A Thomas Keller Lunch ‘Al Desko'? Yes, Please

A Thomas Keller Lunch ‘Al Desko'? Yes, Please

What makes a perfect caesar salad? Chef Thomas Keller shares his recipe.
Chef Thomas Keller
I’m sure this information will elicit about as little sympathy from you as it did from m…

Inscripción al programa de beneficios por desempleo genera grandes filas en Hialeah

Inscripción al programa de beneficios por desempleo genera grandes filas en Hialeah

En medio de la pandemia del coronavirus, cientos de personas salieron de sus casas este martes en Hialeah para inscribirse en el programa de beneficios por desempleo.

Por redacción MiamiDiario

A pesar de que los epidemiólogos han advertido sobre el peligro de las grandes multitudes, en las afueras de la Biblioteca John F. Kennedy serpenteaba una apretada fila en horas de la mañana, para solicitar un formulario en blanco y obtener el seguro de desempleo del COVID-19, que ha golpeado a miles de familias durante la pandemia, reportó Cibercuba.

Varios usuarios de Twitter denunciaron que las personas permanecían sin respetar el distanciamiento social, e incluso hablaban y gritaban unas encima de las otras.

Los beneficios se comenzarán a aplicar en Florida luego de que el Gobierno federal permitiera que los estados cambiaran sus leyes para proporcionar un seguro por desempleo a quienes perdieron sus trabajos en la crisis del coronavirus, con base en la Ley de Ayuda, Alivio y Seguridad Económica por Coronavirus (CARES, sigla en inglés).

De acuerdo con este programa, serán favorecidos todos los trabajadores desempleados, incluso aquellos que laboran por cuenta propia o tienen empleos temporales.

Estos trabajadores afectados recibirán un ingreso adicional de $600 dólares por semana hasta por seis meses; y 13 semanas adicionales de beneficios por desempleo independientemente del número de semanas que brinda actualmente el estado.

Muchos de los que se formaron esta mañana en Hialeah alegaron que acudieron al lugar porque no funcionaba su impresora, o porque al acceder a la página de internet encontraban un mensaje de error.

Jessica Tellez dijo que pensaba recoger formularios para todos los miembros de su familia porque era muy difícil sacarlos en línea. «Todos están solicitando en línea y el sitio web se está bloqueando», explicó.

Por su parte, el comisionado de Hialeah, Carl Zogby, confirmó el exceso de personas que llegaron a hacer cola desde las 06:00 am y que la demanda de los formularios no se había detenido desde entonces; mientras que el alcalde de esa ciudad, Carlos Hernández, explicó que el plan era hacer una distribución organizada, «aquí hay personas de todo el condado que han estado sin trabajo durante todo un mes”, subrayó.

Asimismo, el alcalde del condado de Miami-Dade, Carlos A. Giménez, anunció que 26 bibliotecas distribuirán formularios en todo el condado a partir del miércoles y que la solicitud completa podía devolverse en cualquiera de las bibliotecas o enviarse por correo al Departamento de Oportunidades Económicas de Florida en P.O. Box 5350 en Tallahassee, FL; 32314-5350. Los usuarios con acceso a Internet pueden descargarlos en español, criollo e inglés, detalló.

Los embates del coronavirus han dejado sin empleo a 10 millones de personas en Estados Unidos, el mayor colapso laboral en la historia del país desde los años de la Gran Depresión del siglo XX, y la Florida figura entre las regiones más golpeadas.

Las estadísticas divulgadas el pasado jueves por del Departamento del Trabajo marcaron un crecimiento de 6.6 millones de solicitudes de beneficio por desempleo en una sola semana, récord sin precedentes desde la existencia de los registros oficiales.

El lunes, el gobernador de Florida, Ron DeSantis, expresó que la mayoría de las personas afectadas eran trabajadores manuales que no pueden realizar su trabajo en casa.

En el resto del país la situación es igualmente preocupante, pues el número de estadounidenses que presentó nuevas solicitudes de subsidios por desempleo se disparó a un máximo récord por segunda semana seguida, ante el aumento de las medidas de confinamiento para contener el avance del coronavirus, que según economistas empujó a la economía del país a una recesión.

