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26/03/2009
Quarterly rents 'threatening firms' |
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Those letting out commercial property to retail firms are being urged to be more flexible with rent terms, as quarterly payment demands are threatening the future of businesses who are struggling.
The British Retail Consortium (BRC) has said the situation is damaging to the retail sector and has stated it wishes to see landlords being more flexible during the recession, with consumer spending down.
Speaking ahead of next Wednesday, when quarterly rents become payable, BRC director-general Stephen Robertson said: "Unrealistic payment terms can only increase the pressure on hard-pressed retailers and the jobs they support."
Those thinking of altering the rental terms for those they are letting commercial premises out to may wish to seek legal advice on the implications.
The most recent data from the Office for National Statistics - covering the third quarter of 2008 - showed that the only areas of retail where spending was growing were clothing and footwear, along with recreation and culture.
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