How Struggling Businesses Can Renegotiate Rent
Tens of millions of businesses around the world are currently struggling to cover their overheads, and most economic activity is being generated from people’s homes. This renders rent — for offices, entertainment/hospitality, non-food retail, and industrial spaces — a large but temporarily unnecessary cost item. The ability to manage it may be a key managerial skill for surviving the crisis. In this article, we cover the main points that every manager should consider before speaking to their landlord to try to reduce this expense and the main strategies that are likely to help both the landlord and the tenant. Finally, we note some likely consequences of these arrangements for future rental contracts. Read more at Harvard Business Review.