Since the beginning of the COVID-19 outbreak, we focused substantial efforts to monitor the impact this pandemic would make on our company. At SREG, our response included a multi-step initiative to closely monitor the situation, our properties, the community, and our assets.
We took a step back to oversee this situation and looked at it from all perspectives. This allowed us to immediately establish active monitoring protocols to track:
- State and local ordinances
- Changes in individual store hours
- Impact on schools and universities
- Development of safety protocols
- Changes in commercial business activity
- Changes in customer traffic patterns
- Impact on retail sales
- Peer responses to pandemic
- Shopper sentiment
Not only that, but we also developed a plan of action, which included:
- Providing daily client updates to be distributed to all clients and partners for our properties in order to provide granular insight into all operating issues and financial developments
- Developing a comprehensive “Mall Closing Protocol” to ensure safe and orderly property shutdown, in advance of government orders to require mall closure.
- Implementing comprehensive communication protocol to advise tenants on the development of the pandemic and its impact on mall operating hours.
- Analyzing every tenant lease to evaluate operational and financial obligations and its impact.
- Conducting extensive analysis of cost-reduction for each property during period of reduced operating hours and mall closures.
- Developing a cost-reduction strategy proposal for each client and partner that was unique to each property.
Our assets are more than just the resources we have as a company. These assets are what make up SREG and make it whole — our team members, clients, communities, properties, creativity, and our minds. We strive to keep that intact, which means closely monitoring every aspect of our company during COVID-19.