Scentre Group has priced a subordinated hybrid note issue, collected more rent and moves towards recovery.

<div class="row" data-reactroot=""><div class="cell cs12 cx12"><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p>Scentre Group has priced a US$3.0 billion (A$4.1 billion) subordinated hybrid note issue as a new way to prop up its balance sheet as it moves out of the testing Covid period.</p><p>The owner of Westfield shopping centres has reported improved rent collections—86 per cent of gross rent was collected for August—and announced its intention to make a distribution in early 2021.</p><p>The ASX-listed company will put the notes on the United States market with a mix of non-call 6-year subordinated notes with a coupon of 4.75 per cent and 10-year at 5.125 per cent.</p><p>The notes, with a 60-year maturity date, are part of Scentre’s long-term funding plans, with this inaugural issuance of hybrid notes created to diversify its sources of capital. </p><p>This follows the group posting an AU$3.6 billion <a href="https://theurbandeveloper.com/articles/westfield-owner-scentre-group-post-3bn-hit-in-first-half">loss </a>in August after the pandemic <a href="https://theurbandeveloper.com/articles/coronavirus-continues-to-ravage-retail-as-major-landlords-withdraw-guidance">ravaged </a>the retail sector.</p><p>In late August, Scentre also gave share buy-back notice of 126.6 million units.</p><p>Meanwhile rent collection for August has increased to $183 million or 86 per cent, this compares to the April low of 28 per cent and pre-Covid rate around 94 per cent.</p><p><strong>Scentre Group rent collection</strong></p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/3d62c2e0-1e19-4447-bdfa-20227c176832.jpg" width="800"/></picture><div></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><sub><sup>^ Source: Scentre Group, January to August</sup></sub></p><p>These results were also reflected in Australian Bureau of Statistics data which showed household spending dropped 12.1 per cent in the June quarter and 2.6 per cent in the financial year—the largest quarterly fall in household spending, and the first annual fall, recorded in the national accounts.</p><p>The Reserve Bank of Australia also noted the drop in June, and predicts consumption will continue to increase in the September quarter, but not enough to outweigh June.</p><p>“Since then, consumption had started to recover, but was still well below pre-pandemic levels,” the RBA board noted.</p><p>“Restrictions on activity had constrained spending in Victoria, with retail spending there much weaker than in the rest of the country.</p><p>“Overall, household consumption in Australia was still expected to increase in the September quarter, but this would only partly reverse the contraction that had been experienced earlier in the year.”</p></div></div></div></div></div>

Scentre Group has priced a US$3.0 billion subordinated hybrid note issue as a new way to prop up its balance sheet...

Retail trade was up 2.7 per cent in June, and prices at stores increased by 1.2 per cent, the biggest jump in 31 years according to the latest Australian Bureau of Statistics report.

