31 October 2023
The Retail Apocalypse: Post-pandemic, American storefronts remain empty, not just due to COVID-19 but banking rigidity. Banks control retail rents, stopping landlords from adjusting them to market demands. This results in long-lasting vacancies despite the potential for lower rents to attract tenants. Landlords are trapped by bank-imposed financing terms that discourage leasing to anyone but ‘credit tenants’ like national chains. The financial system is failing cities, prioritizing empty spaces over vibrant communities.