coronavirus

Brad Umansky Takes Reins of Retail Brokers Network During Interesting Times for Retail

by Jeff Shaw June 26, 2020

As Brad Umansky assumed the volunteer role of president of the Retail Brokers Network in May, the nation — and the retail real estate industry — was in the throes of dealing with closures and stay-in-place orders brought on by the COVID-19 pandemic. Umansky is president of Rancho Cucamonga, California-based Progressive Real Estate Partners, and spoke with REBusinessOnline’s sister magazine California Centers about assuming his role for the network at this time, and how its members are helping each other cope with the changes that the pandemic has brought to their businesses and their clients’ businesses. CC: How did you get started in the commercial real estate business? Umansky: I graduated from the University of Pennsylvania in 1990. I had a short stint in the luxury hotel business; I quickly realized that wasn’t for me. My girlfriend at the time — now my wife — was from Southern California, so I moved here. I started doing retail leasing for a small brokerage. I learned the market. I went to Grubb & Ellis, where I was for four years, followed by four years at Lee & Associates. I then moved to investment sales, spending seven years at Sperry Van Ness. In 2007, I decided …

June 26, 2020

Nearly 1.5M Americans File First-Time Unemployment Claims in Latest Weekly Figures

by Alex Tostado June 25, 2020

WASHINGTON, D.C. — Nearly 1.5 million Americans filed first-time unemployment claims during the week ending June 20, the U.S. Department of Labor reports. The claims remain historically high in the midst of the worldwide COVID-19 outbreak, though the week-over-week numbers have declined for 12 consecutive weeks. The most recent figure was 60,000 fewer than the previous week’s total. Economists surveyed by Dow Jones anticipated a total of under 1.4 million claims for the week. Furthermore, the four-week moving average has also been steadily declining, dropping by 160,750 claims to 1.6 million, according to the Department of Labor. Continuing claims also fell by 767,000 claims to under just over 19.5 million. This is the first week since the economic shutdown in mid-March that continuing claims have fallen below 20 million.

June 25, 2020

New York Northeast

Entertainment Businesses, Professional Sports to Reopen in Upstate New York as Tri-State Region Imposes Quarantines for Visitors

by Alex Patton June 25, 2020

ALBANY, N.Y. — Entertainment businesses and professional sports will reopen in Upstate New York this Friday, June 26, according to a statement from New York Gov. Andrew Cuomo issued on Wednesday, June 24. Businesses in New York have gradually reopened over the last few weeks as the COVID-19 pandemic has slowly eased across the state, with regions including Central New York, Finger Lakes, Mohawk Valley, North Country and Southern Tier now on track to enter Phase IV of the governor’s reopening plan. As part of this phase of the plan, social gatherings of up to 50 people will be allowed and professional sports will be played without fans. As the state nears a complete reopening of its economy, the combined state governments of the Tri-State region of New York, New Jersey and Connecticut have agreed to impose 14-day quarantines on visitors from states with a 10 percent infection rate, Cuomo said on Wednesday. Other businesses cleared to reopen include performing arts, film and TV production and higher education. As of June 24, the Centers for Disease Control and Prevention reported nearly 391,000 cases of COVID-19 across the state of New York, and more than 30,000 deaths.

June 25, 2020

New York Northeast Retail

Macy’s Inc. to Cut 3,900 Corporate Jobs, Projects $365M Savings in Operating Costs

by Alex Patton June 25, 2020

NEW YORK CITY — Macy’s Inc. will lay off 3,900 employees in corporate and management positions, representing approximately 3 percent of its total workforce, according to a company statement issued today. Macy’s expects the reduction of staff to save approximately $365 million in operating costs for its 2020 fiscal year. Macy’s recently projected that it would show a $1.1 billion loss in operating income for its first quarter ending in early May, a result of temporary and permanent store closures, as well as significantly reduced sales amid the COVID-19 outbreak. The company will release its final first-quarter earnings results on July 1. At the close of 2019, Macy’s owned and operated a total of nearly 840 stores across its flagship and Bloomingdale’s brands. Prior to the health and economic crisis, Macy’s had announced plans to close 125 of its least productive stores over the next three years beginning in February. As part of the plan, the retailer also closed its offices in San Francisco, downtown Cincinnati and Lorain, Ohio, leaving the New York City office as its sole corporate headquarters. Macy’s stock price closed at $6.78 per share on June 24, down from $37.43 per share at the same time …

June 25, 2020

California Company News Hospitality Retail Western

Disneyland Resort Pushes Reopening Date Beyond July 17

by Amy Works June 25, 2020

ANAHEIM, CALIF. — Disneyland Resort has delayed the opening of its theme parks and resort hotels in Anaheim based on the State of California’s announcement that it will not issue theme park reopening guidelines until sometime after July 4. The company plans to announce a revised reopening date once government officials approve a phased reopening. Downtown Disney District, an outdoor shopping center at the resort, will reopen on July with health and safety protocols in place for employees and guests. This opening was approved with the restaurants and retail openings throughout California. Additionally, Disney and The Master Services Union, which represents retail employees at Downtown Disney District, reached an agreement for members to return to work at this location. Disney will negotiate agreements with its unions and agree to enhanced safety protocols that will allow the company to responsibly reopen Disneyland, the company says.

