—The following news item, by Suzanne Kapner and Esther Fung, is an excerpt from an article published on March 24, 2021 in “Real Estate Investment Smartbrief”.
Rents based on percentage of sales leave room for interpretation as line between online and store sales blurs
Fashion retailer Pinko has signed a yearlong sublease in Manhattan for $30,000 a month or 15% of sales, whichever is greater. Stores are reopening and customers are streaming back in, which means retailers that withheld rent during Covid-19 shutdowns are now able to pay. But first they have to agree with their landlords on how to define a sale.