Our Mission

Learn who we are and how we serve our community

Leadership

Meet our leaders, trustees and team

Foundation

Developing the next generation of talent

Coronavirus Resources

Find updates on COVID-19

Research

Check out wide-ranging resources that educate and inspire

Global Public Policy

Learn about the governmental initiatives we support

Events

Connect with other professionals at a local, regional or national event

Virtual Series

Find webinars from industry experts on the latest topics and trends

Professional Development

Grow your skills online, in a class or at an event with expert guidance

Find Members

Access our Member Directory and connect with colleagues

Virtual Community

Network, join industry discussions and find professional resources

Student Resources

Find tools to support your education and professional development

Become a Member

Learn about how to join ICSC and the benefits of membership

Renew Membership

Stay connected with ICSC and continue to receive membership benefits

Press Release

ICSC Calls on State and Municipal Leader’s to Support America’s Shopping Center Industry

March 27, 2020

NEW YORK (Mar. 27, 2020): As the COVID-19 crisis continues to threaten the viability of the shopping center industry as stores and restaurants close to help contain the spread of the virus, ICSC President and CEO, Tom McGee, has released the following statement:

"On behalf of our member network of nearly 70,000, the International Council of Shopping Centers (ICSC) applauds your leadership during this historic and difficult time for families, businesses and communities. Governors and mayors across the country have appropriately placed the health and safety of our fellow citizens as the top priority, while also taking decisive action in beginning to address the financial and economic challenges resulting from the COVID-19 pandemic. 

However, an existential threat remains, which if left unaddressed, will cause long-term damage to financial markets, rampant unemployment and irreparable harm to communities across our country. The necessary public health and safety actions being taken by federal, state and local officials have resulted in retailers, restaurants, theaters, gyms and other service providers closing. These mandated closures have created a growing and significant threat to the continuity of cash flow between tenant, property owner and commercial lender. An increasing number of national retailers and tenants have publicly expressed their intent to skip monthly lease payments during this crisis. The non-payment of rent will jeopardize the repayment of up to $1 trillion of secured and unsecured debt held by property owners that underlays the shopping center industry. The subsequent foreclosures would result in empty storefronts and vacant shopping centers across our country, leaving an indelible stain on communities.

The long-term strength of the shopping center industry is critical to the economic, civic and social viability of communities across the nation. The majority of the estimated $6.7 trillion of consumer activity generated by the retail, food & beverage, entertainment and consumer service industries occurs within America’s shopping centers, with nearly 1 out of 4 American jobs retail related. Approximately $400 billion of state and local taxes that support local communities, public safety resources and infrastructure is generated by the industry. This entire industry is at risk if action to support it is not taken.  

Specifically, we are asking you to require all regulated banks to offer a 90-day forbearance on all commercial loan obligations underlying the shopping center industry. If public safety requirements mandate it, the forbearance period can be extended and at the end of this period, property owners and banks can negotiate appropriate repayment options. We also request that you consider commercial property tax relief for brick-and-mortar retail during this same time period. 

ICSC respectfully requests that you and your members urgently consider our proposal. We stand ready to discuss and support you in its implementation."


ABOUT ICSC
ICSC is the preeminent membership organization serving retail and real estate professionals. Our members believe ICSC’s unparalleled programs and services are the most efficient and effective way to develop relationships, facilitate transactions, share insights and shape public policy and perception. For more information about ICSC visit www.icsc.com

###

Stephanie Cegielski

Vice President, Public Relations