August sees uptick in retail rent collections, but total’s still below 80%
Retail center landlords received 79.7% of their rent checks in August, just a two-percentage-point improvement over July. National chains paid 83.5% of their bills, while non-nationals paid 76%. Last year at this time, all retailers were more than 90% paid up.
Apparel stores continue to bear the brunt of a consumer populace not needing to replenish work wardrobes and buying much of what they do need online. Only 63.3% of their rents were paid according to the Datex Tenant Track of more than 1,000 shopping centers and tens of thousands of retail stores.
Worse off were movie theaters (36.7%) and fitness chains (61.3%), most of which have remained closed by state mandates since April. In mid-August, however, the nation’s largest cinema chain, AMC, began opening theaters and New York gave the re-open order to fitness businesses.
Essential retailers remained the most stalwart rent-payers, led by office supply stores (99.7%), drug stores (99.3%), banks (98%), supermarkets (97.8%), and pet supply stores (97.1%).
Only seven retailers were fully paid up in August: America’s Best Contacts, Automobile Club, J.C. Penney, Pet Supplies Plus, Shop Rite, Sportsman’s Warehouse, and Sprouts Farmers Market.