Retailers 'fear a cash-flow crisis' as the govt considers closing shopping centres

Описание: Australian Retailers Association CEO Russell Zimmerman says he has been inundated with questions from retailers regarding staff issues, “cash-flow issues and banking issues”.

Retailers across the nation are feeling the strain on their businesses as the coronavirus outbreak has reduced foot traffic in stores and cash-flow.

Mr Zimmerman said, “we had a survey of our members which we closed about a week ago and 70 per cent of those members said they felt they would go through a cash flow crisis” as a result of the coronavirus.

“Retailers can pay up to 25 per cent of their turnover in rent” which means they can rapidly face economic ruin when “customers are not coming through the doors," he told Sky News host Peta Credlin.

Mr Zimmerman said he was in the process of “trying to broker a meeting” between some of the heads of the major shopping centres and retailers to look at the way forward if governments were to close shopping centres down.