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Walmart rent break set for space leasers

by Serenah McKay | March 27, 2020 at 12:45 p.m.
In this Sept. 3, 2019 file photo, a Walmart logo is displayed outside of a Walmart store, in Walpole, Mass.

Walmart Inc. will waive rent next month for businesses like banks, veterinary clinics and beauty salons that lease space inside its supercenters and Sam's Club stores, the company said Thursday.

The Bentonville retailer has more than 10,000 leased spaces in Walmart stores throughout the U.S., and hundreds of optometrists with offices inside Sam's Clubs, its members-only warehouse division.

John Furner, president and chief executive officer of Walmart U.S., and Kath McLay, president and CEO of Sam's Club, said in a joint memo that many of these businesses, like others across the country, have had to temporarily close or reduce hours and services because of the covid-19 pandemic.

"It's our hope that this rent relief will help these businesses financially weather the current situation and take care of their employees," Furner and McLay said.

Walmart also is adjusting its supply-chain financing program so its more than 18,000 suppliers can get paid faster, according to the memo.

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