Monday, May 18, 2020

Who’s paying rent and who’s not? (Staples paid!)

Chain Store Age
News outlets reported in early April that Sycamore Partners refused to pay April rents for its Staples stores during the pandemic, even though the stores remained open. Not true. As May began, 82% of the month’s rents for Staples were in landlord’s hands.

That’s the actual payment rate determined by Datex, a supply chain software and management solutions provider. Its Tenant Track of more than 1,000 shopping centers and tens of thousands of retail stores found that only 42% of total retail rents had been collected by May 8—exactly half the total collected on that same date in 2019.. . . more