June 25, 2020

New York Northeast

Indoor Dining, Personal Services Reopen in New York’s Mid-Hudson Region

by Alex Patton June 24, 2020

ALBANY, N.Y. — As the COVID-19 pandemic continues to gradually ease in the state of New York, indoor dining and personal services have reopened in the Mid-Hudson region, according to a statement from New York Gov. Andrew Cuomo on June 22. The Mid-Hudson region, which is located directly north of New York City, has entered Phase III of the state’s reopening plan. As such, restaurants may resume indoor dining service at 50 percent capacity, and other personal service businesses including nail salons, tattoo parlors, tanning salons, massage parlors and waxing services have also been cleared to reopen. As of June 23, the Centers for Disease Control and Prevention reported more than 390,000 cases of COVID-19 in the state of New York and nearly 31,000 deaths.

June 24, 2020

Northeast Pennsylvania Retail

Penn National Gaming Reopens 73 Percent of Casino Properties Across National Portfolio

by Alex Patton June 24, 2020

WYOMISSING, PA. — Penn National Gaming, a Pennsylvania-based casino owner and operator, has reopened 73 percent of its casino properties across its national portfolio. The company closed all 41 of its casino properties across 19 states following the COVID-19 outbreak. The company has implemented property-specific safety practices based on the various state laws, including social distancing and the requisition of masks in some venues. In February 2020, the company acquired a 36 percent interest in online sports and entertainment platform Barstool Sports for $163 million. The acquisition introduced an omni-channel approach to the business, including mobile casinos and online retail. The company’s stock price closed at $33.97 per share on June 23, compared with $18.85 per share at the same time last year.

June 24, 2020

Company News Florida Southeast

Maskco Technologies, SharperTek to Manufacture 75M Respirator Masks to Combat COVID-19

by Alex Tostado June 23, 2020

MIAMI — Maskco Technolgies Inc. has teamed with SharperTek to create 75 million N95 respirator masks over the next two years beginning in November. Under terms of the agreement, Pontiac, Mich.-based SharperTek will send 56 units of its assembly lines to Maskco Technologies’ production facilities in Miami, where the masks will be produced. The partners are awaiting certification from the National Institute for Occupational Safety and Health (NIOSH). A group of healthcare providers created Maskco Technologies in April when they realized the need for more N95 masks amid the COVID-19 outbreak. SharperTek has been manufacturing automated ultrasonic systems since 2006.

June 23, 2020

Northeast Pennsylvania Retail

PREIT to Reopen All Malls, Retail Centers Across Its Portfolio by July 4

by Alex Patton June 23, 2020

PHILADELPHIA — Pennsylvania Real Estate Investment Trust (PREIT) plans to open all of its malls and retail centers, including its 900,000-square-foot Fashion District Philadelphia shopping and entertainment destination, by July 4. Following temporary store closures amid the COVID-19 outbreak, PREIT has reported an average occupancy rate of 85 percent among non-anchor tenants at its reopened properties. Retailers and restaurants at PREIT’s properties have implemented expanded sanitation and social distancing procedures, including outdoor dining service and contactless pickup. Many stores also offer complimentary masks to guests on entry. PREIT owns and operates more than 22.5 million square feet of space across more than 20 malls and retail centers concentrated in the Northeast and Southeast regions. Upon reopening, PREIT’s properties will employ more than 30,000 workers. The company’s stock price closed at $1.33 per share on June 22, compared with $6.22 per share at the same time last year.

June 23, 2020

Massachusetts Northeast

Massachusetts Governor Allows Indoor Dining, Personal Service Businesses to Reopen

by Alex Patton June 22, 2020

BOSTON — Indoor dining services at restaurants and personal service businesses, including nail salons and massage therapy parlors, have been cleared to reopen as of June 22, according to a statement from Massachusetts Gov. Charlie Baker. Businesses in Massachusetts have gradually reopened over the last few weeks as the COVID-19 pandemic has slowed across the state. Restaurants were permitted to resume outdoor dining services on June 8, provided that tables both inside and outside were spaced at least six feet apart and customers wore masks when not seated at their table. Party sizes are limited to six guests and bar seating is not allowed. Other businesses permitted to reopen include retail fitting rooms, tanning salons, skin care services, tattoo parlors and personal training facilities. In addition, offices can expand from 25 percent to 50 percent capacity but are still encouraged to allow employees to work from home if possible. As of June 21, the Centers for Disease Control and Prevention reported more than 106,900 cases of COVID-19 in Massachusetts, and more than 7,800 deaths.

June 22, 2020

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