HENDERSON, Nev. (KLAS) — COVID-19 continues to create concerns for local businesses. A new report shows the pandemic had led to various store and salon closures, which is taking its toll on the retail market.
While experts hope for the best, the future is still uncertain.
Storefronts are struggling due the coronavirus pandemic. One tanning salon in Henderson couldn’t pay rent and was once on the cusp of closing.
“This is a rough time for people,” said property owner Nelson Tressler. “When COVID hit, they came to me and said, Nelson, we’re not going to be able to make it through this.”
Tressler took matters into his own hands, purchasing the salon to prevent the vibrant business from going vacant.
“The employees got to keep their jobs and we got to keep a tenant in that building and hopefully be able to pay some rent as the tanning salon picks back up,” Tressler said.
Some other salons and shops around town are not so lucky.
According to a new report from Colliers International, around 75,000 square feet in retail space in southern Nevada has turned vacant over the last three months.
“COVID-19 is predominantly responsible for it,” said Frank Gatski, President and CEO of Gatski Commercial Real Estate Services. “I mean, when you shut down. When you have to shut down your business, it’s hard to stay in business.”
Gatski says the coronavirus shutdown is still impacting retail businesses, which were first deemed non-essential.
He’s hopeful for the future, but says things will get worse before they get better.
“Quarter 3 is really going to tell us the truth of how much pain this is really going to have on our local economy,” Gatski said.
Both Gatski and Tressler says it’s crucial for landlords and their tenants to work together.
“It’s going to take everybody giving a little bit on their end to get through it,” Tressler said.
Experts encourage property owners to help businesses by deferring rent payments or working out a payment plan, but sometimes that’s still a challenge.
Clark County has started to accept applications for the Small Business Rental Assistance Program to help tenants stay in place. Grant dollars could cover up to $10,000 in back rent.
Applications are due on August 4th, and grant awards will be made in late August.
For more details and eligibility requirements, CLICK HERE.