Retail property specialist TILLI City was given an exclu-sive mandate by Dutch fashion chainstore operator Scotch & Soda to negotiate COVID-19 concessions for 22 of its stores in Germany and Austria. Lease renew-als for five stores that were coming to the end of their lease contract terms have already been negotiated. Scotch & Soda has not yet closed any of its stores due to COVID-19 and is planning to continue its expansion strategy in Germany.
Elisabeth Michalowski and Tina Maren Below, manag-ing partners at TILLI City Immobilien, reported that renewals had been agreed at stores with lease con-tracts due to end within the next one or two years and that the landlords have signalised a willingness to offer concessions in return for the lease renewals. The private landlords were generally more forthcom-ing than the institutional landlords, who are hesitant to make concessions in order to protect their inves-tors’ interests. However, the two experts are confi-dent about the outcome of the negotiations currently in progress: “The landlords are gradually realising that we’re all in the same boat and dependent on each other.“
Scotch & Soda
Scotch & Soda was founded in Amsterdam in 1985 as a menswear brand. The collection now also includes ladies and children’s fashions, as well as jeans, fra-grances and accessories.
Scotch & Soda products are currently available from more than 7,000 selected retailers around the world. The company also has more than 240 own stores, 30 of which are in Germany.
TILLI City Immobilien
TILLI City Immobilien was established by retail proper-ty experts Elisabeth Michalowski (43) and Tina Maren Below (40) in Cologne at the beginning of 2020. The two managing partners collectively have more than 40 years of experience in the property sector, and both have experience in all segments of the business. The company is a nationwide retail property specialist serving a client base of retail property owners and tenants, as well as investors and property developers, with a focus on prime retail locations in Germany. It advises retailers and food & beverage business oper-ators on location sourcing, as well as the leasing and sale of primarily retail properties. Elisabeth Michalowski and Tina Maren also provide advisory and ideation services to clients in connection with property repurposing, refurbishment and develop-ment.
You can find further information about TILLI City Im-mobilien on the website at www.tilli-cityimmobilien.de.