Retail leases tying rent to a portion of sales look poised to outlast the pandemic
During the worst of the pandemic, many landlords offered deals where ailing retailers paid a percentage of their monthly sales in rent——to help them survive. Now, this once temporary way of charging tenants looks poised to outlast Covid-19.
More shopping-center owners are signing new leases where rent is tied directly to a portion of sales, at least for a period. These percentage-rent leases are especially attractive to newer retailers, offering some flexibility so that they aren’t saddled with large losses as they are starting out. While most landlords tend to prefer the reliability of a fixed monthly rent payment, the wider use of percentage leases reflects how much retail has become a renters’ market.
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