RE:RIOCAN NOT LOOKING ATTRACTIVE HERE
thenewsnake wrote: Gyms/Movies/Restaurants ok, we could take it for a few months, but now all their retail? Toys R US, Winners, the smaller shops, like Purdys, the next 4 weeks is when they would actually make their profits for the ENTIRE YEAR. No one is going to go shop there in February. Ford and Tory deliberarely planned this massacre to retail, and now the question is, do some of these places even reopen?
If I was a business owner Fords, De Villa's Tory's house would have been egged heavily last night
Snake, all those business you just listed.. the ONLY way they get out of rent is 2 ways:
#1: RioCan provides an abatement in return for something.
#2: they put the company into bankruptcy.
that's it. Their is no other way out of not paying rent. Even if they get evicted, they still owe rent and the courts will enforce that unless they are insolvent.
Those retailers are all getting up to 65% of their employees wages being paid by the government, the taxes and utilities paid by Ontario, up to 300,000k for a chain per month of rent releif.
do you think that winners, toys r is winners GoodLife etc are going to declare bankruptcy for three to four more months of pain?
if RioCan didn't receive ANY rent from ANYoNe for the next 3-4 months, do you think we would declare bankruptcy? Hell no.
in fact, if RioCan has a tenanet in Ottawa Montreal Toronto or Vancouver, I would let them buy out the lease (usually one year notice or paid out 1 year lease amount) and then release at higher rates as those who have been in long term leases likely have below market lease rates at this time.