As I continue to follow updates on supply chain impacts here at home and across the Globe, it’s clear there is a growing mismatch in the food being grown/raised (meat, produce, dairy, etc.) at this moment and where demand is coming from.
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We’ve been aggressively warning our landlord clients since mid-March that failure to tactfully, sincerely, and immediately engage with tenants during this time of crisis possess a slew of risks — reputational, transactional and economic.
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COVID-19’s impact on retail real estate will force us all to delve deeper into our tenant’s businesses than perhaps any of us ever have.
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With little hesitation, one of my favorite Indian restaurants in Greater Boston is Shanti Indian Cuisine with locations in Dorchester (the original), Roslindale and Cambridge.
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Since it became established in the late 1800’s, the South End neighborhood of Boston has been home to a vast array of race, religion, age, socio-economic levels, and sexual orientation.
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Next to concerns for the well-being of their staff members, the topic of rent payments on retail leases has dominated most of our conversations with both small business owners and our landlord clients alike.
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Last week, the President signed a bill that will loan $350 Billion to small business and offer relief and support for its owners and workers. Unfortunately, it seems that the “stimulus” is mostly offering uncertainty and frustration for restaurant owners.
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I was quoted in this article that ran in the Boston Globe today. I think it is a very fair and important article, but I flinched a bit when I came across my own words: “When it comes to a lot of Main Street retailers, we’ve been telling our clients they’re not going to get April rent anyways.”
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We’ve spent more time this week talking to Landlords (locally and nationally), reading policy pieces from other professionals, and tracking the scale of economic damage to tenants, which is rapidly bleeding over from food, beverage and entertainment to other segments of our economy.
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The proximity to Chinatown is most salient, giving us a front row seat and heightened awareness that something was more than a little amiss.
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