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Airport Retailers to Get Rent Break

LOS ANGELES-The City approves $9.5 million in concessions for businesses inside LAX, where receipts have been pummeled by the drop in air travel and new security measures. Retailers welcome the help, but some say it isn't enough.

By David W. Myers | Updated on December 05, 2001

LOS ANGELES-Retailers at Los Angeles International Airport, hit hard by the drop in air travel and new security measures enacted since the Sept. 11 terrorist attacks, have just received a nice holiday present — a $9.5-million package of rent concessions from their landlord.

The rent relief was approved by Los Angeles World Airports, the city agency that runs LAX. Under it, the operators of airport gift shops, newsstands, restaurants, bars and other retail outlets can skip their required minimum monthly rent payments and instead base their rent strictly on their actual sales.

The relief package is retroactive to Oct. 1 and runs through Dec. 31. Retailers who have already paid their October and November rent can receive a credit to apply toward their future payments.

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