The Globe and Mail reports in its Friday, May 1, edition that a coalition of Canada's largest retailers and commercial property owners is lobbying Ottawa for a rent-relief package.
The Globe's Susan Krashinsky Robertson and Rachelle Younglai write that the group, which includes Hudson's Bay Co., Indigo Books & Music and Cadillac Fairview, is proposing that landlords provide an abatement on one-third of the rent for 10 months to retail tenants. The companies have also asked the government to establish a low-interest loan program to help retailers cover the other 66 per cent of the rent.
The proposal is designed to help large retailers that are not covered by Ottawa's rent relief program for small businesses. Indigo chief executive officer Heather Reisman and Cadillac Fairview CEO John Sullivan are leading the efforts on behalf of the coalition of big retailers and commercial real estate owners. The group includes Cineplex, Aritzia and GoodLife Fitness Centres.
It also includes property owners such as RioCan REIT, SmartCentres REIT, Oxford Properties and Ivanhoe Cambridge.
Also involved is investment firm Fairfax Financial Holdings, which owns retailers such as Toys "R" Us Canada and Recipe Unlimited.
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