Mall and shopping center owners around the country are getting ready to come face to face with a major legal hurdle: Co-tenancy clauses.
will accelerate the rate of permanent retail store closures, as sales shrink close to nothing with many shops temporarily shut to try to halt the spread of Covid-19. Liquidity also is drying up and finances are being squeezed. UBS is expecting there will be 100,000 stores permanently shut between now and the end of 2025.
Meantime, online sales as a percentage of total retail sales in the U.S. are expected to grow to 25% from 15% over that same timeframe, UBS analyst Michael Lasser said., and some chains potentially filing for bankruptcy, landlords' phones will likely be ringing — with retailers on the other line demanding rent reductions or outright saying, "I'm leaving your mall."
Here's how co-tenancy clauses work, on a basic level: They are typically built into the leases of the specialty tenants, like a
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