Maybe I should have been a little more definitive, I was referencing that going forward for the time being anyway, cafe's and restaurants will only be allowed to operate at 50% capacity. The largest line item on any P & L statement in the restaurant industry would be your monthly obligation on your lease. All things being considered, 50% capacity means your gross revenue will be cut in half...so therefore, I am sure any landlord in Canada or the US would be willing to negotiate some type of abatement to keep an income stream flowing as opposed to forcing an eviction due to a non-performing lease. In these times, It would be tough to get a new tenant and the landlord would be sitting without revenue from the unit in which he played the eviction card. In the case of Snakes and Lattes, they have a tenant in place that is forced to operate at 50% capacity due to the pandemic. Not only would the landlord benefit from the rent reduction to keep the tenant in place, there is some type of revenue stream from the tenant but, also would end up with a tax benefit due to the rent reduction/abatement. What options would you exercise if you owned commercial real estate and risked losing a tenant and possibly having a vacancy problem for sometime into the foreseeable future? Just another option for Snakes and other going concerns to benefit from while wading through this pandemic.
People keep selling down here...I will keep buying down here!
FUNN ...the best is yet to come!!!
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