Esther Fung
speaker
145 appearances
3 recordings
1 series
first heard Nov 2017
last heard Nov 2020
Esther Fung’s voice in public audio — every appearance, attributed to the second.
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Appearances
WSJ Your Money Briefing · Landlords Offer Concessions to Keep Retail Tenants Afloat · 25 Aug 2020
podcast
A landlord would be able to find a replacement for, say, a JCPenney or a Victoria's Secret that closes.
But if 10 stores become vacant at the same time, that's when the difficulty to replace them kicks in.
Not many retailers are expanding as they used to 10, 20 years ago.
And America is still suffering from a supply glut of stores.
So with the supply glut of stores right now in the United States, there was so much overbuilding that was done decades ago.
And with the pandemic also causing people to prefer buying things online than shopping in stores and encountering other shoppers or salespeople.
That has caused retailers and other tenants to be very wary about expanding movie theatres.
So many movie theatres in the country have not reopened.
And this means that landlords, they have to become razor-focused in terms of making sure occupancy rates are high in their properties.
If they were suffering from heightened vacancies before the pandemic...
Right now, they're definitely on survival mode.
They really want to keep their tenants in place, especially if it's harder to find a replacement.
This comes up whenever I speak to landlords as well as tenants.
They say, yes, we want to try and find a way to move on and proceed with our leases and with our business.
But we also don't know whether or not there will be a resurgence in cases, whether or not a vaccine would work, whether or not there will be different strains of the coronavirus that might flare up.
So sometimes pandemic language included in some of these leases try to address that too.
Some of them do not confine their leases to coronavirus.
They just mentioned it could be anything related to a mandated shutdown by the local government.
So that's how they are trying to cover their bases.
But it's still difficult.
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