Major US retailers tell landlords they can’t pay rent

first_imgSubway sent its landlords a “force majeure” letter last week (Photo by Mikko Robles/NurPhoto via Getty Images)Big chain retailers and restaurants are putting their landlords on notice.Both U.S. and international chains are informing their landlords that they need to reduce rent or cut payments, Bloomberg reported.Last week, Mattress Firm, which has about 2,400 stores, initially sent a notice to landlords offering to extend its leases in exchange for a break on rent. But this week the chain sent a second notice walking back its previous offer and informing landlords that due to widespread stores closures it would not be able to pay rent.Subway sent its landlords a “force majeure” letter last week, The Real Deal was the first to report, noting that it would either be paying reduced or no rent on its 20,000 U.S. locations.ADVERTISEMENTSimilarly, Swedish retailer Hennes & Mauritz AB has shuttered about two-thirds of its 5,000 stores globally and has reached out to its landlords to discuss options, according to Bloomberg.Read moreRetailers tell landlords they could stop paying rent soonNYC storefronts begin boarding up as virus empties streetsJacob Chetrit pulls out of $815M Daily News building deal; SL Green keeps his $35M deposit Some landlords are responding to the ongoing closure of storefronts due to the coronavirus pandemic by proactively offering breaks to retail tenants, according to the report. California-based Irvine Company Retail Properties is allowing rent deferrals for 90 days paid back interest-free over 12 months starting in January. And a Detroit developer, Bedrock, is waiving rent and other fees for small retail and restaurant tenants for three months.For landlords, losing out on rent payments could make it difficult to make their own mortgage payments. Earlier this week, real estate investor Tom Barrack predicted that the commercial mortgage-backed securities market could collapse.[Bloomberg] — Erin Hudson This content is for subscribers only.Subscribe Nowlast_img read more

Particular personality traits are linked to economic ideologies

first_imgShare on Facebook Email Pinterest LinkedIn Share on Twittercenter_img Share Particular personality traits are linked to economic ideologies, according to new research, but this relationship appears to be influenced by a person’s income.The findings were published in the journal Political Psychology.“In my PhD, I studied the associations between people’s personality and their preferences about politics,” said study author Bert N. Bakker of the University of Amsterdam. “Many studies have shown direct associations between a person’s personality and their position towards politics on a scale from left (liberal) to right (conservative) as well as their positions towards social issues such as immigration and abortion.”“Yet, the association between personality and people’s preferences towards economic issues such as income redistribution were less clear,” Bakker said. “In this project, I set out to study whether the associations between personality and a person’s economic preferences might be stronger or weaker conditional upon another factor, namely their income.”The research was based on the Big Five model of personality, which breaks personality down into five traits: Neuroticism, Extraversion, Openness, Agreeableness, and Conscientiousness. For his study, Bakker examined data from studies conducted in Denmark, the United Kingdom, and the United States. He found that people with more conservative economic attitudes tended to be more conscientious, but less agreeable and less neurotic than their more liberal counterparts.In other words, people who disagreed with statements such as “high income earners do not pay enough taxes” were more likely to score higher on a measure of Conscientiousness, and lower on measures of Agreeableness and Neuroticism.“Yet, the association between personality traits and economic preferences is attenuated by income,” Bakker told PsyPost. “Specifically, I find that the association between the personality trait Agreeableness and economic preferences is weaker among poor people compared to wealthier people in all three countries.”“Low income also attenuates the association between economic ideology and the traits Openness (in Denmark), Extraversion (in the United Kingdom) and Neuroticism (in the United States). As such, this study shows that personality traits are associated with economic preferences and that some personality traits are weaker associated with economic preferences among citizens with a lower income.”The study found some differences between Denmark, the United Kingdom, and the United States. But it is unclear if this is because of cultural and political differences, or differences in the methodologies of the studies examined.“I conducted this study in three countries,” Bakker said. “I relied upon data from Denmark and supplemented this with data from the United Kingdom and the United States. The data from the U.K. and U.S. was collected by other researchers and as such the measures employed are not exactly the same as those used in Denmark.”“Perhaps some of the differences that I find across the studies are due to the differences in the measurement of personality and/or the economic preferences. Future research using fully comparable surveys in multiple countries would be beneficial.”The study was titled: “Personality Traits, Income, and Economic Ideology“.last_img read more

Top-Seeded Tech Soccer Looking To Make Noise In Section Tourney

first_img About Connatix V56892 720p HD Visit Advertiser website GO TO PAGE Skip About Connatix V56892 Auto (360p) 360pcenter_img 1080p HD 1/1 The Tech Tigers boys soccer team earned the top seed in Section 8AA after posting a 11-2-2 record during the regular season. Head coach Nantha Viswanathan, who is in his tenth year coaching the Tigers, says the section playoffs will be tough.”We had a slip-up against Brainerd (a 4-3 loss September 18th), but we came back and won the second round,” Viswanathan said. “Brainerd has improved over the years, so it will be a tough match against them.”St. Michael is great, even though we beat them during the regular season, but it’s a different game when the playoffs come around,” Viswanathan said. “Everybody wants to knock the first guy down.” The first test for the Tigers will be a match with Elk River, the #8 seed in Section 8AA.”It’s always interesting to see an eight seed against the top seed,” Viswanathan said. “Elk River is a young team that moves the ball well, but they have about five ninth-graders on that team, so they are pretty young.”The Tigers will be taken out of their comfort zone a bit in their first game Thursday night against Elk River, as Tech will have to play at Apollo’s Michie Field on natural grass due to a scheduling conflict. The Tigers typically play their home games on turf at St. Cloud State University.The Tigers typically practice on natural grass at Oak Hill Elementary, but the rain this week has forced a couple of practices indoors in the gym.”To be honest with you, me and the boys don’t like it,” Viswanathan said. “But, we have to abide by what we have to go with.”I know the field is going to be rough with all of the rain that we got, and there are two games before ours,” Viswanathan said. “Hopefully everything works out.”last_img read more