Given that all Best Buy’s physical stores were closed for six weeks of the quarter and that it sells mostly bigger ticket discretionary products, a sales decline of 6.3% is nothing short of a remarkable result.
The Urban Land Institutes latest Real Estate Economic Forecast shows that investors have less to worry about than they did during the recession of 2008 — unless they happen to have large holdings in hotels or retail.
Best Buy Co. reported first-quarter earnings and sales that beat analyst expectations amid a 155% rise in online sales as customers took advantage of curbside pickup at its stores.
Some retail shops, restaurants, fitness centers, and movie theaters that survive the pandemic panic may be paying much lower rents in the coming years.