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La entrada Inscripción al programa de beneficios por desempleo genera grandes filas en Hialeah se publicó primero en Miami Diario.

Boom’s over, but industrial brokers keep busy

Boom’s over, but industrial brokers keep busy

Industrial brokers say coronavirus is hurting but not destroying interest in their properties. (Credit: iStock)

Industrial brokers say the outbreak is hurting but not destroying interest in their properties. (Credit: iStock)

Soon after Gov. Andrew Cuomo put New York’s strict social distancing rules in place, industrial broker Thomas Donovan’s phone stopped ringing. It was a sudden shift in what had been one of real estate’s hottest sectors.

But in recent days, Donovan said, folks have begun sniffing around again for space.

“We have seen people that we’re speaking to say, ‘This is [a property] that’s going to be for me. Once this initial wave of social distancing passes, we’d like to get a walk-through,’” Donovan said Friday. “Last week, we didn’t have any of those. This week, we had seven or eight people say that.”

Donovan works at Paul Massey’s B6 Real Estate Advisors, which recently had to lay off some brokers because of the pandemic-ravaged business environment. And while Donovan is still keeping busy, he acknowledged that the landscape is radically different from what it was a few months ago.

“As far as going after new business, we’re playing catch-up, whereas we normally would be more proactive,” he said. “Cold-calling an owner that we don’t necessarily know and don’t have a relationship with, we’re not that aggressive right now.”

Industrial real estate was experiencing a rare moment in the spotlight before the pandemic, as the country’s love affair with e-commerce and fast delivery was driving up demand for warehouse space. And while its brokers seem better positioned to weather the crisis than their residential and retail counterparts — if anything, e-commerce has gained market share as people increasingly stay home — they are still learning to navigate a world without site tours and meetings.

Kyle Eaton, an industrial broker at Newmark, is no longer showing properties, and although he is making a handful of cold calls, he is spending more time checking in with existing clients.

Although many of his e-commerce clients are still doing well, their continued health will likely depend on how long the economic crisis lasts and on how much it impairs consumers’ purchasing power.

“Right now, most of my e-commerce companies, their business is up,” he said, “but they’re expecting that to diminish over time, the longer this goes on.”

Moreover, the industrial-space business still relies as much on manufacturing as on Amazon and its ilk.

“E-commerce and logistics, which accounted for 47 percent of new leasing activity over the past two years, are showing resilience,” a Newmark report on the Northern New Jersey industrial market reads, “while certain manufacturers and traditional retailers are scaling back requirements.”

The report found that the pandemic had a minimal impact on first-quarter numbers, given that extreme social distancing did not start until mid-March, and absorption outpaced new supply. However, the report predicted the sector would slow in the second quarter.

It also noted that companies like Amazon and FedEx are hiring as consumers rely more and more on deliveries amid social distancing. This “could accelerate the adoption of online shopping and provide demand for logistics space” even as new leasing and construction come to a halt, it says.

But Patricia Loveall, global vice president at the Society of Industrial and Office Realtors and a Seattle-based broker at Kidder Matthews, said Amazon was not looking to increase its industrial footprint any more than it was just before the pandemic.

“Amazon has had such a huge appetite for warehouse space, but I haven’t seen them out gobbling up space right now,” she said. “I think they’re really busy just fulfilling their orders and looking at future projects.”

And Prologis, another giant of industrial real estate, recently announced that almost a quarter of its tenants are seeking rent relief — 69 days, on average — as the pandemic continues.

Loveall is focusing both on keeping existing deals together and on new business, as she does not think the economic slump will last any longer than the pandemic itself.

“All the drivers are there to go back to a good economy in the greater Seattle area once we get through this,” she said.

Uncertainty has been among the biggest issues for Loveall. Several tenants are either not renewing or not extending their leases because they cannot gauge their future needs, she said.

Eaton echoed that, saying he recently received several inquiries from logistics companies looking for short-term commitments — between six months and a year.

In Washington, one of those potential clients was King County, where a nursing home became the epicenter of the country’s coronavirus outbreak in early March. Officials reached out about using industrial space to set up care facilities for sick or homeless people, but ultimately decided to use hotels, Loveall said.

