High-street retailers rebel against rent
Carphone Warehouse founder Charles Dunstone and Top Shop tycoon Sir Philip Green have united with other British retailers in a campaign to change the way they pay rent.
According to The Times, 16 retailers – who pay a combined £2bn in annual rent – have signed up to the revolt against landlords.
So what’s their gripe? The high-street retailers want to pay their rent a month in advance rather than quarterly, claiming that the bulk upfront payments are putting enormous pressure on their cash flow.
The rebellion comes at a time when retailers’ sales have been squeezed by the credit crunch and many smaller players have been forced into administration.