<div class="row" data-reactroot=""><div class="cell cs12 cx12"><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p>Prices at retail stores made the biggest monthly jump in 31 years, increasing 1.2 per cent, while retail turnover was up 2.7 per cent according to Australian Bureau of Statistics data released on Tuesday.</p><p>Online sales were also elevated making 9.7 per cent of total sales in June, up 2.6 per cent on 2019. </p><p>However it was not enough to boost the quarter which <a href="https://theurbandeveloper.com/articles/online-retail-records-record-month">fell </a>3.4 per cent, the largest decline in volumes since the introduction of the GST. </p><p>Related: <a href="https://theurbandeveloper.com/articles/con-makris-retail-portfolio">Con Makris Offloads $200m Retail Portfolio</a></p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><hr/></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><strong>Total retail trade</strong> </p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><table><thead><tr><th>State</th><th>June</th><th>June Quarter</th></tr></thead><tbody><tr><th>New South Wales</th><th>3.7%</th><th>-3.6%</th></tr><tr><th>Victoria</th><th>4.1%</th><th>-7.0%</th></tr><tr><th>Queensland</th><th>0.4%</th><th>-1.8%</th></tr><tr><th>South Australia</th><th>1.3%</th><th>-0.4%</th></tr><tr><th>Tasmania</th><th>4.0%</th><th>-2.5%</th></tr><tr><th>Western Australia</th><th>2.5%</th><th>0.2%</th></tr><tr><th>ACT</th><th>3.8%</th><th>-1.7%</th></tr><tr><th>Northern Territory</th><th>-4.9%</th><th>1.3%</th></tr><tr><th>National</th><th>2.7%</th><th>-3.4%</th></tr></tbody></table></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><sup>^Source: Australian Bureau of Statistics, retail trade June (seasonally adjusted)</sup></p><p>ABS director Ben James said the jump in June sales followed a <a href="https://theurbandeveloper.com/articles/abs-retail-trade-sales-figures-">rise </a>of 16.9 per cent in May 2020.</p><p>“The June month saw the continued recovery of industries impacted by trading restrictions in April and early May,” James said. </p><p>“There were large month-on-month rises in cafes, restaurants and takeaway food services [27.9 per cent], and clothing, footwear and personal accessory retailing [20.5 per cent].”</p><p>The results followed the <a href="https://theurbandeveloper.com/articles/online-retail-records-record-month">worst-ever</a> month of decline in April.</p><p>CommSec chief economist Craig James said even though the country was going through a recession, consumers were continuing to spend.</p><p>“In part, spending in June was boosted by the continued re-opening of ‘bricks and mortar’ locations such as clothing stores and restaurants. But on-line retailers continue to experience solid demand,” James said.</p><p>“It is clear that Aussie consumers bought up big on items that would make confinement more bearable–or even enjoyable.”</p><p>Related: <a href="https://theurbandeveloper.com/articles/newmark-capital-david-jones-bourke-street">Newmark Capital Picks Up Bourke Street DJs</a></p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><hr/></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><strong>Retail purchases June quarter 2020</strong></p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><table><thead><tr><th></th><th>Quarterly change</th></tr></thead><tbody><tr><th>Sporting goods, toys, entertainment</th><th>22.3%</th></tr><tr><th>Hardware, building, garden supplies</th><th>20.4%</th></tr><tr><th>Liquor retailing</th><th>17.6%</th></tr><tr><th>Electrical, electronic, computers</th><th>13.3%</th></tr><tr><th>Furniture, flooring, textile goods</th><th>8.5%</th></tr><tr><th>Flowers, antiques, on-line</th><th>7.1%</th></tr><tr><th>Department stores</th><th>0.1%</th></tr><tr><th>Butchers, bakers, fruit/veg</th><th>-0.3%</th></tr><tr><th>Total retail</th><th>-3.4%</th></tr><tr><th>Supermarkets/grocery stores</th><th>-3.9%</th></tr><tr><th>Newspapers/books</th><th>-7.0%</th></tr><tr><th>Takeaway food services</th><th>-10.0%</th></tr><tr><th>Pharmaceutical cosmetic and toiletry</th><th>-13.3%</th></tr><tr><th>Footwear, watches, accessories</th><th>-21.2%</th></tr><tr><th>Clothing</th><th>-22.4%</th></tr><tr><th>Cafes and restaurants</th><th>-43.7%</th></tr></tbody></table></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><sup>^Source: ABS, CommSec</sup></p><p>The CommSec chief economist said consumers were spending more than a year ago with June up 8.5 per cent on the year.</p><p>“While the bulk of the increased spending is the purchase of more goods, there is also a healthy spattering of inflation,” James said.</p><p>“In the June quarter, prices of retail goods and services were up 1.2 per cent to stand 4.2 per cent higher than a year ago. </p><p>“Once a degree of normalcy returns, price growth should soften.”</p></div></div></div></div></div>

Retail trade was up 2.7 per cent in June, and prices at stores increased by 1.2 per cent, the biggest jump in 31 years according to the ABS...

