The next big problem: Businesses can't pay their rent. It's setting off a dangerous chain reaction.
Nearly half of commercial retail rents were not paid in May, as companies as big as Starbucks say the financial devastation from the shutdown has left them unable to pay their full property bills on time. Some companies warn they will not be able to pay rent for months.
The problem for the broader U.S. economy is that when businesses like Ross Stores and T.J. Maxx stop paying rent, it sets off an alarming chain reaction. Landlords are now at risk of bankruptcy, too. Commercial real estate prices are falling. Jobs at property management companies and landscapers face cuts. Banks and private investors are unwilling to lend to most commercial real estate projects anymore, and cash-strapped city and local governments are realizing the property taxes they usually rely on from business properties are unlikely to be paid this summer and fall.
https://www.postguam.com/business/real_estate/the-next-big-problem-businesses-cant-pay-their-rent-its-setting-off-a-dangerous-chain/article_2b73bf88-a6db-11ea-8857-5fa511b7e5b5.html
Costco, Nike and FedEx are warning there’s more inflation set to hit consumers as holidays approach
https://www.cnbc.com/2021/09/24/costco-nike-and-fedex-are-warning-theres-more-inflation-set-to-hit-consumers-as-holidays-approach.html
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