If demand for storefronts is down, why don't landlords just lower the rent and get a tenant in there? That's supposed to be the magic of capitalism — its ability to auto-adjust to anything the world throws at it. But that's not what is happening with vacant shops. Even before the pandemic, one study found, street-level retail spaces in Manhattan were remaining vacant for an average of 16 months.
So if COVID isn't to blame for all the shuttered stores, what is? Well, when a landlord doesn't lower the rent to get a new retail tenant, it's because that landlord can't. The market that sets retail rents isn't only between tenants and landlords. It's also between landlords and the banks that finance the buildings. And the banks, in many cases, won't let property owners lower their rents enough to fill their properties. The pandemic may have emptied out America's storefronts, but it's banks that are keeping them that way.
Retail
Those who refuse to have their bags checked can be fired, according to the Coles policy which was updated last year but only recently routinely enforced, according to worker representatives. It replaces a previous practice whereby staff bag inspections were only used after a genuine suspicion of theft.
“The reason they’re bag checking is because they know that their own workers are forced to think about stealing because they can’t afford food,” the secretary of the Retail and Fast Food Workers Union (Raffwu), Josh Cullinan, said.
“We have these ridiculous situations where workers may have their sanitary items and prescription medication, and they have to show it to their manager.”
A Coles spokesperson said bag check policies were standard across the retail industry.
“While the policy was paused for a short time, it has been at Coles for many years,” the spokesperson said.
Coles and rival Woolworths have enjoyed a period of bumper returns after raising grocery prices at a faster pace than inflation, leading to increased profit margins during a period of financial strain for many households.