Tenant Update

Just a few weeks after RECon, the real estate industry’s largest trade show, would have taken place, the International Council of Shopping Centers laid off a significant portion of its workforce.

Chico’s FAS’s first-quarter sales fell 45.9% amid closed stores due to COVID-19 during the second half of the period. 

The world’s largest retailer of diamond jewelry is downsizing its store portfolio as it accelerates its emphasis on e-commerce.

A new report from Coresight Research predicts that 20,000 to 25,000 stores will close in the United States this year.

Approximately 60% of retailers reported that they could not pay April rent, with many asking for three months of rent abatement—and several claimed they could not pay rent until stores reopened.

CBL & Associates, which owns 108 properties, has serious doubts about its future amid skipped rent payments from retail tenants due to the COVID-19 pandemic. 

When The Outlet Resource Group started re-opening outlet centers it operates in places like Oklahoma City and Park City, Utah more than a month ago, stores were slowly recapturing employees and restocking merchandise.