CHARLOTTE, N.C. — It has been almost four years since businesses all over the world first shut their doors for the COVID-19 pandemic. Now, there's an unwelcome sign for retailers that things are finally coming back to normal.
Landlords are now telling business owners it's finally time to pay up.
Let's connect the dots.
During the thick of the pandemic, a lot of retail property owners gave discounts to struggling tenants to help keep them afloat. But now, landlords say they're having an easier time filling these spaces, so they're pulling back on a lot of those concessions.
Rents are now up nearly 17% from 2019. The Wall Street Journal reports that in the last year, stores opening outpaced closures, signaling the demand for an in-person retail experience is on the rise.
It's a bounce back for an industry that's struggled to compete with online retail.
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