Gwen Layden’s decision to waive rents at her family-owned George’s Arcade has so far cost the business between €400,000 and €500,000 in lost income, she tells the Irish Times Inside Business podcast (above)
“We took the decision to suspend rents for the lockdown. You can’t charge rent if they’re not making money.
“It’s immoral really because they [tenants] won’t have the money to pay you, and they’ll take it from their family savings, which isn’t fair.
“We tailor the rents that are realistic and we have taken it out of our own savings. I’m not saying it doesn’t hurt. It definitely is hurting and dad [Joe Layden] is 77 and he’s been fantastic. But I don’t see any other way. The alternative is that the business closes and a shutter down is good for nobody.”
Gwen Layden, landlord of George’s Street Arcade, Dublin 2.