Coronavirus hits commercial real estate in the UK
The coronavirus pandemic is hitting U.K. commercial property hard, as retailers close for an indefinite period and shoppers remain locked down at home.
The country’s “bricks and mortar” retail sector has been in a precarious state for most of the last decade as a growing number of people opted to shop online. However, customers that still savored the in-store experience are now stuck at home, after the U.K. government imposed a nationwide lockdown in late March.
Only grocery stores and pharmacies remain open, meaning that restaurants, pubs and other high street stores are closed, with no customers, and many are struggling to pay their rent.