Operational guidelines for bookshops
- Review your inventory holdings and process returns if your stock is aging
- Review your unfulfilled orders - there may be a need to cull
- Review your staffing and opening hours
- Review your online offering - if you have one can it be enhanced, if not, consider building one
- Call your suppliers. We have presented them with a list of things we believe appropriate, but you will need to speak to directly to your account manager
- If you are trading, review your sanitation procedures
- Seek rent relief by contacting your landlord - see general advice below.
Leasing relief update
The National Cabinet has established a mandatory retail leasing code of conduct which will provide major relief to small and medium-sized retailers suffering due to the impact of Covid-19.
The Code, which will be enforceable through state and territory legislation, imposes a set of good faith leasing principles for application to commercial tenancies, where the tenant is eligible for the JobKeeper program. Rent reductions for eligible tenants, in the form of rent waivers and deferrals, should be based on the reduction in the tenant’s trade during the Covid-19 pandemic and a subsequent reasonable recovery period.
The full Code can be downloaded HERE
Visit the individual State Government business links for state-based leasing support and information.
If you plan to negotiate a rent reduction below is a paraphrased checklist to consider from leasing specialists Lpc Cresa:
- Treat your landlord as a key stakeholder in your business
- Engage your landlord immediately and communicate regularly
- Have your data compiles - know the impacts the crisis has had
- Apply for all government assistance (GST and PAYG credit, JobKeeper etc)
- Review your cost savings plan, implement one if you have not
- Forecast post-COVID-19 revenue and costs
- Seek expert advice - accountant, solicitor, tenant advisor
- Present your landlord with a formal request for assistance with:
- Rent reduction, with a proposal for review and adjustment as required
- Deferral of capital costs
- Ongoing negotiations
Australian Retailer Association resources