25c446d4-846b-48c4-ad14-104c8828b411

<div class="row" data-reactroot=""><div class="cell cs12 cx12"><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p>As Australia emerges from lockdown, the rollercoaster ride continues for the retail sector, with trade data from May revealing a surge in sales—the highest in 38 years of records—following a record-breaking fall in April.</p><p>Retail trade rose by a record 16.3 per cent in May, after <a href="https://theurbandeveloper.com/articles/online-retail-records-record-month">falling</a> a record 17.7 per cent in April in the wake of a pandemic-induced 8.5 per cent increase prior to that, in March, <a href="https://theurbandeveloper.com/articles/discretionary-retail-hurts-as-stockpiling-benefits-supermarkets-">fuelled</a> by panic buying. </p><p>The continuing “<a href="https://theurbandeveloper.com/articles/coronavirus-retail-sales-alcohol">wild swings</a>” are in line with what are now the all-too-familiar phases of lockdown and coronavirus containment measures, with Australians restricting their spending to supermarkets, specialty food stores, liquor outlets and household goods stores in March and April.</p><p>As stores began to re-open in May, a sense of “normalcy” returned to the retail landscape, with a rise in retail spending as consumers <a href="https://theurbandeveloper.com/articles/household-travel-funds-help-fuel-retail-sales">dipped into</a> the household travel budget, which is dormant due to Covid-19 travel restrictions.</p><p>As restrictions eased throughout the month, the May figures show rises in every industry, but “particularly strong” rises in industries that recorded low levels of trade in April such as clothing, footwear and personal accessories.	 	 		</p><p>“The monthly rise in clothing, footwear and personal accessory retailing exceeds 100 per cent but remains more than 20 per cent down on May 2019. </p><p>“Similarly, cafes, restaurants and takeaway food services rose around 30 per cent from April to May 2020 but remains 30 per cent below the level of May 2019,” the ABS said.					</p><p>Commsec chief economist Craig James says the data will come as “really positive news” for consumers and businesses alike.		 	 	 								 								</p><p>“It says that the economy is getting back to normal [which] will be especially heartening for smaller retailers.”</p><p>Related: <a href="https://theurbandeveloper.com/articles/deloitte-six-degrees-retail-sales-coronavirus">Retailers Fight for Life as Shops, Wallets Reopen</a> </p><p>The retail trade figures come as the Shopping Centre Council of Australia revealed that 80 per cent of all SMEs have requested rental assistance in the wake of the National Cabinet’s Code of Conduct, announced in April as part of measures to offset the economic impact of coronavirus.</p><p>Sectors that account for the largest proportion of offers or agreements for rental assistance were cafes, food catering and takeaway retail (26 per cent), hair salons, beauty therapists, nail artists and shoe repairers (21 per cent) and clothing and footwear (14 per cent)—most of which bore the brunt of government gathering and trading restrictions.</p><p>Small to medium-enterprises from New South Wales, Victoria and Queensland account for almost three-quarters of offers (at 32 per cent, 29 per cent and 23 per cent respectively), with other jurisdictions expected to account for more offers and agreements in the future as negotiations continue following the recent full enactment of the code of conduct across all jurisdictions.</p><p>The progress in agreements comes as increases in consumer confidence, foot traffic and store re-openings point to improved trading conditions, reaffirmed by the preliminary ABS retail data.</p><p>SCCA executive director Angus Nardi said that rental relief was getting through to those who needed it most.</p><p> “The increasing volume of agreements illustrate that the Commercial Tenancy Code of Conduct announced by the Prime Minister on 7 April 2020 is working, and our industry and SME retailers are reaching practical solutions to address the challenging economic circumstances.” </p><p>Nardi added that shopping centre owners were committed to reviewing and appropriately responding to every rental assistance request to ensure SME retailers can thrive as more Australians <a href="https://theurbandeveloper.com/articles/deloitte-six-degrees-retail-sales-coronavirus">return to the shops</a>.</p></div></div></div></div></div>

The retail roller-coaster ride continues, with ABS trade data from May revealing a record-breaking surge in sales ...

