At least one local shopping centre owner could fare better than others post-pandemic thanks to some strategic decision-making.
That’s according to Terry Hussey of Vigilant Management, who says malls and shopping centres are struggling like many businesses these days.
Crombie REIT, which owns the Avalon Mall, remains one of the standouts says Hussey.
(Terry Hussey, file photo.)
REITs that own a lot of office towers are in “deep trouble,” according to Hussey, but Crombie—which rents to a lot of grocery stores—is doing well.
Hussey doesn’t think shopping centres and malls will shut down altogether, but they may have to become more creative when it comes to tenant agreements.
Like offering free rent for the next year, but ensure retailers sign on for the next five years.
