ICSC requests federal help amid massive shutdowns

Organization has asked government to pay for business interruption coverage as retailers shutter amid coronavirus pandemic

Mar.March 18, 2020 04:00 PM
ICSC President Tom McGee (Credit: ICSC via YouTube)

ICSC President Tom McGee (Credit: ICSC via YouTube)

The International Council of Shopping Centers is requesting aid from the Trump administration amid a host of restaurants, retailers and entertainment operators shutting down.

ICSC wants the federal government to directly pay for or guarantee business interruption coverage for retailers, restaurants and other impacted businesses, according to the Wall Street Journal. There are almost 70,000 members of the ICSC, and although some companies might have third-party insurance, it does not cover the coronavirus pandemic.

“These closure are placing an insurmountable strain on our members,” ICSC President Tom McGee wrote in a letter to the administration, “and we believe federal government action is urgently needed.”

ICSC announced earlier in March that it would suspend its annual REcon convention in Las Vegas due to the coronavirus pandemic.

Retailers including Apple, Nordstrom, J. Crew and Macy’s have announced nationwide store closures recently. Local officials have ordered several other businesses to close.

Simon Property Group also announced on Wednesday that it would close all of its retail properties starting at 7 p.m. and lasting until at least March 29. [WSJ— Eddie Small

Related Articles

An Apple store at  767 5th Avenue (Credit: Wikipedia)

Apple closes most stores in effort to curb virus spread

The International Council of Shopping Centers sent a memo to members on Friday

ICSC suspends real estate’s biggest trade show due to coronavirus

Several major office landlords are enhancing cleanup efforts as COVID-19 is on the rise (Credit: iStock)

Landlords aim to keep offices squeaky clean as coronavirus spreads

Clockwise from top left: 66-26 Metropolitan Avenue, 11 Penn Plaza and 181 Livingston Street (Credit: Google Maps, 181 Livingston via Tishman Speyer) 

Tech inked big office leases in February, but not the biggest

David Simon of Simon Property Group, Land & Buildings Investment Mangement founder Jonathan Litt and Robert Taubman of Taubman Centers (Credit: Getty Images)

Simon is buying Taubman Centers

Simon Property CEO David Simon and Forever 21 (Credit: Getty Images)

Forever 21 takeover group plans to keep struggling retailer open

From left: Taubman's Robert Taubman, Macerich's Thomas O'Hern and Simon Property Group's David Simon (Credit: Getty Images) 

Mall landlords’ stocks plunge as REIT eyes bankrupt Forever 21

From left: Authentic Brands Group CEO Jamie Salter, Simon Property Group CEO David Simon, and Forever 21 CEO Do Won Chang (Credit: Getty Images)

Forever 21’s biggest landlord could become its new owner