The Native Realty CEO told the Business Journal’s Brian Bandell that both landlords and tenants at retail properties will face short-term challenges following the spread of COVID-19 throughout the U.S. Restaurants, stores at malls and movie theaters could suffer the most from the loss of foot traffic, he said.
Sales dips from coronavirus could cause friction between landlords, tenants
The sharp decline expected in tourism will likely result in massive losses for South Florida restaurants and hospitality-focused retailers
“Jaime Sturgis, founder and CEO of Native Realty in Fort Lauderdale, said COVID-19 concerns will hurt business at many restaurants, stores at enclosed malls, and movie theaters.
He added that many small businesses don’t have 30 or 60 days of cash reserves, but some restaurants will try to make up for lost foot traffic by boosting their delivery business.”
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