“I did receive calls from the county looking for short-term, one-year type or month-to-month type opportunities in warehouses as they were putting together their strategy,” she said. “And I think that they found that going to hotel rooms was a quicker way.”

A representative for King County Executive Dow Constantine did not respond to a request for comment. A spokesperson for New York City’s Department of Health and Mental Hygiene said the agency is “not looking for additional space at this time.”

Loveall predicted that the retail and office markets would face more lasting effects from the pandemic than industrial space would. She has been hearing annoyance but not defeatism from industrial brokers across the country, she said.

“I’m not seeing doom and gloom,” she said. “I’m seeing frustration and hearing frustration from people whose deals have been put on hold, and I think the longer this goes on, the more that’s going to ramp up.”

“But I think we all just have to take a breath and realize that we’re going to get through this,” she continued, “and there is going to be a light at the end of the tunnel.”

For Eaton, that cannot come soon enough.

“I want to get back to work in the worst way possible,” he said.

Contact Eddie Small at es@therealdeal.com

The post Boom’s over, but industrial brokers keep busy appeared first on The Real Deal Miami.

Meet the Next Generation of Top Models

Meet the Next Generation of Top Models

Ocean Drive discoveres Miami’s next top models.

Brooke
Photo by Mark Barnfield

Nickname: Brookie or Cookie
Favorite Miami spot: Wynwood Walls
Beauty secret: Using vitamin E oil on my face…

¡El reto viral! No creerás lo que hizo una madre que descubrió a su hijo bailando el reggaetón​ ‘Safaera’ (Video)

¡El reto viral! No creerás lo que hizo una madre que descubrió a su hijo bailando el reggaetón​ ‘Safaera’ (Video)

Definitivamente el reggaetón genera diversas reacciones, algunos aman este género musical mientras otros simplemente lo detestan, en estos días de quedarse en casa, bailar es una de las alternativas recomendada por los psicólogos, porque se hace ejercicio y es divertido, y eso hacía un chico cuando fue sorprendido por su madre. ¡No imaginarás lo que hizo la señora!

Redacción MiamiDiario

El video en donde se ve a Ronald J. Mejía bailando apasionadamente un reggaetón con su novia y es sorprendido por su madre tuvo un gran impacto en las redes sociales. Se volvió viral en cuestiones de horas, de hecho tiene millones de reproducciones y cientos de comentarios, destacó elcomercio.pe

Al verlo te aseguramos que no podrás dejar de reír.

La canción seleccionada por Ronald J. Mejía fue “Safaera” del famoso Bad Bunny, este tema es super exitoso y miles de seguidores del cantante lo cantan, bailan y lo distribuyen en las redes sociales.

Incluso, surgió un reto viral en cual consiste en grabar la reacción de una persona mayor al oír la canción. Y justamente por eso Ronald  decidió grabar lo que haría su madre cuando los viera baiando tan provocativamente.

De esta forma colocó la cámara y se grabó bailando el popular reggaeton de Bad Bunny con su novia en medio de la sala de su casa, sabiendo que por allí pasaría su madre.

Lo que no esperaba ni él ni nadie fue la insólita reacción de la señora.

Definitivamente dejó anonadado a miles de usuarios en Facebook e Instagram.

En lugar de enojarse o recriminar a la pareja por su provocativo baile, la madre del joven festejó la danza y se unió al baile. ¡Pero de que forma!

La peculiar grabación está en YouTube, Instagram y Facebook  y ya tiene millones de reproducciones. Te lo dejamos para que lo veas, disfrutes un poco y generes endorfinas que según dicen ayuda a la felicidad.

De 1 a 10 cuánto le dan al perreo de mi mamá?🤣Instagram: instagram.com/ronaldjmejia

Posted by Ronald J. Mejía on Monday, March 2, 2020

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La entrada ¡El reto viral! No creerás lo que hizo una madre que descubrió a su hijo bailando el reggaetón​ ‘Safaera’ (Video) se publicó primero en Miami Diario.

