Retailigence

“Club of Knowledge Hunters”

Retail landlords face being rent asunder

Posted by retailigence on September 11, 2008

Take cover on the shop floor. The war of words between retailers and landlords over rents moved from verbal bullets to bombs last week. Separate articles in property magazines Estates Gazette and Property Week accusing retailers, led by larger-than-life Topshop owner Sir Philip Green, of “hypocrisy” and claiming Green leads a “gaudy lifestyle”, drew a swift response from the man himself.

“You don’t know the square root of **** all,” Green informed the editor of Estates Gazette. In a calmer moment he told Dashwood: “I think the article was gratuitous and rude.” Hmm, tasty stuff. But verbal jousting aside, the issue is a tricky one. Retailers want to pay rents monthly in advance, landlords want them to stick to their contracts and pay quarterly. Meetings have been called and e-mails are flying, but both parties could be working against the clock. Dashwood understands that with just three weeks to go before the next quarterly rental date some retailers are considering paying the full rent but not quite as their landlords would want.

No names here, but the plan being considered in some boardrooms is to send in three cheques instead of one, each post-dated for consecutive months and made out for just 30 days’ rent. That way landlords will at least be able to look at their full rent, even if they can’t cash it.

source :-telegraph.co.uk

Contributed by :- Vipin Rawat

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