Plus: Landlords reluctant to join rent relief plan
Retail tenants hopeful over federal relief plan, but landlords reluctant to join
Bill Pratt hasn’t paid some $70,000 in rent for his restaurants in Atlantic Canada since April after having to shutter operations due to the COVID-19 pandemic and experiencing a “critical” sales drop. “There’s no way I can make it,” said Pratt, the CEO of Chef Inspired Group of Restaurants and Food Trucks. “I can’t pay 100 per cent rent with no income.”
When the federal government announced a new measure aimed at reducing rent for small businesses by three quarters, it sparked hope of survival among restaurateurs like Pratt. However, without buy-in from landlords — some of whom have decided to take a wait-and-see approach due to what they say is a lack of clarity — the program will fail to provide relief to those who need it most.
Some landlords, including big real estate trusts like RioCan, have said they’d be open to considering the program. But RioCan and others in the industry say there’s still too little detail to decide yet.Our Morning Update and Evening Update newsletters are written by Globe editors, giving you a concise summary of the day’s most important headlines.
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