“Tactically, I’ve made regrets. Strategically, I am unchanged:” The Masa Son interview

“Tactically, I’ve made regrets. Strategically, I am unchanged:” The Masa Son interview

Softbank CEO Masayoshi Son (Photo by Tomohiro Ohsumi/Getty Images)

Softbank CEO Masayoshi Son (Photo by Tomohiro Ohsumi/Getty Images)

Following the billions it has plowed into now-beleaguered WeWork, compounded by the coronavirus crisis, SoftBank’s stock is trading well below the value of its assets.

Put another way, public-market investors seem to think Softbank’s $100 billion Vision Fund is actually worth less than zero.

But CEO Masayoshi Son is undeterred. In an interview with Forbes, the Japanese billionaire insisted that his long-term vision remained the same despite some short-term mistakes.

“Tactically, I’ve made regrets,” Son told the magazine. “But strategically, I am unchanged. Vision-wise? Unchanged.”

WeWork’s IPO debacle stands out as the top tactical regret. “We paid too much valuation for WeWork, and we did too much believe in the entrepreneur,” Son said.

Beside the struggling Vision Fund, Softbank’s holdings include several other pieces with far more solid value propositions. The company’s stake in Chinese e-commerce giant Alibaba alone — now valued at more than $120 billion, after Son invested $20 million back in 1999 — is worth more than Softbank’s market cap. Other pieces include British chipmaker Arm and wireless carrier Sprint, as well as Softbank’s core telecommunication business.

But overall, the conglomerate’s stock is trading at 73 percent less than the value of the sum of its parts. As things stand, the conglomerate’s stock price would actually rise if the Vision Fund simply shut down.

But Son has experienced this before. “In the beginning of the internet, I was criticized the same way,” he said. “Even more so than now.”

Son made billions of dollars during the dot-com bubble of the early 2000s, only to lose 99 percent of SoftBank’s market cap in the subsequent crash. But he’s made billions back again, with a net worth of $16.6 billion.

“Twenty years ago, people were saying, Amazon, why is it an internet company? It’s just a retail company, right?” Son said, responding to criticisms that many of the Vision Fund’s investment don’t seem to fit into his artificial intelligence-centric vision. “Today, people say, oh, it’s just transportation. It’s just real estate. It’s other obvious things, with AI used only a little bit. But you have to understand this is just the beginning.”

“Despite people’s view that SoftBank might be struggling, we continue to grow,” Son told investors at a meeting the following day. “Don’t think about the past.” [Forbes] — Kevin Sun

The post “Tactically, I’ve made regrets. Strategically, I am unchanged:” The Masa Son interview appeared first on The Real Deal Miami.

¡Atención! Departamento de Oportunidades Económicas relanzó sitio web en Florida

¡Atención! Departamento de Oportunidades Económicas relanzó sitio web en Florida

Si esperaba presentar una solicitud de beneficios de desempleo de Florida en línea, es posible que tenga mejor suerte el lunes después de que el estado relanzó su sitio web temprano por la mañana.

Por redacción MiamiDiario

El Departamento de Oportunidades Económicas de Florida anunció que el sitio estaba disponible a partir de las 5 de la mañana después de que el sitio web cerró porque los funcionarios estatales dicen que han recibido tantas solicitudes de desempleo laboral, reportó NBCmiami.

Las autoridades dicen que han recibido cerca de 2.1 millones de llamadas de floridanos sin trabajo en las semanas desde que estalló la pandemia de coronavirus el mes pasado.

Los solicitantes dicen que han recibido un mensaje de error cuando intentan conectarse al portal en línea del estado.

El gobernador Ron DeSantis anunció que firmó una orden ejecutiva para asignar más empleados estatales al departamento. Dijo que la orden ejecutiva desplegaría a algunos de los 25,000 trabajadores del estado que actualmente trabajan a distancia o en roles no esenciales para ayudar al DEO con los esfuerzos para ayudar a aquellos que solicitan el desempleo, incluidas las operaciones de los centros de llamadas.

Según el Departamento de Trabajo de los Estados Unidos al 28 de marzo, se presentaron 227,000 reclamos de desempleo, más de 150,000 de la semana anterior.

Los funcionarios estatales han comenzado a solicitar a los solicitantes de empleo que presenten una solicitud en papel que está disponible en el sitio web del departamento para descargar. El director ejecutivo Ken Lawson dice que está trabajando en la contratación de una empresa para escanear y procesar las solicitudes y se disculpó con los solicitantes por el estrés adicional.

