Retail landlords are at the frontline of the economic crisis triggered by the Covid-19 pandemic within the real estate sector. Many variables will influence how landlords, and retailers, will fare in the months and quarters ahead. First, the macro context. UK GDP fell by 19.1% in the three months to May 2020, according to the Office of National Statistics. Andrew Bailey, Governeor the Bank of England, said last week that the economy contracted between “23% and 25%” in the second quarter relative to the end of last year. While an easing in lockdown restrictions has had a positive effect on some sectors – such as the housing market, which has seen increased activity – retail, leisure and hospitality are still struggling.