A lease clause requiring a landlord to 'conduct, manage and operate' a shopping centre 'as a high quality retail shopping centre' imposes an obligation about how the existing centre is to be operated, not an obligation to refurbish or transform the centre. Even where a refurbishment obligation is established, damages for failure to refurbish a small shopping centre are limited to the short-lived 'novelty value' effect of the refurbishment and do not extend to lost competitive capacity against larger centres.
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