Having problems paying your rent? So are big brand retailers
I was driving y the Burlington Mall the other day, it occurred to me how are these tenants paying their rent. There were almost no cars in the parking lot. Yes, I’ve heard today that Macy’s received a $4B plus bailout, not bad if you can get it. But what about the other retail chains. Well today, I read in the Real Deal blog that many retailers are falling behind in there rent or just
Before the coronavirus, retailers like H&M and Urban Outfitters were the kinds of companies that landlords targeted. Owners laid out pricey incentive packages and heavily courted these “credit-worthy” tenants — the kind with hefty balance sheets and a history of always paying rent.
Now, as a number of those formerly blue-chip businesses are withholding their monthly payments even after stay-at-home orders lifted, a growing number of landlords have been taking them to court.
The Gap is the largest in-line tenant for the country’s largest mall operator, Simon Property Group, (Copley Place) which sued the retailer last week for $66 million in unpaid rent across its properties.