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“他們必須交租”,美國購物中心和商鋪關系越來越緊張

“他們必須交租”,美國購物中心和商鋪關系越來越緊張

Phil Wahba 2020年05月16日
受新冠疫情影響,全美許多商店處于停業狀態,有些商家甚至連5月的店租也尚未支付。

西蒙地產集團是美國多家頂級購物中心的運營商,旗下產業包括紐約長島的Roosevelt Field和加州帕洛阿爾托的Stanford Mall?,F在,該公司正因為4月的租金問題而與租戶爭得不可開交,涉及Gap、芝士蛋糕工廠和Urban Outfitters等商家。受新冠疫情影響,全美許多商店處于停業狀態,有些商家甚至連5月的店租也尚未支付。

但該公司聯合創始人之子大衛·西蒙在周一晚間向華爾街分析師表示,歇業期間,雖然各家公司為保持現金流均已采取多種措施,包括:無薪假、縮減信貸規模、減少分紅等,但他仍希望租戶能如約履行合同。

“我們有約在身,他們必須付錢?!?西蒙說。

不過他并未透露拒絕支付店租的租戶數量。其競爭對手、購物中心運營商Macerich在周一表示,截至目前,公司僅收到了26%的4月租金和18%的5月租金。Brookfield在 4月收到的租金占應收金額的20%,此種跡象表明,西蒙地產的租金收繳情況應該也不甚樂觀。

雖然如此,但在該公司宣布其將支付股息后,其股票依然出現了10%的上漲。隨著美國多州放寬封城限制,西蒙地產旗下超過100家購物中心已重新開放營業。下周,該公司旗下半數的零售商場將恢復營業。(西蒙地產還擁有數十家奧特萊斯。)

但就目前而言,由于許多零售商4月的銷售額大幅下滑,加之對未來營收的恢復速度不甚看好,導致西蒙地產在與零售商談判時勢必會面臨諸多困難。上周,梅西百貨首席執行官杰夫·根內特告訴《財富》雜志,恢復營業后首周的銷量可能僅能達到正常水平的20%,之后才會慢慢回升。Gap首席執行官索尼婭·辛加爾拒絕透露該公司是否已在5月恢復支付店租(僅在北美,該公司旗下店鋪的月租金支出就達1.15億美元),但承認其確實認為這是重新考慮永久關閉一些店鋪Gap與Banana Republic店鋪的機會。

無論如何,地產業主都不可能在零售商蒙受損失時置身事外,西蒙地產也應為更多店家拒付租金做好準備。

房地產研究機構GreenStreet Advisors在一份分析報告中寫道:“認為這些租戶有能力補上租金有點不切實際。無論話說得多漂亮,我們都認為這些欠繳租金最后大多要做減免處理,而不是延后支付?!贝送?,該研究機構還警告稱,西蒙地產和其他運營商也應為租金下跌做好準備。

多家扮演引流角色的主要百貨商店關門歇業無疑會讓情況雪上加霜。梅西百貨原已計劃關閉125家門店,而受新冠疫情影響,這一數字或將進一步擴大。上周,諾德斯特龍表示,該公司將關閉旗下16家全產品線百貨公司,這也是該公司有史以來首次采取如此大規模的關店舉措。尼曼百貨已依據美國《破產法》第11章之條款申請破產保護,此舉將提高該公司關閉門店的可能性,至少會有幾家門店難以幸免。據報道,擁有800家門店的彭尼公司也在依據美國《破產法》第11章之條款申請破產保護。

對商場而言,主要引流租戶關門歇業將給他們造成兩方面的打擊。一方面是客流量的減少,主要引流租戶能給整個購物中心帶來大量客流,也正因此他們的租金通常很低。但對西蒙地產及其同行而言,更令人擔憂的問題則在于,主要引流租客離場可能觸發所謂的“共同租賃條款”,使得部分入駐商家可以據此要求中斷租約。此類條款要求購物中心必須將一定比例的空間留給能夠引流的知名商戶,如百貨公司或雜貨店等。

就目前而言,西蒙更愿意將注意力放在復蘇之上。西蒙表示:“開門營業的零售商很好地利用了報復性消費帶來的機會,他們正在擴大自己的市場份額?!彼赋?,現在的銷售情況實際上好于預期。但由于大多數零售商仍然處于歇業或者限流狀態,他們的經營狀況難以在短期之內得到恢復。

