On the last rent day in March, no more than half the total rent was handed over and landlords will be lucky to get a quarter of what they’re owed today.
Most high street shops, along with pubs and restaurants, have seen sales evaporate and have either been unable or refusing to pay rent.
Businesses are hoarding cash to survive. But the crisis is starving landlords of much-needed income, too.
This article by the BBC suggests a move towards a system of rents based on turnover is needed, allowing retailers to pay a rent they can afford – see here
NAM Implications: Time for Landlords and local Councils to get real and share the retail risk? i.e. a minimal rental combined with a share of sales… (ditto for business rates) Alternatively, welcome to the new ghost-town High Street…!!!
Continue reading this atricle at https://www.kamcity.com/namnews/uk-and-ireland/general/rent-day-arrives-for-struggling-retailers-need-for-sales-based-rent/