While states use case counts to measure the tenure of the COVID-19 pandemic, landlords use rent checks--and they got lots more of them last month.
Fewer than 60% of national brand retail tenants paid their rents in May, but 80% mailed the checks in July, according to the Datex Tenant Track of more than 1,000 shopping centers and tens of thousands of retail stores.
Apparel retailers, however, still suffered from the flu last month. Only 45% paid the bill. But more than 90% of supermarket, office supply, drug, pet product, dollar store, and beauty supply brands anted up to landlords in July.
“One surprising result was that 62% of fitness businesses paid their rents, even though most of them continued to be shut down. We think it’s a reflection of fitness being one of the fastest-growing categories in retail centers. They’re finding a way to make a go of it,” said Mark Sigal, CEO of Datex Property Solutions, a supply chain software and management solutions provider that derives the rental data from its client base.
Though facing troubles of late, J.C. Penney is having no landlord trouble. It was paid up 100% in July. Others in the 100% club were Century 21, Sportsman’s, Sprouts Farmers Markets, and the Habit Burger Grill.