Si completa la solicitud, puede enviarla a:

Departamento de Oportunidades Económicas de Florida
P.O. Box 5350
Tallahassee, FL 32314-5350

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La entrada ¡Atención! Departamento de Oportunidades Económicas relanzó sitio web en Florida se publicó primero en Miami Diario.

How will hotels and retailers survive until their customers come back?

How will hotels and retailers survive until their customers come back?

Most stores throughout the state, such as Bergdorf Goodman, are closed indefinitely by executive order as the coronavirus pandemic ravages New York City.

By early March, Terminal 1 of John F. Kennedy Airport, one of the busiest airports in the country, was nearly a ghost town.

The novel coronavirus was sweeping East Asia and spreading around the world, and the terminal — which serves departures for China Eastern Airlines, Air China, Korean Air and Japan Airlines — had taken a huge hit since carriers began suspending flights to Asia in February. Retailers there reportedly saw sales fall by 50 percent in just a few weeks.

JFK’s Terminal 1 was New York City’s “patient zero” for the impact of coronavirus on the travel and retail sectors less than a month ago. But the contagion has since spread quickly and broadly, devastating hotels, restaurants, entire shopping corridors and malls. Now, desperate hotel owners are filling empty rooms with overflow hospital patients, and already struggling shops in Soho are boarding up their storefronts like an abandoned rural downtown.

In a telling convergence of how the pandemic is walloping hotels and retail, on March 13 the International Council of Shopping Centers canceled its annual conference slated for late May in Las Vegas.

That was just one of hundreds of conferences and events canceled as the fear of contagion spread even faster than the virus itself. Many mall operators canceled all public events, and major retailers began shutting their doors even before mandatory closures left most stores no choice. By mid-March, trade groups for retailers and hoteliers — who were already facing strong economic headwinds — were appealing for multibillion-dollar taxpayer bailouts.

Late in the month, New York’s iconic Plaza Hotel announced it had stopped taking guests and would lay off 251 of its staff.

“The malls are closed, people aren’t shopping the way they were, and obviously big business, Las Vegas, convention centers, business travel stopped,” said Haendel St. Juste, a real estate investment trust analyst at Mizuho Securities USA. “Who’s got the most risk? Retail, gaming, lodging.”

Real estate investment trusts exposed to these sectors tanked as the crisis escalated. The FTSE Nareit All REITs index, which includes all listed U.S. REITs, lost more than 12 percent of its value in the second week of March and nearly 22 percent the week after that with hotel and retail trusts taking the biggest hits.

Pebblebrook Hotel Trust saw more than 56 percent of its value wiped out between March 2 and the hotel industry’s March 17 plea for federal aid. Mall owners Macerich and Simon Property Group fared little better with drops of nearly 56 percent and 54 percent, respectively. Starwood Property Trust, one of the nation’s largest mortgage REITs, saw its shares plummet by more than 40 percent, and even a stalwart such as Boston Property Group took more than a 21 percent hit.

With escalating lockdowns keeping customers at home, hotel occupancy rates in some markets plunging into the teens and no clear picture of how long the crisis will last, firms are responding with mass layoffs and appeals for government support. Policymakers are imposing rent and eviction moratoriums, and analysts are warning of permanent changes in shopping and travel habits and supply-chain disruption that could even run into the holiday shopping season.

Over just a few days, New Yorkers went from avoiding handshakes and shunning the water cooler at work to holing up in their homes under a state-mandated lockdown with schools, offices and “nonessential” businesses closed indefinitely.

Barry Sternlicht, chairman and CEO of Starwood, offered what he characterized as an optimistic take on the impact of the coronavirus in a mid-March interview with Bloomberg.

“We’re facing World War III for 90 days,” he said.

Hotel heartbreak

Granted, Sternlicht did go on to add a reassuring caveat: “It’s not World War III for five years.”

For many in the hotel industry, even 90 days may be too long to keep up the fight.

Across the country, occupancy fell to an average of roughly 30 percent in late March, according to hotel research firm STR, while in New York City — now the epicenter of the U.S. outbreak — the rate dropped to 17 percent. And the worst is likely yet to come.

