Cadillac Fairview, which operates malls across North America including the Eaton Centre in Toronto, has confirmed only about 20-25 % of its tenants paid rent in the last month due to the COVID-19 pandemic economic fallout.
In a statement, a CF spokesperson said “Cadillac Fairview recognizes that many of our retail clients are facing economic challenges and we deferred April and May rents for a significant amount of our retail clients.”
They wouldn’t say how many.
Eaton Centre, which is usually one of the busiest malls in North America, has 235 stores and services, but remains closed with a few exceptions like Shoppers Drug Mart, Best Buy (pick-up only), and Canadian Tire (curb-side pick up only).
“Companies cannot overcome the COVID-19 crisis on their own,” said the CF spokesman in a statement.
“Cadillac Fairview will continue to work with our clients, peers, industry associations and all levels of government to ensure the long term success of the retail industry.”
At the end of March, Ontario Premier Doug Ford ordered all non-essential businesses closed which forced mall stores to shutter.
It’s not yet known where they fit under the provincial “road map” for re-opening the provincial economy.