Amongst the uncertainty, savvy retailers are shifting away from bricks and mortar retail and exploring other low risk, low capital options that are resilient to lockdown environments such as dark kitchens and e-commerce digital platforms which consumers have become accustomed to.
Earlier this year many retailers were very optimistic about the retail recovery however, the Delta outbreak slammed the brakes on the positive sentiment. Nevertheless, Leasewise still managed to negotiate and secure 42 new sites as opportunities presented themselves. Many renewals were also undertaken which saw historically inflated rents corrected.
Understandably, over the last 6 months, Leasewise spent a substantial amount of time working and finalising Covid abatements and other landlord/tenant disputes. The retail code and state regulations have provided a framework for negotiations to occur, however, as with all crises we see both the best and worst in behaviours.
We look forward with interest to the Christmas period and trust that landlords and tenants can work together to address the challenges that confront them.