“That average is staggering on its own, but it’s tougher to process when you consider that occupancy will likely fall further,” STR senior vice president Jan Freitag said.

On March 17, hotel industry representatives went to the White House to plead for a $150 billion bailout package with the American Hotel and Lodging Association telling the Wall Street Journal that half of all U.S. hotels — many weighed down by excess inventory and debt — could close without support from Washington.

But the massive corporate bond-buying program announced by the Federal Reserve on March 23 will purchase only investment-grade paper. That shuts out hotel and retail firms with their lower-rated bonds.

“The coronavirus has already had a more severe economic impact on the hotel industry than Sept. 11 and the 2008 recession combined,” Chip Rogers, CEO of the American Hotel and Lodging Association, told the Journal.

Between March 2 and the day of the bailout plea, industry titans Wyndham Hotels & Resorts, Hyatt Hotels Corp. and Marriott International saw their stocks dive by 49 percent, 41 percent and nearly 39 percent, respectively.

About $100 billion of the proposed bailout would go toward retaining workers, and the remaining $50 billion is earmarked for debt service. The sector was already highly leveraged, and several high-profile hotel loans in New York had gone into default even before the coronavirus outbreak started to bite.

In the meantime, hotel firms are desperately slashing payroll. On the same day he begged President Donald Trump for a bailout, Pebblebrook Hotel Trust CEO Jon Bortz announced plans to lay off 6,000 workers.

Pebblebrook owns 54 hotels across the country with more than 13,000 rooms and is one of the nation’s largest hotel owners.

“We are looking at closing the doors at more than half of our properties,” said Bortz, whose total compensation in the most recent fiscal year was $5.65 million.

Marriott, the world’s largest hotel company, also announced sweeping layoffs as it closes hotels around the world, the Journal reported, putting tens of thousands out of work. The company even plans to furlough most of its corporate staff and  dish out pay cuts to remaining staff.

Hotels are adapting in other ways as well. Some are filling rooms by providing the city with space for mandatory quarantines or talking with the city’s Emergency Management agency to book rooms for non-coronavirus patients. There are similar discussions with the state.

Meanwhile, hotels like  the Four Seasons on East 57th Street, the Room Mate Grace Hotel and the Wythe Hotel have offered free housing for doctors, nurses and other medical staff coming in to backstop the overtaxed staff at the city’s hospitals.

Developer Michael Shvo — who had to shut down his three Miami hotels, the Raleigh, Richmond and South Seas — said the coronavirus outbreak has been a reality check for everybody.

“Until two weeks ago, you woke up, ran to make more money, ran to buy buildings,” he said. “Now, you want to make sure you have food, toilet paper and a job.”

The streets of the city are eerily abandoned after Gov. Andrew Cuomo ordered all nonessential workers to stay home starting March 23.

The pandemic hit the city’s hotels at a particularly vulnerable time. Profit margins have been shrinking for years because of rising taxes as well as increased competition from a flood of new hotel rooms and Airbnb listings.

Some hotels were struggling to make their debt payments even before tourism ground to a halt.

The 476-key Hilton Hotel in Times Square, for example, had been put on watch because of a dangerously low debt-service coverage ratio — a metric used to gauge a property’s ability to cover its mortgage payments.

“Hotels that have low debt-service ratios were already vulnerable,” said Anne Lloyd-Jones, a senior managing director at hospitality consulting firm HVS. “They have a very thin layer of protection.”

According to CMBS data firm Trepp, more than half a dozen hotels in the city were not generating enough cash flow before the pandemic to cover their debt payments, meaning owners had to reach into their pockets. And there were still more treading dangerously close to that point.

The U.S. hospitality industry is being swamped by a wave that previously crashed over markets where the outbreak hit first;  the industry’s experience holds clues on what to expect. And for all the uncertainty hotels are facing, one thing is clear: It’s going to get worse.

“Through comparative analysis of the occupancy trends in China and Italy over the past weeks, we can with certainty say that we are not yet close to the bottom in the U.S.,”  Freitag said.

