The Australian Retailers Association (ARA) has welcomed changes to the NSW Retail Leases Act by the state government this week.
ARA Executive Director Russell Zimmerman said the improved retail-lease protections and streamlined processes will create stronger and fairer relationships between retail tenants and landlords.
“As the retail industry is constantly evolving, it’s great to see the NSW Government implementing progressive changes that ensure the legislation remains relevant to all retailers throughout Australia,” he said.
The Retail Leases Amendment (Review) Bill 2016 was presented to state parliament to introduce reforms to the Retail Leases Act 1994.
Mr Zimmerman says that the amended Act will give retailers a better understanding of retail-centre values and side deals, as well as ensuring leasing costs are transparent.
“These significant changes will ensure greater transparency and certainty about retail-lease deals during negotiations and simplify the process of transferring a retail lease,” he added.
The ARA has also contributed to a code of practice for retailers, which aims to help retailers better understand how a shopping centre is performing.