The Mall Owner has announced it will lay off 20 per cent of its staff.
Brookfield Properties, which has more than 170 retail properties in 43 states, is one of the largest real estate managers in the world. Developing and managing premier real estate with a focus on maximising the tenant experience, the company intends to enrich the communities in which they operate. Despite the company’s size and prior successes, it appears to be the latest victim of the Coronavirus with a pause in leasing activity and footfall in malls remaining lower than usual.
“While many companies were quick to implement furloughs and layoffs at the onset of the pandemic, we made the conscious decision to keep all our team employed while we gained a better understanding of its longer-term impact on our company.” Jared Chupaila, Chief Executive Officer of Brookfield Properties’ retail group told staff last week. He also goes on to say that the company has to make the cuts “to align with the future scale of the portfolio.”
Brookfield Properties’ retail division employs around 2000 people and it is expected that around 20 per cent of these jobs will be affected across both corporate headquarters and leasing agents.
