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11 Must Reads for the CRE Industry Today (May 1, 2020)

Macy’s plans to reopen 68 stores on Monday, reports MarketWatch. The Washington Post looks at iconic brands that could disappear because of coronavirus. J. Crew is preparing to file for bankruptcy protection, according to the Wall Street Journal. These are among today’s must reads from around the commercial real estate industry.

  1. Macy's to Reopen 68 Stores Nationwide on Monday “Macy's Inc. M, will open 68 stores on Monday in states where the lockdown rules have been loosened, Chief Executive Jeff Gennette said in an interview with The Wall Street Journal.” (MarketWatch)
  2. J.Crew Prepares to File for Bankruptcy “J. Crew Group Inc., the preppy retailer that recently fell on hard times, is preparing to file for bankruptcy protection, one of several high-profile U.S. chains that are on the verge of unraveling during the coronavirus pandemic.” (Wall Street Journal, subscription required)
  3. The Iconic Brands That Could Disappear Because of Coronavirus “The retail industry, rife with bankruptcies and shuttered stores long before the coronavirus, is facing its biggest test yet.” (Washington Post)
  4. The Fed Expands Its $600 Billion Lending Program for Struggling Businesses But Leaves Start Date Unannounced “The Federal Reserve is widening its Main Street Lending Program to include more mid-sized businesses seeking loans amid the economic downturn.” (Business Insider)
  5. WeWork Rakes In $745M To Buy New Buildings “WeWork’s flexible office business is asking for rent cuts and battling to cut liabilities, and the company failed in its effort to go public in September 2019, leading to the ouster of mercurial co-founder Adam Neumann. But its property investment arm is still bringing in a lot of cash to make new investments.” (Bisnow)
  6. STR: US Hotel Results for Week Ending 25 April “Reflecting the continued impact of the COVID-19 pandemic, the U.S. hotel industry reported significant year-over-year declines in the three key performance metrics during the week of 19-25 April 2020, according to data from STR.” (Hotel News Now)
  7. Real Estate Report: Wilmington Fifth-Most Exposed U.S. City to Retail Market Downturn “Research conducted by the real estate editorial branch of The Motley Fool, an investment advice company in Virginia, ranked Wilmington the fifth-most exposed U.S. city to the risks of a downturn in its commercial real estate market due to the Covid-19 pandemic.” (Port City Daily)
  8. Newmark Slashes Exec Pay, Following Other Commercial Real Estate Players “Newmark Group is among the latest commercial real estate companies to announce deep pay cuts for top executives in order to conserve cash.” (GlobeSt.com)
  9. Senior Housing REITs At Risk Of ‘Sharp, Prolonged’ Credit Metric Deterioration “Real estate investment trusts (REITs) with significant exposure to senior housing could be facing a “sharp, prolonged deterioration in credit metrics,” rating agency Moody’s stated in a report issued Wednesday.” (Senior Housing News)
  10. City's Major Landlords Working on Plan to Help Tenants Pay Rent “Major city landlords are working with real estate and affordable housing groups on a plan to help tenants pay their rent, chairman of Douglaston Development Jeff Levine told Crain's Wednesday.” (Crain’s Chicago Business)
  11. Top US Managers, Owners Share Reopening Strategies “As states, counties and cities prepare to reopen businesses after closing them to stifle COVID-19, property owners and managers are crafting and implementing plans to help consumers and workers feel comfortable in the “new normal.” (Commercial Property Executive)
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