Retailers vs landlords. It's war
By Kate Pritchard, published 1 year ago in Startups.
The dispute between British retailers and their landlords over rent is hotting up, with the likes of Topshop’s Sir Philip Green and Carphone Warehouse’s Charles Dunstone refusing to write cheques to cover the next quarter.
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The ruckus started back in July, with the biggest names in retail campaigning to change the way they pay rent. Given the challenging economic climate, they want to pay their rent a month in advance – rather than quarterly – over the next two years to ease the impact on their cash flow.
A meeting between the two sides is planned for this week – although landlords have so far refused to budge.
Sir Philip Green, whose flagship store is based slap bang in the middle of Oxford Street, should be careful not to infuriate his landlord. After all, he’s got one of the top spots in the country.
According to tracker firm Springboard, shopper football in the West End (Oxford Street, Regent Street and Bond Street) increased by 2.5 per cent in August, compared with a decrease of 8.5 per cent nationally.
Related articles:High-street retailers rebel against rent
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