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ICSC President Tom McGee (Credit: ICSC via YouTube)

ICSC Requests Federal Help Amid Massive Shutdowns

Organization has asked government to pay for business interruption coverage as retailers shutter amid coronavirus pandemic

The International Council of Shopping Centers is requesting aid from the Trump administration amid a host of restaurants, retailers and entertainment operators shutting down.

ICSC wants the federal government to directly pay for or guarantee business interruption coverage for retailers, restaurants and other impacted businesses, according to the Wall Street Journal. There are almost 70,000 members of the ICSC, and although some companies might have third-party insurance, it does not cover the coronavirus pandemic.ADVERTISING

“These closure are placing an insurmountable strain on our members,” ICSC President Tom McGee wrote in a letter to the administration, “and we believe federal government action is urgently needed.”

ICSC announced earlier in March that it would suspend its annual REcon convention in Las Vegas due to the coronavirus pandemic.

Retailers including Apple, Nordstrom, J. Crew and Macy’s have announced nationwide store closures recently. Local officials have ordered several other businesses to close.

Simon Property Group also announced on Wednesday that it would close all of its retail properties starting at 7 p.m. and lasting until at least March 29. [WSJ]  — Eddie Small

[The Real Deal]

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