Business
Trouble at the mall as landlords and tenants ponder mutually assured destruction – Commercial Real Estate News
Mall landlords and their tenants are no stranger to tension, but could the COVID-19 pandemic prove a tipping point?
This is not a bluff, Scott Evans, the chief executive of Mosaic Brands, has said of his threat to permanently close 300 to 500 stores in Australia unless landlords reduce rents.
Mosiacs network of about 1,300 apparel stores includes Katies, Noni B, Rivers, Rockmans, Millers and Crossroads. With stores shuttered temporarily due to COVID-19 restrictions, it posted a A$170.5 million loss in the year to June.
It and other retailers such as Premier Investments (owner of Just Jeans, Portmans and Jac…
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