The Rent Is Due
The federal government’s $2 trillion stimulus package is a courageous step to boost our economy, but is not enough to protect the retail industry. The looming cash shortfall threatens tenants, landlords and lenders. If we want the retail sector — which supports 52 million jobs nationwide — to persevere, the government must extend to landlords the same protections it is providing to small businesses and labor as part of the CARES Act. Lenders must also act in good faith to forge solutions for forbearance, otherwise, the federal government must mandate it. With this government assistance, we all must find a solution to work together across the retail industry. There are 600 retail tenants within our portfolio and nearly 30 percent of them are small businesses. I personally love working with entrepreneurs: their shops and restaurants make our retail centers distinct and supporting their ambitions is one of DJM’s core values. The past few weeks have been brutal for them. Many have had to close their doors (either voluntarily or by mandate) and many have had to lay off workers. The CARES Act supports small businesses via loans and tax credits that can fund payroll and rent. Gov. Gavin Newsom of California has alsoFollow WWD on Twitter or become a fan on Facebook.
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