What happens to Main Street when even the biggest retailers can't pay rent?
. With April and May rent already past due, industry watchers worry that a glut of vacant storefronts is on the horizon — or even a commercial mortgage crisis.
Gap Inc., which owns Old Navy and Banana Republic, told investors last month that it has suspended its $115 million monthly rent payments as it considers how it will modify its lease terms or close stores. "I'm concerned, and I've been concerned for six weeks," said Steven Soutendijk, a managing director with Cushman & Wakefield Retail Services."There are going to be a lot of restaurants and small businesses that don't come back and figure out a way to make restrictions work."
Capital One and Ally Financial are among the 13 major banks whose credit ratings were just downgraded to negative by S&P Global Ratings because of the large tranches of commercial real estate and consumer loans they hold.
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