Data shows 45% of retailers and restaurants 'unable to pay rent'

Data shows 45% of retailers and restaurants 'unable to pay rent'
In the retail landscape, fixed costs like rent are still there during lockdown. (Image: BusinessDesk)
Brent Melville
Almost half of Auckland's retail and hospitality businesses didn’t pay their rent on time last month, or the month before that, reflecting current financial stress points of the city’s lockdowns since Aug 17.Data from commercial property management platform Re-Leased show that lease payments slowed across the country over the past two months, but the biggest impact was on the cash balances of restaurant and retail tenants. The data, from across 26,000 national commercial tenancies, shows only 55% of Auckland retail and hosp...

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