Dear Clients, Partners, and Team members:
I want to share my heartfelt thoughts for the people who have lost loved ones and jobs from this horrible pandemic.
The pain of the virus is very personal for me. My father succumbed to complications from COVID-19 on Monday morning. Not every son gets to hear their father tell them they’re proud of them. He did it often, including his last words to me. I feel spoiled that he was my father.
I spoke to many people this week; some laid off, some furloughed, some in fear of the unknown. The worry is everywhere. The team at Western Retail Advisors are here to listen and be your partner. Our deep relationships with developers, operators, owners, and with local and national tenants, provide us with the insight and experience to help you navigate these unchartered waters. Through it all, we remain your trusted advisors.
We’ve seen correspondence from our tenants to landlords, and responses from landlords addressing the issue of rent concessions and abatements. The entire commercial real estate industry is facing insurmountable strain. We must work together.
For the past twenty years, we’ve had the great fortune to serve our clients. During that time, we’ve helped them successfully navigate several downturns, and this time will be no different.
One in four jobs nationally is related to retail. That’s 25% of the US workforce; that keeps the economy going. We’re vital to the long-term health of the economy. ICSC is lobbying Congress for specific measures aimed to provide relief to the retail industry. Three stimulus bills have passed, likely a few more to follow. I urge you to communicate with your elected representatives, communicate with ICSC, and be part of the solution.
Our teams have been working remotely for three weeks now and have been serving our clients without interruption.
We wish everyone the best during this challenging time and greatly value our relationship with you. I’ve challenged my team to use this time to add value, provide resources, and stretch to find creative solutions that benefit all stakeholders. If we can help, don’t hesitate to follow up directly with our team or me.
When our industry re-emerges, we can choose to come back from this shell-shocked and beaten, or we can be powerful and more connected. I know what my choice is.
In Good Health,