TPP extends rent cuts! New businesses apply as some tenants drop out since COVID-19
While announcing some drop-outs, CEO of the Cyril B Romney Tortola Pier Park Vance Lewis said tenants of the multimillion-dollar facility will continue to benefit from rent cuts for the next few weeks.
Addressing members of the media on Friday, Lewis said despite the implications of the decision, there are benefits to be derived.
“Our concessions were from April when we had the lockdown. And a month after in May and June, they got 75 percent discount and we continue that through this month of July and next month as well,” the Pier Park CEO said.
“The idea is to make sure we can do things to stimulate the local economy even though that hurts us in the management of the facility,” he explained.
When questioned on the economic impact on the facility since COVID-19 arrived in the territory, he replied: “I can’t speak to the revenue loss, but what I can tell you is the revenue sources that we would normally have from the cruise ships, they are not here.”
Tenants left
In the meantime, Lewis told members of the media that the pandemic has affected a handful of businesses at the facility in more serious ways than others.
“We have had tenants who have applied to us to change some of their products and services, and we have had just a small number of tenants who decided that under the current climate that they couldn’t make it,” he stated.
However, Lewis said he anticipates for the tenants who left to be replaced soon.
He said the Pier Park has had “a huge number of applicants” wanting to set up shop at the facility.
“We had a meeting earlier this week to talk about giving consideration to others, and we still find the biggest constraint is that we don’t have enough units. It is essential that we seek to do whatever is necessary to expand the facility just so that it is the number-one facility, not only in the region but in the world. I believe we have done a lot of things right, and we are trying to ensure that we keep business opportunities open during these difficult times,” Lewis said.
When questioned on a precise number of tenants who left the Pier Park, he said the figure is in the ‘low single digits’ while those that have applied are in the ‘low double digits’.
“There are others who have applied from both local sources and international sources who want to come to this facility,” Lewis stated.
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While regular landlords have increased their rents 1000% within the same time frame.
God help the poor and vulnerable.
Can you give an example of your statement? I call BS until there is some proof.
That place will shut down and be a ghost town. 90% tenants no VISION and silly businesses like anybody want to buy that here. They want cuisine not the crap you all pushing.
Before long the Pier Park is going to be as dead as Havensight. Cruise ship passengers don’t spend any money because they already spent it for the cruise tickets. And the cruise lines have enough crap on board for them to spend what other travel disposable income they have. What a ting. The Pier Park isn’t even a viable travel/tourist option or attraction. A bunch of stores of precious little quality…most of that stuff you can buy online. Stupes. If I wasn’t from here, I wouldn’t vacation here. The quality of the tourist suck, the food sucks, all those beach chairs suck, restaurant staff need training, those safari buses aren’t safe, and the roads suck. I’m also tired of all The Tourist Board Ads that makes it seems like only Caucasians vacation in the BVI and all the dark skinned people show up in pics as waiters, hotel staff or entertainment. So the TB advertisement suck because it shows a lack of diversity all the way around. I remember going to Anegada for a weekend getaway and a guest on the ABC shuttle sitting next to me asked if I was going to work. What a ting. And I had luggage. You turning this place into an el cheapo option of the caribbean that sends the wrong message. The only thing saving our bacon is that our waters still look good. But keep turning all the beaches into a cheap knock off and keep pushing that non-diverse advertisement agenda and see what happens. And I would seriously like to know who all these applicants at the Pier Park are…sounds like the BS you say to shareholders when you want to make a project seem like its not an impending failure.
If I were in PR and saw a Puerto Rican on a shuttle I won’t think they were staycationing. Don’t grasp at straws.
Staycationing has only recently become a thing.
Why don’t you fix the parking situation?
that parking layout in front the shops is the biggest waste of valuable space anywhere in BVI. At least 50% more could be attractively parked in same footprint…Im guessing.
Why don’t we pray instead of speaking negative
Prayers are for fools and babies FOH.
Without printing/typing names and or businesses. Call your bluff.
these old people keep get given the cushy jobs , trying to extend their tenture and keep bleeding the country dry, they care not about the reality of the world just their wallet
It takes strategic thinking and quality executives to manage the challenges in current port development. Unfortunately the corruption in the BVI and … leads to ruin. ***** is reaping what he created. Please continue to take care of my pier park. One day the cruise lines may return but you will still have poor leadership.