但西蒙認為這并非問題的重點所在。他表示,雖然恢復客流是一個漸進的過程,但現在的當務之急還是要促使人們重拾去商店購物的習慣,此外就是要找出適當的安全措施,為重新開放的購物中心保駕護航。

“消費者跟我們一樣,也希望看到越來越多的商家開門營業,但我認為這是一個漸進的過程,先要邁出第一步,然后再不斷前行?!?西蒙說。(財富中文網)

譯者:Feb

西蒙地產集團是美國多家頂級購物中心的運營商,旗下產業包括紐約長島的Roosevelt Field和加州帕洛阿爾托的Stanford Mall?,F在,該公司正因為4月的租金問題而與租戶爭得不可開交,涉及Gap、芝士蛋糕工廠和Urban Outfitters等商家。受新冠疫情影響,全美許多商店處于停業狀態,有些商家甚至連5月的店租也尚未支付。

但該公司聯合創始人之子大衛·西蒙在周一晚間向華爾街分析師表示,歇業期間,雖然各家公司為保持現金流均已采取多種措施,包括:無薪假、縮減信貸規模、減少分紅等,但他仍希望租戶能如約履行合同。

“我們有約在身,他們必須付錢?!?西蒙說。

不過他并未透露拒絕支付店租的租戶數量。其競爭對手、購物中心運營商Macerich在周一表示,截至目前,公司僅收到了26%的4月租金和18%的5月租金。Brookfield在 4月收到的租金占應收金額的20%,此種跡象表明,西蒙地產的租金收繳情況應該也不甚樂觀。

雖然如此,但在該公司宣布其將支付股息后,其股票依然出現了10%的上漲。隨著美國多州放寬封城限制,西蒙地產旗下超過100家購物中心已重新開放營業。下周,該公司旗下半數的零售商場將恢復營業。(西蒙地產還擁有數十家奧特萊斯。)

但就目前而言,由于許多零售商4月的銷售額大幅下滑,加之對未來營收的恢復速度不甚看好,導致西蒙地產在與零售商談判時勢必會面臨諸多困難。上周,梅西百貨首席執行官杰夫·根內特告訴《財富》雜志,恢復營業后首周的銷量可能僅能達到正常水平的20%,之后才會慢慢回升。Gap首席執行官索尼婭·辛加爾拒絕透露該公司是否已在5月恢復支付店租(僅在北美,該公司旗下店鋪的月租金支出就達1.15億美元),但承認其確實認為這是重新考慮永久關閉一些店鋪Gap與Banana Republic店鋪的機會。

無論如何,地產業主都不可能在零售商蒙受損失時置身事外,西蒙地產也應為更多店家拒付租金做好準備。

房地產研究機構GreenStreet Advisors在一份分析報告中寫道:“認為這些租戶有能力補上租金有點不切實際。無論話說得多漂亮,我們都認為這些欠繳租金最后大多要做減免處理,而不是延后支付?!贝送?,該研究機構還警告稱,西蒙地產和其他運營商也應為租金下跌做好準備。

多家扮演引流角色的主要百貨商店關門歇業無疑會讓情況雪上加霜。梅西百貨原已計劃關閉125家門店,而受新冠疫情影響,這一數字或將進一步擴大。上周,諾德斯特龍表示,該公司將關閉旗下16家全產品線百貨公司,這也是該公司有史以來首次采取如此大規模的關店舉措。尼曼百貨已依據美國《破產法》第11章之條款申請破產保護,此舉將提高該公司關閉門店的可能性,至少會有幾家門店難以幸免。據報道,擁有800家門店的彭尼公司也在依據美國《破產法》第11章之條款申請破產保護。

對商場而言,主要引流租戶關門歇業將給他們造成兩方面的打擊。一方面是客流量的減少,主要引流租戶能給整個購物中心帶來大量客流,也正因此他們的租金通常很低。但對西蒙地產及其同行而言,更令人擔憂的問題則在于,主要引流租客離場可能觸發所謂的“共同租賃條款”,使得部分入駐商家可以據此要求中斷租約。此類條款要求購物中心必須將一定比例的空間留給能夠引流的知名商戶,如百貨公司或雜貨店等。

