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Trade News Archive 2009 January February March
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17th March 2009
Independent retailers urged to renegotiate rents
Now is the best time for independent retailers to seek out better terms on their tenant leases, as the amount of empty retail space on UK high streets continues to grow.
That is according to Morgan Cole, a law firm representing tenants and commercial landlords, which told fashion retail industry website Drapers Online that smaller shops could be offered attractive terms by landlords trying to fill their vacant lots.
Last month, Britain's biggest property owners agreed to let businesses with fewer than three shops paying less than £50,000 a year on rent to do so on a monthly basis, rather than quarterly.
Morgan Cole's Nigel Griffiths suggested to the website that landlords have been forced by rising default levels into making several concessions to their retail tenants.
"This is the best opportunity in recent years for expanding retailers to drive a hard bargain," he claimed.
"For example, moving to monthly rental payments, increased rent-free periods, capital contributions to pay for fit-outs, inclusion of tenant break options and easier lease negotiation."
Last month, BCSC (formerly the British Council of Shopping Centres) launched a new campaign in conjunction with several leading trade bodies to urge landlords to work together with their retail tenants in preparation for the Carbon Reduction Commitment 'cap and trade' scheme.
(c) 2009
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