e23e514e-6f62-4ae6-aa9e-caaac86ed54b

<div class="row" data-reactroot=""><div class="cell cs12 cx12"><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p>An already tumultuous year is set to become even more challenging for the retail sector as flagging consumer confidence, soaring job losses and fundamental changes in spending behaviour take their toll.</p><p>With real retail turnover growth expected to fall 1.4 per cent this year, 2020 is shaping up to be the sector’s worst year on record, according to Deloitte Access Economics’ retail forecast report.</p><p>After a surge in growth during the March quarter, retail spending is expected to contract by 4 per cent in the June quarter, with Covid-19 restrictions limiting spending—to an extent.</p><p>While the easing of Covid-19 restrictions and a number of fiscal stimulus programs are expected to provide something of a buffer, Deloitte’s analysts say retail is likely to face new headwinds on the road to recovery, with significant swings in consumer ability and willingness to spend set to continue as the year goes on.</p><p>Deloitte partner David Rumbens said a record-breaking fall in real retail sales was expected across the whole sector in the 2020 calendar year.</p><p>“But while the average is dire, there may not be many retailers performing at the average—many will fare much worse, while supermarkets, pharmacies and hardware, among others, have been experiencing a golden run.”</p><p>Consumer willingness to spend will likely be buffeted by a number of different factors, Rumben said, meaning that one month’s trading experience may be a “terrible” guide to how the year as a whole pans out. </p><p>The year will be shaped by six phases of retail spending, Deloitte says, from a pre-Covid “normal” that was anything but, as the country dealt with the devastating bushfires at the beginning of the year, and some borders were starting to close.</p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><hr/></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><strong>Retail phases in 2020</strong></p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/3b92ff32-01c6-4ff6-adf9-d4924cf69d4b.png" width="678"/></picture><div></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><sup><sub>^Source: Deloitte Access Economics</sub></sup></p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><br>While for most retailers trading was in a familiar pattern with modest growth from month-to-month in the first, pre-pandemic, phase, the onset of widespread coronavirus restrictions in March led to big changes in shopping habits, the analysts said.</p><p>“Consumers entered a massive stocking-up cycle, with the extra spending on <a href="https://theurbandeveloper.com/articles/retail-coronavirus-food-alcohol">essentials</a> masking a sharp decline in much discretionary spending—this culminated in the strongest monthly growth in retail sales on record.”</p><p>So began a wild ride that saw Australia’s <a href="https://theurbandeveloper.com/articles/scentre-vicinity-focus-on-covid-19-results-and-recovery">two largest</a> ASX-listed retail property managers, Scentre Group and Vicinity Centres —<a href="https://theurbandeveloper.com/articles/stock-sell-off-sees-scentrevicinity-withdraw-guidance">withdraw</a> their earnings and distribution guidance.</p><p>The <a href="https://theurbandeveloper.com/articles/discretionary-retail-hurts-as-stockpiling-benefits-supermarkets-">stockpiling</a> phase gave way to the “April slump” that saw supermarket and related spending <a href="https://theurbandeveloper.com/articles/abs-retail-sales-figures-may-coronavirus">dip</a>, while a downturn in discretionary spending—particularly calamitous for cafes, restaurants and apparel—resulted in the <a href="https://theurbandeveloper.com/articles/online-retail-records-record-month">worst-ever </a>fall in monthly Australian retail sales.</p><p>The May “re-open rebound” that occurred when consumers were given the green light to return to shopping centres as health concerns abated prompted a sharp pick-up in retail spending, aided by “pent-up demand, and a lot of government support, cushioning the blow which might otherwise have been seen on consumer incomes,” the analysts said.</p><p>Tempering the re-opening “frenzy”, Deloitte forecasts a “Covid-normal” recovery and growth period, with sales buoyed by an improving economy that continues to benefit from income support measures such as JobKeeper, deferral of mortgages and early access to superannuation.</p><p>A final post-JobKeeper phase is forecast to be a sombre one.</p><p>“September is already flashing red for many retailers as the month for the intended end to JobKeeper, and therefore the significant support many businesses—including retailers—have been receiving.”</p><p>Rumbens predicts a “precarious” road to recovery for retail spending.</p><p>“Short-term risks from rising unemployment and reduced willingness to spend will linger, especially as fiscal stimulus programs are unwound in September.</p><p>“More worrying is the longer-term risk from weak population growth. <a href="https://theurbandeveloper.com/articles/falling-migration-will-slash-construction-demand-by-half">Migration</a> has been an important support for retail spending over the past decade, but with borders closed there is potential for this tailwind for growth to turn into a headwind.” </p><p>Meanwhile, the so-called “golden run” continues for some, with online retail juggernaut Amazon <a href="https://theurbandeveloper.com/articles/goodman-deal-sees-amazon-expand-into-queensland">expanding its empire</a> by teaming up with <a href="https://theurbandeveloper.com/articles/immune-logistics-assets-bolster-goodman-guidance">industrial portfolio manager</a> Goodman Group to build a new distribution centre in Queensland, set to open by Christmas.</p><p>And on the back of a strong sales rebound in May, Super Retail Group—comprised of Supercheap Auto, BCF, Rebel Sport and Macpac—announced a $203 million equity-raising, which chief executive Anthony Heraghty said would enable the group to “benefit from the changing consumer trends that are already providing tailwinds for our core four brands”.</p></div></div></div></div></div>

With retail turnover growth set to fall 1.4 per cent, Deloitte's analysts say 2020 is shaping up to be the sector’s worst year on record.