就目前而言,西蒙更愿意將注意力放在復蘇之上。西蒙表示:“開門營業的零售商很好地利用了報復性消費帶來的機會,他們正在擴大自己的市場份額?!彼赋?,現在的銷售情況實際上好于預期。但由于大多數零售商仍然處于歇業或者限流狀態,他們的經營狀況難以在短期之內得到恢復。

但西蒙認為這并非問題的重點所在。他表示,雖然恢復客流是一個漸進的過程,但現在的當務之急還是要促使人們重拾去商店購物的習慣,此外就是要找出適當的安全措施,為重新開放的購物中心保駕護航。

“消費者跟我們一樣,也希望看到越來越多的商家開門營業,但我認為這是一個漸進的過程,先要邁出第一步,然后再不斷前行?!?西蒙說。(財富中文網)

譯者:Feb

Simon Property Group, the operator of many top caliber U.S. malls, such as Roosevelt Field on Long Island, N.Y. and Stanford Mall in Palo Alto, Calif., is contending with many tenants like Gap, Cheesecake Factory, and Urban Outfitters declining to pay rent for April. Some are holding out for May, too, as stores have been largely closed across the country because of the COVID-19 outbreak.

But David Simon, the son of the company's co-founder, told Wall Street analysts on Monday night he expects tenants to honor their contracts, even as the companies have taken dramatic steps to preserve cash during mass store closings: furloughing staff, drawing down credit, and cutting dividends.

"We have a lease, and they have to pay," Simon said.

He declined to say how many tenants have declined to pay. Rival mall developer Macerich on Monday said it has so far collected 26% of rents billed for April and 18% for May. Brookfield was at 20% for April, suggesting collections have been paltry for Simon, too.

Still, Simon's shares rose 10% after the company said it would pay its dividend, that dozens of its more than 100 malls had already reopened as some states ease their lockdowns, and that by next week, half of its retail space would be open to the public. (Simon also operates several dozen outlet centers.)

For now though, Simon faces tough negotiations with many retailers grappling with the vaporization of sales in April and are anticipating a slow return when they do reopen stores. Last week, Macy's CEO Jeff Gennette told Fortune sales might be 20% of normal levels in their first week after reopening, coming back gradually. Gap Inc CEO Sonia Syngal wouldn't say if her company, which pays $115 million in monthly rent for its North American stores, had resumed paying in May, but did allow that she sees the opportunity to rethink (code for permanently close) the size of the Gap and Banana Republic fleets.

Either way, landlords won't escape retail's pain, and Simon should brace for more stores withholding rent payments.、

"It seems unrealistic to believe these tenants will be able to pay deferred rent," GreenStreet Advisors wrote in an analyst note. "Despite the aforementioned rhetoric, we continue to believe most rent not collected on time will turn into rent abatement, not deferral." What's more, the research firm warned, Simon and other developers should brace for a downward re-setting of rent rates.

Adding to the pain: the closing of many anchor department stores. Macy's was already planning to close 125 stores, and the COVID-19 crisis could lead it to close more. Last week, Nordstrom said it was closing 16 of its full line department stores, the first large-scale closure program in its history, and Neiman Marcus filed for Chapter 11 bankruptcy protection, raising the likelihood it will close at least a few stores. J.C. Penney, which has 800 stores, is reportedly looking into seeking Chapter 11 protection too.

Anchor tenants disappearing is painful for mall owners in two ways. They generate a ton of shopper traffic for the mall as a whole, which is why they typically pay a very modest rent. But more worryingly for Simon and its peers, the disappearance of anchors can set off so-called co-tenancy clauses that can allow some tenants to break their lease. Such clauses call for a certain percentage of space in a mall to be occupied or for there to be an anchor tenant, typically a department store or a grocer.

For now, Simon prefers to focus on some green shoots. "For the retailers that are opening, they're gaining market share. They're taking advantage of pent-up demand," Simon said, noting that sales have been better than expected. But with the majority of retailers still dark and many opting for measures that limit store visits, business won't pick up all that quickly.

Simon suggested that was beside the point. The pressing need, he said, is to get people back in the habit of going to stores, even if the ramp up is gradual, and to see what safety measures work as more centers reopen.

"[Shoppers] want to see more stores open, as do we, but I think it's a process, and you got to get started and you go from there," said Simon.

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