Kimco Realty, owner of Suburban Square in Ardmore and Norriton Square in East Norriton, is helping its retail tenants stay afloat by assisting them with applying for the federal and state funds available to businesses during the COVID-19 outbreak, writes Natalie Kostelni for the Philadelphia Business Journal.
Nonessential retailers have been closed in Pennsylvania for nearly a month as mandated by the state. With their revenues cut off, many of them were not able to pay landlords rent or are asking for rent abatements and negotiating other discounts.
Landlords also do not have many options available, as losing too many tenants would leave them with vacant space that will not be that easy to fill up.
To avoid this, Kimco decided to pilot a tenant assistance program with the goal of helping its tenants survive the outbreak.
“We are fully committed to the long-term success of our tenants, and we understand that immediate access to capital may be critical in keeping their businesses afloat over the coming months,” said Conor Flynn, Kimco’s CEO.
Read more about Kimco Realty at the Philadelphia Business Journal by clicking here.