American nightmare

The $5 billion dollar American Dream Mall in New Jersey was poised to celebrate the opening of several high-profile stores and attractions, including its indoor DreamWorks Water Park, on March 19.

But a few days before, the most expensive mall ever built in America announced it had canceled the events and would remain shuttered through at least the end of March.

Other major mall landlords followed suit. Simon Property Group, which is in the middle of closing on the acquisition of Taubman Centers, also said it was shuttering its properties.

Many major retailers were already closing their doors or reducing hours well before city and state governments began mandating closures. By mid-March, Macy’s, Apple, Nike, Nordstrom, Urban Outfitters, Peloton, Lululemon and many other brands announced plans to shut all their North American locations for about two weeks. Most of the mall at Hudson Yards closed indefinitely. Others retailers, including Starbucks, Sephora, Walmart and the Gap, closed some locations or reduced hours of operation.

The closures could have a big impact: There are already projections that retailers’ sales may be down 50 percent to 70 percent in the second and third quarters, depending on how much business they have online, said Deborah Weinswig of Coresight Research, which provides research on the retail industry.

Right after Gov. Andrew Cuomo banned gatherings of more than 500 people on March 12, Jing Fong, the city’s largest Chinese restaurant, announced the closure of its Chinatown location, which seated 800 guests.

The closures could disproportionately hit small businesses, who will be very challenged without significant federal and local support, Weinswig said. Coresight has upped its projection for store closures this year to 15,000 from 8,000, expecting smaller retailers to make up much of the anticipated increase.

“It’s just going to weigh on the smaller, weaker companies a bit more,” Mizuho Securities’ St. Juste said.

Ironically, the retail industry was in the middle of a transformation before the coronavirus hit, said Chris Wimmer, vice president at credit rating agency DBRS Morningstar, with many landlords swapping product-oriented tenants with experiential and dining-based concepts.

“Now that you have this coronavirus, it’s really tying their hands because people can’t even go to the malls for those experiential concepts that [landlords] brought in,” Wimmer said.

Still, the pandemic is leading to some success stories — namely, retailers who supply essential goods. Pharmacies and grocery stores have been allowed to remain open even in cities under otherwise complete lockdown and are seeing a surge in business. Drugstore chain CVS said it plans to hire 50,000 additional employees.

Also, as the homebound turn to e-commerce, firms that provide the likes of Amazon with last-mile warehouse space — such as Prologis and Blackstone — could see a windfall. Prologis’ stock has already started to recover its losses from the market tumble.

And even if some stores do default on their rent, Alexander Goldfarb, a REIT analyst at Piper Sandler, said large mall owners like Simon and Taubman should be able to weather the storm — at least for a while.

“If this lasts long enough to really impact mall landlords,” he said, “the country has much bigger issues.”

Holding the bag

Even with cities in many major markets under lockdown, Goldfarb said, big commercial landlords shouldn’t panic yet.

Many of the retailers forced to turn out the lights may be able to tap business-interruption insurance to cover expenses such as rent. Pandemics are generally not covered by such insurance, but it may kick in if stores are required to close by civil authorities, Goldfarb noted. And besides, he said, a lease is a binding contract.

“Tenants have to pay rents,” he said. “Rents are not voluntary.”

But some landlords were already being put on notice that the rent check might not come on April 1.

Sandwich chain Subway sent a letter to landlords in late March saying it may cut off rent payments if franchisees have to stay closed on government orders. Several landlords told The Real Deal they’ve received similar letters from tenants.

Restaurants and retailers facing the same problem are considering invoking contract clauses for “force majeure” events or “acts of god” to put off payments.

Rent payment may be moot for the time being anyway, as the state’s Chief Administrative Judge Lawrence Malks has ordered an indefinite suspension of evictions, including of commercial tenants. Commercial landlords, however, haven’t been granted any similar protection from foreclosure.

“Landlords are sort of in the middle,” said Rosenberg & Estis attorney Eric Orenstein. “They want to help their tenants who want to pay the rent, but they also have an obligation to pay their lenders.”

However, developer Steven Witkoff told TRD that he couldn’t imagine a “credible” U.S. bank calling a default on a loan at this time.

“It would be unpatriotic and un-American,” he said.

