News on the COVID-19 pandemic front is disheartening…
The number of confirmed cases continues to rise. And so does the death toll.
Moreover, countless “non-essential businesses” have been scaled back or completely shuttered for over a month now. Even longer in some cases.
Perhaps worst of all, there is still no clear timeline for when things may “return to normal.”
This is especially troubling for retail real estate landlords…
…as a great number of retail tenants operate the “non-essential businesses” that have been forced to closed by the order of state and local governments.
As a result, many landlords are desperate for the answers!
How do we handle this situation?
What should we do?
When should we do it?
These are the constant refrains coming from a chorus of rattled landlords whose nerves are increasingly fraying at the uncertainty of these difficult circumstances.
But here’s the stark reality…
Though this is an incredibly unpopular, not to mention unsatisfying response, the truth is… No one has “the answers.”
The countless proclamations that we’re in the midst of an “unprecedented times” persist because… No one has ever seen anything like this before.
And as such, no one is certain what will happen. Or when. Or what things will look like when it does. It’s an unquantifiable outcome, pure and simple.
In the retail real estate world, this means… No one is sure how long business closures many be enforced. Or how the impact of these closure will play out for these businesses, either short or long term.
There’s only ONE certainty at the moment…
Substantial government-funded financial support has been pledged to aid small businesses and individuals impacted by the pandemic. And much of this aid has already started flowing to these parties.
Moreover, several relishing efforts and new funding plans have recently been announced. And undoubtedly, much more is on the way.
But until all of those funds make it into the pockets of struggling business owners, the best advice anyone can offer is this…
Sit tight and take a breath.
Fretting over the situation, playing the “guessing game,” or taking “anticipatory” action based on speculative predictions is apt to cause more problems than it solves.
We certainly don’t have anymore “answers” than anyone else. But we are continually gathering resources – from officially sanctioned sources. And we’re happy to share!
If you’re looking for credible information on government financial aid, temporary crisis-driven regulation, and other material covering the COVID-19 pandemic’s impact on retail real estate, get in touch with Rick Rivera, CBM President, here: 310.231.5201 or firstname.lastname@example.org