Landlords give indies monthly rents
Major landlords are preparing plans to allow smaller retailers to pay rent on a monthly basis. It is understood that smaller retail and independent businesses with only a handful of shops will be able to pay their rents monthly, rather than having to pay a large chunk on a quarterly basis.
Landlords including Land Securities and Hammerson are understood to be among landlords working on proposals, following talks with larger retail groups, led by Arcadia owner Sir Philip Green.
Retailers say that paying on a quarterly basis is an outmoded practice and that in an economic slowdown will threaten some businesses who run into cashflow difficulties.
It is thought that smaller businesses will be able to pay monthly without any penalty. Land Securities declined to give details of talks but said: “There are ongoing, confidential and constructive discussions.”
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