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LOTS of landlords have made big concessions.
I keep saying this but people have no idea how horrible it is right now for small businesses. Even completely free rent isn't going to save you went your revenue is down more than half.
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LOTS of landlords have made big concessions.
I keep saying this but people have no idea how horrible it is right now for small businesses. Even completely free rent isn't going to save you went your revenue is down more than half.
Genuinely curious, do people normally tip 20% for a takeout order such as this?
During the pandemic when everything was takeout only, I was tipping generously as if I was dining in. But now that things are open, I have resumed normal tipping on to-gos - which is usually not based on value and is only very generous on orders that are overly complicated or large.
Does OPUBCO own the building? Or are they just another tenant? I can't remember. If they are the landlord they may not be in the best spot to defer rent or make other concessions.
It's been my experience that some landlords have been good about negotiating with their tenants. Some will abate rent for a few months and some will defer rent to be paid back over the course of several months starting in 2021. Depends on each landlord's situation with their bank.
But as generous as that may seem at first, it STILL may not be enough. For those getting full abatement on rent for March through May, they would then go back to their full rent in June at a time when people are still reluctant to go out and shop and many restaurants have to have a reduced capacity. For the ones that pay back deferred rent in 2021, hopefully the health and economic conditions will be much improved by then, but you may see other businesses in recovery mode and not able to make it work.
Landlords still have to pay their bills, which usually include a massive loan installment plus all types of maintenace and utilities.
It's a huge mess and you can't take billions out of the GDP and not have it affect everyone, big and small.
That raises another point that most of the time, they're not abating or deferring any payments of Common Area Maintenance, property taxes, or property insurance that tenants have to pay as part of additional rent.
I still tip 10-20% based on how it is done and size of order. Some places do an excellent job of ordering and paying online or are great helping on the phone, packaging, bringing the packaging to the vehicle, etc. Others just are difficult on the phone, throw stuff into Styrofoam & brown bag and make you come in and pay for it. Like any service, some do it better and I believe that takes investment on their part. Am glad to pay my share.
sad to hear but hopefully they can return downtown to a location they can afford and maybe can have later hours/serve alcohol to make it all work. ... would be nice if they could return to first national somehow once that building reopens but perhaps Midtown makes better sense.
Oklahoma City, the RENAISSANCE CITY!
Downtown location getting new tenant
https://twitter.com/winerev/status/1337080059652419585
I was hoping to break the news haha, but I see it's already been done.
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