More than 6,400 offers, in-principle agreements or agreements for rental assistance have been reached between SME retail stores and landlords, a survey from the Shopping Centre Council of Australia (SCCA) states.
According to the organisation, the deals represent 45% of the 14,500 SMEs that have requested rental assistance.
According to the survey, 14% of clothing and footwear retailers have reached agreements regarding leases.
The agreements have been reached in the nine-week period between 30 March – 31 May and also includes more than 1,400 agreements that have been finalised in the two-weeks to 31 May.
SCCA executive director Angus Nardi said that the survey results demonstrate that the National Cabinet's Code of Conduct is working.
"Rental relief is getting through to those who need it most.
"The increasing volume of agreements illustrate that the Commercial Tenancy Code of Conduct announced by the Prime Minister on 7 April 2020 is working, and our industry and SME retailers are reaching practical solutions to address the challenging economic circumstances.
"Pleasingly, nearly half (45%) of the SMEs retailers that have requested rental relief have reached an agreement.
"But there is more work to do. The SCCA urges SME retailers to review the Code of Conduct, and come to the table with requests that are fair and proportionate to their circumstances," he said.
Nardi added that while most agreements have been reached quickly, some are taking longer to process due to a lack of documented support from the retailer.
"While the vast majority of conversations have been productive, there are instances where agreements are taking longer to negotiate.
"This is often as a result of a lack of documentation to support claims for rental assistance.
"Nonetheless, shopping centre owners are committed to reviewing and appropriately responding to every rental assistance request to ensure SME retailers can thrive as more Australians return to the shops," he said.
Geographically, New South Wales (32%), Victoria (29%) and Queensland (23%) account for almost threequarters of offers, with other regions expected to account for more offers and agreements in the future as the Code is implemented across different states.
According to the SCCA approximately 80% of all SMEs have requested rental assistance, highlighting that 20% of SMEs have traded well through the pandemic.