18aefee2-79c8-4236-b483-5457446e550e

<div class="row" data-reactroot=""><div class="cell cs12 cx12"><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p>Consumer confidence is improving as a sense of “normalcy” returns—and a rise in retail spending may be due to consumers dipping into the household travel budget, which is dormant due to Covid-19 travel restrictions.</p><p>Recovering from April <a href="https://theurbandeveloper.com/articles/abs-retail-sales-figures-may-coronavirus">lows</a>, personal retail spending has continued to rise across categories, with very large losses in travel-related and restaurant spending across Australia offset by strong growth in services and grocery spending, ANZ data shows.</p><p>&quot;It seems that when we take into account non-retail spending observed by ANZ, much of the uplift in retail spending may be coming from the household travel budget, which is dormant while international [and] interstate borders remain closed and travel restrictions continue as part of lockdown,&quot; ANZ economists Adelaide Timbrell and David Plank said.</p><p>Some movement-related spending indicates that people are starting to take advantage of gradually-lifting restrictions, with car hire, accommodation, car park and petrol station spending still much lower than May last year, but drifting up.</p><p><strong>Retail growth offsetting travel spend losses</strong></p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/eaedd232-f30f-4569-bf86-64270581e325.jpg" width="1448"/></picture><div></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><sup><sub>^ Source: ANZ Research</sub></sup></p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p>CBA&#x27;s household card spend data tells a similar story, with spending momentum on an uptrend right throughout May.</p><p>Senior economist Ryan Felsman said that after several months of  &quot;tightening their belts&quot; and &quot;bunkering down&quot;, spending on credit and debit cards by Commonwealth Bank customers continues to pick up.</p><p>&quot;Households have been heartened so far by Australia’s success in avoiding a catastrophic outbreak of the pandemic which has tragically taken so many lives globally. </p><p>&quot;A semblance of ‘normalcy’ is returning with adherence to social distancing measures enabling some businesses to reopen, the kids to return to school and the footy to resume shortly,&quot; Felsman said.</p><p>Spending on apparel and footwear is up by 8.3 per cent, perhaps due to a return to work and colder weather, with Felsman noting &quot;retailers are also reporting that younger Aussies are ‘hoovering up’ fashionable sneakers using their Job Keeper ‘income’ and superannuation withdrawal payments&quot;. </p><p>And while ANZ-Roy Morgan ratings show consumer confidence has improved for eight successive weeks—now up 42 per cent to 92.7 per cent after hitting 65.3 per cent at the height of the pandemic outbreak, its lowest ebb since 1973—sentiment is still below its long-run average of 112.9 points.</p><p>&quot;Consumers remain cautious about their finances and worried about the economic outlook due to high unemployment, elevated household mortgage debt and early signs of an easing in property prices,&quot; Felsman said, adding that concerns also persist about a potential second wave of coronavirus infections, along with uncertainty about the longevity of government support measures.</p></div></div></div></div></div>

A rise in retail spending may be due to consumers dipping into the household travel budget, which is dormant due to Covid-19 travel restrictions ... 

Brookfield Unveils $5bn Retail Rescue Fund

<div class="row" data-reactroot=""><div class="cell cs12 cx12"><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p>Canadian investment giant Brookfield has unveiled a US$5 billion retail rescue package to support struggling retailers during the fallout from Covid-19. </p><p>The global retail landlord will take non-controlling stakes in businesses with $250 million-plus revenues that have been significantly affected by the downturn.</p><p>The package, designed by Brookfield vice-chairman Ron Bloom, is a boon for a sector that has largely ground to a halt. The NYSE-listed asset manager has material exposure to malls in the US through its listed vehicle Brookfield Property Partners.</p><p>Brookfield Property Partners has described the impact of Covid-19 on its tenants as “acute”. And while shares in the group have declined more than 50 per cent since January it has the benefit of drawing upon a US$6 billion line of credit from its asset management giant parent. </p><p>The US$5 billion retail bailout provided by Brookfield will shore up troubled retailers, providing businesses that have operated for at least two years with much-needed capital.</p><p>“This initiative is being designed to assist medium-sized enterprises in getting back on their feet,” Bloom said.</p><p>“We believe this is a critical component to getting the economy moving again.”</p><p>Related: <a href="https://theurbandeveloper.com/articles/damage-to-a-reits-could-run-deep">Damage to A-REITs Could ‘Run Deep’</a></p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/3403ffe8-9aa4-4769-9832-e382d55e3da8.jpg" width="800"/></picture><div><span style="align-content:center;opacity:0.8">▲ Brookfield helped rescue tenant Forever 21 from bankruptcy after the fast-fashion retailer fell over in January.</span></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><br>A former restructuring banker at Lazard, Bloom was the principal architect of the Obama administration’s restructuring of the automobile industry during the global financial crisis.</p><p>Pre-covid-19, Brookfield had bet big on retail despite headwinds in the sector over recent years. In January, the group rescued fashion chain Forever 21 from bankruptcy. The chain has a significant presence across many of Brookfield’s US malls.</p><p>To qualify for the rescue fund, retailers would need to operate in markets where Brookfield has a presence and have at least $250 million in normalised revenues.</p><p>In addition to an injection of capital, Brookfield said it will assist retailers in shoring up their long-term business outlook.</p><p>“We look forward to contributing capital and expertise to support the retail sector through this time and position businesses for long-term success,” Bloom said. </p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><hr/></div></div></div></div></div>

Canadian investment giant Brookfield has unveiled a $5 billion retail rescue package to support struggling retailers during the fallout from Covid...

COVID-19 RETAIL