After the fever breaks

The pain for the retail and hospitality sectors will probably last longer than the pandemic that caused it.

Beyond the hit from loss of sales during store closures, analysts predict that retailers will suffer lingering effects even after customers return, as the virus will have a lasting impact on global supply chains. The National Retail Federation is warning that mounting disruptions in production, transportation and port facilities could throttle retailers’ ability to stock shelves for the vital back-to-school shopping season and maybe even into the holidays.

The prolonged lockdowns may also have a long-term impact on consumer behavior as they get used to buying more online, said Kevin Brown, an equity analyst at DBRS Morningstar. And an accelerated shift toward e-commerce could be a lasting threat to retail stores — and their landlords.

“Taking that slice of sales away from brick and mortar really will negatively impact what goes around to all the different tenants for the retail REITs,” Brown said.

Some in the hospitality and event industry also worry that the longer companies have to do business via video conference and find customers and vendors without rubbing elbows at trade shows, the less willing they will be after the crisis to board a plane or stand in line for a lanyard.

Much will depend on how long the shelter-in-place lockdowns last and how eager customers are to reclaim a sense of normalcy. Damage to the retail and hospitality sectors has already been severe, and with so much uncertainty, it’s unclear how well many of those firms will survive the outbreak.

“I don’t want to sound glib,” Wimmer said, “but it’s a category killer.”

― Additional reporting by Sylvia Varnham O’Regan, Erin Hudson, Kathryn Brenzel and David Jeans

The post How will hotels and retailers survive until their customers come back? appeared first on The Real Deal Miami.

Peggy Olin on the Transformation of Luxury Real Estate

Peggy Olin on the Transformation of Luxury Real Estate

OneWorld Properties President and CEO Peggy Olin talks trends and transformation in the South Florida luxury Real Estate market.
“I consider myself so lucky to be doing what I lov…

En Miami crucero con 2 tripulantes fallecidos y varios contaminados por Covid-19

En Miami crucero con 2 tripulantes fallecidos y varios contaminados por Covid-19

Este sábado llegó al Puerto de Miami el crucero Coral Princess, con dos tripulantes muertos y al menos una doce contaminados por el virus de Wuhan, así lo informó la Guardia Costera.

Redacción MiamiDiario

El crucero Coral Princess, de Carnival, esperaba desde el jueves atracar en Port Everglades, pero la Guardia Costera no lo autorizó hasta el viernes en la noche cuando permitió que lo hicieran por orden del alcalde Carlos Giménez, destacó Telemundo.

Este sábado en horas de la mañana pudieron atracar en el Puerto de Miami.

Condiciones de las personas en el crucero

Carnival confirmó que a bordo del crucero habían 12 personas contagiadas de Covid-19, 7 pasajeros y 5 tripulantes, asimismo indicaron que habían muerto dos tripulantes por la terrible enfermedad respiratoria.

Al respecto el alcalde de Miami-Dade declaró, “Es lamentable que murieran personas, y por esa razón di la orden para permitir que este barco entrara al puerto de Miami porque habían personas que están críticas«.

En el crucero estaban 1.898 personas, los 1.000 pasajeros estaban aislados en sus camarotes, debía llegar al puerto Everglades de Fort Lauderdale este fin de semana pero autoridades del condado y la guardia costera no lo autorizó.

Después que atracaron, llevaron a dos hospitales a cuatro pasajeros que estaban en condiciones críticas.

Giménez detalló, “Los dos pasajeros que se quedan aquí se van al Larkins, uno es americano y otro de Australia. Hay dos mas americanos que se los están llevando a hospitales en Tampa por ambulancia».

Los que muestran síntomas de deficiencia respiratoria, o los que están en proceso de recuperación, se quedarán a bordo hasta que los médicos les den de alta.

Por su parte, la guardia costera promulgó un comunicado indicando que los tripulantes que necesitan ayuda médica son la prioridad y desembarcarán primero.

Se espera que este domingo desembarquen los tripulantes sanos y que puedan viajar en avión a sus lugares de origen desde el  Aeropuerto Internacional de Miami.

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La entrada En Miami crucero con 2 tripulantes fallecidos y varios contaminados por Covid-19 se publicó primero en Miami Diario.