Coronavirus Pandemic – Rise-up and Reinvent retail real estate operations

The coronavirus pandemic has had unprecedented effects on the retail real estate industry, while accelerating headwinds which were already placing pressure on the sector.

Now, as lockdown restrictions are lifted across multiple markets, amid signs that the outbreak is slowing, retailers, landlords and property managers are working to understand how to kickstart recovery while adapting to the new normal.

Reopening stores and shopping centres in a responsible way requires the application of stringent social distancing and hygiene conditions, but it also essential to reimagine attractive and appetising retail destinations that support the recovery of landlords and retailers.

Sonae Sierra has created a plan to help shopping centres return to normal operations, while complying with the highest possible standards to prevent and contain the virus.

We have been prioritising the health and wellbeing of our tenants, service suppliers, visitors and employees with key safety, cleaning and hygiene protocols, while initiatives such as our Drive-In service and Visitor Counter help consumers organise their shopping trips more safely.

Our tenants have benefitted from initiatives such as our Online Shopping Centre concept, which created an additional sales channel. We have also been exploring new approaches to tenant contracts, with bespoke solutions.

In terms of society at large, signing the Recovery Better Statement alongside 155 multinational companies – backed by the Science Based Targets initiative, the United Nations Global Compact and the We Mean Business coalition – has underlined our commitment to integrate climate action in our Covid-19 recovery plans.

Responding swiftly and effectively to the coronavirus pandemic with a disciplined strategy has proved crucial in protecting the health of our visitors, while supporting the relaunch of retailers and property owners at this time.

• An integrated Safety, Health and Environment Management System applied in all managed shopping centres that reduces risk of contagion of coronavirus, as favourably audited by Lloyd’s Register.
• Implementation of a Cleaning & Hygiene Seal validated by SGS.
• A set of initiatives to help visitors navigate this ‘new normal’, such as Drive-In service, Visitor Counter and NAFILA service.
• Support to retailers through initiatives such as Online Shopping Centre, Sierra Business Insights and Sierra Update.
• Sonae Sierra is one of the 155 companies that have signed the Recovery Better Statement, urging governments all over the world to integrate climate action in their economic recovery plans following Covid-19.