhile, The Cosmopolitan general manager Martin Sherry welcomed the 60 per cent rental reduction.
He said they had lost about K1.52 million during the Covid-19 state of emergency period.
“We are barely surviving by the skin of our teeth,” he told The National.
“All the management and staff have taken pay cuts for the business to survive.”
They laid off 50 staff and retained 73 who had their salaries cut by 50 per cent and 25 per cent.