“Retailers are already struggling for survival and have been further impacted by consumers reigning in their discretionary spending between January to March, following the Christmas period,” says Cohen. "The quarterly rent bill may force a significant number into administration as the financial pressure becomes too much. “It may also spark an increase in firms opting for pre-pack administrations [companies going into administration having already agreed a sale of assets] as they seek a way out of crippling financial difficulties, often with a view to commencing some form of operation again in the future.” The British Retail Consortium (BRC), meanwhile, is urging landlords to show more flexibility on rent rates and is asking the government to put an immediate freeze on all new business rate burdens. "Hard-pressed retailers face rent bills totalling hundreds of millions of pounds," says the BRC. "Traditionally commercial landlords demand rents be paid in advance, four times a year, on the quarter days. It is an anachronism dating back hundreds of years to the days when horseback was the fastest means of communication." Related articles:Be smart about your office spaceProperty is a business resource Picture souce
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.