When I am uncertain of my next move, I am firm believer of sitting tight and looking at the positions taken by those around me. However in this time of great uncertainty, coupled with our primary objective as stated above and the simple fact that all our tenants until recently regarded our mall as their primary home where they trade, meet prospective customers and in general share common experiences with their colleagues, I would sell myself as a picture of stability to my existing tenants. Our message: yes, we have challenges, but we are facing them and we intend to be around if you still see us in your future. The timing of our message: asap. The audience: the decision maker(s) of each business. We will have to accept that the above will only console the SME businesses, our anchor tenants is likely to negotiate from head-office. And we've all heard the joke of the head office guy phoning the ops manager to say: Hi, I am from head-office, how can I help you? Head-office is likely to make blanket decisions and will commence negotiations with a one-size-fits-all attitude. The exception to the rule might be ABSA, since they carry risk exposure. The Spar might be our knight in shining amour, do they already have a Spar Tops at the mall or is the liquor section integrated? We should assist them where possible with infrastructure changes to accommodate the extension of these (taken into consideration the onerous legislation in this regard). Above all else we will have to keep the planned renovation alive. This will likely be the key deciding factor for the anchor businesses. From the initial scenario it seems the primary motivation (for the renovation) was to remain relevant in light of a new (and probably bigger) mall being erected within spitting distance. The funders of the planned development are likely reviewing the prospects. Whatever way you look at it, an existing mall does have the edge. The timing of the renovation is also critical, building should commence early enough to ensure our mall is open for business well in advance to the new kid on the block. We cannot match a grand opening with a renovation. However the return on the renovation will be less than the 11% being floated somewhere above. The sell to the shareholders (read: zero dividend for x years) and the bank will be less on return and more on survival. Return on capital will therefor need to be revised downward, first due to the general depressing impact of COVID-19 and secondly due the additional outlay required. Apologies for the long-winded charade. In summary we need to be seen as leading the charge - with a realistic compromise attitude verbalise in previous posts. This at least will remove one uncertainty for the tenants and let them focus on getting their businesses back on track.