With COVID-19 cases steadily declining and states allowing non-essential retailers to re-open, retail centers are finally starting to get back to normal.
Phillips Edison & Company, which owns close to 300 grocery-anchored centers, saw 5,550 tenants close at the beginning of the shutdowns. Now 1,630 of those have re-opened and 92% of tenant spaces are open for business.
“Reopening is the first step for our neighbors. Now they must regain customer confidence and weather the potential economic fallout resulting from the pandemic,” said CEO Jeff Edison, employing the term PECO uses for its tenants.
“Once open and able to pay their standard monthly rent, we will begin discussions about recovering missed rent payments,” Edison added.
PECO provided tenants with videos and webinars to help them during the crisis, and has added parking areas for pickups and outdoor dining space for restaurants.
Despite the shutdowns of thousands of tenants, PECO reports collecting more than 75% of its rents in both April and May.