Search
 

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.