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Non-National Tenants of Shopping Centers Had More Trouble Making Rent in November

As of Nov. 30, U.S. shopping centers had collected 85.3 percent of the rent owed them for the month, down slightly from the 85.7 percent of October rent collected by the end of October, according to Datex Property Solutions, which collects data from thousands of properties owned by users of its business intelligence platform.

Photo Courtesy of Anchorage Daily News.

Non-national tenants’ rent-payment rate showed some weakness, declining by 0.95 percent from October to November. By contrast, national tenants increased their payment rate by 0.09 percent.

As more of units opened for business and more consumers felt comfortable using their services, some tenant types’ payment rates improved by double digits. Apparel sector rent collection rose by 11.5 percent, home goods by 5.2 percent, home improvement by 5.1 percent, restaurants by 2.6 percent and banks by 2.2 percent.

National chains that significantly improved their rent-payment rates from October to November include:

  • 24 Hour Fitness, up 33.1 percent

  • Ross Dress for Less, up 32.1 percent

  • Gap Inc., up 28.3 percent

  • Old Navy, up 18.3 percent

  • Hallmark, up 15.4 percent

  • Chico’s, up 14.5 percent

  • Tillys, up 13.1 percent

  • Five Below, up 11.8 percent

  • Victoria’s Secret, up 11.3 percent

  • Giant, up 10.4 percent

  • Sportsman’s Warehouse, up 10.4 percent

National chains that paid less rent in November than in October include:

  • Regal, down 82.7 percent

  • Cinepolis, down 67.1 percent

  • Century Theaters, down 32.3 percent

  • Safeway, down 20.3 percent

  • GNC, down 19 percent

  • Little Caesars, down 17.5 percent

  • Claire’s, down 14.8 percent

  • European Wax Center, down 11.7 percent

  • Trader Joe’s, down 12.9 percent

  • Walmart, down 9.8 percent

The percentage of rent collected does not always correlate to sales, according to Datex. Beauty supply sales per square foot grew 22.5 percent from October to November to $538, but rent payments declined 1.05 percent. Pet supply sales per square foot climbed 16.1 percent to $251, but rent payments declined by 0.03 percent. Overall specialty retail sales per square foot climbed 40.1 percent to $422 while rent payment increased by only 0.2 percent.

Source: 2020 ICSC.

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