As stores remain closed and rents go unpaid, top executives at the real estate companies that run malls and shopping centers continue to take pay cuts.
Kite Realty Group, which owns and operates scores of power centers and community centers in the United States, has set up a low-interest loan program with a fund aggregate of $5 million for its smaller, local tenants.
International Council of Shopping Centers CEO Tom McGee has emailed association members and would-be exhibitors that the RECon show will not take place in 2020.
While the supermarkets that anchor necessity-based shopping centers across the U.S. are open and setting sales records, tenants such as restaurants and fitness clubs are closed and constructing survival plans.
Retail was already challenged on many fronts prior to the pandemic. Now the industry is facing terrible realities that make the bankruptcies and store closures of the past few years seem tame by comparison.
