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Part Five of a Five-Part Series.
As Mark Twain quipped, "The reports of my death are greatly exaggerated." So too is the reported retail "apocalypse" and "death" of the shopping center. In fact, U.S. retailers opened 1,326 more locations in 2017 than they closed. When restaurants are added to the mix, there were a total of 4,080 new openings in 2017 and another 5,050 openings planned this year.
The retail industry has faced significant challenges this past year. In 2017, more than 5,000 retail stores closed their doors, many of them portfolio-wide closures by well-known department-store chains that were synonymous with the traditional shopping mall. Toys R Us recently joined a growing list of more than 35 retailers that filed for bankruptcy in 2017, according to S&P Global Market Intelligence. Even more unsettling, Bankruptcydata.com reports that the Toys R Us bankruptcy is the third largest retail bankruptcy of all time.
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By Adam Leitman Bailey and John M. Desiderio
The doctrine of part performance can overcome the strictures of the Statute of Frauds when parties enter into unwritten business deals, or into written business deals with unwritten ancillary terms and they do not contemplate all of the possible circumstances that might arise in the course of their dealings.
By Stewart E. Sterk
Section 22-1005 of the New York City Administrative Code provides relief for individuals who guaranteed commercial leases when the tenant defaulted as a result of government orders issued during the early days of the COVID-19 pandemic. In recent months, however, litigation has emerged about the scope of that relief.
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