Alterazione delle alleanze tra inquilini commerciali e proprietari di immobili
Il panorama del commercio al dettaglio sta attraversando una significativa trasformazione a causa della pandemia di COVID-19, ridefinendo il tradizionale rapporto tra inquilini e proprietari.
La trasparenza tra i negozianti e i proprietari è aumentata, favorendo un senso di partnership piuttosto che di antagonismo. Questa nuova cooperazione è una risposta alle sfide affrontate da entrambe le parti.
L'indice SNL U.S. REIT Retail Shopping Center e l'indice SNL U.S. Retail REIT Enclosed Malls, che tracciano le performance dei trust di investimento in immobili commerciali (REIT), hanno registrato una diminuzione dei rendimenti nel 2020. Alla fine di dicembre, il primo aveva registrato un calo del 26,9%, mentre il secondo aveva subito un calo più significativo del 34,7%.
several retail giants, including Macy's, Gap Inc., and Francesca's, have announced plans to permanently close hundreds of stores. This trend is not indicative of a situation that will reset and return to "run-of-the-mill" leasing.
Il pandemic has forced both retailers and landlords to reevaluate their strategies. One such change is the potential return of percentage rent, where a retailer pays a base rent plus a percentage of their revenue. This arrangement requires a retailer to share more details about its operations with its landlord, a shift from the traditional lease agreements.
Retailers faced little to no sales due to store closures, leading to disputes with landlords over rent payments. Some landlords took retail tenants to court, while others offered abatements. The power has shifted to some extent to retailers, with tenant retention being key.
Companies under pressure have been very open, sharing their financials and the challenges they face with landlords. This transparency is a departure from the past, where such information was often kept confidential.
The pandemic has been particularly hard on malls, with two mall landlords, CBL and PREIT, filing for bankruptcy within 24 hours of each other. Occupancy levels are expected to decline, and backfilling spaces will take time and capital. Tenants are asking for either very long or short leases, indicating a desire for flexibility in these uncertain times.
Some force majeure clauses in leases were "landlord friendly," leading retailers to scrutinize their leases more closely. Tenants are waiving clauses that allow them to exit or alter their leases when a mall anchor leaves, a situation that has contributed to the emptying of malls.
Ongoing rental assistance in the form of deferrals and abatements is expected through at least Q1 2021. Despite the challenges, there is a sense that the new normal in the retail tenant-landlord relationship is less uniform and more tenant-specific.
In conclusion, the retail landscape is undergoing a significant transformation, with the tenant-landlord relationship being one of the most affected areas. The pandemic has forced both parties to reevaluate their strategies, leading to increased transparency, the potential return of percentage rent, and a shift in power dynamics. The future of retail real estate remains uncertain, but one thing is clear: adaptability will be key.
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