- Small-Business Failures Loom as Federal Aid Dries Up “Many owners face tough choices after a federal loan program and other government moves to bolster the economy have run their course.” (The New York Times)
- In Coming Wave of Pandemic-Induced Vacancies, Some See Opportunity “As the outlook for retail, hotel and office space shifts, some developers are already planning to convert empty properties to new uses.” (The New York Times)
- Retail Eviction Proceedings Pick Up as Economy Restarts “Some tenants, particularly those from apparel, fitness and theater sectors, continue to struggle with rent payments even as coronavirus shutdowns lift.” (Wall Street Journal, subscription required)
- Apartment Values Stay Solid in Private Market Despite Falling Rents “Some investors are willing to pay near pre-pandemic prices for rental apartment buildings despite the weak economy’s downward pressure on occupancies and rents.” (Wall Street Journal, subscription required)
- Rental Concessions on the Rise as Rent Market Softens “Rental concessions on listings are now nearly twice as common as they were in February, as landlords strive to attract new tenants in a rental market that has softened considerably since the coronavirus pandemic took hold.” (Yahoo Finance)
- Walmart Takes On Amazon Prime: Membership Program Will Deliver From Stores “Walmart is officially launching a new rival to Amazon Prime: an annual membership service giving shoppers free delivery of groceries and other perks.” (NPR)
- Why Whole Foods Is Trying Out a 'Dark Store' as Part of its Vision for the Future of Grocery Shopping Online “The Amazon-owned grocery chain is officially opening its first permanent online-only store in Brooklyn, New York, to fulfill orders for grocery delivery, Whole Foods officials shared exclusively with USA TODAY on Tuesday.” (USA Today)
- Jodie McLean, CEO Of EDENS, On Why Women Are Thriving As Leaders During COVID-19 “I recently sat down with Jodie to discuss her experience as a female CEO leading her company through the COVID-19 pandemic, her approach to leadership and how people who bring more diverse perspectives can have an impact in the boardroom.” (Forbes)
- Small the New Big for Hotels Post-Pandemic, Says Oyo CEO “The COVID-19 pandemic will mean holiday-goers will shy away from larger hotels for the foreseeable future in favor of boutiques and home rentals, the CEO of India-based hospitality startup Oyo Hotels and Homes told Reuters.” (Reuters)
- 52 Former Franchisees Sue McDonald’s for Racial Discrimination “More than 50 former McDonald’s franchisees are suing the fast-food giant for racial discrimination, alleging it denied them the same opportunities as White operators and pushed them out of the system.” (CNBC)
- Half of Out-of-Work Americans Were Unable to Cover Basic Expenses in August as the Additional Unemployment Benefit Dropped to $300, Study Finds “American workers that are still unemployed following coronavirus pandemic layoffs earlier in the year are facing an increasingly grim outlook, according to Morning Consult data.” (Business Insider)
- Tens of Thousands of LA Renters in Deep Financial Trouble Due to Pandemic: UCLA-USC “Almost 40,000 households are three full months behind on rent.” (Commercial Observer)
- More Than 300 Restaurateurs Sue NYC for $2B Over Ongoing Indoor Dining Ban “More than 300 restaurants have joined a class-action lawsuit seeking over $2 billion in damages due to the city’s ongoing indoor dining ban.” (Eater New York)
- Strained by the Pandemic, Big NYC Restaurant Groups Slated to Extend Layoffs Past Six Months “Major culinary groups have been extending their furloughs too, or making additional cuts, as the city’s economic crisis — and indoor dining ban, whose goal is to save lives — continues.” (Eater New York)
- Newsom Signs California Eviction Moratorium for Renters Hurt by Pandemic “On an acrimonious final night of its session, the Legislature approved a bill to head off evictions of tenants who have been unable to pay their rent because of the coronavirus pandemic and to keep out-of-work Californians in their homes through the beginning of next year.” (San Francisco Chronicle)
- Hopeful Bay Area Shoppers Descend on Newly Reopened Indoor Malls, Hair Salons “Indoor malls were finally open again in seven Bay Area counties as of Monday — and people with face coverings started flocking to get five new styles of Jordan brand sneakers that had been released over the past six weeks, while stores were closed at the Westfield.” (San Francisco Chronicle, subscription required)
- Mall REIT Kimco Realty to pay quarterly cash dividend as August rent collections improve to 85% “Kimco Realty Corp said Tuesday its board has approved a quarterly cash dividend of 10 cents a share, reinstating the payment after suspending it at the peak of the pandemic.” (MarketWatch)
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