ongoing upgrades and maintenance have kept the structure in excellent condition. One major initiative has been renewable energy.“We have about 1.25 megawatts of solar power,” Oran reveals. The photovoltaic panels, which adorn the various rooftops created by years of expansions, are tied back into the electrical grid, helping to offset the mall’s energy consumption. “Given our geographic location, we’re very fortunate to have an abundance of sunlight,” he adds, noting that the payback period on their solar investment is typically less than four years—a clear incentive to continue expanding the mall’s renewable energy capacity. RESILIENCE THROUGH CRISIS: INVESTING IN RELATIONSHIPS When the world shut down during the COVID-19 pandemic, Sheraton Mall faced the same overwhelming challenges that upended economies across the globe. For Oran, the focus during that tumultuous time was not just about keeping the lights on—it was about sustaining the relationships that had taken years to build. “More than half of our stores have been with us for over a decade,” he explains. That longevity, he notes, isn’t by accident. “The relationships we build with our tenants are a priority.”That focus on partnerships shaped the mall’s response when the pandemic brought the world to a halt. Like many places, Barbados was hit hard—especially given its reliance on tourism. “We had a very visionary government, thank God, to help us and guide us through,” Oran acknowledges. “We didn’t wait for tenants to come to us,” Oran says, recalling the early days of the pandemic. “We immediately put protocols in place to reduce rent—not just defer it but reduce it.” This decision wasn’t just generous; it was strategic. For the first 18 months of the pandemic, the mall voluntarily cut its revenue in half, providing tenants an average 50% discount on rent. In cases where the government mandated complete shutdowns, tenants received a 100% reduction in rent for those periods. Despite the economic strain, the strategy worked. “Over that period, we lost only two tenants,” Oran notes. Even then, he clarified, those closures were due to personal reasons, not financial ones tied to the pandemic. For Oran, this was proof that the mall’s investment in its tenants—through supportive policies and strong relationships—had paid off. BEYOND RETAIL: COMMUNITY AND ECONOMIC RIPPLE EFFECTS While Sheraton Mall has become a cornerstone of 28 BUSINESS VIEW CARIBBEAN VOLUME 11, ISSUE 11
RkJQdWJsaXNoZXIy MTI5MjAx