TRANSCRIPT

Robert Burke:

We work with a group in Canada called First Capital Realty and they have luxury development in Toronto called Yorkville, which is a street and a mall at the end of that [street], which has become more of a fitness center and health-focused mall. This is a good example of them filling some big spaces with a Whole Foods and then an Equinox – which has some of the highest rate of private trainers of any Equinox. There is a SoulCycle, there’s a juice bar… and that was a good use of that property. But I'm saying this because [First Capital Realty] realized how important these smaller retailers or brands were to them and they in fact put together a fund of 30 million dollars for low interest rates that they offered to their small brands. They said, “We want to be there for you, we want you to get through this, we are here to help you”. They put this to offer it to them because they wanted to partner. And I think there's going to be more partnerships and everyone's talking about partnering and it'll be really interesting to see who partners, and who is in it to help their retail brands that they have. Because it is going to be… we’re all going to be suffering… I mean we are and it's going to take time. So I think being creative is going to be the real key to success.