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SCT

Gyms, salons and theaters paid more rent in October as sales grew

November 10, 2020

As of Oct. 30, U.S. shopping centers had collected 85.4 percent of the rent owed them for the month, up from the 84 percent of September rent collected by the end of September, according to Datex Property Solutions, which collects data from thousands of properties owned by users of its business intelligence platform.

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As more of their units opened for business and more consumers felt comfortable using their services, some tenant types posted double-digit improvements from September to October. Movie theater rent collection rose by 20.6 percent, salons by 19.4 percent and fitness centers by 15.6 percent.

Chains that paid less rent in October than in September include:

  • Pier 1, down 44.65 percent
  • U.S. Postal Service, down 44.4 percent
  • Urban Outfitters, down 32.8 percent
  • Automobile Club (AAA), down 18.2 percent
  • Mattress Firm, down 10.7 percent
  • Papa John’s, down 10.4 percent
  • Rainbow, down 10.2 percent

Chains that significantly improved their rent-payment rates from September to October include:

  • Regal, up 100 percent
  • Orangetheory Fitness, up 90.2 percent
  • Francesca’s, up 74.5 percent
  • Bath & Body Works, up 20.5 percent
  • Victoria’s Secret, up 21.8 percent
  • Menchie’s Frozen Yogurt, up 31.37 percent
  • Red Robin, up 27.5 percent
  • Stein Mart, up 22.8 percent
  • Massage Envy, up 20.9 percent
  • Ross Dress for Less, up 20.5 percent

The percentage of rent collected does not always correlate to sales, according to Datex. Department store sales per square foot climbed 58.9 percent from August to September to $230 while the sector’s rent payments increased only 6 percent from September to October. Specialty restaurant sales per square foot increased 56.1 percent to $100 from August to September, and then rent payments grew by only 3.55 percent from September to October. Specialty retail sales per square foot jumped 37.8 percent to $335 from August to September while rent payments grew only 1.3 percent from September to October. Craft stores sales per square foot grew 30.6 percent to $149 from August to September, and rent payments declined 1.3 percent from September to October. And apparel store sales per square foot climbed 24.1 percent to $260 from August to September, and then rent payments grew only 3.3 percent from September to October.

RELATED: September rent-collection data

By Brannon Boswell

Executive Editor/SCT

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